Cryptocurrency News – This is the best cryptocurrency performer today with 24% gains

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The overall cryptocurrency market is lacklustre today. Most of the cryptocurrencies are trading flat. When you look at the mainstream cryptocurrencies like Bitcoin (BTC), it is trading down by just 0.78%. Similarly, Ripple (XRP) is also trading down by 1.34%. The same however cannot be said for TenX (PAY).

This is the best cryptocurrency performer today with 24% gains:

TenX (PAY) today has increased by 24%. A day earlier it was trading around $ 0.3361. The market cap was around $ 38.43 million. Today, it is trading around $ 0.4199. The market cap is around $ 48.01 million. In a matter of just 24 hours, it has surged by 24%. The volumes have also increased from $ 900,000 to $ 1.8 million. On the back of low volumes, it has surged more than 24%.

In the last one week however, it has moved down by nearly 8%. A week earlier, it was trading around $ 0.4547. Currently, it is trading around $ 0.4199. Thus, it has moved down by approximately 8% in one week. While today’s move might attract the attention of investors but it is important to take a holistic view rather than just a day to day view on cryptocurrencies. This is the reason why buying at these levels might not be a good idea.

The buying decision should be based on the fundamentals. TenX (PAY) is building a platform which will allow you to spend cryptocurrencies anytime and anywhere. Thus, world over you will be able to spend the cryptocurrencies which you hold. It is compatible with Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC). It has also launched its own card which will help you spend the cryptocurrency Holdings which you have.

It supports multiple cryptocurrencies which ensures that you will not have to worry about converting one cryptocurrency to another. If indeed, it is able to gain traction, the value of the cryptocurrency can rise even more. The same however cannot be said. There is very little fundamental news when it comes to Tenx (PAY). Only when it starts gaining traction, the actual fundamentals of the cryptocurrency will improve. In that case, it might be a good idea to think about buying this cryptocurrency for a longer period of time. Up until that point in time, you need to stay away from these impulsive moves it irrespective of the one-day gains which TenX (PAY) makes.

One-day gains might attract the investors but it is the long-term fundamentals which ultimately decide the value of the cryptocurrency.

About Riddhi 224 Articles
I am an electronics engineer and follow the crypto space closely.

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