A 200 percent gain is quite modest, considering the pace at which Bitcoin and other prominent cryptos moved in 2017 to reach all-time highs. However, in a turbulent June 2018 market, a little-known coin SelfKey moved over 200 percent within just seven days of listing on Binance. Data from CoinMarketCap reveal that Bitcoin has fared better than most digital currencies in June, losing only 15 percent valuation.
Selfkey Debuts on Binance
After a scheduled maintenance and system upgrade event, Binance listed SelfKey on June 27. In an announcement, the exchange said:
“Binance will open trading for Key/BTC and Key/ETH trading pairs at 2018/06/27 06:00 am (UTC). Users can now start depositing key in preparation for trading.”
SelfKey defines itself as follows:
“SelfKey is a blockchain based self-sovereign identity system that allows individuals and companies to truly own, control and manage their digital identity, securely manage their cryptocurrency portfolio and instantly onboard onto financial, immigration and cryptocurrency services.”
CoinMarketCap Reveals Shocking Data
It has been almost a week since the coin was launched for trade on Binance. According to CoinMarketCap, SelfKey moved up by a whopping 202.12 percent in the past seven days, making it the biggest gainer of the week. Other lesser-known coins that have made big gains this summer include StarCoin, which registered 122.57 percent gains; TokenPay, which registered 104.57 percent gains; and ShareChain, which registered 100.72 percent gains. The most prominent coin that gained significantly was 0x Protocol (ZRX), which was the 30th biggest gainer with 29.28 percent appreciation in value.
Interestingly, SelfKey has also been the biggest loser as of Monday, losing 38.27 percent of its value.
Bitcoin Maintains Market Dominance
As the largest cryptocurrency in the world, Bitcoin’s market capitalization is $108 billion. However, the overall market trends do not seem as promising. At the beginning of June, with a brief bullish run, the market capitalization of cryptocurrencies was $329 billion, which has since slipped to $256 billion, showing a 22-percent devaluation.
Bitcoin lost 15 percent value in June, followed by Ethereum with 21 percent loss and XRP with 24 percent loss. IOTA lost the most among prominent currencies, shaving 42 percent from the market cap, while Cardano lost 38 percent.