- The crypto market capitalization has been reduced by $50 Billion in a matter of minutes.
- The flash crash was as a result of the global spread of the Coronavirus that has had an adverse effect on all markets: stock and crypto.
- Bitcoin (BTC) fell from $7,9000 to $5,500 in a matter of minutes.
- Storeum (STO) has posted 233% in 24-hours gains in the same time period.
- Other coins experiencing 24-hour double-digit gains include ZEON, EOSDAC, Polybius (PLBT), IQeon (IQN), HEX and Innovative Bioresearch Classic (INNBCL).
At exactly 00:00 UTC today, March 12th, Bitcoin (BTC) was trading comfortably above $7,900 with considerable support at $7,800. However, at around 10:00 UTC, the King of Crypto fell from $7,300 to $5,500 in a matter of minutes and taking down the entire crypto markets with it. However, one token by the name of Storeum (STO) has defied all odds and is currently posting 24-hour gains of 233%.
The current market turmoil is a result of the effects of the Coronavirus on global economies. President Trump has even banned all air travel between the United States and Europe with the Italian Prime Minister locking down their country completely. The World Health Organization has also officially declared the Coronavirus a pandemic.
Storeum (STO) Gains 233% in 24 Hours
As earlier mentioned, the Storeum token has seen tremendous growth on the same day the rest of the crypto market is experiencing turmoil. Around the same time yesterday, Storeum (STO) was trading at $0.39. The token then managed to zoom past the $1.00 price value before temporarily dropping to $0.782 due to the current market turmoil.
Storeum (STO) has since recovered hard from the drop and is trading at $1.32 in the crypto markets. This is approximately a 230% 24-hour increment in value. STO is currently available for trading only on Finexbox exchange.
More about Storeum (STO)
Storeum is an online platform specifically tailored for buyers and sellers across the globe. It is a decentralized marketplace with an easy-to-use online store builder platform that allows any seller to create a storefront to sell goods. Sellers are only charged a small fee and the platform offers a great alternative for entrepreneurs, small-scale companies, family businesses, craft artist and many more. Sellers or merchants on the platform also get tools for direct customer feedback, bookkeeping, sales analysis, advertising and promotion, in an easy to use interface.
Other Gainers Amidst the Bitcoin (BTC) and Crypto Market Turmoil
Storeum (STO) is not the only token exhibiting impressive gains amidst the flash crash we have just witnessed. Other coins that are in the double digits in terms of gains, include ZEON, EOSDAC, Polybius (PLBT), IQeon (IQN), HEX and Innovative Bioresearch Classic (INNBCL). The screenshot below offers a better representation of their market performance.
(Feature image courtesy of Benjamin Davies on Unsplash)
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Crypto Gazette or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.