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The Long-Awaited Altcoin Extinction Event May Be Near

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The cryptocurrency market is undergoing a major paradigm shift as low-quality altcoins embark on a mass extinction event, according to Xapo President Ted Rogers. This view, which is shared by industry titans like Vitalik Buterin, suggests things will get a lot worse before they get better.

Mass Extinction

In a Monday tweet, Rogers warned that more than 90% of altcoins and tokens could disappear in the not-too-distant future.

“We could be in the midst of the extinction-level event for “cryptoassets” that many maximalists have predicted. 90%+ of CoinMarketCap list will disappear eventually – might as well happen now.  Meantime, lower BTC price means incredible opportunity to buy more bitcoin,” he said.

Rogers’ tweet echoes previous comments by Ethereum founder Vitalik Buterin, who believes that 90% of tokens listed on CoinMarketCap will go to zero. Buterin made the comments back in October during the historic run-up in cryptocurrency prices.

Whereas Buterin emphasized the emergence of higher quality coin offerings following a mass-scale correction, Rogers believes now is the ideal time to buy more bitcoin. The leading digital currency continues to cannibalize altcoins with its share of the total market crossing 54% on Tuesday.

At the time of writing, there were 1,833 cryptocurrencies listed on CoinMarketCap. A couple hundred were added to the website’s tracker in the last few weeks.

ICO Cash-Out?

Crypto assets have shed roughly $220 billion over the past three months and are trading at less than a quarter of their all-time highs. Although the recent meltdown originated last Tuesday when the SEC communicated its non-decision on the VanEck SolidX Bitcoin ETF, the extent of the selloff suggests there are other factors in play.

With the bulk of the declines concentrated in altcoins and tokens, many are blaming the latest rout on a large-scale cash-out of initial coin offerings (ICOs). This has direct implications on Ethereum, which is one of the most important bellwethers of the ICO market.

The ether price has experienced an unprecedented drop over the past seven days, losing more than a third of its value to trade at its lowest level in 14 months. Previously, the developer’s cryptocurrency had shown resilience in the face of broader market moves.

While ICOs have raised more than $6.6 billion this year, investors appear to be selling too early. Short holding periods are placing significant pressure on the market.

Although the path forward is paved with uncertainty, a structural shift in the ICO market will ultimately benefit cryptocurrencies. As Buterin said last October, “there are some good ideas, there are a lot of very bad ideas, and there’s a lot of very, very bad ideas, and quite a few scams as well.” Cleaning up this image is a good thing even with the accompanying pain it has produced.

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 604 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

Is Litecoin’s Price Being Suppressed?

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Litecoin is facing a prolonged smear campaign that is prompting investors to short the digital currency in ever increasing numbers. Charlie Lee, Litecoin’s founder, recently took to Twitter to clear up the fear, uncertainty and doubt plaguing his protocol over the past three months. In a market that rises and falls on the turn of a speculative dime, Lee’s clarity can’t come a moment too soon.

Campaign Against Litecoin

Lee didn’t mince words on Thursday when he claimed that Litecoin’s price was being purposely suppressed by certain segments of the market. In a ten-post Twitter-storm, Lee explained that people and funds are shorting LTC because of its perceived threat on other protocols that can’t compete with its speed, security and liquidity.

From @SatoshiLite:

“Recently, there has been a concerted effort to suppress Litecoin price by people/funds that are shorting LTC and by groups that see Litecoin as a threat. I will clear up this FUD and show why Litecoin has tremendous value.”

Litecoin’s price has plummeted 45% over the past three months and has slipped further away from the market-leading headlines of early 2018. Litecoin appears to have lost all relevancy for laypeople and retail traders new to the space. Case in point: its Google Trend score is currently 2. It peaked at a perfect 100 in mid-December. What’s more, the Trend score has held single digits for over six months. This basically means people aren’t searching for Litecoin.

While people outside of Litecoin may not have noticed, the protocol is better today than it was during the height of the bull market thanks to improvements in Lightning Network, rising transaction volumes and increased support from payment processors. As Lee noted, LTC is supported by more than nine payment processors, including Alliant Payment, BTCPay, Coinbase and CoinGate.

Dispelling the FUD

Below is a rundown of the FUD-inducing headlines that Lee tackled on Twitter.

1. Litecoin can’t differentiate itself from other altcoins.

Lee: Litecoin is protected by $150 million in ASIC hardware and is one of the most secure coins available.

2. There’s no incentive for miners to attack the network because it will undermine the value of their ASIC hardware.

Lee: LTC’s liquidity and availability on practically every fiat-to-crypto exchange makes it one of the most widely available cryptocurrencies on the market (even more than Ethereum).

3. You can’t pay with Litecoin.

Lee: Not only is LTC supported by more than nine payment processors, its merchant acceptance is also growing significantly. LTC processes more than $200 million in transactions each day.

4. Litecoin is irrelevant since bitcoin can now scale with Lightning Network.

Lee: Several Lightning Network clients and apps already support Litecoin because they value the network. With atomic swaps, it’s not an either/or proposition when it comes to LTC and BTC. Also, “LTC interoperates with BTC on the Lightning Network.”

5. As a testnet of Bitcoin, Litecoin is not really worth $3 billion.

Lee: While Litecoin only has one use case (testnet), it has tangible value. Besides, it only has 3% of bitcoin’s market cap.

6. Litecoin has not done anything meaningful development-wise in six months.

Lee: People are looking in the wrong place. Although developers aren’t working on the master branch, they are still active behind the scenes. Versions 0.16.2 and 0.16.3 were released in the last two weeks.

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 604 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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Electroneum Coin Price Surges 31% On Launch of Instant Crypto Payment App

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The newly launched beta-version of the Electroneum mobile payment app went live this week. And as successful reports filter in from testers from around the globe, the good news is translating into positive sentiment on the exchanges for the ETN coin.

ETN Price On the Up

In the twenty-four hour period leading up to the morning of September 20th, ETN gained 31% on its value. The coin price climbed from the daily low of $0.005203, up to the latest peak of $0.006827.

New volume continues to pour in at time of writing, after climbing throughout the day from around $180,000 to $570,000 – just over a 216% increase. Weekly gains stand at 34%, but only really heated up in the last two days as news of Electroneum’s app came to be known.

ETN/BTC trades are the most dominant, with over 80% coming from Cryptopia and Kucoin alone. The coin had long been lingering outside the market cap top one-hundred after 85% losses from Q2 into Q3.

All-time lows were reached as early as April for ETN, and the coin continued to notch up new lows right through the year. Sentiment had perhaps soured on the coin after the company website suffered a DDoS attack in April of 2018, prompting them to lock user accounts and deny access to funds while they attempted to address the problem.

Electroneum App Rolls Out

The beta-version of the app was released this week, and Electroneum’s twitter feed was inundated with accounts from individual and business users who had successfully tested the product.

One video showed a merchant in Egypt demonstrate setting up the app to transact with the existing retail API most prevalent among retailers in the nation. Another batch of tests were carried out by users on Reddit, who successfully transacted some ETN between Japan and the U.S in a matter of seconds.

Last night, founder and CEO Richard Ells released this blog post celebrating what appears to be a successful beta-launch, saying:

“Easy access for users was the first step and we’ve now had over 1m app installs and we’re proud to say the Electroneum app has the same retention level as Instagram (®)!”

According to Electroneum, they currently have over 1.6 million registered users. If true, that would make it one of the most adopted crypto apps to date. The blockchain-based social media site, Steemit, has been around for over two years, and has just over 1.1 million registered users.

It’s worth noting that the app requires some level of centralization. Essentially it is running a centralized app on top of a decentralized blockchain. The company say this is required since waiting for block confirmations would make merchant payments impractical.

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 58 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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Altcoins

Five Bullish Coins That Have Bucked 2018’s Bear Market

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This year marked the third bear market in the history of Bitcoin; a year in which BTC lost 70% of its value, and the second biggest cryptocurrency, Ethereum, lost 85%.

Looking down the list of altcoins those numbers don’t get any better. At least not for the majority. However, there are a small handful of cryptocurrencies that have quietly bucked the 2018 trend, and have carved their own successful path through the crypto landscape.

Some simply weathered the storm better than others, while several diverged completely from the surrounding market. Here are five of the most bullish coins and tokens of 2018 so far.

Chainlink (LINK)

There was hesitance to include this token in the list since it followed the rest of the altcoin market in a 37% decline between the dips of April and June. But ever since then it has been nothing but upward trajectory for LINK as it maintained higher lows even throughout the dips of August and September.

Recent news that Bithumb is to add Chainlink resulted in another pump for the token in mid-September, and could help snare another higher low when the next dip comes.

DigiByte (DGB)

Lowers lows have been common throughout every dip of 2018, yet DigiByte has managed to achieve just the opposite. The DGB/USD valuation has been sustained by higher lows through every dip of the year.

From early April’s low of $0.016689, DGB went on to $0.018986 by the dip of late June – a 13.8% rise. For some perspective, Bitcoin lost around 10.7% in the same timeframe.

From there DGB kept on rising despite fluctuations, and by August’s dip had gained another 10.8% as it hit another higher low of $0.021042.

In fact, the dip of September 12th is the only time this year that the DGB valuation has recorded a lower low. The price of $0.020744 recorded on that date marked a 1.4% loss for DGB since the previous low, although it has since recovered 25% of that figure and returned to the $0.025 range.

Metaverse ETP (ETP)

Metaverse ETP sunk throughout the summer months like most, but from the end of June has grown 484% in value, rising from a valuation in the $0.50 range, up to the latest coin price of $3.14.

The rise of Metaverse throughout Q3 came as a surprise to many, and few have been able to pinpoint a clear catalyst. However, the coin is heavily traded against the Chinese yen, and is finds itself heavily wash-traded and used for transaction mining on the TOPBTC exchange.

Binance Coin (BNB)

Q3 of 2018 has been less kind to Binance Coin than the preceding quarters, but the fact that BNB has recorded net gains for the year makes it worthy of a mention.

BNB’s actual token price on January 1st was $7.96, meaning Binance Coin has grown 21% over the last nine months up to the current price in the $9.70 range.

At one point BNB had surged 119% for 2018 when it reached a valuation of $17.44 on June 7th, but that momentum couldn’t be sustained.

Dogecoin (DOGE)

Unlike some of the coins mentioned above, DOGE did fall to consecutive lower lows throughout most of 2018, but Q3 saw a brash reversal of fortunes as it was added to Yahoo Finance, and Elon Musk began to take an interest.

From August’s low in the $0.00214 range, DOGE climbed 161% to the currently traded price in the $0.00561 range, completely subverting the majority of the market in its ascendance from joke coin to trend setter.

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 58 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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