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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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4.7 stars on average, based on 771 rated postsChief Editor to Hacked.com and Contributor to CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @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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Tron Price Analysis: TRX/USD Bulls Hunting for a Potential Charge Back Above Broken Critical Trend Line

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  • Tron bulls continue to push the price north maintaining a firmer path of recovery.
  • TRX/USD has gained a significant 10% over the past four sessions, moving to its highest level in five days.

TRX/USD: Recent Price Behavior

The TRX/USD bulls have been enjoying some upside relief over the past few sessions now, picking up much pace in the session on Monday. The price managed to move to its highest level  in over seven sessions. Over the past four days, Tron has gained just shy of 10% as the price looks set for recovery following a breach last week of critical support.

An ascending trend line initially supported TRX/USD to the upside, providing exceptional comfort in its move north. The running support had been in play since the back-end of December 2018; however, after a decent run, the bears managed to force a breach. Sellers were able to regain control after the move below, to then see four consecutive days of selling, dropping around 10% in total.

Between 14-15th February, TRX/USD managed to find its feet after what could have very much been a free-fall to the deep south. Daily support came into play around $0.023550, which has provided needed comfort on several occasions already this side of the year. The recovery has been in play since this decent bounce occurred.

Tron Crypto Card

TRON recently detailed more information about its upcoming crypto card. The date of pre-order for the GRID X BitTorrent crypto card is going to be live on 18th February 18 2019 at 8 PM UTC. The GRID crypto card will be a prepaid card that can be topped with TRX in three amounts of 15,000, 50,000 and 100,000. Holders of the cards will be rewarded with BitTorrent (BTT) tokens as part of monthly BTT airdrops.

GRID will be one of two crypto cards built via the Tron network. The first, TronCard, was introduced as a tangible TRX wallet. Both TRX and TRC10 tokens can be stored on the TronCard similarly to a virtual wallet. These mentioned tokens are tokenized assets which would be leveraged via decentralized applications (dApps) via the Tron Network. A QR code feature can also be scanned by users for access to the public key. A physical card will then be able to integrate with the virtual wallet.

Technical Review – TRX/USD

TRX/USD daily chart.

The major challenge for the bulls as detailed above is seen underneath the breached ascending trend line; this is tracking at around $0.027500. Should the bulls manage to break back above this prior acting support, then expect a strong wave of buying pressure to come into play. Further to the north, eyes will be on the $0.03000 area. TRX/USD has not comfortably traded above this price region since August 2018. Once broken down, there isn’t too much in the way of a return back up to $0.04000 territory.

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 124 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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Cue the Crypto Recovery: Coins Surge $9 Billion Overnight as Ethereum, EOS Break Out

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Cryptocurrencies broke out of their narrow trading range on Monday and were on track to finally snap a four-month losing streak as bitcoin and its altcoin peers surged to their highest levels since early January.

Crypto Coins Surge

The top 40 cryptocurrencies by market capitalization reported gains through the early part of the session on Monday. Among the majors, Ethereum surged 14.8% to $144.65, its highest since Jan. 9. As we reported over the weekend, ether is benefiting from renewed optimism tied to its upcoming Constantinople hard fork.

The EOS price climbed 14.2% to $3.21. That was the highest since November.

Bitcoin cash also registered double-digit gains, climbing 10.7% to $134.61.

Bitcoin, the largest cryptocurrency by market cap, rose 5.8% to $3,836.51. Read more: Bitcoin Surges to Five-Week High; Crypto Bulls Reignite?

XRP reached $0.3159, having gained 5.2%. Litecoin extended its multi-week rally, climbing 7.8% to $46.48.

Tron, Stellar and Binance Coin all rose by at least 4.1%, according to CoinMarketCap.

Beyond the top-ten, Marker surged 10.2% to $573.80. In doing os, it toppled NEO and Ethereum Classic in the crypto-market index.

The combined value of all cryptocurrencies improved to $129.7 billion, having gained $9 billion since Sunday. Trade volumes jumped more than 40% to $28.6 billion.

Volumes and Fundamentals

Crypto markets as a whole are riding a four-month losing streak, but for bitcoin the skid stretches back all the way to six months. That’s the longest string of consecutive losses in its ten-year history.

Consecutive months of rising trade volumes are finally beginning to translate into higher prices. The number of bitcoins in circulation has been rising steadily since the summer, a trend that is positively correlated with increased volatility. Since October, coin circulation and trading volumes have been increasing more rapidly as long-dormant accounts became active once again.

Related: Bitcoin Likely Headed Lower as Whales Activate Long-Dormant Accounts.

Initially, it was feared that many of these suddenly active accounts would become net sellers. This was certainly the case in November when concerns about the bitcoin cash hard fork triggered a relentless technical selloff in the broader market. But over the past few months, higher trade volumes have not resulted in the same selling pressure as before. In fact, a sharp decline in volatility was also observed during the same period. This low-volatility, high-volume regime is unique for cryptocurrencies.

Fundamentals surrounding cryptocurrencies have also improved since the new year. For bitcoin, this means higher transactions and lower fees. On the adoption front, pension funds and other retirement planners are actively investing into crypto funds. Within traditional finance, JPMorgan Chase & Co has become a firm believer in stablecoins after the bank announced it will launch a new cryptocurrency to ease the time and cost burdens on its $6 trillion payments market.

Check out our latest Week in Review: Jamie Dimon Gets Crypto Fever as JPMorgan Develops Stablecoin; Bitcoin Fundamental Improve.

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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4.7 stars on average, based on 771 rated postsChief Editor to Hacked.com and Contributor to CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi




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Zcash Price Analysis: ZEC/USD Bears Back in the Driver’s Seat Despite Coinbase Incentive Program Support

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  • ZEC/USD is back within the control of the sellers, as the price has dropped around 9% within the past five sessions.
  • Coinbase announces that Zcash (ZEC) is supported on their learning incentive program. Users can earn $3 worth of ZEC by merely watching educational videos on the privacy coin.

ZEC/USD: Recent Price Action

The Zcash price has been cooling over the past few sessions after the bulls failed to sustain decent upside momentum seen earlier in the month. ZEC/USD has fallen over 9% in the previous five sessions, after hitting $56.75 on 13th February. The mentioned print was the highest seen since 14th January, with the buyers since losing ground.

ZEC/USD was moving within a descending wedge pattern formation; this was observed from 24th December up to the breakout on 8th February. As part of this mentioned push north, the price went on to gain a whopping 15%, rallying for five consecutive sessions. It was the longest run higher that observed since mid-December 2018.

Zcash Added to Coinbase Incentive-Driven Learning Program

U.S cryptocurrency exchange Coinbase announced Zcash has been added to its incentive program. Users will be able to learn about the privacy-based coin while having the benefit to earn from this program. The reward will be $3 worth of ZEC for watching the educational videos about the cryptocurrency.

Coinbase tweeted from its official account, “Earn $3 worth of Zcash with a new Coinbase Earn opportunity today. Check out the Earn ZEC page to view educational videos about Zcash and earn some along the way!” Users can sign up and start the program to receive their cryptocurrency rewards upon completing the educational series.

The program launched at the back-end of 2018, initially just featuring 0x. Earlier this month, Coinbase added Basic Attention Token (BAT) to the program. Zcash now being the latest is a massive step towards greater global awareness for ZEC by being supported on one of the world’s largest cryptocurrency exchanges.

Technical Review – ZEC/USD

ZEC/USD daily chart.

As detailed earlier, the price is heading south, which will likely see the above-detailed descending wedge pattern retested. Support is currently tracking around $47.00, which is where the upper trend line of the descending wedge sits. The mentioned support area coincides with a demand zone, seen from $50.00 down to $46.50. ZEC/USD last traded down at these lows in December 2018, a period when the general market bottomed, after heavy bouts of selling.

Should this support fail to provide necessary comfort, then a strong wave of pressure to the downside may likely be seen. The price may be forced to trade within the complete abyss, an area that has not been observed before. Unknown territory trading is something that is occurring across the industry within this current bear market.

Given the breach of the wedge pattern, there isn’t too much in the way of resistance until the $60 region. A supply zone tracks from $62 up to $65; the price saw several rejections here in January of this year and in December 2018. Further to the north, another likely target would be where the price peaked at the end of 2018, $73.95.

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 124 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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