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Monero Forges Ahead as Prices Cross $290

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Monero shot up again on Tuesday, as the privacy-focused altcoin approached new highs on the promise of lower transaction fees.

XMR/USD Price Levels

Monero has been on a tear for the past five weeks with prices more than tripling since Nov. 5. At press time, XMR/USD was up 7.5% at $289, where it was not far from session highs. The cryptocurrency recently established new lifetime highs north of $307. A re-test of those highs could be imminent as XMR continues to push north of $290.

With the latest gain, Monero has added 20% over the past five days, and is ranked no. 7 in terms of dollar-denominated market cap. The total value of XMR in circulation is now $4.6 billion, according to CoinMarketCap. That puts it above NEM (XEM), bitcoin gold (BTG) and Stellar Lumens (XLM).

Monero’s trade volumes remain well below altcoin leaders Ethereum, Litecoin and IOTA. As of Tuesday, XMR turned over $188 million over the previous 24 hours, with South Korea’s Bithumb responsible for about a quarter of total transactions. The XMR/BTC exchange on HitBTC saw nearly 17% of the daily turnover. XMR/USD traded on Bitfinex also saw more than 16% of total transactions.

Although significant, Monero’s gains have occurred in lockstep with the broader cryptocurrency universe, with altcoins benefiting significantly from bitcoin’s record highs.

Bulletproofs Present Cost-Saving Potential

Monero Research Labs is working hard to reduce the network’s transaction fees by up to 80%, a signs of a bright future for the leading altcoin. The implementation of Bulletproofs also appears to be working in favor of lowering transaction sizes on the network.

For the uninitiated, bulletproofs are essentially an improvement in the bandwidth efficiency of Monero’s confidential transactions. Bulletproofs are also capable of lowering both the transaction size and transaction fee of the Monero platform. The implementation of this protocol is expected to benefit Monero in other important ways, such as faster verification times.

Monero developers are implementing bulletproofs in two stages, the first being the single-output proofs. This will be followed by multiple-output proofs at a later stage. As of last week, Monero said bulletproofs are moving into testnet shortly.

“Overall, bulletproofs represent a huge advancement in Monero transactions,” Sarang Noether wrote in a Dec. 7 blog on the Monero website. “We get massive space savings, better verification times, and lower fees.”

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.

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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 504 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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Bitcoin Diamond Pumps Again: 106% Price Surge in Five Minutes

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Bitcoin Diamond appears to be in the midst of its third pump and dump this month after its value just jumped by 106% within the space of five minutes.

At 4.30pm UTC, just thirty minutes ago at the time of writing, BCD coins jumped from a price of $2.27 to $4.69. The surge was accompanied by a sudden boost to the daily volume of just under $1 million – all of which came between 4.30pm and 4.34pm.

In the few moments that it has taken me to write this far, the price has since dropped back down to $4.12, leaving the coin on 81% gains. The question now becomes whether or not enough people buy into the coin to push its value up enough for the dump to take place. Recent Bitcoin Diamond pumps have occurred over several days, as well as over several hours.

Third Pump This Month

Indeed, this is the third pump that BCD has experienced in the month of July. The first one on July 7th was the biggest thus far, with volumes surging by $10 million at the time of the pump. The second one, just a few days ago, saw a likely profit of around $2-3 million for the market manipulators.

bitcoin diamond

This time the volume is much lower, but could still prove ‘successful’ if enough gullible traders decide to climb on board the gravy train. One would assume that after recent events everyone would be steering clear of BCD, so the next few hours or days will reveal a lot about the mentality of the average trader on the exchanges.

For the sake of market legitimacy (a noble but far-fetched ideal, I know) it would be nice to see the market shun Bitcoin Diamond’s movements completely, and leave the pumpers holding coins with less value than when they started.

Broad Price Range

Looking at BCD’s exchange activity reveals a scattering of disparate prices spread across multiple platforms. The Huobi price on the BCD/BTC trading pair sees Bitcoin Diamond at a value of $8.96. The same trading pair on Binance meanwhile is priced at just under double that value at $16.86.

Moving down the exchanges, a $500,000 trading volume on OKEx against USDT lists BCD coins at $2.09 a piece. From there the valuation fluctuates between $1.35 and $16.93. Coinmarketcap indicates that all of the values around the sixteen dollar range have not been counted in the statistics.

From a bipartisan viewpoint, it will be interesting to see if the pumpers can really hit a trifecta within the space of two weeks. Grab the popcorn and stay tuned.

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 26 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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VeChain Price Grows 12% Ahead of Binance Token Swap

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VeChain (VEN) is set to officially depart the Ethereum network in the next few days, as Binance readies for the token swap which will see VEN tokens become VET (VeChain Thor) coins.

VeChain’s price has grown in the lead up to the swap, gaining 12% over the last 24 hours and breaking into the $1 billion section of the market cap high-flyers club. Beginning the day at a price of $1.62, VEN raced to $1.86 – marking 15% growth in a day when most of the market was somewhat stagnant.

That peak for the day has since settled down at around $1.81 at the time of writing, marking 12% net gains over the day.

Many VeChain holders thought the gig was up following 23% losses between July 17th and July 20th, and while VEN’s price hasn’t recovered to its former high, its reversal over the last 24 hours has been sudden and stark.

Binance Carries Out VEN Token Swap

The departure of VeChain from the Ethereum network to its own blockchain is due to finalise tomorrow, with Binance carrying out the token swap. According to the Binance support article, VEN holders have until tomorrow to move their funds to the exchange, at which point the mainnet swap will commence.

Trades will be stopped on the 23rd, with a snapshot of the wallet balances occuring at the same time. Binance expect trades to commence on the 25th of the month, when VEN tokens shall be no longer. The upgrade to a proprietary blockchain will bring with it a new coin, namely the VET (VeChain Thor) coin – accompanied by new trading pairs. As Binance state:

“Trading will open for the new VET/BTC, VET/ETH, VET/BNB and VET/USDT trading pairs at 2018/07/25 4:00 AM (UTC). Deposits and withdrawals for VET will also be opened at this time. Please note: Once trading opens in the new VET trading pairs, all prior VEN trading pairs will be delisted from the exchange.”

VeChain Thor X-Nodes

To celebrate the one-year anniversary of the VeChain launch, and to mark the emigration to their sole blockchain, the VeChain Thor team are holding a lottery for the network’s X-Node operators – details of which can be found here.

X-Nodes appear to be another variation on the masternode idea, except the VeChain Thor protocol allows node operators to also take part in the mining process. This apparently speeds up the network to a greater degree; but ultimately sacrifices some decentralization in the process.

One VEN token will be worth 100 VET, and it currently requires 15,600,000 VET to run an X-Node. That equates to an initial stake requirement of around $280,000 after the token swap. Such incentivization has been used to great effect on the likes of Dash and PivX on their masternode systems, while other versions of the same thing can be found in Tron’s super-representatives, and EOS’s block producers.

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 26 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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KIN Token Sees 20% Price Jump Following Wallet Launch

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Kin (KIN) spiked 20% today amid a general market slowdown, and excluding one uncharacteristic spike in mid-May, the Kik-based token has now soared past weekly, monthly and quarterly highs.

KIN token charts

Kin began the day on a steady climb, going from $0.000177 at 6pm (UTC) last night, to the current price of $0.000214. That’s a hike in value of just over one fifth, and Kin quite appropriately climbed around ten places in market cap rankings in the process.

On the Up

The weekly gains for Kin are even more spectacular – 50% growth in just under seven days. The monthly gains are only 40%, reflecting the long slow dip of June. The return to today’s price of $0.000214 sends Kin back to its mid-April price, at a time when the market was considered somewhat bullish.

In fact, Kin’s long term charts show a pattern repeating itself, and it’s one which Bitcoin also seems to be following. We saw a short spike in February, followed by a dip in March. We then saw a month-long bull run throughout April, which was then promptly wiped out in May and June. Now it looks like we’re in for another ‘mini-spike’, so the question now becomes – how big will it be? If the previous ratios of decline continue to play out, it will mean the next ‘peak’ for Bitcoin will be $8,000, with subsequent spikes then descending up until the next, you know… big spike.

Beta Wallet Launches

The mobile messenger app, Kik, is the firm behind the KIN token, which is set to function as a cryptocurrency reward for users of the platform who engage with the transparent advertisements contained therein.

The idea is one you may have heard a lot about recently – foregoing traditional consumer advertising in return for a direct transactional link between advertiser, publisher and consumer. It has previously been called ‘human mining’ since the receipt of the cryptocurrency requires some basic human interaction, such as watching an ad, completing a quiz, etc.

The beta-wallet for the Kin cryptocurrency was released in the last 72 hours on iOS and Android, and the token’s market performance has not been hurt by it. The Kinit wallet apparently allows its users to earn several dollars worth of KIN on a daily basis, which can then be spent on various items in-app.

The PR statement from the Kin team elaborated on some of the Kinit wallet’s functions, saying:

Kinit is a fun, easy way to earn Kin, a new cryptocurrency made for your digital life. Earning Kin is just like playing a game, only better, because you get rewarded for completing fun daily activities like surveys, quizzes, interactive videos and more.”

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 26 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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