Payments company Cirralto (ASX:CRO) has continued its torrid rally — one of a number of tech small caps to surge higher on no news this week.

The ASX is doing its best to keep up, issuing speeding tickets to BNPL leader Zip Co (ASX:Z1P), as well as Fatfish Group (ASX:FFG) and iCandy Interactive (ASX:ICI) at various points over the last few days in the wake of huge surges.

All three of those companies fell sharply this morning, with double-digit percentage losses across the board.

CRO got a price query of its own yesterday, after booking a 47 per cent gain in Tuesday trade on no news to close at 10.5c.

Cirralto shares started the year at 4c and climbed steadily through the month of January, reaching 6.3c by January 31 on average daily trading volumes of ~85m.

During yesterday’s surge, volumes increased to 612,106,564, according to data from Commsec.

The stock promptly opened at 15.5c this morning, and surged to a high of 20c as millions more shares changed hands.

Shortly after the opening bell, some big sell orders at the 20c mark took the wind out of the sails.

A short time ago, Cirralto shares were trading at around 12.5c, reducing morning gains from >100pc to around 25pc.

Amid the flurry of trading activity, CRO’s news flow has been relatively light to start the year.

The company is one of a number of ASX players looking to get a slice of the B2B payments market, pursuing a partnership approach with global platforms to help boost distribution.

Cirralto’s 4C filing for the December quarter showed it booked receipts from customers of $236,000 in Q4.

Operating expenses were $818,000, comprised mainly of staff and administration costs of $752,000 which resulted in operating cash outflows of $582,000.

CRO finished the December quarter with $3.948m in the bank.