After another price roller-coaster for the cryptocurrency space, most cryptos are waiting for the next up-spike, but there are at three altcoins rising, in spite of the current bear market. This is rather interesting given the slow year the crypto-space has been experiencing, although that is likely largely due to the increased global legislation and die-down after the major hype in December 2017.
So, why are these three altcoins rising while the others are declining?
For the most part, it seems speculative:
Last week saw the first bit of positivity for the stable-coin, after months of unresolved scandals and hearsay. On August 3, 2018 Louis Freeh, the former Director of the FBI, released his team’s opinion on Tether’s account holdings, and gave a favorable review. However, he stressed that his methodology would not necessarily match those of a specialized accounting firm. It should also be noted that he was hired by Tether for this audit, which could be seen as either a positive or negative angle, depending on whether you view it as a sign of Tether’s confidence, or of Freeh having possible bias in his final assessment. But, regardless of who audited Tether, Tether would always foot the bill, so that isn’t really here or there. What is notable is that Tether then celebrated its apparent exoneration by minting another $50 million USD on August 11, 2018.
Stellar has two possible explanations for its improved performance: firstly, that it has been forming more international partnerships with companies such as SHIFT. Secondly, there are rumors circulating that Stellar might be partnering with Facebook for their new banking project. However, Facebook has denied this, so if that’s the major influencer, Stellar is likely to start slipping again with the rest of the cryptocurrency market.
One real achievement seems to lie with Waves. This platform successfully launched its own decentralized exchange for cryptocurrencies at the end of July 2017. This exchange is called Waves DEX, and offers its own cold-storage e-wallet service. As it is decentralized, users will not necessarily need to store their cryptocurrencies on the platform at all but will rather be able to transact directly with one another. This would obviously appeal to disillusioned hodlers who have become weary of centralized exchanges, due to the consistent scandals regarding hacks and scams of said exchanges. Here’s hoping that Wave’s protocols are more secure and bug-free than its predecessors.