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Ripple and Stellar Decline on Monday as Competition Intensifies

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Ripple XRP and Stellar Lumens declined on Monday, as the crypto market’s weekend rally failed to have a lasting impact ahead of U.S. Tax Day.

From a purely price perspective, XRP and Lumens don’t have much in common. However, the future of cross-border payments will likely flow through one or both of these virtual currencies.

Ripple XRP

XRP moved back above $0.50 over the weekend, but momentum was sorely lacking as prices failed to extend beyond $0.51. The combination of higher volatility and declining trade volumes pushed XRP back down toward $0.4750 on Monday. Current values give Ripple has market cap of $19.1 billion.

At the time of writing, Ripple XRP was trading at $0.4840, where it was down 3% from the previous day. Trade volumes rose to $266.4 million from a low of around $250 million on Friday. More than one-third of XRP trades were quoted in South Korean won.

Stellar Lumens

Stellar’s Lumens were dragged lower on Monday by the general downtrend in the crypto markets. The coin bottomed at $0.1932 on volumes of $32.2 million. XLM has recovered to just below $0.20, having declined nearly 5% from the previous close.

XLM is quoted against the dollar for convenience only given that the currency is  mainly traded against other crypto assets. At the time of writing, Stellar traded at 0.000029 BTC and 000494 ETH.

XLM is capitalized at $3.7 billion, putting it in the no. 8 spot on the list of active cryptocurrencies.

The Battle for Cross-Border Supremacy

Ripple and XRP are the cream of the crop of digital assets that promise to streamline cross-border payments. Where they differ is in execution.

Whereas Ripple has become known as the banker’s cryptocurrency for its easy interplay with traditional finance, Stellar aims to go around the institutions and straight to the consumer. In terms of fiat-based cross-border transactions, Lumens essentially serves as a bridge between, say, the euro and U.S. dollar. (This also requires a steady supply of XLM in circulation for liquidity purposes).

Stellar is also looking to leverage advances in Lightning Network technology to improve long-term scalability and security. Stellar’s Lightning testnet launched at the beginning of April, with a beta version expected for October.

Ripple’s XRP protocol also enables it to be a bridge payment for international finance. While the company has announced dozens of high-stakes partnerships, including a Japanese consortium that represents 80% of the country’s banking assets, XRP uptake has been limited.

That said, Ripple’s business model has plenty of upside for the company itself, which could lead to a boost in XRP adoption over the long haul. In terms of payment corridors, the company isn’t targeting transactions like Euro-USD because they are already efficient. Rather, it plans to go after corridors like Euro-INR (Indian Rupee).

At the moment, Ripple has the clear advantage in terms of price point, market cap and industry partnerships. However, Lumens isn’t far behind. For crypto purists, it has the added advantage of being decentralized and a potential launchpad for ICOs.

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 647 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

Basic Attention Token (BAT) Quietly Racks Up 42% Gains on Coinbase Anticipation

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Basic Attention Token (BAT) has been quietly recording day on day growth for the last four days as anticipation builds regarding a Coinbase listing.

The value of BAT has increased by 42% in that time, as public opinion leans toward the theory that BAT’s ERC-20 foundation makes it a prime candidate to be the next token listed on Coinbase.

This follows on from the recent listing of Ox (ZRX), which resulted in the token gaining 44% on its value in just over twenty-four hours. Attention has now turned to BAT, and trade volumes hit a three month high this week, all without any real confirmation from Coinbase.

BAT/USD

As of Friday afternoon BAT had grown by 15% in the preceding twenty-four hour period, arriving at a peak price of $0.242660. The last four days were marked by day on day growth, and by Friday afternoon’s peak BAT had risen 42% in value.

Furthermore, the monthly gains for BAT stand at 65%, showing a clear rise in momentum within the last week. The current valuation returns the altcoin to its valuation prior to the September crash. For Bitcoin and Ethereum to say the same, they’d have to reach valuations of $7,400 and $295 respectively.

The majority of trades came on Binance on Friday – 50% of the $14 million total. The BAT/BTC trade was the main mover, and racked up eight hours of green candles between 04:00 and 14:00 UTC.

Coinbase Effect

The whole Coinbase saga began for BAT over three months ago, when the exchange released an announcement stating they were considering the listings of five particular cryptocurrencies. Stellar (XLM), Cardano (ADA), Ox (ZRX), Zcash (ZEC) and Basic Attention Token (BAT) were the cryptos named, and all recorded double digit growth on the day of the announcement.

Even after Coinbase released another statement reminding people that the coins were merely ‘under consideration’, their values continued to surge.

Now, given the ERC-20 structure of BAT, it appears likely that the token will be the next one added to Coinbase. The underlying structure of a coin or token is one of the things an exchange must consider when adding a cryptocurrency. The recent additions of Ethereum Classic (ETC) and Ox (ZRX) suggest that the exchange now has a handle on Ethereum-based tokens.

New Brave Browser

Today also marked the release of the updated Brave Browser – the privacy focused web browser which pays users in BAT for time and attention. The new browser is being hailed as 22% faster than the previous version. According to the Brave twitter feed:

“Our new desktop browser has a 22% faster load time on average than our exiting Brave Muon version. That’s as much as 8-second faster page loads on certain sites.”

The Brave Browser hit four million downloads in September, making it one of the most utilized crypto-based applications to date.

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
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 81 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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Zcash Price Analysis: What is Behind the Recent Surge in Price?

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  • Zcash had jumped over 17% over the period of 12-18th October, before running into sellers.
  • The foundation set to launch the Sapling protocol upgrade. To improve efficiency for shielded transactions.

Zcash over a 6-day period from 12-18th October gained a whopping 17%. Moving quickly from as low as $108, to then be above $126. Since, the price has run into some sellers and touted profit-takinggiven the large run in such as short time frame.

What Is This ‘Zcash’ (ZEC)?

Zcash was a hard fork of Bitcoin in 2016. Unlike the number one ranked crypto by market cap, privacy is ensured via Zcash. Personal and transaction data are kept confidential. This being facilitated through zero-knowledge proofs, allowing conducted transactions to go through verification without any required details about the sender, receiver as well as the transacted amount.

Zcash Set to Launch Sapling Protocol Upgrade

The Zcash foundation recently updated via their blog ‘Sapling Transaction Anatomy’. Full breakdown details can be read there as they are set to launch the Sapling protocol upgrade.

Sapling, this will be a network upgrade that aims to substantially improve efficiency for shielded transactions – paving the way for broad mobile, exchange as well as vendor adoption of Zcash shielded addresses. Their motivations for the Sapling upgrade are to increase speed on these shielded transactions.

Coinbase Speculation Continues to Do Rounds

The community around Zcash continues to speculate on whether the privacy-focused crypto will be added to Coinbase. Earlier in the year, Coinbase said they were exploring the possibility of listing Zcash and others, such as Cardano, Basic Attention Token, Stellar Lumens and 0x on its platforms. This covered back in July and does not guarantee it will be added, but the hope still appears to be flowing through the community.

Zcash Jumps to 20th Largest by Market Cap

Earlier this week, Zcash managed to break into the top 20 cryptocurrencies by market cap. It overtook Dogecoin. The current market cap at time of writing seen at $588,429,693, ahead of DOGE at $513,884,230.

Technical Review – Daily Chart

ZEC/USD daily chart

ZEC/USD has been cooling over the past two sessions, after its recent 17% price run. It isn’t too much of a surprise to see the current easing, given the fast surge higher. Near-term support can be found around $115 area, then further south within a demand zone tracking from $110-105. Looking to the upside, sellers are camped heading into the $130 territory. A higher near-term target would be eyed at $145, price last traded here on 28th September.

This year Zcash is still down some 80% from the highs in January, up over the $800 price level. It has failed to sustain any upside momentum, rallies continue to be sold by the bears. This is something that has been seen across the other cryptocurrecies, not just Zcash. The market continues to search for a bottom.

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 33 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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A Tale of Two Pumps: PIVX and INS Ecosystem in Coordinated 25% Spikes on Bithumb Listing

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PIVX (PIVX) was added to Korean cryptocurrency exchange Bithumb on Thursday afternoon and immediately felt a 28% boost to its market value. The pump appears to have been a coordinated effort, with $1 million worth of trades entering the PIVX market in ten minutes on the Upbit exchange.

The other coin added to Bithumb on the same day – INS Ecosystem (INS) – also experienced a similar pump at the exact same time, but on Binance’s INS/BTC market.

Upbit PIVX Pump

At 01:00 UTC on Thursday morning, PIVX/KRW suddenly soared on Upbit, with $1 million entering the exchange in a matter of minutes.

Buy orders then picked up in the Binance PIVX/BTC market soon afterwards, and by ninety minutes later PIVX had climbed 28% in value – from a coin price of $1.26 to $1.62.

The peak didn’t last long, and by Thursday night PIVX can be found back down at the $1.34 mark. Essentially the 28% growth was followed by a 17% loss. Or to put it another way, 75% of the morning’s spike was gone less than twelve hours later.

Daily volumes for PIVX climbed from $1.4 million to $16 million over the course of the day. The Bithumb trades had already started to roll in by Thursday evening, with $1.2 million coming from the exchange’s newly formed PIVX/KRW pair. Upbit continued to be a source of PIVX buys long after the initial pump, hosting 60% of the coin’s total trades.

INS Pump on Binance

Meanwhile, at the exact same time over on Binance, INS Ecosystem (INS) found itself being bought up in huge numbers by one or more BTC holders.

Within ten minutes INS was pumped to the tune of 26%, as $600,000 was added to the coin’s initial $900,000 trade volume. Over the rest of the day, volumes rose over 500%, peaking at over $6 million at time of writing.

INS Ecosystem was mentioned alongside PIVX in the recent Bithum announcement, and already boasts listings on Binance, Kucoin and OKEx. Over 66% of trades came from Binance on Thursday, while the new INS/KRW pair on Bithumb immediately made itself felt, hosting $2.5 million worth of trades.

After suddenly spiking from a coin price of $0.469610 up to $0.592142, INS immediately trailed off, and found itself back down at the $0.50 range by Thursday night.

Who, What, Why?

Both coins were pumped seemingly just moments before this announcement by Bithumb was posted. The Korean publication time for the article equates to 01:00 UTC exactly, while both of these coins were pumped at exactly 00:59 UTC.

One could only speculate on the source of the pumps, but ultimately, two coins have been thrown around like rag dolls today, and it’s anyone’s guess how long the selloff will continue.

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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4.4 stars on average, based on 81 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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