Defying Gravity: Why XEM, CRO, and SOL Price are Trending Up Amid Market Downturn
While the market is bearish today, XEM, CRO, and SOL are showing strong resistance and are trending up
The global cryptocurrency market is currently being dominated by bears, who have plunged the prices of the majority of the digital assets down. With Bitcoin losing as much as 11.14% in the past 24 hours to exchange hands at $49,722.08 according to CoinMarketCap, a host of other altcoins have trailed the trend. The Bitcoin drop is fueled by comments from Treasury Secretary Janet Yellen, saying the coin is extremely inefficient.
Per percentage gains, Ethereum (ETH) has shed as much as 15.01% to $1,587.46, Binance Coin (BNB) is down 15.01% to $1,587.46, and XRP has eroded the gains accrued on Monday, dropping over 14% to $0.5210. The decentralized finance tokens Chainlink (LINK), Polkadot (DOT), and Aave (AAVE) also lead losses for the sector with 15.83%, 9.02%, and 21.47% respectively.
As the majority of cryptocurrency falls in to a bear market, NEM (XEM), Crypto.com Coin (CRO), and Solana (SOL) are relentlessly defying the downward gravity, with appreciable price gains. Here is a brief overview of why these coins are resilient amidst an encompassing market dip.
Why XEM, CRO, and SOL are Up Today
NEM, the acronym for New Economy Movement, an ecosystem of platforms that use blockchain and cryptography to provide solutions for businesses and individuals and with XEM as the native cryptocurrency. The network recently conducted crucial testing of its network, reporting absolutely no hitches. This result is perhaps responsible for driving the price of the network token XEM by 17.31% to $0.6804.
Crypto.com Coin (CRO) has benefitted from a recently conducted token burn by the wallet service provider. The platform announced it will be burning as much as 70 billion of its token within the next weeks, the largest ever initiated by the platform. The decision to burn the tokens is ahead of the mainnet launch scheduled for next month.
The Crypto.com community has responded to the update with a serious buyup of the coin, a move that kept CRO as the highest gainer amongst the top 100 ranked cryptocurrencies by market capitalization. At the time of writing, the coin is up 31.43% in the past 24 hours to $0.1778.
Solana (SOL) is also up by over 23% today, showing a rare resilience when DeFi tokens are remarkably showing a strong correlation with Bitcoin. The Solana ecosystem seems spiked up with the news that SushiSwap may be migrating to its network, away from the Ethereum blockchain.
Is a Retracement in View?
Unless the current trend is a signal for a long-term bear season, the ongoing dip in the market may be as short-lived as those that have preceded it this year. Either way, all eyes are on Bitcoin to herald the switch to winning ways in the next couple of hours, or at most, days.
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