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Ripple Stabilizes After Huge Correction; Frenzied Growth Trajectory Remains Intact

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It has been a roller coaster 24 hours for Ripple. Following a meteoric rally, prices crashed 30% from the previous day and more than 40% from all-time highs, shaving tens of billions off XRP’s market cap.

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XRP/USD Price Levels

At its lowest point Monday, Ripple’s XRP token hit $1.92 a unit, according to Barchart.com. Over the next 12 hours, the cryptocurrency would rebound to $2.41 for a daily loss of roughly 10%.

Even with Monday’s reversal, Ripple has added 15% over the last five days.

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The coin’s sharp drop combined with Ethereum’s recent gains pushed XRP back down to the no. 3 spot in terms of market cap. At current price levels, Ripple is capitalized at $95.5 billion, according to CoinMarketCap.

Nearly $3.4 billion worth of XRP tokens changed hands on Monday, with South Korean exchanges driving more than 40% of trade volume. Bithumb processed more than 30% of Ripple transactions via the XRP-won currency pair. The same cross on Coinone accounted for more than 7% of all transactions.

Price Trajectory Remains Firm

It took Ripple until December to become one of the world’s most talked about cryptocurrencies. Over the next month, it would cement itself as 2017’s best performing digital asset, beating out the likes of bitcoin, Ethereum and Litecoin. Last week, prices peaked at $3.84 during one of the biggest-ever rallies for altcoins.

Even with its latest correction, Ripple could very well become the world’s biggest cryptocurrency. At current price levels, XRP would only need to get to $7 for its market capitalization to exceed bitcoin’s. This assume’s the token’s current circulating supply of roughly 38.739 billion. Meanwhile, bitcoin’s dominance has fallen to record lows, with roughly one-third of the $750 billion crypto market cap allocated to the original blockchain.

Unlike bitcoin and privacy-focused altcoins, Ripple works within the financial system, which may give it more room to grow. The Ripple company, which owns the majority of XRP tokens, has announced several high-profile partnerships with financial institutions aimed at solving liquidity challenges and boosting cross-border flows.

The latest drop in value accompanied a broader correction in the market after several altcoins raced to new all-time highs. Some analysts have described the slide as inevitable given XRP’s explosive growth in the first week of 2018.

The correction may have also benefited South Korean traders, who routinely pay a 50% or higher premium on XRP tokens. At last check, the cryptocurrency was priced at a 53% premium on Bithumb.

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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Ubiq: What It Is and Why You Should Care

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Decentralized apps (Dapps) have been described as a paradigm shift in sofrware modelling. If you’re a believer, then Ubiq is one cryptocurrency worthy of consideration.

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An Introduction to Ubiq

Ubiq first emerged in early 2017 as a fork out of Ethereum, the world’s second-largest cryptocurrency and blockchain of choice for developers looking to create their own digital tokens. Ubiq intends to improve upon its predecessor by acting as a distributed ledger and supercomputer, which allows developers to create Dapps that are carried out by third parties.

By enabling the development of Dapps, Ubiq diverges sharply from some of the leading cryptocurrencies, including bitcoin.

To refresh your memory, Dapps must meet four criteria to be considered decentralized:

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  • must be open source and anonymous, which means no single entity holds token majority;
  • data must be stored on blockchain;
  • tokens must be used within the network; and
  • tokens are generated based on an algorithm that incentivizes contribution to the network.

For those interested in the technical specifications, Ubiq hosts the Ethereum Virtual Machine without the risk of hard forks. Some industry spectators say this makes it instantly more attractive for businesses. The system is based on Turing completeness rules

without having to deal with frequent updates and instability caused by Ethereum hard forks. As an Ethereum spin-off, it is built with a Turing-complete language that makes it functionally different from other cryptocurrencies, most notably bitcoin.

The platform’s native cryptocurrency is UBQ.

If bitcoin made us reevaluate our definition of store of value, Dapps can potentially expand our understanding of incentive-based applications. (In the strictest sense of the term, bitcoin can be thought of as the first Dapp because it created the blockchain solution that solves real-world problems concerning centralization and a lack of transparency.)

Until now, much of the transition toward Dapps has been driven by Ethereum, which has generated several successful projects utilizing the new technology. Some of the most notable include Golem and Augur.

All this is to say that Dapps have a promising future, and Ubiq is looking to capitalize on this movement.

Token Specifications

Unlike other cryptocurrencies, the total supply of UBQ tokens is not capped. At the time of writing, there were 39,213,112 million UBQ tokens in circulation, according to data provider CoinMarketCap. The total supply increases every year according to a pre-defined inflation rate.

You read that correctly: the Ubiq platform has its own monetary policy. Inflation in year one of the project (2017) was set at 7.29% per block. By year 12, the inflation rate is set to fall to 0.71%.

At the start of the year when the token launched, there were 36,451,770 tokens in circulation. The number of tokens increases by 8 UBQ per block.

UBQ Price Levels

Even after Tuesday’s flash crash, the value of UBQ tokens has more than tripled in the last three months. At the time of writing, the coin was priced at $3.85, which represents a daily loss of 15%. At its lowest point Tuesday, Ubiq traded at $3.28, or roughly half of its record high from early January.

More than $1.2 billion worth of UBQ traded hands over the last 24 hours, with 82% of transactions occurring on Bittrex. Digital currency platforms Cryptopia and Upbit processed 10% and 8% of the daily transactions, respectively.

At present values, Ubiq is capitalized at $151 million, placing it outside the top 100. This means the cryptocurrency is still very much a dark horse. As we’ve seen before, that hasn’t stopped cryptocurrencies from catapulting into mainstream consciousness (for recent examples, see Cardano and Tron).

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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Fears of Regulatory Crackdown Flush $190 Billion Out of Crypto Market

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Bitcoin, Ethereum and every other major cryptocurrency collapsed on Tuesday, as fears of regulatory clampdown in South Korea triggered a mass exodus from the digital asset class. The collapse comes as mainstream media reports continue to push the idea of an imminent ban on cryptocurrency exchanges even as lawmakers cautioned no decision had been reached.

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Cryptocurrency Market in Free Fall

The cryptocurrency market declined rog $190 billion on Tuesday, marking one of the biggest single-day drops on record. At its lowest, the market was valued at $510 billion,  which was than $200 billion below its peak earlier this month.

The top 20 coins were each down in excess of 17%, according to data provider CoinMarketCap. Nearly $49 billion worth of cryptocurrency exchanged hands over the past 24 hours.

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Bitcoin plunged below $12,000, reaching its lowest level since early December. Ethereum, its biggest rival, fell back toward $1,000, while Ripple bottomed out at $1.23 after peaking above $3 just a few weeks ago.

South Korea Jolts Market

It was mainly regulatory issues that jolted cryptocurrencies on Tuesday, with South Korea mulling new legislation to stamp out excessive risk from the market.

South Korea’s finance minister Kim Dong-yeon reportedly told local radio that an all-out ban on cryptocurrency trading was a “live option, but that government officials still need to “seriously review it.” Seoul’s biggest issue with cryptocurrency trading is the level of speculation in the market and the role of anonymous accounts in spurring volatility. New regulations have already banned anonymous trading on domestic exchanges and barred foreigners from participating in the market.

Last week, some of South Korea’s busiest crypto exchanges were raided by police and tax agents over alleged tax evasion. The raids were confirmed by an employee at Coinone, who spoke to Reuters anonymously.

Seoul’s financial authorities had previously indicated they were investigating six banks that offer cryptocurrency accounts. In addition to speculative risks, authorities are also concerned about the link between cryptocurrency trading and organized crime.

South Korea is a major center for cryptocurrency and is home to some of the largest exchanges. Local traders have been the main catalysts behind some of the crypto market’s biggest gainers, including Ripple.

Some analysts believe that further regulatory crackdown will be ineffective given the borderless nature of cryptocurrencies. When China banned cryptocurrencies, traders there migrated their accounts offshore to Hong Kong or Korea. This suggests that a regulatory crackdown can only succeed with broad international cooperation, which does not exist at the time.

Chinese regulators know that their measures have done very little to limit virtual capital flight from the country. That’s why they are moving to block domestic access to offshore exchanges, according to a recent Bloomberg report.

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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NEO Shows Poise While Other Cryptocurrencies Struggle

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NEO has quietly emerged as one of 2018’s best performing cryptocurrencies, defying multiple market selloffs en route to new highs. The so-called Ethereum of China has also carved out a name for itself in the fast-growing ICO market, where it is now among a small handful of blockchains enabling startups to raise capital through the popular crowdfunding model.

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New Record Highs

NEO was the only major cryptocurrency to spike this weekend, even as bitcoin and Ethereum suffered declines. The coin pushed higher on Monday, hitting a new record of $205.46. It would later consolidate around $190 for a gain of 17%.

The latest rally gives NEO a market cap of $11.8 billion, putting it eighth among active cryptocurrencies. Trade volumes over the last 24 hours reached $1.5 billion with 65 million tokens in circulation. The majority of the turnover occurred on just two exchanges: Upbit and Binance.

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With the gain, NEO’s value has appreciated around 120% year-to-date. That’s nearly double the price growth of Ethereum, a comparable platform that recently took back the second seed on the crypto market cap leader board.

Ethereum of China

NEO’s trajectory over the last six months has mirrored Ethereum’s both in terms of value and project development. Its success is partly owed to ether, as both cryptocurrencies are based on smart contracts. NEO differs from Ethereum on several fronts, including the execution of C# code, which makes it more attractive for developers.

Beyond the hype, NEO provides developers with the toolbox to advance the smart economy by digitizing assets and automating the management of those assets through smart contracts. It is perhaps the only cryptocurrency that can succeed in a heavily regulated China, which only recently tightened the noose on cryptocurrency miners as part of its broad offensive against digital assets.

With the exception of Stellar Lumens, NEO is perhaps the only cryptocurrency not named Ethereum that is making inroads into the ICO market. Dozens of token raises have launched on the NEO platform, including 27 in the span of two days. Although China has banned ICOs, there’s a possibility that regulators may one day introduce a centralized model that will allow the government to oversee the entire process.

According to at least one metric, ICOs raised more than $6 billion last year, with December being the most successful month yet with more than $1.6 billion raised.

While this is merely speculation at this point, the Chinese ban on cryptocurrency was initiated just before the 19th National Congress of the National Party. The event, held every five years, is usually a showdown between communists die-hards who want to maintain the old system of central planning and those who are seeking more liberal reforms.

Regardless of China’s regulatory future, NEO appears poised to capitalize on any opportunity involving public blockchain. The company certainly has that ambition, and has shown no issue following national guidelines.

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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