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EOS Remains Fifth-Largest Cryptocurrency Following Airdrop

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EOS continues to hold the fifth spot on the cryptocurrency world rankings, as the coin overcame post-airdrop fatigue en route to steady gains. The cryptocurrency has even gone as far as outshining many of its peers over the last two weeks, giving rise to further optimism about the upcoming eos.ios platform.

EOS Price Levels

The value of EOS rose 5% on Sunday to $11.39, where it remained the world’s largest cryptocurrency by market cap. The total EOS market is valued at $9.3 billion, which is roughly $900 million higher than Litecoin, the No. 6 coin.

Trading at nearly three-month highs, EOS has rebounded 177% from its bear market low Mar. 18. Unlike other major cryptocurrencies, EOS overcame the recent swing low culminating on Apr. 6. Nevertheless, the coin has gained more than 95% since that date.

Nearly $1 billion in EOS tokens exchanged hands on Sunday, according to data provider CoinMarketCap. That made EOS the fourth most actively traded currency worldwide, with Asian exchanges Huobi, OKEx and Bithumb processing the largest share of transactions.

Interestingly, EOS was on one side of roughly 13% of USDT trades. USDT is the native token of Tether, the so-called stablecoin that claims to be backed by U.S. dollars.

EOS, which also trades against other major cryptocurrencies, was last valued at 0.001297 BTC (-0.2%) and 0.018146 ETH (-2.8%).

Democratizing Blockchain

As an operating system, EOS is being designed to give developers the tools to build decentralized applications (DAPPs) through the delegated proof-of-stake mechanism. This system seeks to democratize the development process using a voting system that is equivalent to the number of coins each party retains. Only voted block producers can participate in the production of blocks and be rewarded by the network.

Given its proof-of-stake mechanism, EOS generated significant buzz earlier this month when it announced a lucrative airdrop event for Apr. 15. The terms of the airdrop stipulated that each EOS holder with 100 or more units would receive an equivalent number of eosDAC tokens.

eosDAC is an ERC-20 token that will migrate to the EOS platform once it is launched in early June. In time, it is probably that eosDAC tokens will also provide DAPP- and utility-based services that can be used by network members. A full ICO review of the eosDAC project can be found here.

Anticipation for the Apr. 15 event triggered a huge spike in the value of EOS, which is not uncommon when airdrops are deployed. The sustainability of the rally post-airdrop suggests EOS is generating significant interest ahead of the platform’s launch.

Brought to life by Dan Larrimer, EOS is widely considered to be Ethereum’s next big challenger. Both platforms will compete in DAPPs and infrastructure development, potentially bringing blockchain further into mainstream discourse.

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 649 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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2 Comments

  1. elliottbailey

    April 23, 2018 at 3:01 am

    Hey good update, would love to hear about these quality airdrops ahead of time on Hacked.com.
    Most the airdrop sites are full or irrelevant ‘share our tweet’ style signups but this one, and the recent Binance airdrop for Ontology looked great.

    Do you have a place where these are announced on CCN.com perhaps that I’ve just missed 🙂

  2. FalconX

    April 23, 2018 at 6:43 am

    Nice article, a little confused though. How can EOS be the “biggest cryptocurrency by market cap of 9 billion” if Bitcoin is at a whopping 150 billion….. ???

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Altcoins

Monero Price Stabilizes as Transaction Fees Plummet

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Monero’s XMR currency has flat-lined over the past week, ebbing in the direction of the general market following the successful implementation of Bulletproofs. The upgrade, which was initiated four days ago, has given XMR a unique advantage in terms of transaction costs.

XMR/USD Update

From a price perspective, XMR has exhibited very little fluctuation over the past 24 hours. The digital currency is currently trading hands at $105.48, were it was down only slightly compared with the previous session. Likewise, the XMR price is little changed over the past seven days. Over that period, XMR’s peak-to-trough was $108.33-$102.22, according to CoinMarketCap.

At present values, Monero has a total value of $1.7 billion, placing it in the no. 10 spot on the active market-cap rankings. Its market value is three times higher than Zcash, another leading privacy coin.

XMR trade volumes averaged a little more than $14 million on Monday, with won-denominated transactions on Bithumb accounting for the vast majority of the daily turnover. The South Korean exchange processed nearly 92% of XMR’s exchange-traded volume, according to CoinMarketCap.

Monero Transaction Costs Plummet

Monero’s latest hard fork on Oct. 18 has given the blockchain a significant advantage from the perspective of cost, according to CoinMetrics, which recently commented on the massive drop in XMR transaction fees. Users of the privacy coin are now paying just 2 cents per transaction, a decline of 97% since the implementation of Bulletproofs. The sharp drop in transaction fees is accomplished by shrinking the overall size of cryptographic proofs and the amount of disk storage space required to execute a transaction.

The hard fork, officially known as Monero 0.13 Beryllium Bullet, adds a new layer of protection for XMR transactions. This includes trustless, non-interactive, zero-knowledge specifications that will completely mask transactions from the public blockchain. The hard fork was implemented on block 1685555, with the new Bulletproofs software executed on block 1686275.

The new specifications not only boost Monero’s credibility as the premiere privacy coin on the market, they work against the growing risk of network centralization. That’s because the new protocol offers greater resistance to corporate ASIC miners, which the community views as a major obstacle to decentralization. Miners have already reported a sharp drop in mining difficulty as a result of the fork, ensuring smaller players have the opportunity to contribute to the network.

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 649 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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Altcoins

Bitcoin Cash Price Analysis: BCH/USD Bulls Have the Potential to Capitalize, Following a Bullish Technical Set Up

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  • BCH/USD broke out and retested a long-running descending trend line, but has failed to capitalize on this further.
  • George Hotz, also known as Geohot, says “Bitcoin Cash is the real Bitcoin.”
  • CoinText.io expands its Bitcoin Cash payment SMS service to Brazil and further European countries. 

“Bitcoin Cash is the Real Bitcoin”

George Hotz, also known as Geohot, an American entrepreneur and hacker, was recently commenting on Bitcoin Cash. Following the BCH Devcon in San Francisco he attended, Geohot demonstrated how to generate a BCH private key from scratch using python coding.

During his python video, George spoke highly of Bitcoin Cash. He said, “I’m using Bitcoin Cash because it’s the real bitcoin.” His reasoning for the preference of BCH over BTC was due to it having significantly lower transaction fees. Stating, “Transaction fees are super low on bitcoin cash.”

Bitcoin Cash Being Used in Brazil with CoinText.io

SMS cryptocurrency payment service, CoinText, has launched their services in Brazil and three other European countries – Poland, Romania and Croatia. CoinText doesn’t require apps, logins or Internet, and users can send Bitcoin Cash via SMS. A new wallet is automatically created when people have received Bitcoin Cash via SMS.

Specifically commenting on the Brazilian expansion, CoinText founder and CTO said, “Brazilians have been suffering from corruption and bad monetary policy,” says CoinText founder and CTO Vin Armani. “Cryptocurrency offers a way for them to peacefully opt out of a corrupt system.”

A move in which is further helping the adoption of Bitcoin Cash, via the CoinText service, he further noted, “Adding Poland, Croatia and Romania brings us closer to connecting the entire continent of Europe,” Armani added. “CoinText’s end-of-year goal is to enable all 740 million European residents to text money to each other’s phones for pennies.”

Technical Review – Daily Chart

BCH/USD daily chart

BCH/USD price action of late has been very much mundane following a promising breakout from a long-running descending trend line. It had been contained below and rejected on several occasions, from the back end of July. Bulls managed to pull off a decent breakout to the upside, which took place between 26-27th September.

After observing the break above, then pullback for a retest of the breached trend line, it looked very promising. This as such played out to the textbook, however bulls failed to capitalize and drive further north. Instead, the price remained within a consolidation nature, a lack of commitment in either direction. Perhaps the bulls are sitting on the launchpad, ready to send this into orbit, time will tell here.

Looking at technical areas of interest, to the upside, resistance has capped upside well into $500 territory. Tracking from $455-80, which has been evident the past few sessions. A firm push higher, will allow $550 region to come back into play. In terms of buyers, they can be found from the current price, all the way down to $400 the round figure.

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 33 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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Altcoin Update: Basic Attention Token (BAT) and Ravencoin (RVN) Soar Amid Downturn

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Two of the weekend’s better performers, Basic Attention Token (BAT) and Ravencoin (RVN), extended their gains into the new week amid Monday’s market downturn.

Around $3 billion left the global market cap from Sunday into Monday, as Bitcoin fell back down to the $6,400 range. The altcoin market fared much worse as most alts shipped between 5% and 10% of their value.

Basic Attention Token (BAT)

Yet just over a dozen altcoins either retained or gained value overnight, and Basic Attention Token (BAT) continued to ride the momentum gained from the Coinbase speculation over the weekend.

The value of one BAT jumped 24.3% overnight, climbing from $0.236148 up to the morning’s peak of $0.294794. The token price continues to rise at time of writing, helped by a near three fold increase to trade volumes which jumped from $9 million to $26.5 million.

That’s nearly double the volume that floated BAT to 42% growth over four days last week, and once again most of it has come through the BAT/BTC pair – which accounts for 56% of the total volume.

The last two weeks saw BAT climb 88% in value, and as of now the source of the rise appears to be largely based on Coinbase speculation. BAT could be up next for a Coinbase listing following the listing of Ox (ZRX) – another ERC-20 token.

Ravencoin (RVN)

Ravencoin (RVN) hit the headlines on Sunday after sailing into the market cap top one-hundred based on 118% gains for the week.

RVN had been soaring since October 11th when it gained a listing on Binance. Since then the coin has grown 351% in value, and the growth for the last twenty-four hours continues that ascension.

From Sunday into Monday, the value of RVN rose from $0.034691 up to $0.062574 – a 78% spike.

As noted previously, trade volumes for RVN rose 23,000% –  from $200,000 to $49 million over the last ten days. Today that surge continues, with RVN volumes rising to $122 million in the last twenty-four hours.

That means RVN volumes have grown by over 100% since yesterday, and by 60,000% in the last eleven days. Binance continues to house over 87% of trades, predominantly in the RVN/BTC pair. Across all exchanges, the RVN/BTC pair accounts for over 98% of daily trades.

Ravencoin appears to still be feeling the benefits of its Binance listing from earlier in the month, however the rise in the coin’s fortunes also coincides with a major fundamental development which is due to hit at the end of the month.

On October 31st the development team will update the blockchain to bring its ‘Asset Layer’ onto the mainnet. Ravencoin is an open-source blockchain for the registering of digital assets, and the mainnet upgrade on Halloween will mark the one-year anniversary of the project’s inception.

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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4.4 stars on average, based on 82 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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