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Loopring, Elastos and Ontology: Lesser-Known Altcoins on the Move

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The lesser-known altcoins have been making big moves as of late. Hacked recently reported on a wild 87% gain for BitTube, whose TUBE coin ranks no. 402 in market capitalization.

Focusing our attention on the top-100 cryptocurrencies, three names stand out: Loopring, Elastos and Ontology. Each coin has outpaced the broader market’s 3% return over the past 24 hours.

Though its far too early to tell if any of these cryptocurrencies are sleeping giants, an evaluation of price trends and marketing hype suggests they are worth a second look.

Loopring

Loopring is building a decentralized exchange based on open-source protocol. Though hardly unique from a crypto-market perspective, the protocol will allow users to trade from their private wallets while accessing liquidity from around the world.

The protocol is aiming to develop a truly ‘trustless’ trading platform that mirrors the underlying blockchain on which it is built. Because it is a protocol and not a singular exchange, the code can be leveraged by other decentralized applications.  The project also seeks to unify various pools of liquidity. In theory, this will allow for better exchange rates.

LRC tokens are the mechanism by which Loopring will generate fees for its services. The token will also reward miners, exchanges and other users for matching trades.

The LRC token has gained nearly 9% over the past 24 hours to trade near $0.56. It has a total value of $313.7 million, placing it at no. 57 by total market cap. The coin is predominately traded on OKEx, IDAX and Binance.

Elastos

Elastos has generated significant buzz in the investment community as it continues to build out its new Smart Web infrastructure. Dubbed as the “internet of the future,” Elastos is developing a platform where decentralized applications can flourish without the internet. The Elastos internet will be powered by blockchain technology and will enable users to digitize their assets as well as copyright them.

The project is being funded by Foxconn Group and other industry players, who have invested over 200 million RMB ($31.2 million U.S.).

ELA tokens are the native currency of the Elastos platform. Only 33 million will ever be issued, with circulation increasing every year. The cryptocurrency will be merge-mined with bitcoin, in which case consensus is reached simultaneously on both chains.

The value of ELA rose 9% on Wednesday to $43.86 a unit. At current values, the token is capitalized at $221.4 million, enough for 68th on the coin-ranking list. Daily trading volumes are around $15 million, with Huobi and BCEX being the sole markets for ELA.

Ontology

The Ontology project seeks to resolve the challenge of scalability currently plaguing the blockchain community. It plans to do so by launching a “high-performance public blockchain” that will enable companies to scale to enterprise-grade levels.

Ontology has surged in the crypto-market rankings as the debate over scalabiltiy continues to preoccupy investors. A successful airdrop of ONT tokens, combined with the release of testnet Polaris, have helped propel prices higher in the second quarter.

With an anticipated mainnet release scheduled this year, Ontology could be poised for a promising second half of 2018.

ONT is current valued at $8.05 a unit, having gained more than 8% over the past 24 hours. The billion-dollar cryptocurrency is ranked 20th by market cap with a total value of $1.2 billion. Daily trading volumes are in the nine-figures, with more than $117 million turned over on Wednesday.

In terms of markets, ONT is the most widely available cryptocurrency on this list. Binance and OKEx generate the bulk of trading activity for ONT tokens, with the likes of Huobi, Upbit and Kucoin also providing access.

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

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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Game (GTC) Gains 60% Yesterday and Loses It All Today

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This time yesterday the crypto market was nosediving, and as has become standard practice in such times, links to suicide prevention hotlines were posted on popular crypto forums.

But amid the flurry of red candles stood one proud green column; and a token which showed 60% gains while everything else sank.

GTC tokens started yesterday at a price of $0.125, and by the end of the day its value had surged to $0.20.

However, in the last 24 hours all of those gains have been wiped off the table, and Game.com has even been forced to pay interest on those gains as the token price has since sunk to $0.114 – a price even lower than it started at before the spike.

GTC had spent most of the month within the $0.09 – $0.13 range,

What the crypto market giveth, the crypto market taketh away – or at least that’s how it often seems to play out. The Game.com team may have been slightly too optimistic at this time yesterday, when they tweeted out the celebratory exclamation:

“GTC TO THE MOON CONFIRMED!!!”

Pump and Dump?

Looking at the shape of the GTC’s weekly graph, the natural assumption would be that it has been the victim of a pump and dump.

Game.com’s 24 hour trading volume increased by an astronomical 3500% – starting yesterday with a daily volume of around $2 million, before jumping to $72 million just a few hours ago. That volume has dropped back down to the $40 million range in the last four hours, and continues to fall.

Such movements are not uncommon among tokens lower down on the market cap Top-100. Indeed, Game.com finds itself positioned in 96th spot, with a valuation of $87 million, among other coins which have experienced unnatural market movements in recent weeks, such as Enigma, Funfair and Decentraland.

This time yesterday GTC had broken into the Top-70’s, but now faces the proposition of dropping out of the Top-100 entirely.

All Roads Lead to Tether

Nearly 60% of GTC’s total trades in the last day have come from Gate.io, where $30 million worth of trades were made against USDT. The second highest volume of trades also came against USDT on the OKEx exchange.

Only 14% of the total trades have come against BTC, while ETH trades only account for around 10% of the day’s volume.

Yesterday’s spike marks the highest market valuation reached by GTC since April 22nd, when the value of one token surged to a price of $0.45, which was even higher than the $0.35 valuation achieved during the spike of January.

Game.com aims to become a media hub for the gaming industry. The team’s annoucement states:

“Through the creation and integration of game content, we provide ready-to-go entertainment services and application environment to facilitate the rapid expansion and development of blockchain technology.”

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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