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Altcoin Watch: 0x, Bytom and Populous Leading Cryptocurrency Market on Tuesday

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The number of digital currencies valued at $1 billion or more has swelled to 30 this week, a leading indicator of growing demand in the cryptocurrency market. On Tuesday, three lesser-known altcoins stood out from the pack: 0x, Bytom and Populous. Each currency was up double-digits percentage-wise at the start of Asian trading.

0x

On Tuesday, the best performing crypto assets were all outside the top-30. Digital currency 0x, which trades under the symbol ZRX, surged 12.8% to $1.77. That appears to be its highest level since January. The gain has given 0x a total market capitalization of $931.2 million, with 24-hour volumes approaching $50 million.

Known as “the protocol for trading tokens,” 0x enables ERC-20 assets to be traded on the Ethereum blockchain. The project has already gone through dozens of releases since its ICO last summer. Interestingly, it raised $775,000 through a Simple Agreement for Futures Token (SAFT) sale, according to a recent Form D filing with the U.S. Securities and Exchange Commission (SEC).

Bytom

The value of BTM rose 13.9% over the past 24 hours to trade at $0.844. However, the cryptocurrency is trading well below its peak of $1.17 on Apr. 23.

Like other altcoins, Bytom has been eyeing the $1 billion mark for the better part of a month. The Chinese platform, which aims to streamline the tokenization of real-world assets and enable their trade on and off the blockchain, is currently valued near $833 million. Bytom’s performance seemingly defies a modest token raise last summer of less than $2.3 million.

Populous

The Populous project has been on our radar before. On Tuesday, Populous coin (PPT) jumped 13.9% to $21.50. Unlike ZRX, the gain was not part of a milestone rally, as PPT had traded sharply higher in recent weeks. Prices peaked near $30 a coin on Apr. 21, which may have been the height of the latest buying frenzy.

Populous is a ERC-20 protocol that uses peer-to-peer technology to tackle invoice financing through the blockchain. The London-based project has a total market cap of nearly $800 million.

Altcoin Market

0x, Bytom and Populous are currently tanked 31st, 36th and 37th by total market cap. Together, they are part of a much broader altcoin universe that is today valued at more than $282 billion, according to CoinMarketCap. That represents 64% of the total market, with bitcoin accounting for the remainder.

Altcoins have doubled in value over the past month as speculative money returned to the cryptocurrency market. These alternative coins were among the hardest hit during the first-quarter slowdown, as bitcoin grew its market share to around 45%.

The number of tokens flooding the market appears to have slowed in recent months, as regulatory uncertainty and an overcrowded arena dampened investor appetite. According to latest data from CoinMarketCap, there are 1,598 cryptocurrencies in circulation as of Tuesday. Roughly four in five have derived actual value from trading and overall market activity.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.7 stars on average, based on 743 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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Altcoins

Blockchain Goes Mobile: The First Crypto MVNO Announces Loyalty Rewards Program

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This week, Miracle Tele (blockchain based Mobile Virtual Network Operator / MVNO) announced the public launch of a loyalty rewards program which has been available to token-holders and investors since last October.

The rewards are distributed in the form of an exchangeable crypto token, compared to the non-fungible ‘points’ systems more commonly known (redeemable only for products created by the points distributor).

In this scenario, the customer is afforded full freedom with how they choose to spend their rewards. As far as this writer is aware, the scheme is the first of its type to be offered by any MVNO provider, although it wouldn’t be the first for an MNO.

MNOs and MVNOs

‘Mobile network operators’ (or MNOs) is the term used to describe most of the best known mobile network service providers, such as T-Mobile and O2.

MNOs are wireless cellular providers which possess whole ownership of all the necessary operational components required for the sale of mobile telecom services.

‘Mobile virtual network operators’ (or MVNOs) are companies that enter into a service agreement with the aforementioned MNOs in order to rent their services at a business or wholesale rate.

These companies subsequently apply their own business ideologies, as well as market offerings (unique service packages and value-lines) ideally to contribute to bringing a greater level of competition and choice in the mobile telecom marketplace.

Blockchain in the Mobile Space

Miracle Tele isn’t the first blockchain based company operating in the mobile phones area, and it most likely won’t be the last!

Last year, popular blockchain trading-game ‘Crypto Kitties’ hit the news yet again for being integrated into all factory-setting HTC U12+ devices (the flagship smartphone for the company in 2018).

It wouldn’t be the first time HTC has flirted with crypto either, like when they controversially sold that ‘HTC Exodus 1‘ phone exclusively in exchange for cryptocurrency.

Additional examples of blockchain-based product developers or service providers within the mobile space include providers of token wallets and mobile-apps for exchange. In addition to SBI-backed mobile payments token ‘S Coin’.

Blockchain MVNOs Viable?

There is very little competition of note that is bridging the gap between blockchain and MVNOs, suggesting that the companies we do see will be representative of whether such partnerships will build or bust in the following year(s).

For those interested in learning more about MVNOs in the blockchain space as well as / enjoying my prose, I recommend that you check out an article I wrote here at Hacked.com about how an underrated star in crypto (Electroneum) recently partnered with such a company, growing its portfolio of real-world use cases for p2p financial transaction in line with its mission statement.

Another company in the space, however with less legitimate coverage is one by the name of ‘YOVO’.

Disclaimer: The author owns small quantities of Bitcoin and Ethereum. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 12 rated posts




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GBP/USD Price Prediction: Bulls Reclaim 1.2900, Eyes Locked on Another Retest of 1.3000

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  • GBP/USD bulls pick up momentum to the upside, following generally positive tone to Theresa May’s Plan B statement.
  • Next upside targets for the bulls should they firmly breakdown 1.2900 again, will be the psychological 1.3000 mark.

GBP/USD throughout the session on Monday remained very much elevated. This came as market participants were somewhat maintaining an optimistic view. All of which heading into the British Prime Minister Theresa May’s speech to the House of Commons, on her Brexit plan b. Of course, this had to be drafted again, given her humiliating defeat at the vote last week, on the initial EU withdrawal plan.

Theresa May Plan B

In terms of her details this time round, she will be going back to Brussels, to seek some amendments to her initial agreement. This needs to be done in order to get a plan through another vote in the commons. Looking at some of the GBP bullish takeaways from this statement; she guaranteed rights for EU citizens at several angles, scraping the application fee EU nationals registering in Britain, discussing the backstop with the DUP this week.

To conclude, PM May appears keen in her language to ensure of a soft-Brexit, rather than one that is hard. All of which supported GBP in its push to session highs, at the time, briefly moving back above 1.2900. The price had given up this area on 18th January, when the bears were reversing the run observed on 17th, where GBP/USD touched to big psychological 1.3000 mark again.

Technical Review – GBP/USD

GBP/USD 60-minute chart. Near-term resistance eyed at 1.2900, with bulls locked in on a retest of 1.3000.

GBP/USD at the time of writing continues to trade around the 1.2900 territory. This price did see a brief period cooling, on touted profit-taking post the statement. Near-term resistance can be seen within this price region, but if convincingly broken down again, then there is decent upside potential. Aside from the supply observed here, there isn’t much in the way of the 1.3000 price region.

Given the renewed optimism around Brexit now, this has assisted in maintaining momentum to the upside for GBP. In terms of support to the downside, a strong area of demand should be noted at 1.2850-25 price region. As can be seen via the 60-minute chart view, this has supported the price since 15th January.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 111 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Bitcoin Cash Price Analysis: BCH/USD Rejected Again by Long-running Descending Trend Line

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  • BCH/USD bulls attempted moving above vital descending trend line capping upside; however , they were dealt another rejection.
  • A recent study suggest Bitcoin Cash is not using anywhere near its full block capacity.

 Bitcoin Cash Bulls Fails to Break Big Resistance

Bitcoin Cash price on Monday is trading in minor negative territory, nursing losses of just some 0.5%, at the time of writing. Over the past three sessions, BCH/USD has traded very closely to a descending trend line. The price continues to face rejection when attempting to break above the aforementioned line; however, the bulls do not have enough momentum. This trend line has been in play since 6th November, right at the start of the pick up in downside, at the back end of 2018.

While BCH/USD was confined below the above-mentioned resistance, it fell a chunky 88%. It had dropped from around $650, down to a low of $73.50 on 15th December. Given the current failure to press ahead and break above, the price once again could be knocked back south.

Bitcoin Cash Block Capacity Failure of Use

There is now 500 days’ worth of data to analyze the capacity of Bitcoin Cash when looking at its block size. A recent study conducted by LongHash suggests that the Bitcoin (BTC) blocks on average have been 30x larger than Bitcoin Cash.

Looking at the figures, in terms of Bitcoin Cash, the block size on average has reported to have been just 171 KB since the fork back in August 2017. In real terms, this represents just 2.1% of the total block capacity for BCH. On just one day there the BCH blocks have been more than half full. Back on 15th January 2018, the blocks were able to average 59% of their total capacity, as covered by the recent study.

The study from LongHash further goes on to say, that some will believe that the BCH blocks not nearing their full capacity is a potential positive sign. However, this can also be seen as a lack of interest in Bitcoin Cash, which is somewhat concerning. Most recently, over the past 30 days, the blocks of BCH have averaged just a small 34 KB, which is just around 3.7% of the roughly 923 KB blocks of Bitcoin over that same period.

Technical Review – BCH/USD

BCH/USD daily chart.

Keeping in mind the earlier described rejections for the price, eyes should now note the coming key areas support. Firstly, just ahead of the big psychological $100 mark, at $105, which is an important daily support. The price had last traded around this level between 6-10th December, as it sought comfort at the time, before resuming its move south. If this fails to hold, then a retest of the December low and 2018 low at $73.50 would likely be on the cards.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 111 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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