Connect with us

Altcoins

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

Published

on

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.

// -- Discuss and ask questions in our community on Workplace.

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.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
7 votes, average: 2.71 out of 57 votes, average: 2.71 out of 57 votes, average: 2.71 out of 57 votes, average: 2.71 out of 57 votes, average: 2.71 out of 5 (7 votes, average: 2.71 out of 5)
You need to be a registered member to rate this.
Loading...

4.5 stars on average, based on 335 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.




Feedback or Requests?

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.

You must be logged in to post a comment Login

Leave a Reply

Altcoins

Cryptocurrency Market Hits Five-Week Highs as Investors Shrug Off New York Inquiry

Published

on

The cryptocurrency market’s recovery broadened on Thursday, with prices hitting their highest level in five weeks after the Kraken digital currency exchange indicated it would not comply with the state of New York’s request for information.

// -- Discuss and ask questions in our community on Workplace.

Cryptocurrencies Add Value

The combined value of all cryptocurrencies in circulation reached a high near $359 billion on Thursday, according to latest available data. That’s the highest level since Mar. 14.

With the rally, digital currencies have now added more than 32% since last Thursday. Prices have also recovered 47% from the swing low on April Fool’s Day.

In percentage terms, bitcoin cash (BCH) was once again the best-performer in the top-ten, having gained 9.4% over the past 24 hours. The digital currency was last seen hovering north of $965 for a total market cap of $16.5 billion.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

Ethereum saw its value rise by nearly 8% during the day, with prices reaching $564 a coin. The world’s second-largest crypto asset by market cap now has a total value of $55.7 billion.

The value of bitcoin stabilized near $8,277 for a gain of around 1.4%. In the process, its share of the total market has crept below 40% for the first time since late February.

Kraken and the State of New York

Kraken co-founder and CEO Jesse Powell indicated earlier this week that his company would not comply with the New York attorney general’s investigation into crypto exchanges.

“Somebody has to say what everybody’s actually thinking about the NYAG’s inquiry” Powell said via Twitter. “The placative kowtowing toward this kind of abuse sends the message that it’s ok. It’s not ok. It’s insulting.”

He added: “The resource diversion for this production is massive. This is going to completely blow up our roadmap! Then I realized we made the wise decision to get the hell out of New York three years ago and that we can dodge this bullet.”

Attorney General Eric Schneiderman launched his investigation earlier this week by asking 13 major exchanges to fill out a questionnaire related to their operations and security measures.

“Too often, consumers don’t have the basic facts they need to assess the fairness, integrity, and security of these trading platforms,” Schneiderman said in a statement.

The questionnaire asks for detailed information about fees, margin trading requirements and consumer-protection policies employed by the major exchanges. It also asks how they would go about suspending trading or delaying pending orders. Exchanges have until May 1 to respond.

Schneiderman’s investigation is intended to bring more transparency to the market by exposing how platforms charge customers and deal with suspicious trading.

Among the exchanges summoned to respond are Bitfinex, Coinbase, Gemini Trust and bitFlyer USA. At the time of writing, Kraken was the only platform to dissent to the request.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
2 votes, average: 5.00 out of 52 votes, average: 5.00 out of 52 votes, average: 5.00 out of 52 votes, average: 5.00 out of 52 votes, average: 5.00 out of 5 (2 votes, average: 5.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.5 stars on average, based on 335 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.




Feedback or Requests?

Continue Reading

Altcoins

Why IOTA Belongs On Your Focus List

Published

on

For the serious student of cryptocurrencies, IOTA is a name most likely you know well. However since only about 8% of Americans own any crypto, and then 80% of those folks own bitcoin, it’s time to get to know your neighbors.  

// -- Discuss and ask questions in our community on Workplace.

Ok, let’s start with a trick question.  Over the next 10-20 years, which technovation will have the greatest impact on society: cryptocurrencies, the Internet of Things (IoT) or Artificial Intelligence (AI)?  

The answer is: they will each be so big and so important that it really doesn’t matter.  As an investor you can go with anyone of these themes. But then, you might want to focus attention on IOTA. It could be like getting a techno triple play.  

This is not to suggest dumping your bitcoin, Ethereum, Ripple or other major names. In an uncertain world, the big guys still carry a better risk profile.  But in today’s market, altcoins represent the most depressed values. Out of this group, IOTA offers investors participation in crypto, IoT and AI.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

I do not own IOTA so objectivity isn’t being compromised.  Here are a few things about IOTA that stand out.

Ideal For High Volume Small Transactions

For all their benefits, single layer blockchains present a scaling nightmare to bitcoin and even so called second generation names like Ethereum.  Solutions like the Lightning Network and Raiden, when fully deployed sometime later this year, will help. But the ability to process 50,000 transactions a second is still a way off.

IOTA is specifically targeted for high volume transactions at near zero costs.  This makes a competitive stand against the ultra fast but high cost giants like Visa, MasterCard, etc. The secret is that IOTA doesn’t depend on a blockchain.  

Instead, developers have created something they call Tangle. IOTA is a blockchain free cryptocurrency.  Tangle is designed to remove the necessity of predetermined block times. Instead of many nodes confirming a transaction, the sender of the IOTA transaction must confirm two other transactions on the Tangle.

In other words, the entire time and energy intensive crypto mining process in sidetracked replacing it with a user verification process. To put it more simply, every user becomes a miner in the network.

This reduces cost to the point where IOTA transactions are near zero.  Compare this to a Visa or MasterCard debit card merchant service charge of 1.5% or a credit card fee of 2.9%-4%+ and there is no contest.

Is Tangle more secure than blockchain?  An honest answer is Tangle has not been tested enough to get enough data.  But if you accept that small transactions are less of a so called “attractive nuisance” than the size Bitcoin is best handling, then the effective security risk becomes tolerable.

IoT And AI: Real And Imagined

Small and even micro-transactions will be the measure of IOTA for the immediate future and there is nothing wrong with that.  After all we are talking about a multi trillion dollar global market. But this isn’t what crypto visionaries see as the end game.

Advocates of IOTA paint a glowing picture for the crypto in IoT and AI based on the near zero transaction cost and huge supply of the currency.  If things turn out this way, it means that IOTA is appealing to an entirely different segment than bitcoin, ether, Ripple or many altcoins.

By huge supply we are talking about each traded IOTA quoted in MIOTA or a million units. Total supply is defined as one Petalota. That equals 10 IOTA to the 15th power. If you prefer real numbers, the total supply is 2,779,530,283,277,761. Try saying that number quickly. Certainly the founders of IOTA had such a global vision when they decided to create such a massive supply.

Supply/Demand and Pricing

The one thing about the IOTA story is how can this massive supply benefit investors. It seems counter intuitive.  But I must be too dim witted to appreciate this because back in December before prices tumbled, the public valued IOTA at nearly $15 billion. Since then, like all cryptos, IOTA dropped more than 80% to around $2.6 billion. So did the end of the so called crypto bubble sour investors.  Not at all. Since the April 10th low, the price has jumped 70% to $4.7 billion or about $1.68 per MIOTA.

As we said at the start, long time IOTA watchers will find nothing surprising.  But for the majority, you will want to keep an eye on IOTA; it is not just another altcoin. And it’s price is still less than one-third of last December.  

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
4 votes, average: 4.50 out of 54 votes, average: 4.50 out of 54 votes, average: 4.50 out of 54 votes, average: 4.50 out of 54 votes, average: 4.50 out of 5 (4 votes, average: 4.50 out of 5)
You need to be a registered member to rate this.
Loading...

4.3 stars on average, based on 59 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.




Feedback or Requests?

Continue Reading

Altcoins

Bitcoin Cash Surges as Cryptocurrency Bear Market Winds Down

Published

on

The value of bitcoin cash rose sharply on Wednesday, as momentum returned to the altcoin following a two-month downtrend.

// -- Discuss and ask questions in our community on Workplace.

BCH/USD Price Levels

Bitcoin cash jumped nearly 16% on Wednesday, outpacing bitcoin and the rest of the major altcoins. In doing so, prices came to within a few dollars of $900.

At the time of writing, BCH/USD was trading at $883.53 for a total market cap of $14.9 billion, according to CoinMarketCap. That puts BCH comfortably in fourth spot on the cryptocurrency leader board when measured by market cap.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

By comparison, the cryptocurrency market as a whole added 5.2% on Wednesday to $342 billion. The total market has now gained more than 37% over the past week, a strong sign that the bear market had ended.

BCH generated trade volumes of $611 million on Wednesday, which is roughly 3.3% of the total market. Digital currency exchange OKEx generated 14% of the daily volume, followed by Huobi (10%) and HitBTC (9%).

Investors tracking the coin’s bullish reversal are keeping close watch of the psychological $1,000 level. The cryptocurrency has generated strong support in the low $800s, with immediate resistance located between $890 and $900.

Bitcoin Cash: Undervalued?

While there was no immediate catalyst for BCH’s oversized gains, some analysts believe that a larger breakout is looming as volatility and trading volumes continue to grow. Bitcoin cash also has the perception of being undervalued, even in light of the recent price recovery. Traders looking to buy the dip still have plenty of opportunity with prices still down a full 78% from the December record.

Bitcoin cash has had prolonged periods of hot-and-cold since it was conceived last August. Prices generally trailed the broader cryptocurrency market until November when the backers of Segwit2x failed to activate their hard fork. The fork was cancelled after its backers were unable to form consensus on the upgrade. The market’s response saw BCH diverge sharply with the original bitcoin, with the former reporting huge gains and the latter equally large percentage losses.

BCH recorded multiple record highs in December after Coinbase announced it was offering trading of the cryptocurrency alongside bitcoin, Ethereum and Litecoin. However, the launch was shrouded in controversy amid reports of insider trading at Coinbase. As of last month, the company was battling a class action lawsuit over those claims.

 

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
1 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 5 (1 votes, average: 5.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.5 stars on average, based on 335 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.




Feedback or Requests?

Continue Reading

Recent Comments

Recent Posts

A part of CCN

Hacked.com is Neutral and Unbiased

Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

Trending