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Crypto Market Enjoys Christmas Rebound as Bitcoin, Altcoins Jump

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The value of all cryptocurrencies rose on Monday, as bitcoin and its altcoin competitors enjoyed a rebound following a volatile lead up to the holidays.

Crypto Market Cap

At press time, the cryptocurrency market was capitalized at $557 billion, according to CoinMarketCap. The value of all coins briefly fell below $490 billion on Sunday amid a renewed selloff of bitcoin and leading altcoins.

Trade volumes totaled $25 billion in the last 24 hours, with bitcoin accounting for roughly 43% of total transactions. Bitcoin’s share of the crypto market has declined sharply since the start of the year, when it accounted for nearly 90% of the total.

There were no immediate catalysts for the rebound, with price action largely driven by technical trading. Prices have been highly volatile over the past four days following a large pullback from record highs. The crypto universe peaked at nearly $650 billion last Thursday before a sharp correction wiped hundreds of billions from the market.

Bitcoin

Bitcoin’s trade value climbed back above $14,000 on Monday, with prices hitting a session high of $16,000. BTC/USD was last up more than 2% at $14,180. That gives bitcoin a market cap of $238 billion.

Ethereum

Ethereum’s native token rose sharply on Monday after a brief stint at multi-week lows. Ether climbed nearly 10% against the dollar to reach $737. Prices bottomed out near $550 on Sunday.

At present values, ether is worth a combined $73 billion. Trade volumes have picked up sharply in recent weeks, with 24-hour transactions totaling $2.4 billion.

Bitcoin Cash

Momentum returned to bitcoin cash after Coinbase reinstated trading of the digital currency. BCH/USD advanced more than 9% to $2,813 for a market cap of roughly $50 billion.

Bitcoin cash surged to the top of the crypto universe after Coinbase announced it would support the digital currency on its coveted GDAX exchange. However, the San Francisco-based company quickly suspended trading of BTC tokens over allegations of insider trading.

Despite reinstating BCH transactions, Coinbase is limiting its access to dollar-based transactions. This means European traders will not be able to access the cryptocurrency using the euro. Coinbase is reportedly evaluating whether European markets are liquid enough to support BCH transactions.

Litecoin

Long positions on Litecoin also picked up on Monday, with LTC/USD values rising as much as 18%. Prices briefly crossed $300 before consolidating around $266 for a daily gain of 3%. At present values, Litecoin is capitalized at around $15 billion.

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 704 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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  1. s3bio

    December 25, 2017 at 10:13 pm

    This article Sounds Like everything would Go up again. BTC had a 30% Slip anderen nö there’s a Natural pullback. Its much top early to call it ‘rebound’. The market stays weak and bearish and Werk should all follow Mate cser’s advice and Stayfriends away from it.

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Altcoins

EncrypGen (DNA) Surges Ahead After Two Major Announcements

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Although nobody enjoys a bear market, the downturn has afforded me more time to research promising technology instead of worrying about trading patterns.  Not all projects will survive this downturn.  In fact, most probably won’t.  Instead, companies that have delivered upon their goals and promises will be the ones that soar like eagles.  EncrypGen (DNA) is an extremely promising company I have been following since their Initial Coin Offering in 2017.

Background

EncrypGen made global headlines in November when it launched the world’s first blockchain based genetic data marketplace.  The marketplace, called the Gene-Chain, brings together buyers and sellers to facilitate the exchange of genomic data.  Consumers will be able to both safely store their genetic data and, if they choose, generate passive income by selling that same data to researchers.  The good news for data sellers is that EncrypGen just made a major announcement which will make cashing out much easier.

Consumers Can Now Withdraw Via Bitcoin

As of Monday, consumers can now withdraw the proceeds from their data sales via Bitcoin.  This will allow consumers a quick, convenient, and safe method to withdraw their earnings and use it for whatever they choose.  With the holidays coming up, this is a perfect opportunity for consumers to generate some extra cash that can be used toward making the holidays extra special for everyone.  The next part of this process will include the ERC20/ETH integration.  The integration is expected to be completed in January.

Partnership With Murrieta Genomics

In addition to the new withdrawal method, EncrypGen also made headlines by announcing a major new partnership with Murrieta Genomics.  Murrieta Genomics is a genomic sequencing incubator based out of California.  Murrieta has agreed to offer EncrypGen’s Gene-Chain to the Genomic Data Industry.  This will greatly benefit both individual data users and researchers.  The hope is that this blockchain based solution will lead to more efficient and effective healthcare through the advancement of new medical treatments.

EncrypGen’s Chief Strategist, Joe Cawley, had this to stay about the partnership:

“Today’s Partnership moves Gene-Chain up the value chain toward those generating Next Generation Sequencing (NGS) genomic data, assays and testing techniques.  NGS genomic data unlocks the multi-trillion dollar personalized medicine market.”

Indeed, the opportunity currently available in genomics and personalized medicine is enormous.  Although there are a few competitors in this space, they have yet to even release an alpha platform.  Additionally, given the regulatory hurdles that new entrants will face, EncrypGen’s closest competitors are likely years behind.  As those competitors work on getting a platform built, EncrypGen will be focused on developing strategic partnerships that will enable the Gene-Chain to become the world’s go-to marketplace for genetic data transactions.

Conclusion

With the Gene-Chain now live, EncrypGen is focusing its attention on developing more strategic initiatives such as the partnership with Murrieta Genomics.  DNA token holders can expect more announcements like this over the next 6 months.

Although the crypto market is extremely depressing for all involved, traders must not lose sight of the end goal.  I recently wrote an article that the crypto market is still in the earliest phase of the technology adoption lifecycle.  EncrypGen is a pioneer in both crypto and genomics.  And I fully expect EncrypGen to not only survive the bear market but to prevail in the end.

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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Cryptocurrencies

Why Investors Should Pay Attention to NMR

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One of the hottest topics in the news (besides blockchain related news) is machine learning. The ability to create algorithms and models that have strong predictive power is viewed as somewhat of a holy grail when it comes to computation. This is exactly why the hedge fund offshoot Numeraire is so powerful.

Unique Structure

As the first cryptocurrency started by a hedge fund, Numeraire is a product of Numerai. It was founded in 2017, and boasts a unique structure in terms of machine learning. The basic model of the company is to run weekly competitions for data scientists, to see who can present the best prediction models. Smart contracts judge the accuracy (and profitability) of a model, and the hedge fund is able to put it to use accordingly.

Only 1,000,000 coins have been released of this ERC-20 token, and they were specifically distributed to a confidential list of data scientists who would act as participants in the competitions.

How Does it Work?

The competitions are run in a rather unique way. The top 100 competitors – as judged by the live marketplace – receive a reward in the form of Bitcoin in exchange for their efforts, but they also have the ability to stake NMR tokens as a “bet” they are later rewarded for in the form of more NMR tokens and Bitcoin.

This structure essentially allows for them to earn dividends on their tokens, assuming their models are high-quality enough. It also stops fraudulent bets from being made by putting a cost on participating in the competition. As a modification of “proof of stake” the inventors are referring to this as “proof of intelligence”.
The scientists with NMR all receive a proprietary data set that is encrypted so as to not be readable by humans. This prevents frontrunning or other fraudulent practices by the scientists, while also

allowing them to test their models. It also creates an iterative, evolution-like process where the less accurate predictions are destroyed and that scientist is less likely to participate in the next competition.

Macro Considerations

All of this is interesting, but the true potential here is in the power this model has to change the way employment is structured. Numerai has created a meritocratic system where users are rewarded for their efforts on a performance-based payment scheme, and this can be applied everywhere – not just in the field of machine learning.

Another perspective on this is that Numeraire is creating a global collective intelligence where the whole is greater than the sum of the parts.

Investing in NMR

NMR is currently trading around 0.000899 BTC and is most easily available on Bittrex. It has faced resistance around the 0.00096 BTC mark, but if it were to break through that, this uptrend could yield a good short-term profit.

On a more long-term basis, there are several major fundamental factors that give Numeraire a chance at doing well over the next few years. Assuming these models continue to improve, and the scientists continue to get better, the price will naturally have to go up as demand increases.

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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Cryptocurrencies

Coinbase Pro Adds ETH-Based Quartet; Golem (GNT), Dai (DAI), Maker (MKR) and Zilliqa (ZIL)

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Coinbase Pro extended its run of listing Ethereum-based tokens on Tuesday, when it announced the addition of Golem (GNT), Dai (DAI), Maker (MKR) and Zilliqa (ZIL).

The exchange recently released a list of more than thirty coins and tokens that it had signalled for immediate attention. After the listing of four ERC-20 tokens last week, and the four mentioned above, the list has now has twenty-three coins remaining.

Coinbase Lists ERC-20 Tokens

According to Tuesday’s tweet from the Coinbase Pro team:

Inbound transfers for DAI, GNT, MKR, and ZIL are now available in the regions where trading is supported. Traders cannot yet place orders and no orders will be filled. Order books will be in transfer-only mode for a minimum of 12 hours.

Depending on where you’re based, you may not have full access to the complete range of services. The four tokens have been split into two different jurisdictions, as per the Coinbase Pro blog post:

Support for GNT and DAI will initially be available for Coinbase Pro users in the US (excluding NY), the UK, EU, Canada, Singapore and Australia. MKR and ZIL will not be available to customers in the US, but will be tradable in the UK, EU, Canada, Singapore and Australia on Coinbase Pro.

Dai is a dollar-pegged stablecoin which is backed by the funds of Maker token holders. The fact that Coinbase has found reason to separate two tokens which are part of the same ecosystem suggests the legal hoops they’re being forced to jump through are complex.

Utility or Coinbase Roulette?

Coinbase reminded everyone that the utility and functions of these assets would be lost if left on the Coinbase cold wallet:

Each of these tokens has associated functionality, some of which may be in beta. Moreover, each token’s associated functionality is not currently directly accessible via the Coinbase Pro platform.”

Some social media users questioned the function of these tokens, however, and one also questioned Coinbase’s motivations in listing them:

“@CoinbasePro lists 4 more random ERC20 coins. – Because it’s easy to add more ERC20 coins – Because in 2017 consumers wanted more coins – NOT because there’s huge demand for these particular coins Do you ever recall seeing a community coin poll at Coinbase? Binance runs them…”

Just another disgruntled bag-holder, or does he have a point?

Price Movement

All tokens mentioned were on the rise along with the rest of the market before the Coinbase announcement dropped, but news of the listings kicked the surge into second gear.

Zilliqa was the strongest performer out of the four, climbing 14% from a token price of $0.013988 up to $0.015963.

Maker gained just over 12% on its value, moving from $367 up to the $414 range. Golem climbed 11.9%, only days after hitting an all-time low following a 95.5% decline. Dai remained somewhat stable, although has been above its dollar peg for the last few days, falling from $1.07 to $1.02 in the last twenty-four hours.

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 106 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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