The total market capitalization of all cryptocurrencies is currently around $560 billion, and while the flagship cryptocurrency bitcoin has mostly been trading above $19,000 since late November without breaching a new all-time high, some altcoins are moving up.
Over the last few weeks, it appears institutional investors diversifying their cryptoasset portfolios and crypto projects buying back their own tokens have helped the price of altcoins grow while BTC has been trading within its range.
Bitcoin Cash Jumps as Demand Surges
Bitcoin Cash (BCH), a cryptocurrency created back in August 2017 when the Bitcoin blockchain was split into two as a result in a years-long scaling debate, has seen its price jump nearly 10% to $295 as demand for the cryptocurrency has seemingly surged.
BCH may now be close to testing the $300 mark as investors are pouring funds into the cryptoasset. Data appears to show that retail investors aren’t the only ones buying up BCH, as Grayscale Investments, the crypto space’s largest asset manager, revealed in its frequent updates a spike in assets under management for its Bitcoin Cash fund.
While on December 11 Grayscale had $49.6 million in assets under management for the trust, by December 14 its assets under management had surged to $58.6 million, experiencing growth of 8.48% from the previous day. Its growth was beaten only by the Bitcoin and Litecoin trusts.
On Reddit, a user claiming to be tracking the Grayscale Bitcoin Cash Trust said that approximately 3 million shares were bought over the last two days. Per the user, these shares represent approximately 28,000 BCH being bought.
NEXO Moves up on Token Buyback Program
The price of Nexo’s NEXO token has been steadily moving over the last few months as the graph shows, but earlier this month the company’s Board of Directors approved an initial repurchase of $12 million of its NEXO token on an open-market principle.
In a press release, the company revealed it was looking to further boost the value of NEXO, which was already surging at the time, thanks to the launch of the Nexonomics campaign. NEXO tokens the firm repurchases will be placed transparently on the blockchain in an Investor Protection Reserve address on the Ethereum blockchain.
The price of NEXO is up over 300% so far this year, with demand for it seemingly growing over time. The company is now reducing its circulating supply. Over the last 30 days, it’s up by over 160%.
NEXO tokens reward holders with dividends from the firm. Tokens from the buyback will be vested for at least 12 months after repurchase and will not be eligible for dividends while in the Investor Protection Reserve address. After that period, they may be “re-locked or withdrawn to be used for interest and cashback payments, dividend distributions and/or liquidity provision on decentralized exchanges.”
Okex’s OKB Grows Thanks to Growing Ecosystem, Reduced Supply
The price of the native cryptocurrency of popular cryptocurrency exchange OKEx, OKB, went up over 10% over the last five days seemingly thanks to two main factors: its growing ecosystem of use cases, and a reduced supply thanks to another token buyback.
In separate announcements OKEx revealed both moves. On December 2, the cryptocurrency exchange revealed it bought back and burned from the secondary market over 4 million OKB, equivalent to $22.05 million, from Sept. 1 to Nov. 30.
The funds were moved to a black-hole address, and according to OKEx a total of 28.5 million OKB tokens have been permanently removed from circulating, leaving the cryptocurrency’s total supply down to 271.45 million OKB.
The CEO of the cryptocurrency exchange, Jay Hao, said:
With each round of Buy-Back & Burn, we aim to provide additional value for OKB holders. In the previous round, we achieved a historic burn volume of $21 million. In this 10th round, we were able to surpass that total by adding an additional 10% of OKB to the burn.
On top of that, OKEx has also revealed a partnership with noncustodial crypto payment services provider NOWPayments. The partnership allows OKB token holders to “make fast and easy payments online using their OKB.”
Per the announcement, users can now exchange their OKB tokens for goods and services from the merchants that are partnered with NOWPayments.
Featured image via Pexels.
