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Steem Cryptocurrency Notches 50% Gain as Social Network Gains Traction

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Steem cryptocurrency saw its market value spike on Wednesday, with gains that far outpaced the competition as investors rallied behind the so-called media monetizing coin. The unexpected surge puts Steem in 19th spot among active cryptocurrencies with a market cap of more than $1.6 billion.

Steem Price Levels

The STEEM token rose 52% on Wednesday to reach $6.53, its highest in more than two weeks, according to data provider CoinMarketCap. The coin rose 43% relative to bitcoin to trade at 0.00057113 BTC. There are more than 247.7 million STEEM tokens in circulation out of a total supply of 264,756,936.

Trade volumes exceeded $262 million on Wednesday, with South Korea’s Upbit generating roughly 85% of the turnover via won and BTC transactions. Meanwhile, Bittrex processed nearly $10 of the daily transactions via STEEM/BTC. Poloniex, HitBTC and OpenLedger DEX also support the buying and selling of STEEM tokens.

There was no immediate catalyst for the large appreciation, although Steem social network has been gaining traction for quite some time. The platform is much older than the current ICO craze, having launched in March 2016. STEEM tokens spiked immediately after launch day, eventually becoming a top-five cryptocurrency based on market cap.

Blockchain-Powered Social Media

Although many investors may not be familiar with Steem, they’ve likely come across steemit.com, a social media platform that monetizes curated content. The website is owned and operated by Steem, and utilizes the STEEM cryptocurrency for digital rewards.

If website traffic is a proxy for future success, then Steem could be poised to do big things. Steemit.com currently ranks no. 1,208 on Alexa, placing it among the world’s most active websites. To get a sense of just how powerful that score is, consider  that Medium.com is ranked in the 300s and Bloomberg.com in the 400s. The popular social trading website eToro is down at 1,520 at the time of writing.

Steem’s value proposition lies in the integration of cryptocurrency with social media, which incentivizes users to participate in the network. The platform itself runs faster than the major blockchain applications, including bitcoin and Ethereum, with the added benefit of no fees.

Three digital tokens make up the ecosystem, including STEEM, Steem Power and Steem Dollars. Through Steem Power, users can invest in the network in an equity position. As the name implies Steem Dollars are pegged one-for-one with the U.S. currency.

The company claims it has paid out nearly $23 million in rewards since June 2016.

At this stage, Steem is no longer in the concept phase, but is a full fledged social media powerhouse with a large and growing user base. The company has prioritized third party development as a means to grow the network and has launched native mobile apps for Android and iOS.

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 552 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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IOTA, Vechain Lead Tepid Crypto Market Recovery on Sunday

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Digital currencies IOTA and VeChain were among the biggest gainers on Sunday, though a lack of buying interest kept the broader market at a standstill.

IOTA, Vechain Lead Recovery

In terms of percentage gains, IOTA was among the best-performing cryptocurrencies on Sunday. The value of MIOTA sprung up 12.2% to $0.545 on trade volumes of $44.4 million.

IOTA is rebounding from extreme oversold levels after being losing more than 40% of its value during the latest rout in market prices. MIOTA was disproportionately impacted by the recent downturn because of multiple controversies at the Berlin-based IOTA Foundation. As Hacked reported earlier this month, a failed partnership with Sirin Labs and internal divisions at the Foundation have all contributed to the massive drop.

IOTA, which has since dropped to no. 12 on the crypto market cap rankings, has trimmed its seven-day decline to just 1.7%.

Meanwhile, the highly touted VeChain (VET) rose 12.1% to $0.013, regaining much of Saturday’s sharp reversal. The digital currency is also enjoying some momentum after launching its official mainnet in late June. The accompanying token swap on Binance officially produced VeChain Thor (VET), which is the cryptocurrency now quoted by the market.

Although there was no immediate catalyst for the recent upsurge in IOTA and VeChain, both currencies are part of a much larger initiative aimed at monetizing the Internet of Things. In particular, VeChain is benefiting from China’s latest push to speed up development and commercial implementation of blockchain technology. VeChain has developed national level partnerships with various government entities in the world’s second-largest economy.

Broader Market Trades Laterally

Gains in the broader cryptocurrency market were much slower to materialize on Sunday. At the time of writing, the total cryptocurrency market cap was worth $216.6 billion, up just 1.3% over the previous day.

Tepid moves in the broader market were accompanied by a sharp drop in total trading volumes. Market turnover has plummeted by 24% since Saturday, according to CoinMarketCap.

Bitcoin, the world’s largest digital currency by market cap, continues to trade below a key technical resistance. Bitcoin’s lateral moves come despite multiple signs of a bullish reversal over the past few days. As Hacked reported Thursday, the bitcoin price has returned above the 50-day moving average with key measures of relative strength showing stronger upward momentum.

At the time of writing, bitcoin was trading at $6,404 on Bitfinex. The cryptocurrency’s total trade volumes declined to $3.3 billion after spending the better part of a week above the $4 billion mark. The bitcoin price is up 1.7% compared to last week.

Ethereum rose 2.1% on Sunday to $303, trimming its weekly drop to 5.9%. Meanwhile, XRP rose 3.6% on Sunday to $0.342. Compared with last week, the so-called banker’s cryptocurrency has gained 12.8%. At its lowest point, XRP was down 93% from its record high.

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 552 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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Cryptocurrency Rally Stalls as Bitcoin Price Hits Resistance

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Cryptocurrency prices were down across the board on Saturday, with bitcoin – the market’s biggest bellwether – stalling near a key  resistance.

Market Update

After reaching a high of $225.6 billion on Friday, the total cryptocurrency market capitalization has fallen back to $211.3 billion, according to CoinMarketCap. The broad pullback was accompanied by only a minor dip in trading volumes, a sign that profit-taking was a factor.

Six of the top-ten coins (excluding Tether) had reported declines at the start of the weekend. Bitcoin was down 3.5% to trade at $6,355.00 on Bitfinex. The leading digital currency reached a high of $6,619, which is just shy of the most recent peak. Bitcoin’s market still exhibits strong trading volumes, with 24-hour turnover at $4.3 billion.

Among the major altcoins, Ethereum, Stellar Lumens, Litecoin and Cardano had each declined between 1.2% and 3.5%. On the opposite side of the spectrum, XRP, bitcoin cash and EOS had reported gains of at least 1.6%.

Bitcoin’s dominance rate, or the percentage of the total cryptocurrency market cap held in BTC, was 52%. Bitcoin accounted for as much as 54.5% of the total market capitalization earlier this week.

Dollar Factor?

The recent meltdown in cryptocurrencies originated 11 days ago when the U.S. Securities and Exchange Commission (SEC) announced it would delay a ruling on a highly anticipated bitcoin exchange-traded fund (ETF). However, analysts have struggled to explain the extent of the selloff – namely, the $35 billion plunge between Aug. 10-13.

According to eToro analyst and Hacked contributor Mati Greenspan, a surging U.S. dollar may have contributed to the decline. As CCN reports, the cryptocurrency market’s movements this week have been highly correlated with fluctuations in emerging-market currencies. Emerging-market exchange rates have been rocked by contagion fears emanating from Turkey’s political crisis, which have boosted demand for the U.S. dollar. As Hacked reported Friday, the U.S. dollar index recent hit more than one-year highs.

“As the United States moves to tighten its economy and avoid strong inflation, they’re taking action that is strengthening the Dollar. Because the US Dollar is the global reserve currency, many smaller economies rely heavily on a stable exchange rate with the greenback,” Greenspan wrote. “So too, as the Dollar is being seen as a stable store of value at the moment, there really isn’t much incentive for people to store their money in digital assets.”

Bitcoin is generally viewed as a non-correlated asset, which means it enjoys unique price independence when comparted with traditional markets. Correlation, when it does occur, is often driven by the erroneous belief that bitcoin is associated with the broader market. This was observed earlier this year when bitcoin seemingly fell in lockstep with the U.S. stock market.

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 552 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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Encrypgen Beta Launch Sends Token Soaring

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Encrypgen (DNA) provides customers and partners best-in-class, next generation, blockchain security for protecting, sharing and re-marketing genomic data. Although the company has only been around for a few years, it appears to be a major player in the genomic blockchain security space. Security breaches at Ancestry.com and privacy concerns at 23andMe have created a void that Encrypgen hopes to fill.

Price Action

Earlier this week, Encrypgen reached a significant milestone after launching its Gene-Chain beta platform. DNA token is soaring by 20% since the announcement on Wednesday evening.

Encrypgen Price Chart

Encrypgen is far ahead of schedule since the initial expectation was the end of August. The company expects the final live version of the Gene-Chain to be available by the end of September. DNA is a utility token so platform usage will determine its value. DNA is inching its way closer to the finish line and traders appear to be backing it.

Since August 1, DNA is one of the best performing ERC20 tokens. I created a list of the top 50 ERC20 tokens and analyzed their returns since August 1. None of them have a positive return. In comparison, DNA has generated a 7% return during the same period. While the return is negligible compared to the fall 2017, it’s still a positive development. Especially since the price rise coincides with a major development milestone.

Encrypgen Value Proposition

Genetics is playing an increasingly pivotal role in the world of drug discovery. Researchers use genetic data to help them understand how diseases start and how they progress. One of the main reasons that Encrypgen caught my attention is that it is attempting to fill a real world void as a few of the largest non-crypto companies are facing serious issues. Two of those companies are Ancestry.com and 23andMe.

Ancestry.com is the most popular genealogical and family tree tracking company. Unfortunately, it appears that popularity comes at a cost. In December, a server on the company’s RootsWeb service exposed a file that has usernames, email addresses and passwords of 300,000 registered users. The stolen information was then leaked and posted online in plain text.

Another popular company in the industry, 23andMe, has its own issues regarding privacy. Lawmakers and consumers are expressing concern regarding privacy after a consumer submits their genetic test to the company. This is especially true in light of the recent $300 million collaboration deal that GlaxoSmithKline (GSK) struck with 23andMe.

Encrypgen’s Gene-Chain platform appears to be the answer to the problem. Consumers will be able to upload their genetic data via Encrypgen’s secure portal which then goes into the company’s database. That data will then be secured with the company’s Gene-Chain. One of the most interesting parts is that consumers get paid when researchers want to purchase their data. According to a recent article from Reuters, consumers can expect an average payment of $130 each time that researchers buy their data. This is an excellent way for consumers to generate passive income.

Conclusion

Investors need to keep their eyes on Encrypgen as the company finalizes its Gene-Chain platform. With the recent price action, the coming catalysts, and the compelling value proposition, the DNA token may be one to begin accumulating.

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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