Electroneum’s Benchmark Month Sends ETN Coin Price Up 333%
Electroneum (ETN) held fairly steady for the twenty-four period leading up to Saturday, Oct 13th. Volumes declined to weekly lows and the coin price remained stable throughout the day.
That stability is a facade however, and this week marks the quietest period for ETN in over a month. In the last thirty days the ETN coin surged by just over 333% in value, and this week’s 9% growth may be a sign that the momentum is cooling.
First Of Its Kind?
Despite most of the coin’s growth coming earlier in the month, Electroneum continues to grab headlines within – and to an extent, without – the crypto community this week. Electroneum aims to wrap up the completion of KYC process for ETN investors by the end of the month – apparently a first of its kind in the crypto-sphere.
The KYC is a move that will be cheered on by many, as the cryptocurrency world starts to show it can play ball with the traditional financial regulators. And it will also be scorned by many for the same reasons.
The Electroneum KYC is a tiered process, with certain levels of ETN holdings dictating how much identification is required. According to today’s tweet from the team:
“Just 31 days to go! Have you completed your KYC? Everyone needs to complete Tier 1, but you only need to complete Tier 2 (and show formal proof of ID) if you hold or transfer more than 150 Euros’ worth of ETN every 3 months. Please don’t complete Tier 2 unless you have to!”
The narrative going around the ETN community is that the KYC compliance will ultimately open the door to more institutional adoption of Electroneum, and it’s not a bad narrative. After all, Electroneum has already formed partnerships with some big players in the mobile and telecommunications industries.
Electroneum sets itself up as an instant payment tool which allows ETN to be sent to anyone, anywhere via a mobile app, hence its targeting of the telecommunications arena. When the beta version of the app launched last month and people demonstrated the app in action, ETN surged 31% in one day.
Looking back at the last thirty days, Electroneum surged 333% from mid-September into mid-October – from a coin price of $0.005108 up to Saturday evening’s $0.021933. The majority of that growth came earlier in the month, and the last seven days have seen ETN chalk up just 9% growth.
Including the peak of late-September, ETN actually surged 424% in the last month, but even with a quarter of those gains levelled off, the coin remains one of the better performers within the top hundred coins.
The near-future developments of ETN may be of interest to the crypto community at large. If Electroneum were to suddenly start snapping up high-profile business partnerships due to its regulatory compliance, what’s to stop other cryptocurrencies following suit?
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.