Dub 22

Home Run or Swing and a Miss? Cryptocurrency Winners and Losers for the Week Ending April 22, 2018

· April 22, 2018 · 5:15 pm

As John F. Kennedy was wont to say, “a rising tide lifts all boats.” Essentially, what benefits one, benefits all. When Kennedy first uttered those words, it was in 1963 and he was talking about the economy. Flash forward 55 years and – as the cryptocurrency market appears to be recovering from a depressing Q1 2018 bear run – the same sentiment is applicable once again.


This past week has been extremely gratifying for crypto community members who weathered Q1 2018’s bear market and made the choice to ‘hodl’ when others were panic-selling. At press time, the total cryptocurrency market cap was just over $394.9 billion – a more than 18% increase from the same time last week.

With the total crypto market cap on the rise, how have Bitcoin and its altcoin brethren fared over the past week? Well, Bitcoin is up roughly 8% – landing at a respectable $8957.95, up from its 7-day low of $8286.88. As to the altcoins? Let’s take a look…

Top 3 Cryptocurrency Winners…

Top 3 Cryptocurrency Winners…

These are the top three best performing cryptocurrencies based on 7-day market activity and with a 24-hour volume of at least $750,000.

Game.com (GTC)

24-Hour Volume: $252,617,000
Gain: 592.80%

Game.com is an ambitious project that combines several elements into a total blockchain-based gaming environment. A combination gaming platform, digital asset wallet, crowdfunding platform, and instant messenger, Game.com is riding high on a rising swell of popularity.

This time last week, GTC was trading at around $0.05 and has climbed to just under $0.35 per token. The sudden spike in value is no doubt due in large part to their partnership with Tron and this week’s announcement that Game.com would be running for a super delegate position in Tron’s upcoming Super Representative vote. A win in this election could not only push GTC prices even higher, but it would give Game.com a seat at the table and a voice in deciding Tron’s future.

Pundi X (NPXS)

Volume: $7,257,560
Gain: 234.72%

Pundi X is a project that aims to make every day crypto usage “as easy as getting bottled water.” It is a POS (point of sale) solution for retail businesses that will make it easy for brick-and-mortar businesses to accept cryptocurrencies in-store.

Earlier in the week, Pundi X’s token (NPXS) was trading at just over $0.0014. On Friday it peaked at an all-time high of $0.0054 before settling down to around $0.0048.

So why the sudden rise in price?

First, the token was recently added to Korea’s Coinrail exchange, which currently accounts for more than 25% of the token’s trade volume. Next was a favorable review of Pundi X’s new POS terminal in this month’s issue of The Nilson Report. Finally – and probably most significantly of all – Pundi X executed its first NPXS token buyback of roughly 200 ETH worth of tokens at a price more than triple that of the then-current market value.

Prices continued to climb in the wake of the buyback but are slowly starting to settle back down. Whether it settles in at a price higher than that of its 7-day low remains to be seen.

XinFin Network (XDCE)

Volume: $899.141
Gain: 201.51%

XinFin is a hybrid blockchain network that combines the power and transparency of public blockchains with the security and speed of private networks. Designed primarily to serve the global trade and finance industries, XinFin has been met with enthusiastic response and successfully concluded their ICO last month.

Since being listed on CoinMarketCap in mid-April, XDCE has been holding steady at around $0.003 per token. Last week, however, things started looking moonish for the cryptocurrency. Trading at $0.0034 this time last week, XDCE reached an all-time high of $0.0168 on Saturday before settling down to around $0.0115 at press time.

The sudden spike in price is most likely largely attributed to XDCE’s upcoming listing on Singapore’s largest crypto exchange – COSS – as well as a 12.5 million XDCE trading promotion. That, coupled with growing interest in XinFin as well as project team that is absolutely doing everything right, could spell continued gains in XDCE’s future.

…and the Top 3 Cryptocurrency Losers

…and the Top 3 Cryptocurrency Losers

Unfortunately, not all altcoins were watching the crypto market through green-tinted glasses this week. These are three worst performing cryptocurrencies based on 7-day market activity and with a 24-hour volume of at least $750,000.

Octoin Coin (OCC)

Volume: $878,826
Loss: -28.96%

Octoin combines crypto trading, mining, p2p exchange, and multi-cryptocurrency wallet functionality into one easy to use platform. The platform’s token, OCC, has been steadily declining ever since peaking at an all-time high of $19.02 in mid-March, however, this past week saw a bit sharper of a decline than in previous weeks. Trading at $3.21 just one week ago, the price has dropped by nearly a third to $2.26 at press time.

As far as what factors could be influencing the price drop, there isn’t much out there that is concrete. The Octoin team are hyping the hell out their platform through a series of mini-conferences and meetups, but there is also a lot of speculation as to the legitimacy of the project. A quick search on Google turns up numerous ‘Octoin: Legit or Scam?’ type articles and their BitcoinTalk thread is rife with investor complaints as well.

Mind you, none of this has been proven, but if I were a betting woman, I’d bet against a recovery for Octoin.

Ormeus Coin (ORME)

Volume: $8,212,730
Loss: -27.56%

Ormeus Coin is a digital money system that is backed by a $250 million crypto mining operation that – according to a February press release – is one of the largest industrial crypto mining operations in the world.

Prices for ORME have been all over the map, ranging from a low of $0.56 in September of 2017 to an all-time high of $3.62 in December that same year. Presently, however, things look quite different. Last Sunday saw ORME trading at $2.58, followed by a blink-and-you’ll-miss-it spike to $3.38 ahead of Ormeus’ global launch party and subsequent Ormeus Cash airdrop. Since then, however, ORME has resumed its downward slide and currently sits at $1.90.

Considering that Ormeus’ crypto operation is reported to be pulling in $6.7 million per month, what gives with the poor token performance?

The decline could be FUD-related. There were allegations on Reddit about market manipulation, but nothing was proven. The more likely scenario, however, is that we’re looking at a selloff in the wake of last week’s airdrop.

Will it recover? Given the team’s active participation within the community and that the mining operation does appear to be legit, I can see this one going back up.

Dragon Coins (DRG)

Volume: $8,404,190
Loss: -26.80%

Dragon Coin (DRG) is the native cryptocurrency of the Dragon Platform, which connects VIP gamer with “junkets”, casino VIP rooms across the globe that host private games and have a system of transferring funds via junket agents.

DRG has slowly been declining since it first started trading in late March of this year and that downward trend appears to be continuing. At this time last week, DRG was trading at $0.975 and it just kept meandering downward to a price of around $0.704.

I honestly can’t pinpoint any one single reason for the decline. The Dragon Coin team seems to be doing everything right, so perhaps it is just post-launch malaise and/or whales dumping.

One of Dragon’s milestones is to launch their own branded junket in Macau. If that happens, I can absolutely see prices going back up to previous highs – and higher.

Do you think that these tokens will continue their current price trends? Let us know in the comments below!


Images courtesy of AdobeStock, iStockPhoto

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not necessarily reflect those of Bitcoinist.com. Claims made in this article do not constitute investment advice and should not be taken as such.

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Úno 22

Bitcoin Price Under $10k As Big Resistance Triggers ‘A Few Days Of Bears’

· February 22, 2018 · 10:30 am

Bitcoin price dropped below $10,000 again Thursday as analysis warns traders to prepare for “FUD” from detractors.


$11,700 The Target To Beat

Data from Bitstamp showed a sudden $500 dip over three hours, taking Bitcoin from around $10,300 to current lows of $9677.

Having traded as high as $11,762 this week, markets appeared to encounter a lack of support closer to $12,000 Wednesday, creating a rapid drop and reversing gains which began around February 17.

“We’re seeing some weakness; this is not good,” analyst Tone Vays told viewers during a Bitcoin weekly chart performance analysis Thursday.

Others mirrored the sentiment behind a temporary fresh downturn, with the altcoin trader known on Twitter as Squeeze forecasting that “bears are likely to take over for a few days.”

Bitcoin’s turbulence continues to have a more profound effect on altcoin markets. A glance at the top 50 assets tracked by Coinmarketcap shows declines in line with Bitcoin but around 30% steeper in the past 24 hours.

Ripple, Bitcoin Cash, Litecoin and others in the top ten all lost around 13%.

Sore Losers Wait For Cashout

“This rebound took a lot of pressure off of BTC owners, but we will start running into overhead resistance,” Jani Ziedins of Cracked.Market meanwhile said in a research note quoted by MarketWatch.

“Many premature dip-buyers jumped in between $12k and $15k and we should expect many of those regretful owners to sell when they can get their money back. Their selling will slow the assent over the near-term.”

The lackluster performance of Bitcoin so far in 2018 has also served to temper the outlook for some of the community’s most ardent proponents.

Ronnie Moas, who led the charge of the bulls during the all-time highs in December 2017, most recently stated the likely finishing point for BTC/USD at the end of this year would now be around $28,000 – nonetheless a record high in itself.

What do you think about Bitcoin’s price dip? Let us know in the comments section below!


Images courtesy of Shutterstock, Twitter

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Led 18

5 Reasons Why January’s Price Slump is Nothing to Worry About

· January 18, 2018 · 6:00 am

With more people entering the crypto markets than ever before, the seeds of fear, uncertainty, and doubt has a greater impact on price volatility. Newbie traders jumping in and out on the whims of social media hype, and then panic selling, causes what happened over the past couple of days. However, looking at historical crypto charts, this January dip is nothing new.


There are a number of reasons why the markets crash in January, and many originate in Asia where the bulk of crypto trading occurs. According to Coinmarketcap, which no longer includes South Korean exchanges, the total market capitalization of all cryptocurrencies fell from $750 billion to $420 billion in four days. At the time of writing, they have since recovered and are on the way back up again, currently sitting at a total of $575 billion.

FUD vs FOMO

Reason #1: A lot of the impetus for crypto price action comes from Asia where the news has not been good in recent weeks. China is constantly trying to quash the entire industry, and South Korea just can’t make its mind up with regulatory hype and clampdown fearmongering emerging on an almost weekly basis. The FUD is as infectious as the FOMO, and panic selling over the past few days has sent all coins into freefall, with some losing as much as 40%.

Looking back on historical Bitcoin charts reveals that a January selloff has happened before, several times in fact. Bitcoin is the gold standard for crypto, and a lot of the altcoins did not even exist back then.


Crash Catalysts

Reason #2: It has been speculated that one factor causing this is the Chinese Lunar New Year, which usually falls in February. It is a time of year when people take time off work and travel to visit family, and for this, they will need fiat, not crypto. Since nations in Asia are responsible for the lion’s share of crypto trading, it stands to reason that this could contribute to the annual selloff.

Reason #3: Another factor could be the end of the tax year approaching where investors are planning to pay their annual taxes. Again this has to be done in fiat, not crypto. While not the only catalyst, it could have some influence over price action.

Reason #4: The ending of the first ever Bitcoin futures contract may also have contributed to traders shorting the asset. Once the big players, such as CBOE and CME, get involved, smaller markets can be manipulated by the institutionalized investors, and we could see more of this action until things stabilize.

CBOE Announces Increased Bitcoin Futures Margins Amid Market Manipulation Worries

Reason #5: As more new and inexperienced traders enter the market, these chart oscillations will amplify. Only when they realize that this is a natural cycle and crypto is not dead will things settle down a little. Since total market investment in cryptocurrencies has jumped over 2500% in less than a year, we are still at very early stages of what could be a game changing industry.

Did you panic sell your crypto or hodl it? Share your experiences below.  


Images courtesy of CoinMarketCap, Bitcoinist archives, and Pixabay.

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Led 07

Bitcoin to the Rescue in Economically Unstable Countries

· January 7, 2018 · 5:00 am

Bitcoin seems to be the knight in shining armor for countries suffering distress due to corrupt governments and volatile economic climates.


Bitcoin’s race to the top of the crypto charts has been filled with record-breaking prices, mainstream integration into the financial industry, and overall sitting-on-the-edge-of-your-seat excitement.

In waiting for the currency to reach the next price milestone, it may be easy to forget what it’s actually there for. Even though it may have a somewhat infamous reputation as being the preferred medium of exchange for shady deals, Bitcoin’s goal is to completely revolutionize and disrupt the global economic industry.

Paying Salaries in Bitcoin is Becoming Trendy

Bitcoin Offers a Welcome Respite From Corrupt Institutions

This is especially true in emerging markets, or in countries where the political and socio-economic sectors are fraught with corruption and an iron-grip control on finances. In addition, it could be the potential answer to the huge problem facing the unbanked population.

According to the Wall Street Journal, crypto users in Sudan, Kenya, and South Africa are fast latching on to Bitcoin as a lifeboat while navigating the choppy waters of economic uncertainty in their respective countries.

Circumventing Sanctions in Sudan

Mohammed Mahgoub, who is a Sudanese web developer and early Bitcoin fan, had this to say:

The main attraction in Bitcoin is the ability to transfer money without any restrictions or going through a bank, this was very important as there were US sanctions imposed on Sudan.

The country has been subjected to financial sanctions for nearly 30 years, negatively impacting cash outflow and making the purchasing of international imports extremely difficult. In addition, because it is seen as a sponsor of terrorist activities, the country is still on the blacklists of most Western banks.

A Facebook group called Bitcoin Meetup Sudan consists of a range of members hoping to learn more about the cryptocurrency. One member wants to raise funds for her NPO by using Bitcoin, while another wants her dowry to be paid in bitcoins.

On the flip side of the bitcoin, financial institutions in developed countries have cautioned people on the risks of using digital currencies as they are not backed or supported by a bank or by the government. However, this is the exact reason that cryptocurrencies have become so popular in emerging markets as it cannot be controlled by untrustworthy authorities.

Arnaud Masset, an analyst at Swissquote, which is a brokerage offering Bitcoin trading to retail clients, further explained:

Buying cryptocurrencies is seen as a protection by people who have been constantly disappointed by central banks and politics.

Masset went on to add:

When conventional money fails, Bitcoin wins.

Masset also touched on using virtual currencies as a way to alleviate sanction stress:

It’s a convenient and fast way to skirt sanctions.

The supply-and-demand principle is clearly evident with the super crypto. Because its demand is so high in developing countries, its price is well above the global average. On some exchanges in Zimbabwe, like Golix, one Bitcoin traded at $22k, compared to the $15k it was trading at on CoinDesk.

Bitcoin Finds South African, Brazilian, and Kenyan Fanbases

eToro reported that phenomenal increases in Bitcoin usage were seen in South Africa and Brazil in 2017, with trading in the former increasing by 671% over less than a year. This massive growth was likely as a result of the country’s president axing the well-respected former Finance Minister, Pravin Gordhan. The South African rand was also downgraded to junk status by S&P Global Ratings in November last year.

Mati Greenspan, an analyst for eToro, stated that Bitcoin usage grew in Brazil as a result of ongoing corruption involving both the country’s former and current presidents.

Kenya is another country experiencing massive Bitcoin growth, 1,400% in 2017 alone. They use the currency to place bets, and people even use it to pay for and gain access to services not available to Kenya, such as Spotify AB.

Smartphone Growth Is a Silver Lining Despite the Dark Cloud of Volatility

However, the currency’s volatility is a real problem in these developing countries. Being in a somewhat precarious position financially can be even more frightening when your Bitcoin investment is losing value every hour, as was the case with the currency’s price correction last month.

Digital currencies may be increasing in popularity in these countries, but they still have a long way to go before being adopted as a common medium of exchange. However, the growing smartphone market in Sub-Saharan Africa is a positive factor in a faster integration. According to GSMA Intelligence, this growth is predicted to happen at a rate of 50% faster than the global average over the following five years.

Do you think emerging markets will continue to increase their usage and adoption of digital currencies? Would this result in more aggressive regulation efforts by the governments in these countries? Let us know in the comments below!


Images courtesy of Pixabay, Pxhere, and Bitcoinist archives.

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