Despite the fact that there are now hundreds of digital currencies coming online every day, there seems to be a general preoccupation with the big names. Bitcoin (BTC) as the preeminent digital token gets quite a lot of that attention, understandably; but it shadows the up and coming digital tokens that are really making moves below.
One of those digital tokens making moves is Syscoin (SYS) and in recent trading it has proved why traders and investors in digital currencies could really be missing out on the upside that falls below the ordinary and normal threshold of popularity. In the last 24 hours SYS has hit a high of 0.38, climbing towards previous highs set by the digital token. Market cap has climbed to a respectable $203M with 24-hour trading volume now sitting at $2.574M.
The big question is whether SYS can sustain its current rally. In the past it has reached as high $0.91 and when it reached those levels, there was heavy speculation that the digital token would maintain those lofty valuations. The tumble seems to be a mix of investor ignorance of what SYS actually does and a general lack of interest due to the positioning of the bigger players.
But there is a general growth in interest in SYS and investors and traders are getting a better sense of what the digital token is really all about. Unlike most digital tokens that operate through the standard blockchain technology, SYS operates as a proof-of-work (PoW) digital token. Because it operates in this way, SYS has to rely on the Scrypt hashing algorithm which hasn’t captured the trading and investing public’s imagination.
Once the trading and investing community understands what SYS does as well as how it does it, the interest in the digital token could reach fever pitch levels. As it stands its difficult to ascertain if the recent uptick is more or less consolidation. As was mentioned before, SYS has reached a high of $0.91 and braced against that level as traders and investors looked to breach the $1.00 mark. That didn’t happen, of course, so it will be interesting to see how things play out for the digital token in the coming weeks and months. SYS does have some competition at its current price point. Some of that competition includes some more popular names like Electroneum and Bytom. Developers will need to do more to make SYS more popular if it is to break into the big leagues.