Bitcoin
Here’s How BitConnect (BCC) Could Become The Safe Haven Cryptocurrency
At the start of 2017, BitConnect (BCC) launched as a sort of store-of-value alternative to the existing raft of cryptocoins that were available at that time. Mid-January (so, a little over under twelve months ago), BCC traded hands for around $0.20 a piece.
Right now, BCC is at $456.
Wider markets and the general public outside of cryptocurrency are looking at the gains they missed out on by not picking up a handful of BTC back in 2011. Very few people are talking about the close to 23,000% gains seen in BCC, however.
That is, until now.
The coin is finally starting to pick up some mainstream attention and – as might be expected – is running on the back of the added volume that this sort of attention spike brings. Over the last twenty-four hours alone, $55 million worth of BCC has changed hands. The coin is now well into the top twenty existing coins by market cap, coming in at number 17 at the latest count with a total capitalization at current prices of $2.8 billion.
So here’s the million-dollar question – what comes next?
Can this one continue to run and – if so – where?
To try and answer this question, we’ve got to look at what’s driving the action in the first place. So, let’s do just that.
We mentioned above that this coin is a store of value coin but let’s go into that in a bit more detail. Back when bitcoin and – subsequently – Litecoin first hit the markets, they were deemed value exchange tokens. That is, they were pitched as (and eventually became) transaction tools that people could use to send and receive money quickly and cheaply. Right now, of course, bitcoin is experiencing some scaling issues that are hampering its ability to fill this use-case but there’s a strong chance (based on the Lightning Network, Atomic Swaps, etc.) that these issues will resolve. That’s not really important here, however, it’s more of a side issue to our expectations for BCC.
BCC Daily Chart
What is important is that BCC was designed from the start as a store of value. You’d buy it and hold it, as opposed to buying it and sending it to someone else. And the way that the guys who created the coin built this store of value feature into BCC was to incentivize holding by adding an interest function into the coin.
When you hold BCC, you receive interest on your coins. There are no other (mainstream) coins that allow this and those that do are generally also alternative function coins – that is, situations in which the coins are also used for some other purpose within the platform or the application with which they are associated.
So how do the numbers stack up?
There’s a maximum coin supply of 28 million and, right now, total circulating supply is around 6.5 million. This means there are still plenty of coins to be mined but – just as with bitcoin – the difficulty associated with the mining of these coins increases over time, which helps the supply to maintain the deflationary aspect of bitcoin that makes it attractive in this sort of respect.
Let’s bring all this together, then, to try and answer our initial question – can this coin continue to appreciate heading forward?
In a word – yes.
The reason that this one is so interesting is that while this market continues to expand, there is going to have to be a form of value storage that comes to the fore. Right now, bitcoin is, to a degree, filling this gap. Once the transaction issues are resolved and bitcoin once again becomes a transaction play, investors are going to start looking for those stores of value that actually offer traditional returns on storage – like interest.
We will be updating our subscribers as soon as we know more. For the latest on BCC, sign up below!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of BitConnect
Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
-
Blogs6 years agoBitcoin Cash (BCH) and Ripple (XRP) Headed to Expansion with Revolut
-
Blogs6 years agoAnother Bank Joins Ripple! The first ever bank in Oman to be a part of RippleNet
-
Blogs6 years agoStandard Chartered Plans on Extending the Use of Ripple (XRP) Network
-
Blogs6 years agoElectroneum (ETN) New Mining App Set For Mass Adoption
-
Don't Miss6 years agoRipple’s five new partnerships are mouthwatering
-
Blogs6 years agoCryptocurrency is paving new avenues for content creators to explore
-
Blogs6 years agoEthereum Classic (ETC) Is Aiming To Align With Ethereum (ETH)
-
Blogs6 years agoLitecoin (LTC) Becomes Compatible with Blocknet while Getting Listed on Gemini Exchange
