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Buy Komodo (KMD) Ahead Of A Recovery

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Komodo (KMD) is a coin that’s attracting a wave of speculative attention right now, despite the dip in volume we are seeing in the wider cryptocurrency space on the back of the Christmas and New Year breaks.

The coin ran from $2.95 on December 11 to more than $12 a piece by December 22 – a run of 306% in an 11-day period.

As things stand, we’re currently seeing something of a correction, with KMD trading in and around $8.50. We think this correction could be a nice opportunity to jump in and pick up some cheap coins ahead of a return to the upside.

Here’s what we’re thinking.

It’s worth noting here that the cryptocurrency space as a whole has undergone something of a correction over the last week or so but that, really, this isn’t a major concern. It’s the holiday season and the end of the year. People are exchanging to fiat to cover the costs of the period and taking profits ahead of the end of the year for tax purposes.

We’re almost certain to see a post-holiday boom pretty much across the sector and this boom is going to filter down from the big names (bitcoin, Ethereum, Litecoin) etc. to those coins at the lower end of the market capitalization rankings.

KMD is included in this.

Anyway, let’s get back to the point. What’s this one all about?

KMD is the cryptocurrency associated with a platform called (not surprisingly) Komodo and this latter platform is designed as a platform on top of which developers can build decentralized applications. Some readers will be thinking we’ve heard all this before but that’s not entirely true. Sure, there is a bunch of Dapp building platforms out there right now but Komodo is ahead of the pack for a few reasons.

KMD Daily Chart

KMD Daily Chart

First, it allows for the creation of private blockchains that underpin the applications being built, which then link into the Komodo blockchain.

Second, this blockchain linking network type setup then allows for a link to the bitcoin blockchain, which serves to underline the security side of the equation.

Third, BarterDEX. Technically, this isn’t a feature of the Komodo platform but that’s not too important. BarterDEX is a decentralized exchange built on top of the Komodo platform and – in many ways – is the first of its type. Why? Because it’s powered by what’s called Atomic Swap technology.

Anyone that’s spent a bit of time in this space over the last month or so will know that scaling issues and, specifically, issues associated with transaction fees and costs are a hot topic, especially as relates to bitcoin.

With the lightning network expanding (as allowed for by the SegWit fork), Atomic Swaps have become one of bitcoin’s best bets as far as overcoming these scaling issues are concerned and no company or exchange is as far ahead of the rest of the game in this arena than is Komodo. For anyone new to Atomic Swaps, it’s essentially a method of converting coins from one format to another direct from blockchain to blockchain, without having to go through a third party exchange. You can swap BTC for LTC, for example, or KMD for ETH, direct from chain to chain, based on a trustless contract that ensures both parties get (and do) what’s required from the transaction before it completes.

And it’s BarterDEX that’s really driving our bull thesis in KMD right now. If the Atomic Swap drive continues (and, given the current climate, we fully expect that it will) then BarterDEX is going to become a heavy hitter in the sector very quickly, pulling Komodo with it.

We will be updating our subscribers as soon as we know more. For the latest on KMD, 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 Komodo

Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

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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…

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Bitcoin

Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

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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…

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Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

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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…

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