Why Prometeus (PROM) Spikes 1200% Despite Bitcoin's Decline; Venus, OKB, CAKE, and Huobi Token Surge

 

Bitcoin's price is showing some short-term weakness after rallying from lows of $47,044 to $56,456. Bitcoin had been under selling pressure since the previous week, and this week's attempt to rebound met resistance above $56,000, causing a short-term pullback in some Altcoins.

The fact that Bitcoin (BTC) is on track to have its first negative month of April since 2015 this week, despite reaching all-time highs of $64,899 in the same month, does not seem as concerning. According to trading view info, April 2021 has so far yielded a negative return of 9.56 percent, while positive gains in March totaled 30 percent. This is notable because April was predicted to be a bullish month for Bitcoin. In comparison to March, when the lead asset has traditionally seen negative returns, this month has seen positive returns.

Ethereum (ETH), on the other hand, remains steadfast in its pursuit of new all-time highs for alternative cryptocurrencies known as Altcoins. The largest Altcoin surged to new all-time highs of $2800 today, boosted by reports of the European Investment Bank's announcement of a 100-million-euro ($120.8 million) digital bond sale on the ETH network.

‘The cryptocurrency market has returned to neutrality while BTC looks for buyers,' said Okex analysts earlier on the condition of the crypto market. ETH, on the other hand, is seeking bullish support against the market leader.'

After the short-term pullback in some Altcoins, tokens like PanCakeSwap (CAKE, +15.74 percent ), WAVES (+18.12 percent ), Venus (XVS +25.66 percent ), OKB (+11.43 percent ), NEAR (+11.71 percent ), and Huobi token (HT, +13.08 percent ) preserved their greenish glow.

Prometeus (PROM), a top performer among all of these, has rallied nearly 1200 percent in the last 24 hours. Prometeus Network describes itself as a stable, decentralized ecosystem that aims to solve real-world data-related issues.

Before a minor withdrawal, PROM recovered from intraday lows of $10.45 to record highs of $121.47 (as seen on Bittrex). Prometeus (PROM) was trading at $74.85 at press time, up 656.19 percent in the last 24 hours and 539.00 percent weekly. The sharp rebound, however, has driven the daily RSI into overbought territory, indicating a near-term correction.

Let's take a look at the foundations of these tokens.

Prometeus (PROM) was allegedly developed for the data market industries of Influencer Marketing, Medical, and Insurance. Despite the fact that PROM recently announced new alliances and network improvements, this latest rally appears to be based on technicals rather than fundamentals. PROM broke out of a two-month consolidation with a quick breakout.

One of the best ways to gain a yield on the Binance Smart Chain is to invest in Venus (XVS), an algorithmic money market and synthetic Stablecoin protocol that offers a lending and borrowing solution for the decentralized finance (DeFi) ecosystem (BSC).

Binance Smart Chain (BSC) rose to popularity quickly in 2021 as smaller investors sought cheaper alternatives to the Ethereum (ETH) network's high transaction costs and congestion. Venus (XVS) and PancakeSwap (CAKE) are currently two of the most popular projects on BSC, which explains their rapid development.

People are gradually fleeing the legacy financial system in search of higher yields and easy capital mobility, which can be found in decentralized finance (DeFi). The growth of Huobi Token (HT) and Okex exchange token, OKB, can be explained by the fact that exchange tokens have been growing in general. Huobi introduced crypto loans at the start of the year, allowing traders to borrow cryptocurrency. To exchange, you'll need leverage and borrowed funds.

From the end of December last year, OKEx (OKB) began phasing in real-time settlements for all permanent swaps, futures, and options contracts. OKB revealed on April 28 that “Matic Polygon USDT-Margined Perpetual Swaps (Up to 75x Leverage) are now available @OKEx!”