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What’s Moving EOS? Cryptocurrency Jumps 33% This Week

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EOS is making big strides this week. The cryptocurrency has not only recovered from a weekend slump, it is trading at its highest level of the month thanks to an upsurge in trade volumes on the major exchanges.

Trade Volumes Surge

Investors have returned to EOS in a big way this week. Prices are up 16% over the last 24 hours and 33% compared to seven days ago, according to data provider CoinMarketCap. At the time of writing, the cryptocurrency was trading at $7.03 for a market cap of $5.3 billion. Only six other cryptos have a higher market cap.

More than $780 million worth of EOS has traded hands over the last 24 hours, the highest turnover since early February. Trading activity was largely concentrated on South Korea’s Bithumb, with 43.4% of daily turnover quoted in won.

Bitfinex processed nearly 12% of the daily turnover. Huobi and OKEx also saw large capital flows into EOS via USDT.

EOS tokens are still in distribution mode. According to the official website, 848 million out of a total 1 billion tokens have been distributed so far. Token outlays are expected to continue for 75 days, bringing the total distribution period to one year.

Other than the broad market rally, there is no immediate catalyst for EOS’ strong performance recently. However, the coin is up 76% from Sunday’s bottom compared with 26% for the broader crypto market.

EOS Shows Promise

Launched in 2017, EOS has quickly emerged as one of the market’s most popular cryptocurrencies. The company essentially serves as a platform for developers to launch their own decentralized applications (dapps). It can support thousands of commercial dapps, which puts it in prime position to capitalize on the global pivot toward blockchain solutions.

When it comes to scalability, EOS is considered one of the most powerful. It can process over 50,000 confirmations per second, giving businesses yet another value proposition to adopt the platform. The developers say it can achieve throughput of up to 100,000 transactions per second due to its Delegated Proof of Stake (DPOS) setup.

While many proponents have labelled EOS the next Ethereum, there are several underlying risks to that realization. Perhaps the biggest risk emanates at the top with creator Dan Larimer.

Larimer has contributed more than his fair share to the cryptocurrency economy, founding powerful platforms like Steemit and Bitshares. He is no longer on these projects, leading some to speculate he will soon move on from EOS. At this stage, no such plans have been communicated.

The other risk is more obvious: competition. Dapps are one of the hottest buzzwords in the blockchain industry, with lesser known platforms like RChain making significant progress. The big risk for EOS is the advent of other dapps-centered platforms that can offer their services for cheaper.

That being said, EOS appears to have a very bright future ahead. Its clout in the crypto industry is likely to grow further as big businesses migrate to the platform.

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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4 Comments

4 Comments

  1. westgarthwines

    March 22, 2018 at 12:11 pm

    “The big risk for EOS is the advent of other dapps-centered platforms that can offer their services for cheaper”

    Eos has no transaction fees. Nothing is cheaper than free.

  2. Rattanapron pookueng

    March 22, 2018 at 3:55 pm

    ช่วยด้วยฉันกดผิดไป

  3. twelker

    March 22, 2018 at 6:17 pm

    Sam,

    This is the second article you have written in as many weeks that turns into a shill for a coin you obviously own, Rchain. The first was Ethereum, when you were supposed to be writing about a survey of future price predictions for nine different coins. Please, stop shilling under the guise of a published author. It ruins the credibility of the site and yourself. If I hadn’t paid for a year in advance i’d cancel my membership.

  4. LParkle

    March 22, 2018 at 8:01 pm

    As new paying member specifically for this article and on the topic of EOS, it was a little disappointing.

    “Other than the broad market rally, there is no immediate catalyst for EOS’ strong performance recently.” Don’t you think the EOS VC fund with over 1.375B$ dedicated to it and the news of Fin Lab AG having 100M$ dollars for the EOS VC ecosystem had anything to do with it?

    Off to read some of the other articles, had considered signing up for a while but if this is all like this, I won’t be sticking around for a long time. Hope the other articles that I am paying for go into more depth and have solid research behind them. I understand there is different authors and quality of content on here. This article was written well, it just lacks on details.

    RChain…IMO there is no way it is on the same level as EOS.

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Volatile and Illiquid; Aurora (AOA) Backtracks 55% After Recent Gains

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Aurora (AOA) has proved one of the most illiquid and yet most most volatile cryptocurrencies in the market cap top one-hundred in the past week; gaining 409%, and then losing half of it all within the space of seven days.

All of this activity originated on just one exchange, Kucoin. That is unless you count the five dollars worth of AOA tokens traded on Bitinka. Wednesday morning’s snapshot shows a coin that has endured a +450% swing in the past week – fuelled by a community social media bounty and a rather bold piece of hype-making by the Aurora Twitter team.

AOA Sinks 55% After 409% Gains

From September 12th’s low of $0.008640, AOA tokens surged off of Kucoin’s BTC and ETH buys up to September 17th’s token price of $0.044022 – marking 409% gains over five days. The majority of this activity was founded on less than a million dollars worth of trades, with AOA volumes almost quadrupling from the $280,000 range, up to around $920,000 on Sept 17th.

What took five days to build was then destroyed in less than two, as AOA plunged by 55% down to this morning’s valuation of $0.019418. The previous week’s surge had triggered several articles speculating on the promise of the Aurora platform, but ultimately the skeptics were correct and what went up predictably came back down.

The brief but effective piece of market making has undoubtedly seen a small number of traders take huge profits on Kucoin in the past week. The majority are likely nursing double-digit losses this morning after the sell-off over the last two days.

Hype Triggers Trades

As covered here in the run up to AOA’s recent peak, the Aurora community had been engaged in a social media bounty campaign to celebrate the launch of their new Berlin office.

The increased flurry of online activity likely acted as a trigger for the the week’s market making, and may have been helped along by this teasing image by the Aurora Twitter team. The image shows Aurora’s logo floating above a pair of smartphones, accompanied by the text:

“Faster TPS is just the beginning. #Aurora #AOA #Apple.

As far as I’m aware, Aurora has not yet partnered with the world’s first trillion dollar company. The image could be relating to an upcoming app that may be available for use by Apple phones, but the Aurora team remain tight-lipped at the moment, preferring to allow the speculation and chatter do its job.

It has been a frantic start for a token that only launched in June. The Kucoin listing only arrived towards the end of August, and we may be witnessing the turmoils of a newly launched token still attempting to find its value.

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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Bitcoin, Ether and Ripple Up in the Air as SEC Delivers a Sobering Reminder

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The U.S Securities and Exchange Commission just delivered a sobering reminder to the crypto community regarding the legal status of Bitcoin and Ethereum. SEC Director of the Division Corporation Finance William Hinman originally told a San Francisco conference in June that:

“…based on my understanding of the present state of Ether, the Ethereum network and its decentralized structure, current offers and sales of Ether are not securities transactions. And, as with Bitcoin, applying the disclosure regime of the federal securities laws to current transactions in Ether would seem to add little value.”

SEC Clarifies Crypto Security Stance

Today the SEC Chairman Jay Clayton released this official statement in which he reminded everyone that media statements made by SEC personnel should not be taken as legal pronouncements. Clayton stated:

“The Commission’s longstanding position is that all staff statements are nonbinding and create no enforceable legal rights or obligations of the Commission or other parties.”

In a particular sentence that may have been included specifically to cool the enthusiasm generated from his colleague Hinman’s original statement, Clayton states:

“…our divisions and offices, including but not limited to the Division of Corporation Finance, the Division of Investment Management and the Division of Trading and Markets, have been and will continue to review whether prior staff statements and staff documents should be modified, rescinded or supplemented in light of market or other developments.”

The last part about ‘modifying, rescinding or supplementing’ future documents suggests that the SEC are starting to worry about the effects their own words have on the very market they’re attempting to regulate.

When the original statement by Hinman hit the headlines in June, Bitcoin immediately surged by around 6%. Ethereum benefitted even more from the news and spiked 10% within the space of an hour.

Consequences for Bitcoin, Ether and Alts

The reminder from the SEC is unlikely to affect the average bag-holder, who in all likelihood disregards much of what comes out of such traditional institutions as the SEC. The news is more likely to strike hesitation into the minds of large-scale, corporate investors who thought all of this uncertainty was already behind them.

It could also spell either good or bad news for Ripple, which is currently fighting five lawsuits – including two federal lawsuits – against claims that its token sale represents a security issuance.

Director Hinman’s original statement back in June suggested that decentralization was key to avoiding being classed as a security. He suggested that coins and tokens from centralized blockchains would have a harder time with the SEC:

“Over time, there may be other sufficiently decentralized networks and systems where regulating the tokens or coins that function on them as securities may not be required. And of course there will continue to be systems that rely on central actors whose efforts are a key to the success of the enterprise. In those cases, application of the securities laws protects the investors who purchase the tokens or coins.”

With XRP being the third largest capped coin in existence, its prominence has made it a prime target for those suspicious of the currency’s relationship to the Ripple company. As the lawsuits began to pile up, many began to question what Hinman’s words would mean for XRP.

Today’s clarification by Chairman Clayton could be seen as a reprieve for XRP, as it essentially shelves the decentralization issue for the time being. On the other hand, it could mean that even if XRP is proved to be wholly decentralized, it may have even larger requirements to fill before gaining a positive classification – as could the rest of the entire crypto market.

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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FunFair’s Value Expands 20% in a Week amid Catalysts

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FunFair (FUN) has taken investors on a wild ride in the last month along with the broader cryptocurrency market. Most recently, however, the FUN has hit a stride, increasing its value by approximately 20% over the last week. For the month, the coin remains lower by 14% as most ETH-based tokens have been following the lead of the No. 2 cryptocurrency Ethereum, which has similarly posted gains for the week, up 14%, but a loss for the month at 30%.

Source: Trading View

FunFair’s relative strength remains in neutral territory at 47.4, while the MACD level is bullish. Most of the moving averages, however, are signaling sell, with the exception of the EMA and SMA. Meanwhile, despite the fact that ETH isn’t out of the woods yet, if FUN is going to continue to follow its larger peer’s path, it could be in for more gains in the final quarter of the year with a couple of potential catalysts ahead.

Catalysts Ahead

The ETH drivers include the upcoming launch of the Ethereum hard fork on the test network, which brings them one step closer to unveiling Constantinople, which in turn will lead to the integration of scaling technology like Casper. This is what the community is waiting for but whether it can overcome the massive wave of ICO selling remains to be seen.

FunFair has a couple of developments of its own to drive the price higher. When a blockchain project sticks to its roadmap, it’s a reason to celebrate the coin, and FunFair has been moving forward. FunFair just announced that the completion of the first phase of beta testing in which “community testers” tested the mettle of the games with thousands of hands of blackjack and spins of the roulette wheel.

The mainnet testing coincided with the launch of its first casino. FunFair secured an operating license in the Dutch island of Curacao and expects for the maiden FunFair-fueled casino to go live in September. Ethereum Co-Founder Joseph Lubin has identified gaming as a major driver of the network.

Bitcoin’s dominance is currently hovering at 55%, and the combined value of the crypto market is once again perched above $200 billion. If market strategists and technical signals are right, the next couple of months could be a game changer for crypto prices. ICE’s regulated exchange Bakkt will likely launch in November, while Fidelity is reportedly moving deeper into crypto. It’s just a matter of time for prices respond to the blockchain industry advancements and catch up.

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 60 rated postsGerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. She owns some BTC and ETH.




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