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BitTube Swings Wildly – Up 87% in 24 Hours

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In the space of two hours this morning, the value of BitTube’s TUBE coin jumped 200% to a price of $0.45, before plunging back down again to the tune of around 35%.

That leaves TUBE coins at a price of $0.279 against the dollar – still a near 100% increase on this morning’s starting price of $0.148.

This morning’s peak of $0.45 is the highest value TUBE coins have ever reached, and marks a near 13% increase on BitTube’s previous high-point of $0.40 which came towards the end of April.

BitTube launched in January of 2018, but didn’t start to register a market cap rank until March 16th.

The general trend since then has been upwards, but not without some serious crashes. In the last few months alone BitTube’s chart shows a consecutive series of four peaks where TUBE’s value doubled, followed by the same number of troughs which saw its value halve again.

It has been tumultuous, but ultimately profitable times for BitTube, and by this point their fortunes usually start to dip downwards again, but today’s activity points to a strong positive rebound following its spike then crash this morning.

The vast majority of TUBE’s trading activity can be found on Upbit and Bittrex – each responsible for around 47% the trades with their TUBE/BTC pairs.

The daily trade volume crossed the $10 million mark today. This represents a spectacular increase from its starting position of $19,000 this morning – equating to a 50,000% boost to trading volumes.

Unnatural, or the Growth of a Platform?

The sheer rate of growth in the last day is sure to set alarm bells ringing, but does the No. 404 ranked coin in terms of market cap actually have something to offer?

Well, it’s possible when you look at their business model. BitTube targets the online streaming market and comes with the unique tag of being run via blockchain.

Instead of earning rewards for your content from advertising, like YoutTube, BitTube rewards views with a portion of their mined TUBE coins.

In this sense, the amount of views your videos garner acts as a marker for the amount of value you’ve contributed to the mining process.

According to the success or lack thereof of the BitTube platform, the value of TUBE coins will fluctuate. Like most blockchain apps, the success of the coin itself will depend upon the popularity of the platform.

The opposite is also true, and a strong trading day for TUBE may very well send a new hoard of users to the BitTube website – which will then benefit the system once again.

Token

BitTube’s hectic behaviour in recent months may fit in with monthly marketing trends, or may simply represent the growing numbers of users hitting the platform.

The media presence for BitTube has been relatively low-key. Their platform launched without an ICO, and no pre-mining took place.

The video streaming platform started life as IPBC (Interplanetary Broadcast Coin) before a rebrand in early 2018 saw it change to BitTube.

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 125 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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3 Comments

3 Comments

  1. Carst

    June 7, 2018 at 8:53 pm

    Is it ipfs, a household name in crypto, or IPBC? Which I’ve never heard off.

  2. Carst

    June 21, 2018 at 3:30 pm

    Greg could you please respond? You are making quite the error here. Bittube uses IPFS – to distribute the videofiles i guess – its not a rebrand of it (that was IPBC). If it would be a rebrand, i am sure bittube was much more popular.

    • Greg Thomson

      June 21, 2018 at 4:42 pm

      Apologies, you’re right. That’s a misprint that could only have been the result of an overworked mind.
      Thanks for commenting again. I’ll try and get that edited asap.

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Altcoins

Small-Alt Season: Why They’re Pumping, and One Way to Spot them Before They Do

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As the slow (but volatile) winter period continues in the crypto market, more than one small-cap altcoin has managed to buck the broader trend in recent weeks.

That pattern continued on Tuesday as a handful of alts grew almost 40% in value over twenty-four hours, including Factom (FCT) and Loopring (LRC). The day previously, the much ridiculed cryptocurrency for the truck racing industry, Buggyra Coin Zero (BCZERO), hit over 200% growth in just a few hours.

But not all pumps are created equal, and the reasons behind their sudden appearance at the turn of the year are many-fold.

Manipulation

According to this recent Twitter poll conducted by Hacked and eToro’s Mati Greenspan, most people believe that Sunday’s market dip was a result of manipulation, as opposed to bots or whales (although, in reality, the crossover between the three must be huge).

If the consensus is that dips are a result of manipulation, then should the same rationale not be applied to pumps? Such a cynical view might make the current swathe of fundamental and technical analyses seem pointless. Yet, both methods of analysis continue to prove useful when trying to anticipate market movers.

Coincidence

Coincidence appears to play an important role in cryptocurrency pumps. Market pumps which coincide with some new tech rollout, exchange listing, or upcoming airdrop serve to convince the market that the current growth might be genuine and long-lasting.

But the inevitable dump which follows one of these pumps often returns the coin in question back to square one. As this happens often enough, one starts to see how crypto fundamental developments are used as a convenient smokescreen for market manipulation. For recent examples look at the lead up to the Bitcoin Cash (BCH) hardfork, or the recent Komodo (KMD) hardfork surge, which saw 94% growth recorded in December, followed by a reversion back to square one by January.

Basics

The many-headed beast that is technical analysis continues to throw up winners and losers, and the recent market plunge has already seen more investors turn to TA as a way to minimize losses.

But there are still ways to anticipate which simmering coin is about to come to the boil without getting too technical. Excluding the ridiculously small-volume tokens, the number of times that a surge is preceded by a steady rise in trade volume stands out as a very reliable marker.

Just yesterday, Factom (FCT) was priced at $6.51, and trading at a volume of $130,000. Over the next two hours that volume doubled, and it continued to double every few hours as the coin price pushed slowly upward. By Tuesday morning FCT was priced at $8.86 – a 36% increase; accompanied by rising volume which hit $2 million – a 1,438% influx.

Another example is yesterday’s strong performer, Tron (TRX), which also grew steadily as trade volume trebled over 48 hours.

Tuesday’s other top performer, Loopring (LRC) saw a more sudden 43% price jump without the slow build up of volume here described. However, take a look at LRC’s past week and you see a coin which has slowly increased its trade volume almost day-on-day – from last Tuesday’s $800,000 up to today’s $25 million – a new seven month high. Almost any point up until this morning would have proved a profitable buy-in point for LRC.

Predictions

Hindsight is known for its crystal clear vision, so let’s put this simple little crackpot theory to the test.

Zilliqa (ZIL) just posted 4% gains as trade volume doubled from $7 million to $14 million on Tuesday morning alone. Daily trades reached as high as $29 million earlier this week, and a look at the monthly chart shows massive volume and price pumps at regular intervals.

At the same time, Steem (STEEM) volume more than doubled on Tuesday morning, from $9 million to $19 million. Despite STEEM’s more than 50% gains already this week, daily volume only continues to rise, and just bypassed a four-month high in the process.

Consider these my two predictions for the coming days.

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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4.5 stars on average, based on 125 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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Altcoins

Ethereum Price Analysis: ETH/USD Sellers are Stepping Up Downside Pressure; Explosive Breakout is Imminent

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  • ETH/USD is very much close to a breakout of the recent range-block formation.
  • Diar reports that on-chain transaction value on the Ethereum network was seen at an all-time-high in December 2018.

Over the past three sessions for ETH/USD, a pick-up in downside intensity has been demonstrated by the market bears. The price had been moving within a narrowing range-block formation for going on 12 sessions, but this appears to be coming to an end. Sellers are stepping up the pressure, looking for a breakout of the sideways movement seen of late.

Ethereum On-chain Transaction Value at All-Time-High

Source – Diar

Diar in their latest report detailed that on-chain transaction value hit an all-time-high on the Ethereum network. Diar provide weekly institutional publications in addition to data analysis of digital currencies. Further within this latest publication, the on-chain transaction levels had hit 115 million in December 2018. This marked an all-time high, which excludes the activity after a hard fork caused by the DAO hack in 2016.

In terms of monetary value, Diar stated that the total US dollar value on-chain last year was seen at $815 million. This was down from the previous $1.1 billion, reported in 2017. As a result, this was a 97% drop in the on-chain transaction value. The drop from peak in January versus December 2018 was “by and large the cause of an 80% drop in Ethereum’s price”.

Commenting on fees, Diar detailed that they are unlikely to have been a laggard on the growth for the Ethereum network. It already has some of the lowest fees that are observed for transacting on-chain. They added, “the Constantinople upgrade, now pushed back, will bring down fees a great deal further for certain types of transactions that would allow for better storage use”.

Technical Review – ETH/USD

ETH/USD daily chart.

Key daily support eyed around $117.50 has been penetrated in the past few sessions. Signs are starting to show of a gradual shift again in favor of a bearish bias. The price is running towards its third consecutive session in the red, with the critical support earlier detailed under threat. ETH/USD did have a quick spike of around 15% lower on 20th January before retracing back within the range-block. A firm breach and close of the mentioned $117.50, the lower part of the range-block, could be punishing. Eyes will then be on a retest of the big psychological $100 mark.

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 112 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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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.

Miracle Tele mobile virtual network claims over 15,000 Sim Card users who spend an average of 15 euros per month, according to the ‘one-pager‘ that you can view on their website. Despite this, the team is claimed to comprise of just over 15 members (which include CEO Andrew Burchik and Head of Development Roman Golod).

The ICO for the TELE token has been live since October 2018 and will continue through to the same month of this year, with total supply being pegged at 300,000,000 TELE. Future events of note on the company roadmap are the launch of a programme offering free usage of apps like WhatsApp and Telegram on the Miracle Tele network.

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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