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How Bithumb Listing is Boosting Zcash Cryptocurrency on the Coin Market

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Zcash, previously referred to as ‘ZeroCoin’ or ‘Zerocash’, recently got listed on Bithumb as the ninth coin. The move has attracted attention to this private digital currency that came into existence in October, 2016.

Prior to its listing on Bithumb, Zcash traded on a virtual asset exchange called Poloniex in the United States. Zcash value and technology were subjected to a thorough review before gaining entry to the South Korea market via Bithumb, the biggest exchange for digital currencies in the country.

Competing Closely

Though Zcash displayed signs of slow growth early this year, it recovered strongly in June with its price hitting the $435 mark, up from $26. There is no doubt that this digital coin is now competing closely with other bigger digital currencies in the cryptocurrency space. It is currently trading between $217 and $304.

Natalia Karayaneva, CEO at Propy says, “Such dramatic price changes of cryptocurrencies can be explained with speculation, especially after such announcement. However, what brings such increase in the long-term is usually the product advancement. In the case of Zcash, The Zcash team has made great strides on performance since their initial release. In the pending Sapling network upgrade, users will see significant performance improvements. This could mean a potential increase in the demand.”

The stabilizing price of Zcash indicates its competitiveness. It  also shows that the coin does not differ too much with other high ranking cryptocurrencies like Ripple, Dash and Ethereum. Currently, there are 2.31 million Zcash coins in circulation.

Secure and Private

Drawing inspiration from the Bitcoin, Zcash boosts privacy through its cryptographic tool, zkSNARKS, an element that is not provided for in Bitcoin.

This outstanding security and technology underlying Zcash coin captivated the coin market. It has led to a surge in the coin’s market capitalization which is now at $648.5 million, up from $1.3 million at the time of listing on Bithumb.

On the coin market, Zcash improved in ranking now at  the 15th position, from position 30 in December 2016. The coin has been experiencing steady growth with its every day exchange volumes between $26 million and $43 million.

However, Angel Versetti of Ambrosus notes that, “Fluctuations like this make one jealous of cryptocurrency exchange owners, because no matter which way it goes as long as there is volatility and massive trading riding the wave, the house always wins.”

Traders find the coin’s untraceability compelling with its encryption serving to conceal user identity, protect privacy and conceal transaction amounts. Zchash’s protective anonymity has seen its value attract recognition in US’s Silicon Valley as well as globally in countries such as China, Argentina, Venezuela, Brazil and South Africa.

However, it is important to note that with Zcash, users are not be able to conduct audits on the blockchain. According to Kamil Przeorski, CEO and founder of Experty.io, this poses a risk for Zcash holders particularly if a bug hits the codebase.

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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David Drake and his family office LDJ Capital and its partners, has acted as GPs and investors in fund-of-funds, realty funds, venture capital funds, seed funds, debt funds and hedge funds. Mr. Drake's investments and private equity advisory at LDJ Capital currently has 50+ global directors and family office partners maintaining relations with institutions and family offices with $1.5 trillion in assets.




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Altcoins

Bitcoin Diamond Pumps Again: 106% Price Surge in Five Minutes

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Bitcoin Diamond appears to be in the midst of its third pump and dump this month after its value just jumped by 106% within the space of five minutes.

At 4.30pm UTC, just thirty minutes ago at the time of writing, BCD coins jumped from a price of $2.27 to $4.69. The surge was accompanied by a sudden boost to the daily volume of just under $1 million – all of which came between 4.30pm and 4.34pm.

In the few moments that it has taken me to write this far, the price has since dropped back down to $4.12, leaving the coin on 81% gains. The question now becomes whether or not enough people buy into the coin to push its value up enough for the dump to take place. Recent Bitcoin Diamond pumps have occurred over several days, as well as over several hours.

Third Pump This Month

Indeed, this is the third pump that BCD has experienced in the month of July. The first one on July 7th was the biggest thus far, with volumes surging by $10 million at the time of the pump. The second one, just a few days ago, saw a likely profit of around $2-3 million for the market manipulators.

bitcoin diamond

This time the volume is much lower, but could still prove ‘successful’ if enough gullible traders decide to climb on board the gravy train. One would assume that after recent events everyone would be steering clear of BCD, so the next few hours or days will reveal a lot about the mentality of the average trader on the exchanges.

For the sake of market legitimacy (a noble but far-fetched ideal, I know) it would be nice to see the market shun Bitcoin Diamond’s movements completely, and leave the pumpers holding coins with less value than when they started.

Broad Price Range

Looking at BCD’s exchange activity reveals a scattering of disparate prices spread across multiple platforms. The Huobi price on the BCD/BTC trading pair sees Bitcoin Diamond at a value of $8.96. The same trading pair on Binance meanwhile is priced at just under double that value at $16.86.

Moving down the exchanges, a $500,000 trading volume on OKEx against USDT lists BCD coins at $2.09 a piece. From there the valuation fluctuates between $1.35 and $16.93. Coinmarketcap indicates that all of the values around the sixteen dollar range have not been counted in the statistics.

From a bipartisan viewpoint, it will be interesting to see if the pumpers can really hit a trifecta within the space of two weeks. Grab the popcorn and stay tuned.

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 26 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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VeChain Price Grows 12% Ahead of Binance Token Swap

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VeChain (VEN) is set to officially depart the Ethereum network in the next few days, as Binance readies for the token swap which will see VEN tokens become VET (VeChain Thor) coins.

VeChain’s price has grown in the lead up to the swap, gaining 12% over the last 24 hours and breaking into the $1 billion section of the market cap high-flyers club. Beginning the day at a price of $1.62, VEN raced to $1.86 – marking 15% growth in a day when most of the market was somewhat stagnant.

That peak for the day has since settled down at around $1.81 at the time of writing, marking 12% net gains over the day.

Many VeChain holders thought the gig was up following 23% losses between July 17th and July 20th, and while VEN’s price hasn’t recovered to its former high, its reversal over the last 24 hours has been sudden and stark.

Binance Carries Out VEN Token Swap

The departure of VeChain from the Ethereum network to its own blockchain is due to finalise tomorrow, with Binance carrying out the token swap. According to the Binance support article, VEN holders have until tomorrow to move their funds to the exchange, at which point the mainnet swap will commence.

Trades will be stopped on the 23rd, with a snapshot of the wallet balances occuring at the same time. Binance expect trades to commence on the 25th of the month, when VEN tokens shall be no longer. The upgrade to a proprietary blockchain will bring with it a new coin, namely the VET (VeChain Thor) coin – accompanied by new trading pairs. As Binance state:

“Trading will open for the new VET/BTC, VET/ETH, VET/BNB and VET/USDT trading pairs at 2018/07/25 4:00 AM (UTC). Deposits and withdrawals for VET will also be opened at this time. Please note: Once trading opens in the new VET trading pairs, all prior VEN trading pairs will be delisted from the exchange.”

VeChain Thor X-Nodes

To celebrate the one-year anniversary of the VeChain launch, and to mark the emigration to their sole blockchain, the VeChain Thor team are holding a lottery for the network’s X-Node operators – details of which can be found here.

X-Nodes appear to be another variation on the masternode idea, except the VeChain Thor protocol allows node operators to also take part in the mining process. This apparently speeds up the network to a greater degree; but ultimately sacrifices some decentralization in the process.

One VEN token will be worth 100 VET, and it currently requires 15,600,000 VET to run an X-Node. That equates to an initial stake requirement of around $280,000 after the token swap. Such incentivization has been used to great effect on the likes of Dash and PivX on their masternode systems, while other versions of the same thing can be found in Tron’s super-representatives, and EOS’s block producers.

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 26 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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KIN Token Sees 20% Price Jump Following Wallet Launch

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Kin (KIN) spiked 20% today amid a general market slowdown, and excluding one uncharacteristic spike in mid-May, the Kik-based token has now soared past weekly, monthly and quarterly highs.

KIN token charts

Kin began the day on a steady climb, going from $0.000177 at 6pm (UTC) last night, to the current price of $0.000214. That’s a hike in value of just over one fifth, and Kin quite appropriately climbed around ten places in market cap rankings in the process.

On the Up

The weekly gains for Kin are even more spectacular – 50% growth in just under seven days. The monthly gains are only 40%, reflecting the long slow dip of June. The return to today’s price of $0.000214 sends Kin back to its mid-April price, at a time when the market was considered somewhat bullish.

In fact, Kin’s long term charts show a pattern repeating itself, and it’s one which Bitcoin also seems to be following. We saw a short spike in February, followed by a dip in March. We then saw a month-long bull run throughout April, which was then promptly wiped out in May and June. Now it looks like we’re in for another ‘mini-spike’, so the question now becomes – how big will it be? If the previous ratios of decline continue to play out, it will mean the next ‘peak’ for Bitcoin will be $8,000, with subsequent spikes then descending up until the next, you know… big spike.

Beta Wallet Launches

The mobile messenger app, Kik, is the firm behind the KIN token, which is set to function as a cryptocurrency reward for users of the platform who engage with the transparent advertisements contained therein.

The idea is one you may have heard a lot about recently – foregoing traditional consumer advertising in return for a direct transactional link between advertiser, publisher and consumer. It has previously been called ‘human mining’ since the receipt of the cryptocurrency requires some basic human interaction, such as watching an ad, completing a quiz, etc.

The beta-wallet for the Kin cryptocurrency was released in the last 72 hours on iOS and Android, and the token’s market performance has not been hurt by it. The Kinit wallet apparently allows its users to earn several dollars worth of KIN on a daily basis, which can then be spent on various items in-app.

The PR statement from the Kin team elaborated on some of the Kinit wallet’s functions, saying:

Kinit is a fun, easy way to earn Kin, a new cryptocurrency made for your digital life. Earning Kin is just like playing a game, only better, because you get rewarded for completing fun daily activities like surveys, quizzes, interactive videos and more.”

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 26 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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