Waves, the native cryptocurrency token of a blockchain of the same name, led Wednesday’s crypto rally by pounding to gains of more than 20 percent.
At 12:00 GMT, the cryptocurrency established an intraday peak at $3.10, up 25.5% from yesterday’s low at $2.47. Overbought, the pair corrected minorly during the late European session to establish its intraday low at $2.97. At press time, it is trading well above its previous intraday high at $3.16 on Binance, with its market capitalization close to $313.4 million and 24-hour adjusted volume near $71.05 million.
The gains follow the cryptocurrency’s bearish month, whereby the asset endured an 18.7% drop in its market capitalization on a 30-day timeframe. Today also marks Waves’ best single-day performance since January 8, which increases its likelihood to establish further highs in the coming days.
It has been over three weeks since Waves raised $120 million in funding to launch its enterprise-grade blockchain network Vostok. At the time, Waves had added over $15 million to its market capitalization. But now, with confirmation that the project would airdrop Vostok’s native tokens to current investors, the demand for the coin surged.