Connect with us

Altcoins

Ethereum Price Rebounds from 14-Month Low; Long-Term Growth Still Intact, Says Co-Founder 

Published

on

Ethereum staged a large relief rally on Wednesday, as bargain hunters swept in to capitalize on extreme oversold conditions following a 35% weekly rout for the world’s second-largest cryptocurrency.

ETH/USD Update

The ether price surged 13.6% to $294, clawing back more than half the losses it incurred since Monday. Total trade volumes were $1.9 billion, according to CoinMarketCap.

At current values, Ethereum has a total capitalization of $29.8 billion.

Momentum has returned to the ether trade, with the monthly relative strength index (RSI) improving to 67. Ethereum’s RSI plunged to single digits twice over the past eight days.

The broader cryptocurrency market improved to $208.4 billion on Wednesday, which is a reversal of nearly $20 billion from the recent swing low.

Long-Term Growth Trajectory Still Intact: Lubin

Ethereum co-founder Joseph Lubin isn’t concerned about the latest downtrend in cryptocurrency prices. In fact, he believes the market is in better health today now that speculative investments have died off and bubble conditions have eroded.

“We’ve seen six big bubbles, each more epic than the previous one, and each bubble is astonishing when they’re happening but when you look back they look like pimples on a chart,” Lubin, who currently serves as CEO of ConsenSys Inc., said during an interview with Bloomberg. “With each of these bubbles we have a tremendous surge of activity and that’s what we’re seeing right now.”

Lubin believes Ethereum will play a pivotal role in the future alongside hundreds of other blockchain networks. This view is shared by other industry leaders, such as Ethereum co-founder Vitalik Buterin and Ted Rogers of Xapo, who believe the vast majority of tokens will go to zero.

Arthur Hayes Rips Ethereum

BitMEX CEO Arthur Hayes launched a scathing criticism of Ethereum in a recent post on Crypto Trader Digest, where he attributed the cryptocurrency’s growth to the highly speculative ICO boom.

In Hayes’ view, Ethereum will soon go “from a 3-digit to a 2-digit shitcoin.”

In the crypto community, a ‘shitcoin’ is a pejorative term that describes an altcoin that has become worthless.

As Hacked reported on Tuesday, a large-scale cash-out of ICOs appears to have sparked the recent leg of the crypto market downturn. At its lowest point on Tuesday, the cryptocurrency market cap was valued around $189 billion. That’s a $220 billion reversal from three months ago.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
2 votes, average: 5.00 out of 52 votes, average: 5.00 out of 52 votes, average: 5.00 out of 52 votes, average: 5.00 out of 52 votes, average: 5.00 out of 5 (2 votes, average: 5.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.6 stars on average, based on 604 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.




Feedback or Requests?

Altcoins

Electroneum Coin Price Surges 31% On Launch of Instant Crypto Payment App

Published

on

The newly launched beta-version of the Electroneum mobile payment app went live this week. And as successful reports filter in from testers from around the globe, the good news is translating into positive sentiment on the exchanges for the ETN coin.

ETN Price On the Up

In the twenty-four hour period leading up to the morning of September 20th, ETN gained 31% on its value. The coin price climbed from the daily low of $0.005203, up to the latest peak of $0.006827.

New volume continues to pour in at time of writing, after climbing throughout the day from around $180,000 to $570,000 – just over a 216% increase. Weekly gains stand at 34%, but only really heated up in the last two days as news of Electroneum’s app came to be known.

ETN/BTC trades are the most dominant, with over 80% coming from Cryptopia and Kucoin alone. The coin had long been lingering outside the market cap top one-hundred after 85% losses from Q2 into Q3.

All-time lows were reached as early as April for ETN, and the coin continued to notch up new lows right through the year. Sentiment had perhaps soured on the coin after the company website suffered a DDoS attack in April of 2018, prompting them to lock user accounts and deny access to funds while they attempted to address the problem.

Electroneum App Rolls Out

The beta-version of the app was released this week, and Electroneum’s twitter feed was inundated with accounts from individual and business users who had successfully tested the product.

One video showed a merchant in Egypt demonstrate setting up the app to transact with the existing retail API most prevalent among retailers in the nation. Another batch of tests were carried out by users on Reddit, who successfully transacted some ETN between Japan and the U.S in a matter of seconds.

Last night, founder and CEO Richard Ells released this blog post celebrating what appears to be a successful beta-launch, saying:

“Easy access for users was the first step and we’ve now had over 1m app installs and we’re proud to say the Electroneum app has the same retention level as Instagram (®)!”

According to Electroneum, they currently have over 1.6 million registered users. If true, that would make it one of the most adopted crypto apps to date. The blockchain-based social media site, Steemit, has been around for over two years, and has just over 1.1 million registered users.

It’s worth noting that the app requires some level of centralization. Essentially it is running a centralized app on top of a decentralized blockchain. The company say this is required since waiting for block confirmations would make merchant payments impractical.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.4 stars on average, based on 58 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.




Feedback or Requests?

Continue Reading

Altcoins

Five Bullish Coins That Have Bucked 2018’s Bear Market

Published

on

This year marked the third bear market in the history of Bitcoin; a year in which BTC lost 70% of its value, and the second biggest cryptocurrency, Ethereum, lost 85%.

Looking down the list of altcoins those numbers don’t get any better. At least not for the majority. However, there are a small handful of cryptocurrencies that have quietly bucked the 2018 trend, and have carved their own successful path through the crypto landscape.

Some simply weathered the storm better than others, while several diverged completely from the surrounding market. Here are five of the most bullish coins and tokens of 2018 so far.

Chainlink (LINK)

There was hesitance to include this token in the list since it followed the rest of the altcoin market in a 37% decline between the dips of April and June. But ever since then it has been nothing but upward trajectory for LINK as it maintained higher lows even throughout the dips of August and September.

Recent news that Bithumb is to add Chainlink resulted in another pump for the token in mid-September, and could help snare another higher low when the next dip comes.

DigiByte (DGB)

Lowers lows have been common throughout every dip of 2018, yet DigiByte has managed to achieve just the opposite. The DGB/USD valuation has been sustained by higher lows through every dip of the year.

From early April’s low of $0.016689, DGB went on to $0.018986 by the dip of late June – a 13.8% rise. For some perspective, Bitcoin lost around 10.7% in the same timeframe.

From there DGB kept on rising despite fluctuations, and by August’s dip had gained another 10.8% as it hit another higher low of $0.021042.

In fact, the dip of September 12th is the only time this year that the DGB valuation has recorded a lower low. The price of $0.020744 recorded on that date marked a 1.4% loss for DGB since the previous low, although it has since recovered 25% of that figure and returned to the $0.025 range.

Metaverse ETP (ETP)

Metaverse ETP sunk throughout the summer months like most, but from the end of June has grown 484% in value, rising from a valuation in the $0.50 range, up to the latest coin price of $3.14.

The rise of Metaverse throughout Q3 came as a surprise to many, and few have been able to pinpoint a clear catalyst. However, the coin is heavily traded against the Chinese yen, and is finds itself heavily wash-traded and used for transaction mining on the TOPBTC exchange.

Binance Coin (BNB)

Q3 of 2018 has been less kind to Binance Coin than the preceding quarters, but the fact that BNB has recorded net gains for the year makes it worthy of a mention.

BNB’s actual token price on January 1st was $7.96, meaning Binance Coin has grown 21% over the last nine months up to the current price in the $9.70 range.

At one point BNB had surged 119% for 2018 when it reached a valuation of $17.44 on June 7th, but that momentum couldn’t be sustained.

Dogecoin (DOGE)

Unlike some of the coins mentioned above, DOGE did fall to consecutive lower lows throughout most of 2018, but Q3 saw a brash reversal of fortunes as it was added to Yahoo Finance, and Elon Musk began to take an interest.

From August’s low in the $0.00214 range, DOGE climbed 161% to the currently traded price in the $0.00561 range, completely subverting the majority of the market in its ascendance from joke coin to trend setter.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.4 stars on average, based on 58 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.




Feedback or Requests?

Continue Reading

Altcoins

Volatile and Illiquid; Aurora (AOA) Backtracks 55% After Recent Gains

Published

on

Aurora (AOA) has proved one of the most illiquid and yet most most volatile cryptocurrencies in the market cap top one-hundred in the past week; gaining 409%, and then losing half of it all within the space of seven days.

All of this activity originated on just one exchange, Kucoin. That is unless you count the five dollars worth of AOA tokens traded on Bitinka. Wednesday morning’s snapshot shows a coin that has endured a +450% swing in the past week – fuelled by a community social media bounty and a rather bold piece of hype-making by the Aurora Twitter team.

AOA Sinks 55% After 409% Gains

From September 12th’s low of $0.008640, AOA tokens surged off of Kucoin’s BTC and ETH buys up to September 17th’s token price of $0.044022 – marking 409% gains over five days. The majority of this activity was founded on less than a million dollars worth of trades, with AOA volumes almost quadrupling from the $280,000 range, up to around $920,000 on Sept 17th.

What took five days to build was then destroyed in less than two, as AOA plunged by 55% down to this morning’s valuation of $0.019418. The previous week’s surge had triggered several articles speculating on the promise of the Aurora platform, but ultimately the skeptics were correct and what went up predictably came back down.

The brief but effective piece of market making has undoubtedly seen a small number of traders take huge profits on Kucoin in the past week. The majority are likely nursing double-digit losses this morning after the sell-off over the last two days.

Hype Triggers Trades

As covered here in the run up to AOA’s recent peak, the Aurora community had been engaged in a social media bounty campaign to celebrate the launch of their new Berlin office.

The increased flurry of online activity likely acted as a trigger for the the week’s market making, and may have been helped along by this teasing image by the Aurora Twitter team. The image shows Aurora’s logo floating above a pair of smartphones, accompanied by the text:

“Faster TPS is just the beginning. #Aurora #AOA #Apple.

As far as I’m aware, Aurora has not yet partnered with the world’s first trillion dollar company. The image could be relating to an upcoming app that may be available for use by Apple phones, but the Aurora team remain tight-lipped at the moment, preferring to allow the speculation and chatter do its job.

It has been a frantic start for a token that only launched in June. The Kucoin listing only arrived towards the end of August, and we may be witnessing the turmoils of a newly launched token still attempting to find its value.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.4 stars on average, based on 58 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.




Feedback or Requests?

Continue Reading

Recent Comments

Recent Posts

A part of CCN

Hacked.com is Neutral and Unbiased

Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

Trending