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Tron’s Project Genesis Strengthens Bullish Appeal

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Tron’s attention-grabbing headlines continued over the weekend after the company announced a $2 billion reward pool for its Project Genesis development program. The company led by Justin Sun appears to be full-steam ahead in its mission to build a global entertainment network backed by blockchain technology.

Project Genesis Sees Huge Reward Program

On Saturday, the Tron Foundation unveiled Project Genesis, a reward program that will disseminate $2 billion to developers and community members. The figure was much higher than the $1 billion initially pledged on Mar. 31 during the platform’s testnet launch.

Justin Sun confirmed via Twitter that the $2 billion will be rewarded through a number of programs, beginning with the Github Plan that was launched in March and extending all the way through Dev Con later this year.

Last month’s testnet deployed 2,500 nodes across 31 countries. The company is now poised to launch its mainnet May 31, a full six months ahead of schedule.

Sun also pegged June 26 as the date for the election of Super Representatives, which marks the end of the company’s Exodus phase before transitioning to Odyssey. This phase will incentivize content creators to migrate to the Tron platform for its fair rules governing content creation, distribution and dissemination.

The Tron platform allows users to build applications and execute smart contracts directly over the blockchain. To many in the blockchain industry, this puts Tron on a collision course with Ethereum. This is further gleaned by the company whitepaper (which was accused of plagiarism), where Tron outlines its vision for social media, blockchain and content storage platforms. This vision overlaps with Ethereum on areas related to data liberation and content development, among others.

Though Tron has a long history of controversy, Project Genesis could incentivize developers to contribute to the platform’s development. The project will also mobilize support from within its own community, which includes nearly 16,800 Telegram members. Sun also hosts an active Twitter account with more than 434,000 followers.

TRX Price Levels

The value of TRX rose 5.1% on Monday to $0.042 per coin, according to latest available data. The digital currency is up more than 23% from last Monday’s swing low.

TRX, which is normally traded against the major cryptocurrencies, was last valued at 0.000005 BTC and 0.000082 ETH.

At current values, TRX is capitalized at $2.8 billion, putting it in 14th spot by market cap. Daily trade volumes amounted to $354.6 million, according to CoinMarketCap.

South Korea’s Upbit was the largest market for TRX trades, with 20% of daily transactions occurring on the exchange. OKEx also saw nearly one-fifth of the daily volume. Other major platforms for TRX trades include Binance, Huobi and 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 Shutterstoc

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 696 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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3 Comments

3 Comments

  1. mlmroot

    April 16, 2018 at 7:43 am

    I start suspecting you are paid by TRON due to the number of articles you wrote about it, and always helping his marketting strategy

    • FalconX

      April 16, 2018 at 9:16 am

      nah, this article is very unbiased, pure facts.

  2. FalconX

    April 16, 2018 at 9:26 am

    Sam I appreciate reading your articles, if its not too much to ask I would like to request for you to write an article or review of Electroneum coin (ETN)

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Binance Coin Price Analysis: BNB Still in Trouble Despite Recent Strong Fundamental Prospects

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  • BNB/USDT moving within an ascending channel formation, subject to a breakout to the downside.
  • There is much anticipation ahead of Binance’s DEX launch, expected in early 2019.

Binance Coin (BNB) has made a decent recovery since being slammed in November and into the early part of December. The price had initially dropped a whopping 58%, before then being able to stabilize most recently on 7th December. Since, BNB has jumped as much as 20% to the upside, moving within an ascending channel formation. However, despite the gains of late, a similar bounce was initially seen on 25th November to 5th December, before another dump. BNB/USDT had tanked a chunky 35%, after this brief period of stabilization.

Strong Fundamental News Flow

The world’s largest exchange by traded volume will some be launching their own decentralized exchange (DEX), expected for early 2019. There is much excitement and buzz across the social media space for this to go live. The development team have already noted that their BNB will be moving from its ERC-20 token status, which is currently on the Ethereum blockchain. As a result, this will be transferred to their own proprietary blockchain, which is set to be called Binance Chain.

In terms of a decentralized exchange, this technology can facilitate a new type of pair matching, allowing users to be able to place orders in addition to trading cryptocurrencies. This can be done without the need of an intermediary institution, managing the ledger or even controlling the user’s funds.

Elsewhere, Binance recently announced that they will be adding a new feature for the benefit and to attract more institutional investors. They will have the facility to create sub-accounts on the Binance exchange. Finally, the company have also exercised further use of their token, BNB, as these can now be used via Tripio to secure bookings.

Technical Review – BNB

BNB/USDT 4-hour chart

Price action over the past six sessions now is moving within an ascending channel formation. This comes after the decent bounce from the low on 7th December, having dropped to a low of $4.1200. At the time BNB/USDT was very much oversold, dropping to 26 via the RSI on the 4-hour time frame. Technically, such moves are subject to a potential breakout to the downside.

Support Levels

BNB/USDT weekly chart

Near-term support should be noted at $4.8000, which is the lower part of the observed ascending channel. Further south, eyes would be on the 7th December low at $4.1200. BNB/USDT is already trading around the lower levels seen since December 2017. Lastly, should the above-mentioned be breached, then a fall to $3.2500 could be on the cards. This is a weekly support seen for 17th December 2017 week commencing.

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 84 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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Altcoin House of Sand: Only BTC, LTC and XRP Remain From Five Years Ago

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If anyone is in need of a harsh reminder of the precarious nature of the altcoin market, one could do worse than to browse historical cryptocurrency data charts. Of particular note is the severe lack of presence by a vast majority of coins which would have been considered major altcoins just five years ago.

Bitcoin, A Hardfork & The Coin Formerly Known as Ripple

Looking at a historical snapshot of CoinMarketCap’s front page from December 2013, we can see that only Bitcoin (BTC), Litecoin (LTC) and XRP (XRP) have survived the five years since.

In fact, from the entirety of the fifty coins listed in 2013, none are currently placed within the market cap top hundred, except the three previously mentioned. The coin to come closest is Nxt (NXT) – a coin which was ranked 16th in 2013, with a market cap of $5 million. Now Nxt floats just outside the top hundred, ranked 106th with a market cap of $28 million – a not insignificant upturn.

Ranked 4th in 2013, with a market cap of $87 million, Peercoin (PPC) went the other way, and now holds a value of $14 million. The once popular Namecoin (NMC) shared a similar fate.

Naming Conventions

As you can see from the names of 2013’s highest capped cryptocurrencies, the current convention of giving cryptocurrencies vague, enigmatic, somewhat futuristic names had not yet begun. (TRON, Ethereum, Ontology, Qtum, I’m looking at you).

Instead we have a succession of ‘coins’ with various levels of importance and function suggested by their names – ‘World’, ‘Prime’, ‘Peer’. The trend is bucked only by Bitshares PTS (PTS) and Quark (QRK), while further down the list we have BitBar (BTB), Franko (FRK) and Argentum (ARG) – none of which rank any higher than 900th today.

Bitcoin Loses Dominance

In 2013, the coins ranked 2nd, 3rd and 4th combined to produce a market cap just one tenth that of Bitcoin – which was worth $10 billion during December 2013’s peak. Litecoin, XRP and Peercoin added up to just over $1 billion at the same time.

Bitcoin dominance was at 88.9% five years ago, while even Litecoin’s 6% of the market share was greater than the ‘Others’ which made up the entire rest of the altcoin market.

This contrasts with today’s status quo which sees Bitcoin worth $60 billion, and the next three alts worth a combined $24 billion – a significant increase from one tenth, to two fifths of Bitcoin’s value.

Taking those numbers as a cross-section of the market, we see that the altcoins have exploded, and grown ahead of Bitcoin in the last five years – but for how much longer? As the Nxt (NXT) example shows, even though the altcoin market was diluted and overrun in the last few years, still enough new money came in during 2017 to continue to keep some old coins afloat.

But with the current altcoin decline of 95-99%, and the ICO trend beginning to fray around the edges, one wonders for how much longer cryptocurrency investors will keep faith in something that has proved so fleeting and transitory in the recent past.

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 103 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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Cardano Price Analysis: ADA Moving Within A Deadly Range Block

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  • ADA remains vulnerable to further downside pressure, and there is potential for another 50% drop.
  • IOHK launch two new Cardano tools, ‘Plutus’ and Marlowe for smart contract writing.

Cardano’s ADA price has been very much depressed for the past five weeks now, dropping well over 60% within this period. As a result, ADA/BTC it has been forced to trade around the lowest levels seen since December 2017. It still has yet to show any promising signs of it escaping this stubborn downside trend.

Over the past five sessions, the price has managed to stabilize, producing a near-term bottom within the $0.02800 region. Important to note, with the above-detailed, ADA/USDT price action is moving within a narrowing range-block. This is subject to a potential breakout, causing a deeper drop, as part of this bearish market.

IOHK Launch Two New Cardano Tools

Earlier this week, IOHK, the engineering company that builds cryptocurrencies and blockchains, announced two new tools. These will be for the writing of smart contracts on the Cardano network. The tools named Plutus and Marlowe have now been launched in test format. They have been introduced to provide great value of assistance for start-ups, financial services and fintech industries, and academia. In all cases, the tools allow for preparation of blockchain contracts which will run on Cardano.

Plutus

Plutus will be providing general purpose programming language and tools for Cardano. The scientists and engineers at IOHK were able to combine the discipline of the Haskell functional language with Cardano. As a result, the creation of a platform for fintech developers to write secure and robust smart contracts is being developed.

Marlowe

Marlowe is a streamlined way for non-programmers to generate code and create software products. It has been noted at an easy-to-use tool. Even professionals operating within the finance industry who do not have any programming experience can build these automated financial contracts on the blockchain.

There was full coverage on this and an exclusive interview with IOHK and Cardano’s Charles Hoskinson, on this. See more.

Technical Review – ADA

ADA/USDT 4-hour chart

Looking via the 4-hour char view for ADA/USDT, vulnerabilities remain to the downside. As touched upon earlier, following the steep falls through November into December, price action has found some firmer footing. However, with this consolidation state, a range-block has been formed, which is subject to exposure by the bears.

ADA/BTC weekly chart

The near-term support as part of this current range should be noted at $0.02800. If this fails to hold, there could be some chunky downside to come. Judging from ADA/BTC, there could be room for another 50% move south. Further south eyes would be on the next major area of comfort, seen at the 0.00000550 region.

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 84 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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