IOSToken (IOST) is outperforming the market on Wednesday morning (UTC), marking the strongest gain amidst the 100 biggest cryptocurrencies, following its listing on Upbit, South Korea’s largest exchange. IOST is already widely traded on Asian markets, but Upbit adds more volume and a diversity of traders.
IOST is a relatively low-priced asset, which spiked from around $0.025 to $0.036 within hours amid a heavy trading volume. IOST, which hit the exchanges in January, touched an all-time high of nearly $0.14 about a week after its launch, on January 24. Over the past month, it has hovered around the 3-cent level.
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IOST has a total supply of 21 billion, though only 8.4 billion tokens are in circulation. Otherwise, based on market capitalization, IOST would line up among the top-rated coins. Currently, its market capitalization is around $260 million, ranking it as the 49th biggest digital asset.
A listing on Upbit has proven to have a similar price effect as a Binance listing, causing recent immediate pumps of AdToken (ADT), AdEx (ADX) and Basic Attention (BAT (LON:BATS)). Those newly listed assets, however, crashed soon after the pump, wiping out most of the gains. While new listings sometimes lift token prices, sometimes it is bot trading or panicked buying that boost the price out of proportion, only to lead to a crash later.
At the moment, Huobi and Binance account for more than 70% of all IOST trading, with a significant IOST/Tether (USDT) trading volume on Huobi.
In the longer term, IOST lines up among the so called platform coins. IOST, however, lags behind projects like TRON, in that it plans to launch its mainnet towards the end of 2018. Presently, IOST is one of the low-priced assets, compared to other platform coins. IOST has a comparatively lower supply than TRON (TRX), with its 99 billion tokens, but for now, the lack of a mainnet and the still growing community of the project make IOST a lesser known platform asset.
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