3 cryptos that are gaining amid crash in the cryptoverse

Highlights

• BTC and ETH 24-hour losses contributed to the total market cap of cryptos falling below US$1.2 trillion
• Amid the crash, a few cryptoassets, although having low market cap, managed to rise in value
• No matter how high or low the market cap is, all cryptocurrencies can be volatile in terms of price

Amid a deeply bearish trend in the crypto market, with Bitcoin trading below US$28,000 at the time of writing, a few tokens seem to be defying the odds.

Data by CoinMarketCap indicated a rise in the value of such stablecoins as TerraUSD (UST), and PAX Gold (PAXG) over the past 24 hours. But since stablecoins are pegged to an asset like fiat currency or gold, the recent spike holds little value. Instead, it was the 24-hour rise in the price of some other altcoins that was notable.

As of writing, BTC had lost nearly 10 per cent in the past 24 hours, ETH almost 18 per cent. In contrast to this, the three tokens mentioned below had surged.

1. Sapphire (SAPP)

SAPP token claims to become a “stable” mode of payment in the mainstream economy.

CoinMarketCap ranks SAPP token among top 250 assets by market cap. SAPP price as of writing was nearly US$0.67, which was up nearly 30 per cent in the past 24 hours. The market cap of SAPP crypto was nearly US$360 million. The total supply of Sapphire crypto can be nearly 555.7 million tokens.

SAPP token trading volume had also gained almost 500 per cent.

Also read: What are stablecoins? Top 3 assets by market cap in this category

2. Bitball Treasure (BTRS)

It claims to be a “treasure” coin, with benefits like cost savings on transaction fees.

Bitball Treasure ranks low in CoinMarketCap ranking of assets, but it was still in the top 1,000 assets. The market cap was nearly US$8.9 million. It was trading at nearly US$19 per token, which suggested a year-to-date loss. However, over the past 24 hours, BTRS token had gained almost 45 per cent.

The 24-hour trading volume of BTRS crypto was very low as compared to BTC or other major assets.

Also read: What are Madonna NFTs and are they failing to invite high bids?

3. StarTerra (STT)

While the Terra ecosystem is undergoing severe stress, this Terra based gaming project was gaining as of writing.

StarTerra is said to have NFT and staking features. It claims to fall under play-to-earn cryptos category. As of writing, the price was nearly US$0.38, up almost 15 per cent over the past 24 hours. The market cap was nearly US$11 million, which helped it rank among top 1,000 cryptos. The trading volume was up almost 150 per cent.

The maximum supply of STT crypto can be 100 million tokens.

Also read: Terra (LUNA) crypto falls more than 50%: Why?

Data provided by CoinMarketCap.com

Bottom line

The total market cap of all cryptocurrencies was below US$1.2 trillion as of writing. This owed to the deep losses suffered by major assets like BTC and ETH in the past 24 hours. By contrast, some relatively lesser-known cryptos, including STT, BTRS, and SAPP had surged in the same period. But all the three cryptos had a low market cap and did not rank among top 100 assets.

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