Crypto has been through a lot in the past 12 months, and while the last year’s situation indicated that big things might happen, 2018 quickly crushed such hopes.
On December 16th 2017, the crypto space, led by Bitcoin itself, reached the heights that no one even imagined a few years earlier. Each Bitcoin was valued at $19,000, and the market was worth hundreds of billions of dollars. The situation did not last, however, and the market crashed in early January 2018, bringing digital currencies back down.
For months, Bitcoin was managing to resist the bear trend at around $6,400. However, this situation changed in mid-November, after the second market crash in 2018. The number one coin soon dropped down to $3,200, and many believed that this is only a beginning of a downward spiral that will take it all the way down to zero.
However, that is when something happened, and the situation took an unexpected turn. On December 17, exactly one year after BTC hit $19,000, the coin started growing once again. For an entire week since the crypto market has been trading in the green, and experts are still struggling to find a reason why.
The rally brought Bitcoin’s price to above $4,200, effectively increasing its value by $1,000 within a few short days. However, the growth of the crypto market managed to overperform even Bitcoin itself, and the market grew by $40 billion within a single week.
As mentioned, other coins joined the new surge, with EOS having the largest gains of over 20%. While Bitcoin Cash and c also saw massive increases, many believe that they are still attempting to stabilize after the mid-November BCH fork.
The rally has provoked expert opinions and educated guesses from analysts around the world. While some believe that this is a beginning of something big for the crypto space, others claim that it is just a temporary boost which will quickly end. Meanwhile, experts are also trying to find a reason behind the boost, with some of them, such as eToro’s Matt Greenspan, believing that it has something to do with trading strategies.
According to Greenspan, people are trying to reduce their own exposure during the holidays by closing out high-risk sell positions. This creates higher prices, which results in a rally such as the one that the market is experiencing right now. However, Greenspan’s explanation also predicts that things will change soon, and that crypto prices are about to slide back down.
Unfortunately for traders, this has already started happening, and the market is experiencing new massive drops in prices as of December 25th. Bitcoin price has already dropped down to $3,828 at the time of writing, with the coin losing around 10% of its value in the last 24 hours. Bitcoin Cash, the fourth largest crypto by market cap, is experiencing the greatest losses among the top 10 largest coins, with a drop of over 23%.
What will happen next in crypto?
It appears that Greenspan’s prediction was the right one after all, at least for the time being. It is impossible to say if cryptos will just drop down to the prices experienced prior to the rally, or if they will continue sliding even further. However, investors remain optimistic about the future, with many of them being convinced that things will change in 2019.
Several things of great importance for the crypto world are expected in 2019, such as the Bakkt exchange and Bitcoin ETF approval. If they do arrive, as many hope they will, cryptos may experience their largest surge yet. As always, there are also those who claim that the coins will continue to go down until they are worth only a fraction of their current prices.
The lack of regulations and high volatility are making any reliable predictions next to impossible to make, which is why investors have no choice but to wait and see what will happen.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has…
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