With Bitcoin still below $ 50,000 and Ethereum slipping below $ 4,000, the larger market has once again hit bearish tones. Most of the best altcoins seemed to follow the best coin and the stagnant trajectory of the larger market left few altcoins for traders to watch.
At this point, market participants seemed to turn their eyes towards mid-cap and low-cap altcoins that noted higher gains and reaped higher ROIs.
According to data from CoinMarketCap, at the time of writing, Revain (REV) appeared to register the highest daily earnings of 29.53%, followed by Oasis Network (ROSE) and Curve DAO Token (CRV).
For Revain, however, this isn’t the first time the token has been performing against the market trend. Towards the end of August this year, REV presented over 230% gains entering into September 2021, hitting its multi-week high of $0.036.
Now, in light of its most recent gains, is there a compelling opportunity for traders to jump on this bandwagon?
What’s Revain?
Revain is a review platform that completed four years in September and aims to curate and reward user feedback on products and services through blockchain technology. While Revain has similar functions to review sites such as Yelp, it claims to have more options and advocates transparency.
The platform is built on both Ethereum and Tron, according to data from Kraken Intelligence. Notably, as Ethereum slipped below $ 4,000 with daily losses of 0.53% looking mostly bearish, Revain looked to be having fun.
In the last 24 hours, REV/USDT on Kraken saw an <108% jump. By doing so, the altcoin bridged the fair-value gap that extended from $0.01933 to $0.00937, putting the altcoin back on track towards its ATH.
Altcoin also attempted to race for its $ 0.06 ATH in August, but was only able to reach a multi-week high of $ 0.036. So what could be different this time around?
Well, for one, the altcoin recorded the largest single-day price hike since its ATH in May on 13 December. This also marked the highest vertical spike in the Relative Strength Index on a daily chart since.
A good investment?
With over 50% daily earnings, REV is one of the only assets on the top with double-digit daily earnings. As of mid-November, altcoin has been a below-average risk asset, as evidenced by the coin’s MVRV divergence pattern.
At the time of writing, however, its Sharpe ratio was at -4.5, making the asset a relatively risky asset now, compared to November.
Nonetheless, the crypto’s active addresses and active deposits have seen major spikes. These are signs of higher activity on the network.
In fact, daily active addresses have increased by almost 400% in the past two days.
Furthermore, with the cryptos’ trade volumes hitting new ATHs, retail FOMO seems to be driving the current rally. Especially since whales didn’t make any major movements.
Once the altcoin settles above the crucial $ 0.02 mark, it might consider further ATHs. However, trading will remain risky in the short term. Even so, with the project getting bigger and bigger and given its high return on investment in the long run, maybe it could be a good investment.
