Volatility continues to be implied in the cryptocurrency markets, particularly with regard to major tokens such as Bitcoin. Analysts have been relishing news from El Salvador, the first country to declare Bitcoin as legal tender, where some public sector salaries are being paid to a digital wallet named Chivo. This amounts to real and fully official circulation of Bitcoin tokens, and this means that we will soon be seeing more retail purchases coming from that Central American nation, but traders are not yet feeling the love.
The market has matured to the point that altcoins and competing tokens do not necessarily rise and fall along with Bitcoin. Whereas BTC/USD is currently locked into a bearish pattern, active traders are flocking to where the market action can be found, and this is where tokens such as Trace, Coti, and Celer come in.
The three aforementioned tokens do not necessarily compete against Bitcoin. These tokens are not even meant to be used a practical digital currency, but traders have been accumulating them to the point that they have climbed by more than 55% compared to Bitcoin over the last week.
Trace.io has risen from its average of $0.0012 to over $0.0023 within the same week, this represents a 55% rise for the token and while no one really holds these digital assets, they are available to a community of investors who are buying them as an investment. According to Trace.io website, they are currently looking to expand into other markets including the US and Canada. This project does have a lot of financial backing and will allow the team to create a mobile app and web wallets that hold, trade and store tokens. The project was started in 2012 by Justin B. Wiedmer who has a wide variety of experience in banking and finance. He also founded a company called B.C. Web Services that develops payment solutions.
Trace.io is a blockchain based digital currency which is being actively traded with a market capitalization of $50.9 million dollars. The website states that the initial token sale of ERC-20 compliant tokens was launched on exchanges such as OKEX, HitBTC and Livecoin.