Over the weekend the decentralized blockchain platform focusing on custom blockchain tokens operations, Waves, cracked the top 10 on Coinmarketcap. It displaced Bytecoin from the 10th position, which was in that position for over two weeks. This development was impressive, given that Waves is an only a one-year-old project that faces stiff competition from the likes of Ethereum. Nevertheless, on Tuesday Bytecoin fought back and pushed Waves back down to number eleven. Waves managed to slip back into tenth position shortly after.
Bytecoin and Waves Both Face a Sudden Surge from Steem
It seemed like Bytecoin and Waves were destined to compete head to head for the 10th position, until Steem came from nowhere with an amazing 42.32% leap and got into the race. This is even more surprising, given the fact that Steem’s glory days seemed to be over. Its valuation took a hit and it has been slow to recover. Steem effectively relegated Waves and Bytecoin to the eleventh and twelfth positions respectively.
More Movement on the 10th Spot
Steem didn’t even have time to settle, when Bytecoin jumped to number 10 once more with a sudden 24% jump in price. At the moment Steem is at number 11 while Waves was relegated to the 12th spot once again. A closer look will reveal that all 3 of these cryptocurrencies have been growing, so the battle for the 10th spot is more about which one has grown more. It seems that investors that chose to include any of these 3 assets in their portfolios over the last week, profited regardless of where each ended up.
The Reputation of Bytecoin Waves and Steem
It is also important to understand that the reputation of these three assets is not the same, regardless of how well they did over the last week. Some experts for instance, see Steem as a dead coin. Steem keeps moving upwards until it falls suddenly, only to recover once more. Nevertheless, it is still way off its all-time high of around $4 USD per coin. Bytecoin and Waves have a better reputation among experts and are gradually solidifying their stance in the cryptocurrency market.
Standings of Each Coin
A closer look at the numbers tells the story of the reputation that each coin has in the market. Bytecoin is being sold for $0.003611 and has a market cap of more than $660 Million. Steem holds a market value of more than $553 Million. The exchanges listed it for sale at $2.37. At press time, Waves had a valuation of $530 Million, going for at $5.29 per coin.
It seems that Bytecoin has widened the gap and is solidifying its stance. However, cryptocurrency markets can wipe out a $130 million USD gap in a matter of hours. The important aspect that we must keep an eye on is that all 3 assets seem to be on a path to growth, so if the gap shortens it will likely be because the growth rate of the smaller coins is outpacing that of Bytecoin. We will keep you updated on this segment of the market with further analysis as soon as the trends become clearer.