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EOS Will Be the Best Performing Cryptocurrency of the Year, According to Finder.com Survey

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Of all the major cryptocurrencies, EOS has the most potential to outperform the market this year, according to Finder.com’s latest survey of fintech leaders. In fact, with the exception of Monero, all major coins are poised for at least double digit growth.

A Bright Future for Cryptocurrency

Despite a difficult six months, cryptocurrencies prices are due for a big rally in the latter half of 2018. Finder’s panel of ten crypto experts believes EOS will gain more than 200% between May 30 and Dec. 31, 2018. In doing so, it far outpaces all other digital currencies in terms of growth.

Coming in at second is Tron (TRX), the hyped up content creation ecosystem that has been subject to pump-and-dump speculation. (Tron’s price has somehow managed to skirt accusations that the project’s founder, Justin Sun, plagiarized a whitepaper and sold off billions of TRX tokens.) TRX is projected to grow 146% by year end.

At no. 3 is Cardano, whose ADA coin has managed to overcome recent downward pressure on the market. That comes as a breath of fresh air to ADA holders, who have been subject to huge losses since early May.

The cryptocurrency is benefiting from the launch of its first smart contracts testnet, which puts the project one step closer to fulfilling its vision.

Vaibhav Namburi of Five2One believes Cardano offers one of the best value propositions on the market, referring to it as “A smart solution to one of the biggest problems blockchain is facing: scaling.”

The consensus is betting on ADA growth of 145% by Dec. 31.

The fourth and final cryptocurrency on the list projected to grow triple digits is VeChain (VEN). The Internet of Things cryptocurrency has landed some reputable partners ranging from PwC to DNV GL, a risk management firm. It is forecast to grow 129% by year end.

Analysts predict VEN to rise in lockstep with bitcoin. The coin may also benefit from the growing hype surrounding IOT applications.

At 95% growth, bitcoin’s value is set to virtually double between May 30 and the last day of the year.

On Monero, analysts believe that it is being slowly overtaken by Zcash, another privacy coin that is becoming more widely accepted on exchanges. However, Clayton Daniel of Sproutsuper.com.au believes there’s still potential for the future:

“The moment people add value to increased privacy to expenditure, Monero will be in high demand. This could take years though,” he said.

The full prediction table is provided below:

Cryptocurrency May 30 Price Price Prediction: July 1 Price Prediction: Dec. 31 % change to July 1 % change to Dec. 31
Bitcoin $7,517 $8,487 $14,638 13% 95%
Bitcoin Cash $1,018 $1,058 $1,752 4% 72%
Cardano $0.21 $0.21 $0.51 0.49% 145%
Ethereum $572.88 $659.00 $1,045.44 15% 82%
EOS $12.49 $18.00 $38.25 44% 206%
IOTA $1.62 $1.49 $2.48 -8% 53%
Litecoin $121.04 $130.17 $149.00 8% 23%
Monero $158.89 $148.25 $164.50 -7% 4%
NEO $52.93 $60.00 $105.00 13% 98%
Ripple $0.62 $0.64 $0.75 2% 21%
Stellar Lumens $0.29 $0.31 $0.42 6% 42%
Tron $0.07 $0.09 $0.16 39% 146%
VeChain $3.50 $4.50 $8.00 29% 129%

Source: Finder.com

The Rise of EOS?

EOS has catapulted into the spotlight recently as the project concluded its year-long crowdsale. After raising $4 billion, the cryptocurrency is looking to scale like no other project has before.

Dubbed the “Ethereum killer” by some, EOS is competing to become the next platform for building applications. However, getting there won’t be easy.

For starters, the mainnet launch has failed to go ahead as planned with multiple delays pushing back the implementation timeline. Since Block.one concluded its crowdsale, the EOS network has been a tremendous source of confusion for token holders.

It’s also important to note that the mainnet “launch” isn’t really a launch in the traditional sense of the term. Rather, it simply refers to the dissemination of the new software code and not the introduction of the new network.

The last status update provided by EOSCountdown.com occurred over two days ago. At the time of writing, EOS tokens remain frozen amid preparation for the mainnet, which is currently without a date.

Experts polled by Finder believe the mainnet distribution will eventually be sorted out, putting EOS on track for huge gains. This puts Ethereum potentially at risk of being overtaken.

“Ethereum is at risk of other coins like EOS doing the same thing, but better,” said Fred Schebesta of Finder.com and Hiveex.com. We’ve perhaps already seen the best growth we’re going to see from Ethereum in a while.”

Year-end price predictions for EOS range from $23 to $50. At present, it is valued at $14.72.

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 546 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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Augur (REP) Backtracks to 16-Month Lows; Aurora (AOA) Falls Away

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Augur (REP) fell 24% throughout Tuesday on its way to a token valuation last seen in April of last year. Daily volumes have halved for the decentralized prediction market platform as today’s sell-off accelerates the process that began on August 7th with the Bitcoin drop-off.

Augur Backtracks to April 2017

In one of the most elongated price reversals in the market cap top one hundred, Augur has gone beyond mere yearly lows in its descent to the price of $15.16, recorded just a few hours ago. That’s down from the daily high of $19.96 recorded 24 hours ago – it has been nothing but descent for Augur since then.

The weekly numbers look no better, with 42% losses for the week. The month looks much better in comparison, with 46% losses over thirty days, thus showing the extent of just how bad this past week has been. A rebound is being attempted at the time of writing, as the price pushes back up to the $15.30 range.

Augur made a splash in the daily news cycle in recent weeks with its assassination markets – a feature open to be used, or created by any user on the Augur platform. The heat died down after the initial splash, which saw around $1.5 million worth of bets placed on various markets.

Sudden Influx From Korea

After seeing no more than a $3-$5 million daily volume for the entire week, Augur suddenly felt a sudden influx of $60 million on August 13th. The volume peaked overnight at $61 million before a massive reduction sent it back down to $27 million from which it continues to fall.

Right now, $23 million of that sum is coming from REP/KRW trades emanating from Bithumb – that’s 81.5% of the daily volume. The subsequent REP price on Bithumb has climbed as high as $167, although that price has been excluded from CMC’s readings.

Aurora Falls Off

The worst losses for the day have come from Aurora (AOA) which is down 45% at the time of writing. Aurora has been sinking all week long to the tune of 66% losses over seven days.

Aurora was listed on Kucoin in June, and has been hailed (by some) as (yet another) contender for Ethereum’s crown as king of the dApps. But besides a recently launched bug bounty program not much seems to be happening over at Aurora at the moment.

While it’s fun to speculate on why Aurora has taken the worst of the hit, it may have something to do with the fact that it is only available for trading on one exchange – the aforementioned Kucoin. Today on Kucoin AOA/ETH trades were the most popular; perhaps a sign that the current low Ethereum prices proved more attractive than holding onto AOA for any longer.

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 38 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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The Long-Awaited Altcoin Extinction Event May Be Near

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The cryptocurrency market is undergoing a major paradigm shift as low-quality altcoins embark on a mass extinction event, according to Xapo President Ted Rogers. This view, which is shared by industry titans like Vitalik Buterin, suggests things will get a lot worse before they get better.

Mass Extinction

In a Monday tweet, Rogers warned that more than 90% of altcoins and tokens could disappear in the not-too-distant future.

“We could be in the midst of the extinction-level event for “cryptoassets” that many maximalists have predicted. 90%+ of CoinMarketCap list will disappear eventually – might as well happen now.  Meantime, lower BTC price means incredible opportunity to buy more bitcoin,” he said.

Rogers’ tweet echoes previous comments by Ethereum founder Vitalik Buterin, who believes that 90% of tokens listed on CoinMarketCap will go to zero. Buterin made the comments back in October during the historic run-up in cryptocurrency prices.

Whereas Buterin emphasized the emergence of higher quality coin offerings following a mass-scale correction, Rogers believes now is the ideal time to buy more bitcoin. The leading digital currency continues to cannibalize altcoins with its share of the total market crossing 54% on Tuesday.

At the time of writing, there were 1,833 cryptocurrencies listed on CoinMarketCap. A couple hundred were added to the website’s tracker in the last few weeks.

ICO Cash-Out?

Crypto assets have shed roughly $220 billion over the past three months and are trading at less than a quarter of their all-time highs. Although the recent meltdown originated last Tuesday when the SEC communicated its non-decision on the VanEck SolidX Bitcoin ETF, the extent of the selloff suggests there are other factors in play.

With the bulk of the declines concentrated in altcoins and tokens, many are blaming the latest rout on a large-scale cash-out of initial coin offerings (ICOs). This has direct implications on Ethereum, which is one of the most important bellwethers of the ICO market.

The ether price has experienced an unprecedented drop over the past seven days, losing more than a third of its value to trade at its lowest level in 14 months. Previously, the developer’s cryptocurrency had shown resilience in the face of broader market moves.

While ICOs have raised more than $6.6 billion this year, investors appear to be selling too early. Short holding periods are placing significant pressure on the market.

Although the path forward is paved with uncertainty, a structural shift in the ICO market will ultimately benefit cryptocurrencies. As Buterin said last October, “there are some good ideas, there are a lot of very bad ideas, and there’s a lot of very, very bad ideas, and quite a few scams as well.” Cleaning up this image is a good thing even with the accompanying pain it has produced.

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 546 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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XRP Price Plunges Again; Down 93% from Record High 

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Ripple’s XRP fell on Tuesday to its lowest level of the year, highlighting collective panic in the cryptocurrency market following last week’s non-decision by the SEC concerning a highly touted bitcoin ETF. Although XRP’s losses aren’t unique, the so-called banker’s cryptocurrency is among the biggest losers in the top-ten.

XRP/USD Price Update

The XRP price fell 13.4% on Tuesday to a new yearly low of $0.262, according to CoinMarketCap. The decline puts XRP back 36% over the past seven days and a whopping 93% from its record high of $3.75.

At present values, XRP has a total market capitalization of $10.3 billion. Bitcoin cash, the fourth largest cryptocurrency by market cap, now trails XRP by less than $2 billion.

XRP’s 24-hour trade volumes amounted to $304 million, with Bitbank processing nearly one-fifth of the turnover.

Market Searches for Direction

As Hacked previously reported, the recent selloff began last Tuesday when the U.S. Securities and Exchange Commission (SEC) delayed a ruling on a keenly awaited bitcoin exchange-traded fund (ETF). From there, the market meltdown intensified amid signs that initial coin offerings (ICOs) are cashing out. Ethereum, whose protocol is responsible for at least three-quarters of ICOs, has declined to 14-month lows as a result.

With respect to ICO liquidation, Matthew Newton of eToro summed up the situation:

“The crypto market seems to have hit panic mode, with prices falling significantly across the board. As we can see in the case of ethereum, investors seem to be increasing liquidations of their ICO holdings, with significant drops in price and increased volumes.”

XRP’s fate, at least in the short-term, is tied to these broader market forces.

Ripple’s Regulatory Scrutiny

Unlike some of its well-known peers, XRP has faced growing scrutiny from regulators over its potential security status – so much so that Ripple Labs appears to have hired a PR company to remove the term “Ripple XRP” from online sources.

Ripple Labs has made it clear that the San Francisco-based company is not synonymous with the XRP currency, and that ownership of XRP does not give investors a stake in Ripple Labs. This is consistent with Hacked’s previous reporting on the matter, which showed the vast majority of Ripple’s business partners have not adopted XRP. In other words, banks and clearing companies have experimented with Ripple’s technology without adopting XRP as a base or quote currency.

On Aug. 11, a California district court dismissed a remand request related to a lawsuit against Ripple Labs by an investor seeking damages over alleged price manipulation. Plaintiff Ryan Coffey, a former XRP investor, sought to keep the case in the state’s lower courts rather than have the final verdict decided by a Federal judge.

The court issued the following statement:

“Having read the papers filed by the parties and carefully considered their arguments and the relevant legal authority, and good cause appearing, the court hereby DENIES plaintiff’s motion.”

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 546 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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