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Dentacoin: Bitcoin for Teeth Rises 270%

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If the first week of January is any indication, 2018 is shaping up to the year of the altcoins. Case in point: Dentacoin (DCN). The blockchain that calls itself the ‘future of dentistry’ shot up 270% in the span of 9 hours to crack the top 30 list for active cryptocurrencies.

DCN Makes Its Mark

Dentacoin surged to new highs on Sunday, and in the process became a multi-billion-dollar cryptocurrency. The coin, whcih is tracked by the ticker symbol DCN, peaked at $0.008267 at 18:59 UTC, according to CoinMarketCap. That gave Dentacoin a market cap of nearly $2.7 billion.

At last check, the coin was trading at $0.006415, a gain of 180%. The market cap was around $2.1 billion, enough for 28th on the active list of cryptos.

Dentacoin’s trade volumes surpassed $43 million on Sunday, with Europe’s HitBTC accounting for nearly 90% of total transactions.

Sunday wasn’t the first time the DCN token surged in value. It rose more than 90% in mid-December amid a broad upsurge in the cryptocurrency market.

What Investors Need to Know About Dentacoin

Commonly referred to as the dental cryptocurrency, the DCN token aims to make dental care more affordable through crowdfunding. The company raised $2.1 million through a publicly-funded initial coin offering that ran between Oct. 1 and Nov. 1. The ERC-20 compliant token has been developed to be used globally by individuals in need of dental services.

The project claims it will solve specific problems facing the dental industry, including a review platform, blockchain insurance program and healthcare database.

There was no immediate catalyst for the recent price gain, signaling once again that the token was benefiting from altcoin euphoria. That being said, the company has been slowly acquiring partners since the launching of the ICO in early October. This includes signing an agreement with CruisAIDer, a German-based orthodontic manufacturer. As of October, the company was accepting DCN tokens as a form of payment.

Last month, the project announced that a fourth dental clinic would start accepting DCN. The four clinics accepting Dentacoin now include F3T Dental Clinic (U.K.), Swiss Dentaprime (Bulgaria), Dentech Dental Care (India) and Mr Iteeth (Taiwan) were accepting the digital currency.

Dentacoin has a total supply of 8 trillion tokens, with more than 321 billion circulating in supply. The company offered only 3% of its total token amount during its ICO.

Hacked.com gave an independent review of the Dentacoin ICO ahead of the crowdraise.

The company has announced several milestones for 2018, including launching its cornerstone ‘Dental Asurance’ program, an insurance-like model for the blockchain. The project is also planning to launch a second token sale in October.

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 465 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Altcoins

Monero Price Quickest to Rebound Following Market Crash

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Monero (XMR) has shown the quickest rebound out of the top twenty coins in the last few hours as the market starts to climb again. The bloodletting of the last few days has sent numerous coins to their pre-December levels, and recovery is slow in coming.

That hasn’t stopped Monero recording 10.7% gains in the last four hours. From a price of $109.41 earlier in the day, XMR shot to $121.15 before settling around $121.01.

The price of $109.41 is almost an eight month low for Monero and marks a price not seen since early November of last year. Monero is not the only coin to sink to 2017 levels, with the value of BTC also reaching an eight month low when it hit $5,835 – a price last seen in October.

At 5pm today (UTC), XMR embarked on a sudden and rapid upwards spurt to the tune of 7.5% within the space of 50 minutes. Since that point the growth rate has slowed, but the upwards trend continues at the time of writing.

Even at $109 per unit earlier, XMR was still in a much healthier position than this time last year. This kind of perspective may fail to soothe the hearts of hodlers who got in around mid-January, but it’s interesting to note that despite all the blood spilt over the last couple of months, many coins are still astronomically better-off compared to 2017.

Monero is one of them. In fact, XMR’s average price throughout 2017 was around $50. That’s from a starting price of around $12 in January, rising in spurts towards $400 in December.

Volume Discrepancies

If you compare Monero’s 24 hour volume to that of Game.com (GTC) yesterday, you notice a drastic difference. While GTC’s volume jumped from $2 million to $72 million in 24 hours, that has not been the case for Monero.

In fact, Monero’s volume has remained fairly steady for the past week, hovering in the range between $33 million and $39 million. Without casting undue aspersions, one could look at the difference between GTC and XMR and speculate that one is an example of organic growth while the other is an example of artificial growth; or outright manipulation.

Edge Wallet and Maximum Nacho

Monero was added to the list of compatible currencies on the Edge Wallet earlier today, no doubt fuelling its sudden rise. The Edge Wallet is a multi-asset wallet that has risen to popularity over the course of the year. It contains an integrated asset exchange, and has recently listed XMR, QTUM and XRP.

The Edge Wallet Twitter feed recently put out:

“We have the great pleasure to inform you, in your Edge wallet, you will now find $XMR. @monero has been on our list for a while and we are happy to provide it for the community.”

Meanwhile, Monero also just launched their new update – Monerujo 1.5.9 “Maximum Nacho.”

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 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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Crypto Markets: Bloodied But Not Broken

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As legend has it, prize fighter Jake Lamotta returns to his corner at the end of round four of one of his early boxing matches with blood all over and his face was a mess.  Trying his best, his trainer tells Jake, you’re doing great kid, they haven’t laid a glove on you. To which Lamotta replies, well you better keep an eye on the referee because somebody is beating the crap out of me.

Lately, those of us who have a passion for the world of cryptocurrencies are feeling that somebody is beating the crap out of us. Trouble is, it is hard to figure out why.  Just as we are about to land a punch with the SEC declaring that bitcoin and Ethereum are not securities, ditto that for ICOs that do not convey an equity interest in the issuer, whamo prices drop to 2018 lows.  

The Other Side Of The Coin

We read of the recent hack of a tiny South Korean crypto exchange and pundits blame this for helping to push prices lower.  However, the market seemed to completely ignore this week’s progress in the Mt. Gox litigation. There is actually a decent prospect that investors that held $450 million in bitcoin at 2014 prices will be compensated in nitcoin.  If my arithmetic is working right, this is good news considering the 2014 Blbitcoin price was less than $2.00.

Institutionalizing Crypto

While most eyes last week were fixated on falling prices, exchange giant Coinbase let it be known that it was preparing a crypto custody service.  This may appear as a boring administrative step but that is hardly the case. This move is being heralded as the final step in opening crypto to institutional buyers.

Before Coinbase’s solution the problem has been that, despite the highly secure nature of bitcoin and other cryptocurrencies, the wallets where they are stored are a regular target for hackers.

For investors, making cryptos more accessible to institutional investors is every bit as important as adding retail merchants that accept crypto for goods and services.  

Finding Crypto Support From Unexpected Places

Last Friday various media outlets point out how The U.S. Supreme Court mentioned bitcoin and cryptocurrency while issuing a ruling on a seemingly unrelated case. Here is what the U.S. Supreme Court had to say on June 21st in the case of Wisconsin Central LTD v. United States:

“What we view as money has changed over time. Cowrie shells once were such a medium but no longer are, our currency originally included gold coins and bullion, but, after 1934, gold could not be used as a medium of exchange, perhaps one day employees will be paid in Bitcoin or some other type of cryptocurrency.”

In spite of the current oversupply of naysayers, the legacy of crypto is increasing daily. Now even the Federal Reserve Bank of St. Louis is collecting and publishing prices of bitcoin, bitcoin cash, Ethereum and Litecoin. A year ago at this time, such a notion would have been absurd.    

Suspension Of Efficient Market Thinking

For those who have been kind to follow these ramblings know that I am a big believer in the theory of efficient markets.  The key to this theory is that people have all the available information about a particular investment asset and act upon is rationally.  Of course, this is not to say that everybody reads the information in the same way. That is what makes for buyers and sellers.

Lately, there has been a complete suspension of an efficient market for crypto. All coins and tokens have been dumped without regard for fundamentally positive events, some of which we mentioned above.  Since the vast majority of crypto is owned by individuals, the wisdom of the crowd (or in this case mob) psychology prevails. The last time this was the case it was bitcoin alone that lost some 80% of it’s value starting late in 2013.  But that took more than a year to play out. Since the infamous $19,000+ peak, bitcoin has lost 68% so history is getting close to repeating itself.

It may also be a sign that a bottom in prices may be getting closer. The values are clearly there to be had. Now if only those of us who have a longer term view can find other who share a similar view.

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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4.4 stars on average, based on 83 rated postsJames Waggoner is a veteran Wall Street analyst and hedge fund manager who has spent the past few years researching the fintech possibilities of cryptocurrencies. He has a special passion for writing about the future of crypto.




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Cryptocurrency Market Update: Correction Deepens as Coin Values Approach 2018 Lows

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The cryptocurrency market approached its lowest level of the year Saturday in a continuation of yesterday’s flash crash that wiped more than $30 billion off coin values.

Market Update

Cryptocurrencies saw their combined market capitalization plunge to a low of $250.6 billion late Friday, according to CoinMarketCap. With the decline, coin values came within $2 billion of their bear-market low for the year.

At the time of writing, the total market cap was $255.9 billion on trade volumes of nearly $14 billion.

It became apparent early Saturday that bitcoin and Ethereum had found support near their Friday swing lows. Both coins are down less than 1% compared to 24 hours earlier.

Bitcoin touched a new yearly low of $5,938 on Saturday but has since consolidated above $6,100 on major exchanges. The largest cryptocurrency by market cap suffered a major reversal on Friday after failing to breach the all-important $6,800 threshold. The coin quickly broke down below $6,500 and has since tested multiple new lows. In terms of immediate support, BTC/USD is now eyeing $5,850.

Ethereum prices bottomed at $450.34 on Saturday, their lowest since mid-April. Ether values were last seen hovering around $470.

Elsewhere in the top-ten, EOS was down another 5% compared to yesterday and was last seen trading at $8.33. The EOS network is battling through a PR nightmare amid multiple delays and controversies.

Bottoming Process Continues

There doesn’t appear to be an immediate catalyst for the latest selloff. As Hacked reported earlier, attributing the declines to the Bithumb hack is misguided given that the market quickly recovered from the negative headlines. (The initial decline was also limited.) Bithumb has already announced plans to compensate users affected by the $30 million heist. The exchange also disclosed that the theft accounted for no more than 6% of its proven reserves.

Cryptocurrencies remain trapped in a long-term bearish cycle that emerged early this year after markets reached their highest level on record. According to Bill Baruch, President of Blue Line Futures, the six-month correction represents a bottoming process that has yet to conclude.

In a recent interview with CNBC, Baruch said that repeated selloffs over the past four months have “wiped out most, if not all, of the over-enthusiasm” and FOMO speculators from the market. While initially bad from the perspective of prices, this means speculative positions are declining. Hacked first noted the decline in speculative positions more than three months ago following the April Fool’s Day selloff.

Analysts have noted that the recent six-month correction mirrors bitcoin’s 2014 retreat, which highlights the boom-and-bust nature of the digital asset class. Against this backdrop, bitcoin and its altcoin counterparts likely need to demonstrate several months of consolidation and stability before the bull market re-emerges.

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 465 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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