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Machine Learning Cryptocurrency IOTA Jumps Amid Institutional Support

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Cryptocurrency IOTA rose sharply on Wednesday after the venture arm of German industrial powerhouse Bosch announced it had a large stake in the altcoin.

IOTA Price Levels

The value of IOTA (MIOTA/USD) jumped 7.5% to $4.05, its highest in over a week. Prices touched a session high of $4.23 before paring gains. IOTA has a total market capitalization of $11.8 billion on supplies of nearly 2.8 billion, putting it eighth among active cryptocurrencies.

More than $274 million worth of IOTA was transacted over the past 24 hours, according to CoinMarketCap. Bitfinex generated more than a third of the daily trade volumes. Crypto exchange binance turned over 29% of the daily transactions. South Korea’s Coinoine saw nearly 15% of the daily foot traffic.

IOTA experienced a large drop off last week, as the global cryptocurrency market underwent a sharp correction. Prices plunged from record highs above $5.30 all the way down the $3.35.

Even with the latest bout of volatility, IOTA has witnessed a surge in buying interest over the pasts four weeks following months of lateral moves. In the process, the coin broke several technical resistances. IOTA is likely to run into sharp resistance the closer prices approach $5.00. Longer term, the bulls are eyeing new record highs north of $5.50.

Bosch Backs IOTA

Bosch’s venture capital arm recently disclosed a significant stake in MIOTA tokens, a sign the German industrial giant was betting big on the Internet of Things (IOTA). According to Venture Beat, the investment was made by Robert Bosch Venture Capital (RBVC), which announced it had bought a “significant number of MIOTA coins.

“Choosing IOTA as the first investment is based on the fact that we have been working with IOTA for quite some time and are very impressed by the founding team and the IOTA community,” RBVC partner Dr. Hongquan Jiang said, according to Venture Beat.

He added that, “IOTA has the potential to solve some fundamental problems in the [distributed ledger technology] for IOT, namely the scalability and transaction cost issues.”

IOTA offers a unique proposition to crypto investors looking to go above and beyond the blockchain. IOTA is one of the first distributed ledgers to implement machine learning for the purpose of securing data and money for a small fee. The platform has already processed more than $10 billion in transactions, and is being used in various industries where micropayments are accepted, including electric vehicle charging stations.

Being at the center of the IOT revolution puts IOTA in a strong position to attract new investments. As its use cases continue to grow, the platform will be relied upon to implement enterprise-level IOT deployments.

The size and growth rate of the IOT economy varies, but industry insiders generally agree it could represent the next phase in the internet’s evolution. The growth of interconnected devices will be accompanied by a surge in the micropayment industry, of which IOTA is already a participant.

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 696 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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  1. Z

    December 27, 2017 at 8:25 pm

    10bn in transactions?? Is this referring to trading?

    Is there anyplace where IOTA is actually being used to process payments on a large scale?
    By large I mean bigger than pilot programs.

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Altcoins

Altcoin House of Sand: Only BTC, LTC and XRP Remain From Five Years Ago

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If anyone is in need of a harsh reminder of the precarious nature of the altcoin market, one could do worse than to browse historical cryptocurrency data charts. Of particular note is the severe lack of presence by a vast majority of coins which would have been considered major altcoins just five years ago.

Bitcoin, A Hardfork & The Coin Formerly Known as Ripple

Looking at a historical snapshot of CoinMarketCap’s front page from December 2013, we can see that only Bitcoin (BTC), Litecoin (LTC) and XRP (XRP) have survived the five years since.

In fact, from the entirety of the fifty coins listed in 2013, none are currently placed within the market cap top hundred, except the three previously mentioned. The coin to come closest is Nxt (NXT) – a coin which was ranked 16th in 2013, with a market cap of $5 million. Now Nxt floats just outside the top hundred, ranked 106th with a market cap of $28 million – a not insignificant upturn.

Ranked 4th in 2013, with a market cap of $87 million, Peercoin (PPC) went the other way, and now holds a value of $14 million. The once popular Namecoin (NMC) shared a similar fate.

Naming Conventions

As you can see from the names of 2013’s highest capped cryptocurrencies, the current convention of giving cryptocurrencies vague, enigmatic, somewhat futuristic names had not yet begun. (TRON, Ethereum, Ontology, Qtum, I’m looking at you).

Instead we have a succession of ‘coins’ with various levels of importance and function suggested by their names – ‘World’, ‘Prime’, ‘Peer’. The trend is bucked only by Bitshares PTS (PTS) and Quark (QRK), while further down the list we have BitBar (BTB), Franko (FRK) and Argentum (ARG) – none of which rank any higher than 900th today.

Bitcoin Loses Dominance

In 2013, the coins ranked 2nd, 3rd and 4th combined to produce a market cap just one tenth that of Bitcoin – which was worth $10 billion during December 2013’s peak. Litecoin, XRP and Peercoin added up to just over $1 billion at the same time.

Bitcoin dominance was at 88.9% five years ago, while even Litecoin’s 6% of the market share was greater than the ‘Others’ which made up the entire rest of the altcoin market.

This contrasts with today’s status quo which sees Bitcoin worth $60 billion, and the next three alts worth a combined $24 billion – a significant increase from one tenth, to two fifths of Bitcoin’s value.

Taking those numbers as a cross-section of the market, we see that the altcoins have exploded, and grown ahead of Bitcoin in the last five years – but for how much longer? As the Nxt (NXT) example shows, even though the altcoin market was diluted and overrun in the last few years, still enough new money came in during 2017 to continue to keep some old coins afloat.

But with the current altcoin decline of 95-99%, and the ICO trend beginning to fray around the edges, one wonders for how much longer cryptocurrency investors will keep faith in something that has proved so fleeting and transitory in the recent past.

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 103 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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Cardano Price Analysis: ADA Moving Within A Deadly Range Block

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  • ADA remains vulnerable to further downside pressure, and there is potential for another 50% drop.
  • IOHK launch two new Cardano tools, ‘Plutus’ and Marlowe for smart contract writing.

Cardano’s ADA price has been very much depressed for the past five weeks now, dropping well over 60% within this period. As a result, ADA/BTC it has been forced to trade around the lowest levels seen since December 2017. It still has yet to show any promising signs of it escaping this stubborn downside trend.

Over the past five sessions, the price has managed to stabilize, producing a near-term bottom within the $0.02800 region. Important to note, with the above-detailed, ADA/USDT price action is moving within a narrowing range-block. This is subject to a potential breakout, causing a deeper drop, as part of this bearish market.

IOHK Launch Two New Cardano Tools

Earlier this week, IOHK, the engineering company that builds cryptocurrencies and blockchains, announced two new tools. These will be for the writing of smart contracts on the Cardano network. The tools named Plutus and Marlowe have now been launched in test format. They have been introduced to provide great value of assistance for start-ups, financial services and fintech industries, and academia. In all cases, the tools allow for preparation of blockchain contracts which will run on Cardano.

Plutus

Plutus will be providing general purpose programming language and tools for Cardano. The scientists and engineers at IOHK were able to combine the discipline of the Haskell functional language with Cardano. As a result, the creation of a platform for fintech developers to write secure and robust smart contracts is being developed.

Marlowe

Marlowe is a streamlined way for non-programmers to generate code and create software products. It has been noted at an easy-to-use tool. Even professionals operating within the finance industry who do not have any programming experience can build these automated financial contracts on the blockchain.

There was full coverage on this and an exclusive interview with IOHK and Cardano’s Charles Hoskinson, on this. See more.

Technical Review – ADA

ADA/USDT 4-hour chart

Looking via the 4-hour char view for ADA/USDT, vulnerabilities remain to the downside. As touched upon earlier, following the steep falls through November into December, price action has found some firmer footing. However, with this consolidation state, a range-block has been formed, which is subject to exposure by the bears.

ADA/BTC weekly chart

The near-term support as part of this current range should be noted at $0.02800. If this fails to hold, there could be some chunky downside to come. Judging from ADA/BTC, there could be room for another 50% move south. Further south eyes would be on the next major area of comfort, seen at the 0.00000550 region.

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 84 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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Zcash Price Analysis: ZEC/USD Shaping Up for Another Potential Fall; Coinbase Giving Zcash Away

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  • Zcash saw a decent bounce on Wednesday, jumping over 6%, but technical there are still some vulnerabilities.
  • Coinbase as part of their ‘12 days of Coinbase’ campaign, will be giving away ZEC to families in need in Venezuela.

ZEC/USD enjoyed a string of gains on Wednesday, jumping as much as 6% in the session. This appears to be somewhat of a consolation move for the bulls, as the sellers look to be exhausted. There has been little direction since the heavy pressure to the downside slowed down and stabilized on the 7th December. The price through the month of November dropped a hefty 63%, with that being carried through into December.

Coinbase Giving Away ZEC

Just a couple of weeks ago the popular U.S. cryptocurrency exchange Coinbase announced the listing of ZEC. They are now facilitating ZEC trading via Coinbase Pro, the proprietary trading platform. The service was made available for Coinbase Pro users in the U.S, U.K, the European Union, Singapore, Australia and Canada. On the back of this, ZEC/USD had jumped as much as 20% over the course of the day, following the announcement.

Most recently, Coinbase launched a Christmas campaign, which entails a series of announcements, dubbed “12 days of Coinbase.” Today was the second day, in which they detailed a gift in aid for distressed families in Venezuela. To provide help to these families, Coinbase will be donating $10,000 in Zcash to GiveCrypto.org. This is a nonprofit organization, which distributes cryptocurrency to people within poverty struck living conditions. $1.00 USD worth of ZEC will be deposited into crypto wallets of over 100 families in Santa Elena every day for three months.

Technical Review – ZEC/USD

ZEC/USD 4-hour chart

As touched upon above, ZEC/USD had been provided with a relief bounce in the session. However, price action is still moving within a bearish pennant pattern structure. This has been forming since the 7th December, within this consolidation mode. Price action is narrowing following the steep drop just some days ago. Technically, it does typically spell further potential trouble when behavior is as such currently seen – generating a calm before a further potential storm caused by the rampant bears.

ZEC/USD weekly chart

Given the above-mentioned pattern formation, ZEC/USD is vulnerable to another steep drop. Near-term support of this pennant should be noted at around $54.60. Should the bears manage to force a break, then expect the flood gates to open. A further wave of selling would likely follow, with the next major area of support, not seen until the $30 territory. The price was last down at these levels in February 2017. A demand zone can be seen running from $35 down to $26.

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 84 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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