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Tron Price Gains 36% for the Week – Pushes Back Into Top Ten

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Today TRX coins have grown 13% over 24 hours, and continue to climb in value even as Bitcoin and Ethereum start to slow their rate of growth.

Tron began the day at $0.038 and then climbed to a peak of $0.0430 just a matter of minutes ago. That move pushed Tron’s market cap to just under $3 billion, and sent TRX back into the top ten in market cap rankings.

Going back to July 13th, just five days ago, TRX was priced at $0.0314, meaning today’s recent high of $0.0430 marks a 36% growth in less than a week.

Return to the Top Ten

Tron had been edged out of its prime market cap top ten location in recent weeks by Tether. Or rather, Tether moved up the market cap rankings owing to Tron’s fall. Today Tron has pushed back into the top ten for the first time in what feels like a long time, but is actually only a few weeks. Time slows down in the crypto world. The rollercoaster that a gold or silver investor went through over the last twenty years is experienced by the average crypto holder in the space of a week.

The surge into the top ten would have been helped in no small part by the 88% boost to Tron’s daily trading volumes over the past week – rising from $152 million, to $287 million at the time of writing.

Good Ol’ Hype

Tron’s market growth over the last week has been accompanied by a definite ramping up of the hype train. A quick Google search for ‘Tron trx’ opens up a first page with one Youtube video declaring Tron to be ‘better than Ripple’, and another proclaiming that Tron is the new Apple.

Such posts are viewed with suspicion by the community at large, but no corporate interference is necessarily required for crypto enthusiasts to engage in free shilling for their favourite altcoins.

Earlier today, Tron creator, Justin Sun, announced his intention to run as a candidate for one of the Tron network’s super-representative positions. Sun announced on Twitter:

“I am excited to run for #TRON Super Representative alongside excellent candidates, in the hands of our community. Voting is a crucial part of the #TRON ecosystem and embodies our mission of decentralization and democracy. Every vote counts!”

In a community that prioritizes decentralization, this move is certain to raise eyebrows. Sun already owns 10% of the total TRX token supply, and his presence within the day-to-day running of the Tron network might reek a little too much of ‘conflict of interest’.

But then, the alternative view is that if the network requires super representatives (essentially node operators) to service and govern the blockchain; who better than the guy who wants it to succeed the most?

Answers to these questions may only come when Tron either flies or fails, until then, enjoy the drama if you can.

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 82 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

Bitcoin Cash Price Analysis: BCH/USD Bulls Have the Potential to Capitalize, Following a Bullish Technical Set Up

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  • BCH/USD broke out and retested a long-running descending trend line, but has failed to capitalize on this further.
  • George Hotz, also known as Geohot, says “Bitcoin Cash is the real Bitcoin.”
  • CoinText.io expands its Bitcoin Cash payment SMS service to Brazil and further European countries. 

“Bitcoin Cash is the Real Bitcoin”

George Hotz, also known as Geohot, an American entrepreneur and hacker, was recently commenting on Bitcoin Cash. Following the BCH Devcon in San Francisco he attended, Geohot demonstrated how to generate a BCH private key from scratch using python coding.

During his python video, George spoke highly of Bitcoin Cash. He said, “I’m using Bitcoin Cash because it’s the real bitcoin.” His reasoning for the preference of BCH over BTC was due to it having significantly lower transaction fees. Stating, “Transaction fees are super low on bitcoin cash.”

Bitcoin Cash Being Used in Brazil with CoinText.io

SMS cryptocurrency payment service, CoinText, has launched their services in Brazil and three other European countries – Poland, Romania and Croatia. CoinText doesn’t require apps, logins or Internet, and users can send Bitcoin Cash via SMS. A new wallet is automatically created when people have received Bitcoin Cash via SMS.

Specifically commenting on the Brazilian expansion, CoinText founder and CTO said, “Brazilians have been suffering from corruption and bad monetary policy,” says CoinText founder and CTO Vin Armani. “Cryptocurrency offers a way for them to peacefully opt out of a corrupt system.”

A move in which is further helping the adoption of Bitcoin Cash, via the CoinText service, he further noted, “Adding Poland, Croatia and Romania brings us closer to connecting the entire continent of Europe,” Armani added. “CoinText’s end-of-year goal is to enable all 740 million European residents to text money to each other’s phones for pennies.”

Technical Review – Daily Chart

BCH/USD daily chart

BCH/USD price action of late has been very much mundane following a promising breakout from a long-running descending trend line. It had been contained below and rejected on several occasions, from the back end of July. Bulls managed to pull off a decent breakout to the upside, which took place between 26-27th September.

After observing the break above, then pullback for a retest of the breached trend line, it looked very promising. This as such played out to the textbook, however bulls failed to capitalize and drive further north. Instead, the price remained within a consolidation nature, a lack of commitment in either direction. Perhaps the bulls are sitting on the launchpad, ready to send this into orbit, time will tell here.

Looking at technical areas of interest, to the upside, resistance has capped upside well into $500 territory. Tracking from $455-80, which has been evident the past few sessions. A firm push higher, will allow $550 region to come back into play. In terms of buyers, they can be found from the current price, all the way down to $400 the round figure.

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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Altcoins

Altcoin Update: Basic Attention Token (BAT) and Ravencoin (RVN) Soar Amid Downturn

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Two of the weekend’s better performers, Basic Attention Token (BAT) and Ravencoin (RVN), extended their gains into the new week amid Monday’s market downturn.

Around $3 billion left the global market cap from Sunday into Monday, as Bitcoin fell back down to the $6,400 range. The altcoin market fared much worse as most alts shipped between 5% and 10% of their value.

Basic Attention Token (BAT)

Yet just over a dozen altcoins either retained or gained value overnight, and Basic Attention Token (BAT) continued to ride the momentum gained from the Coinbase speculation over the weekend.

The value of one BAT jumped 24.3% overnight, climbing from $0.236148 up to the morning’s peak of $0.294794. The token price continues to rise at time of writing, helped by a near three fold increase to trade volumes which jumped from $9 million to $26.5 million.

That’s nearly double the volume that floated BAT to 42% growth over four days last week, and once again most of it has come through the BAT/BTC pair – which accounts for 56% of the total volume.

The last two weeks saw BAT climb 88% in value, and as of now the source of the rise appears to be largely based on Coinbase speculation. BAT could be up next for a Coinbase listing following the listing of Ox (ZRX) – another ERC-20 token.

Ravencoin (RVN)

Ravencoin (RVN) hit the headlines on Sunday after sailing into the market cap top one-hundred based on 118% gains for the week.

RVN had been soaring since October 11th when it gained a listing on Binance. Since then the coin has grown 351% in value, and the growth for the last twenty-four hours continues that ascension.

From Sunday into Monday, the value of RVN rose from $0.034691 up to $0.062574 – a 78% spike.

As noted previously, trade volumes for RVN rose 23,000% –  from $200,000 to $49 million over the last ten days. Today that surge continues, with RVN volumes rising to $122 million in the last twenty-four hours.

That means RVN volumes have grown by over 100% since yesterday, and by 60,000% in the last eleven days. Binance continues to house over 87% of trades, predominantly in the RVN/BTC pair. Across all exchanges, the RVN/BTC pair accounts for over 98% of daily trades.

Ravencoin appears to still be feeling the benefits of its Binance listing from earlier in the month, however the rise in the coin’s fortunes also coincides with a major fundamental development which is due to hit at the end of the month.

On October 31st the development team will update the blockchain to bring its ‘Asset Layer’ onto the mainnet. Ravencoin is an open-source blockchain for the registering of digital assets, and the mainnet upgrade on Halloween will mark the one-year anniversary of the project’s inception.

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 82 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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Litecoin Price Analysis: LTC/USD Developers to Slash Transaction Cost, with Upcoming Core Update

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  • Litecoin fees are set to be largely reduced in the forthcoming upgrade, in an attempt to boost adoption.
  • LTC/USD remains heavily dictated by triangular pattern, behavior suggests a breakout is imminent. 

Litecoin Fees to lower by 10x in next Core Release

The Litecoin foundation will be updating the Litecoin protocol to version 0.17, following an announcement via Twitter. This update will ultimately reduce the network’s fees drastically compared to its already nominal costs.

It is reported that with this upcoming upgrade, the network fee will go down to $0.005. Their goal is to encourage greater adoption of Litecoin. Currently, the average transaction fee is floating around $0.05. Bitcoin’s transaction fee is currently seen around $0.10.

At the back end of 2017, a large bull market was observed. Bitcoin prices were up at heights around $20,000. Users as an alternative started to use LTC, given its inexpensive nature, in comparison to Bitcoin. It is interesting to note also that Bitcoin transactions were as much as $55 during those highs. However, Litecoin remained by far competitive, facilitating lower transaction fees, less than $1. During the peak, LTC fees reached $1.5.

Litecoin’s Core lead developer, Adrian Gallagher, was commenting on the upgrade intentions, saying: “To encourage more adoption and usage of Litecoin, I think lowering the fees are a good thing. We’re not even close to block limits and the block size on disk is pretty small (20GB) relative to other coins. Technically people can already adjust their fees right now to the one above, because of the more relaxed min relay/dust relay fee.”

Elsewhere, he was speaking about the current market conditions, believing that the bear market being observed, will not last. Predicting that in the next three to six months, prices could start to rise again. He stated: “With lower fees, it would be possible to lay down the foundation for a fee rate, that can grow proactively rather than re-actively.”

Technical Review – Daily Chart

LTC/USD daily chart

Looking via the daily time frame, LTC/USD price action remains trapped and dictated by a triangular pattern. This is seen across several of the other cryptocurrencies. The calls of an imminent breakout make much sense, with this type of price behavior seen.

Over the past few days, upside has been capped around the $55 mark. Further north, resistance is seen at the $56.50-60, the upper part of the triangular pattern formation. A breakout higher should allow a run well into the $60 territory. Testing the 27th September high ($65.85) would be probable. Supply is seen running from that high up until $70, where the price faltered on 4th September.

In terms of support, $53 has proven to be an area of comfort, over the last five sessions. The lower trend line of the above-mentioned pattern is seen tracking at $51.50. Finally, a demand zone is seen just below running from the big $50 mark, down to $0.47.

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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