NEM, Augur and District0x price push higher while Bitcoin trades below $32K

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Massive spikes in trading volume sent the price of XEM, REP and DNT higher even as Bitcoin price hit a weekly low at $31,000.

Bitcoin (bit-cointalk.com/bitcoin-price-index” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/bitcoin-price-index”>BTC) is on the verge of closing another week that saw the bit-cointalk.com/news/bitcoin-price-passes-32k-with-traders-wary-of-relief-rally-if-resistance-stays” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/news/bitcoin-price-passes-32k-with-traders-wary-of-relief-rally-if-resistance-stays/amp”>price dip closer to $30,000 but the same bearish observation cannot be made for all altcoins. On Friday, several smaller-cap altcoins managed to shake off the bearish assault and post-double-digit gains before traditional markets closed for the weekend. 

Data from bit-cointalk.com/?via=markets”>Cointelegraph Markets Pro and TradingView shows that the top movers over the past 24 hours were NEM (XEM),  Augur (REP) and district0x (DNT).

Top 7 coins with the highest 24-hour price change. Source: bit-cointalk.com/?via=markets”>Cointelegraph Markets Pro

It’s worth noting that four of the top seven gainers are layer-one protocols, an interesting development that comes at a time when Ether’s (bit-cointalk.com/ethereum-price” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/ethereum-price-index/amp”>ETH) price is struggling below the $2,000 level and the community anxiously waits to see if the upcoming bit-cointalk.com/news/ethereum-s-london-berlin-and-shanghai-forks-and-their-role-in-serenity” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/news/ethereum-s-london-berlin-and-shanghai-forks-and-their-role-in-serenity/amp”>London hard fork improves Ether price and the process of transacting on the network.

NEM/USDT

Data from bit-cointalk.com/?via=markets”>Cointelegraph Markets Pro and TradingView shows that after a month where the average 24-hour trading volume for NEM was $50 million, demand for the token surged on July 16 as the volume increased to $532 million and the price rallied 35% to $0.151.

XEM/USDT 4-hour chart. Source: TradingView

The uptick in price follows the July 13 announcement that Symbol (XYM), an enterprise blockchain protocol developed by the NEM group, had agreed to a collaborative project with the government of Colombia.

REP/USDT

According to data from TradingView, REP price began to surge on July 13 after the 24-hour trading volume spiked from a daily average of $17 million to more than $521 million on July 14.

REP/USDT 4-hour chart. Source: TradingView

As a result of the sudden increase in trading volume, the price of REP rallied 57% from a low of $14.60 on July 13 to an intraday high at $22.97 on July 16.

While there is no readily identifiable cause for the sudden increase in interest, a scroll through the Augur’s Twitter feed shows that forecasting on the network remains active with the most recent polls asking “Who would win the 2021 Major League Baseball Home-run derby?” and “Who will win the Ultimate Fighting Championship fight between Connor McGregor and Dustin Poirier?”

Related: bit-cointalk.com/news/cardano-grows-closer-to-launching-smart-contracts-with-new-testnet” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/news/cardano-grows-closer-to-launching-smart-contracts-with-new-testnet/amp”>Cardano grows closer to launching smart contracts with new testnet

DNT/USDT

The third-largest gainer on July 16 was Distric0x, a protocol that bills itself as a “network of decentralized markets and communities” and specializes in helping users launch their own decentralized autonomous organizations (DAO).

DNT/USDT 4-hour chart. Source: TradingView

Data from bit-cointalk.com/?via=markets”>Cointelegraph Markets Pro and TradingView shows that DNT’s trading volume spiked from $3 million to more than $60 million on Friday, which led to a 73% rally from $0.112 to an intraday high at $0.193.

At the time of writing the price of DNT had since retraced to $0.133 which represents a 17.35% gain on the day.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of bit-cointalk.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.