Onyxcoin (XCN) and Story Protocol (IP) were among some of the biggest gainers in the crypto market in the past 24 hours.
Both altcoins surged over 10% throughout the past trading session, even as investor sentiment remains risk-off and the broader digital asset market continues to trade flat.
XCN Soars 15% as Onyxcoin Prepares for South Korea Expansion
Data from CoinCodex shows that XCN’s price jumped more than 15% in the past 24 hours.
XCN price chart (Source: CoinCodex)
That surge in price comes after the Onyxcoin team said that they are in the process of expanding their presence in South Korea, which has some of the most active traders in the crypto market.
In a Jan. 11 X post, the team said that the project’s website is now available in Korean. As Onyxcoin prepares to expand its presence in South Korea, the project also said that it is looking for a second Korean-speaking ambassador to assist with the upcoming expansion in the region.
The recent announcement has added fuel to what has been a medium-term bullish rally for XCN. Over the past month, the crypto’s price has soared more than 75%. A large portion of these gains was recorded in the past week, with the altcoin soaring over 56% in the last 7 days.
IP Rallies As Story Protocol Looks To Grow Ambassador Count
While XCN has managed to soar over 15% in the past 24 hours, it was outperformed by IP, which posted a more than 26% gain during the same period.
IP price (Source: CoinCodex)
Data from CoinCodex shows IP trades at $2.56 at the time of writing. The rally came after the team reiterated their goal to grow the project’s ambassador count.
“With the new year, new OG standards, and first new OGs, we are ready to grow another major part of the Story community: our ambassadors,” the project’s team wrote on X.
That’s after the team welcomed the project’s first “OGs” last week.
Crypto Sentiment Still Fearful
The strong 24-hour performances posted by XCN and IP stand out because these surges happened while sentiment in the overall crypto market remains fearful.
Currently, the Crypto Fear & Greed Index, which is a popular tool used by traders and investors to gauge sentiment in the market, stands on a score of 27/100. This indicates “Fear.”
Since the start of the year, the sentiment tool’s readings have oscillated between the low- to high-20s. It did break out to above 40 on Jan. 6 and Jan. 7, which coincided with a relief rally in the market, but has since dropped back down to “Fear” levels.
The ongoing cautious sentiment can be seen by the price performances of most of the cryptos in the market in the past 24 hours. Overall, the digital asset space’s capitalization has dropped a fraction of a percentage.
