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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 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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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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Altcoins

Tron Kickstarts Recovery as TRX Gains European Exposure

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Tron (TRX) was recently listed on BitBay, the third largest cryptocurrency exchange in Europe, and facilitator of 70% of Poland’s crypto trading market. The addition of TRX to the exchange will mean that Tron now has increased liquidity within the European markets, with TRX/EUR and TRX/PLN (Polish złoty) pairs available for trade.

TRX Kickstarts Recovery

TRX holders have been waiting for the coin price to align with the media hype for quite some time. TRX climbed 13% from September 19th through to September 20th, from a daily low of $0.018369 up to a peak of $0.020762.

As you can see from the chart, the $0.019 level appeared to be significant today. The coin was saved from that level after a flash-sale saw 5% wiped off the coin price in the space of an hour. It appears enough buy-orders were set for $0.019 when the market saw the momentum of TRX growth during the previous evening.

TRX holders have been waiting for the coin valuation to align with the media hype for some time now. Not since TRX’s momentous rise between Q1 and Q2, when TRX crossed the $0.10 valuation, has TRX displayed the kind of tenacity displayed by its media department.

Tron’s Ambition

Patryk Kadlec, Chief of Business Development at BitBay, had this to say about their newest addition:

“TRON is an ambitious project. We have no doubt that its protocol is one of the biggest operating systems in the world based on the blockchain network. We are very proud to list TRX on BitBay and present it to our users. We hope that our contest for traders will drive even more attention to TRON.”

Founder and CEO of Tron, Justin Sun, received the news with glee and added:

“BitBay is one of the biggest digital asset exchanges in the European area. The listing of TRX on BitBay is another milestone for us, representing another significant step of TRON into the European market. We believe that the cooperation between the two parties will provide users with more purchasing channels that are safer and more convenient. This will be a win-win cooperation.”

Sun also recorded this video announcement for the BitBay team in which he appeared to exaggerate the number of TRX token holders – 2 million anyone? But that may have been a genuine mistake considering he appeared to be reading from a cue-card.

Bithumb Resumes TRX Trading

While the TRX numbers from the BitBay exchange haven’t started to roll in just yet, today marked the completion of the TRX mainnet upgrade on Bithumb. Within the space of a few hours the TRX/KRW pair immediately raced to a $1.7 million volume – around 1.5% of the daily total. Trading has been so popular there that TRX has a markedly higher price on Bithumb than anywhere else today, and peaked at a valuation of $0.0215.

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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Crypto: Is Relative Value Investing Time Finally Here?

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For at least the past six months you have been kind enough to listen while the topic of relative value in cryptocurrencies has repeated more than once.  Could it finally be happening? Things are certainly in place. It seems to show every time the price of Bitcoin or any of the altcoins suddenly spikes for no apparent reason.

That is the time when investors buy crypto simply because there is no better value in things like stocks, bonds, real estate, gold or currencies.  So far this has not happened all that often, but things could finally be changing. The fact that crypto prices remain near 2018 lows, and with certain exceptions, the news has been pretty good, helps set the stage.

Until now investors in conventional assets have been simply too content.  And why not, the economy in the US is humming at a 4.2% annual rate. The S&P 500 has tacked on another 8.5% so far and seems to be cruising through the traditionally volatile month of September to reach new records.  

And here is the real tattle tale, the CBOE VIX is near 2018 lows around 11. Without going into all the details, the VIX is Wall Street’s traditional measure of investor fear.  During the 2008 financial crisis, the VIX hit 60. Back in February it was at 37. That was about the time the S&P 500 fell 10%. So get the idea: today, investors are too content.  That needs to change before crypto’s relative value shines through. Here is something to focus on.

The key to the above average S&P performance has been the contribution of the tech sector. When you take out the near 22% increase from the market cap weighted S&P, well, you cut well over half of that performance down to only about 3%.  That still not bad, but it indicates a far more narrow market than smart investors should be comfortable with. What would happen to the VIX if the tech sector suddenly took a dive of 10%?

Sound crazy? Hardly, a 10%+ correction in tech stocks has taken place three times just since 2016, so this isn’t a far fetched idea.  In fact Barbara Kollmeyer at MarketWatch just penned an article titled: Bad news is building for this once-hot tech sector.  If her views prove out, this could be the key to driving investors to some of the values offered by crypto.

It all starts with the social media companies that form the backbone of the FANG stocks. Here is a sample. She opens with the thoughts of Tony Greer who heads TG Macro and who has a sour message on Twitter (TWTR) and Facebook (FB). According to Tony: “It’s finally time to be short social media” pointing out a “massive topping pattern.”

While the stock market generally may not be experiencing traditional levels of volatility, lately tech stocks have charted a different course.  In referring to that change, Greer identifies September as a time of big change.

“That period of volatility put in a big top and a double top in the social media ETF. Now it has broken its steepest ascending trend line, it’s broken down below all the major moving averages and they’re starting to curl over on top of it, which to me is going to cause another leg of a waterfall.”

The final proof of technical weakness is shown in the Global X Social Media ETF that contains a handful of social media names from Facebook, Twitter and Alphabet. This little gauge is actually down around 3% this year.

In addition to his technical observations, he points the negativity surrounding the Cambridge Analytica scandal, subsequent upbeat earnings, then news that the platform was losing users.

Technology Is More Than Social Media

Lest we look for just any reason to be buying crypto it is only fair to mention the obvious. So far this year the tech sector has managed to add 22% even with the substantial underperformance of social media.  Any notion of painting the world coming to an end would be misleading.

However, technology has many interrelated links and sometimes when one sector is under pressure it can spread.  In the meantime the gap between overvalued stocks and depressed crypto prices is setting the stage for the search for value to have its day in the sun. So keep one eye on the VIX.

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 105 rated postsJames Waggoner is a veteran Wall Street analyst and hedge fund manager who has spent the past few years researching the fintech possibilities of cryptocurrencies. He has a special passion for writing about the future of crypto.




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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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