Home » Security token volumes crash by half for two consecutive months
Business News

Security token volumes crash by half for two consecutive months

Security token volumes crash by half for two consecutive months

The bullish momentum loved by the safety token sector within the first three quarters of 2020 has properly and really subsided, with month-to-month quantity crashing by greater than 40% for the second time in a row.

Because it tagged virtually $22 million in August, month-to-month safety token commerce slumped to $9.15 million in September, earlier than sliding right down to $5.27 million for October.

With 98% of the sector’s commerce happening on the Overstock-owned different buying and selling system tZERO, it seems Overstock’s plan to bolster volumes by way of issuing a “digital dividend” within the type of safety airdropped to OSTK shareholders has misplaced its steam.

Overstock’s OSTKO safety token — which represents 50% of the mixed safety token market cap — shed 18% of its worth throughout October, whereas month-to-month quantity fell 20% to roughly $three million. OSTKO’s market cap of $252 million would rank it because the 53rd-largest crypto asset general based on CoinMarketCap.

Curiously, the token started October buying and selling for $70, almost 20% decrease than OSTK shares. Nevertheless, OSTKO closed the month at $57 — one-dollar larger than Overstock’s share value.

The majority of October’s decline in safety token quantity befell within the markets for tZERO’s TZROP token, which generated simply $2.15 million in commerce this previous month — down 60% from September’s $5.29 million. The token additionally shed 8% of its worth final month.

TZROP is the second-largest safety token with a capitalization of $180.7 million, rating it because the 65th-largest crypto asset general.

Prime 5 safety tokens by market cap: STOMarket

Whereas tZERO has maintained dominance over the secondary safety token markets to-date, an growing variety of companies are constructing platforms to facilitate the creation and issuance of safety tokens.

One week in the past, Ignuim teamed up with fairness crowdfunding platform Fundwise to launch a tokenized crowdfunding service focusing on small and medium-sized enterprises.

Final month, Japanese monetary companies big SBI Holdings introduced it might conduct a safety token providing to challenge shares in its e-sports subsidiary.

Credit score: Source link

Spread the love

Related posts

Curve, Aave, Synthetix and 7 others join Global DeFi Alliance

admin

WisdomTree Files for ETF With a 5% Bitcoin Futures Share

admin

Coinbase Exploring Support for 18 New Digital Assets

admin

Leave a Comment