Serum outperforms top crypto rivals as SRM soars after Huobi listing

Serum, Serum outperforms top crypto rivals as SRM soars after Huobi listing
“Bull Market Sign” by ota_photos is licensed under CC BY-SA 2.0
  • Serum (SRM) outperforms most crypto markets
  • The Huobi Global listing triggered a speculative pump
  • Overall crypto bull trend for 2021 isn’t over yet

BELGIUM (CoinChapter.com) — As the DeFi ecosystem continues to grow and evolve, so will the demand for cheaper and more efficient infrastructure. Serum aims to position itself as a convenient solution by bringing centralized exchange performance to decentralized finance. Although speculation is a significant contributing factor, the recent SRM price performance shows genuine interest in the project.

Also read: Ethereum exchange deposits drop to 2-year low as ETH nears its previous ATH

Serum (SRM) Price Skyrockets

Even though most crypto markets are in the red today, some altcoins will try to buck the trend. Serum, or SRM, does so successfully in the past day or so. Its price momentum is spectacular compared to the overall semi-bearish trend, resulting in a 10.7% gain for the day. Moreover, SRM started the week at $4.51 and is now $7.66, providing decent returns for traders and speculators.

Serum price chart. SRM/USDT chart by TradingView.com
Serum price chart. SRM/USDT chart by TradingView.com

Fueling this sudden surge in Serum value is the listing of SRM on Huobi Global.

Deposits for SRM are live, and spot trading will commence once the deposit volume meets the desired amounts of liquidity. Withdrawals will open up tomorrow. As users cannot remove SRM from the exchange until then, there will likely be some price fluctuations on Huobi Global and other platforms.

It is not uncommon for alternative currencies to “pump” when a significant exchange lists it.

Serum as a blockchain has proven to be of interest to developers, although that doesn’t necessarily bring value to SRM. The listing by Huobi Global does nothing to enhance the innate value of SRM either, although it will trigger some short-term excitement. Sustaining a price rally in the current climate may prove reasonably tricky, however.

Other Markets Remain Lackluster

While the Serum price momentum keeps holders and speculators excited, other top markets are not faring too well.

The negative pressure on Bitcoin and Ethereum drags a lot of other currencies down with it. Even though Bitcoin recently surpassed $47,000 again, the world’s leading cryptocurrency is incapable of sustaining that value at this time. However, the losses are fairly minimal today, and Bitcoin is down by just 0.9% in the past week.

That said, this negative weekly trend does not affect all currencies equally. Cardano, XRP, Dogecoin, Polkadot, and Solana are all up between 13% and 91.1% in the past seven days. Of course, that is not a validation of an altcoin season just yet, as all markets can turn bearish on a dime.

For now, the battle for a cryptocurrency market cap of $2 billion remains in effect. 

Top crypto assets. Source: CoinGecko
Top crypto assets. Source: CoinGecko

The looming concerns over inflation globally can still drive many people to alternative investments.

Moreover, there is a growing distinction between Bitcoin and gold, triggering potentially significant liquidity changes in the coming months and years. Investors appear to favor BTC over bullion as a haven due to better potential returns on investment.

The year 2021 is not over yet, and this year’s crypto bull-run is still intact. 

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