Connect with us

Altcoins

Electroneum (ETN) price slump stagnant following KYC implementation

Published

on

Electroneum

Electroneum (ETN) which is also known as a mobile virtual currency, has managed to engrave its name into the history books as the first cryptocurrency in the world to incorporate KYC or Know Your Customer procedures. By doing this, Electroneum secures a position to be recognized means of virtual payments.

Through their Twitter handle, the Electroneum management broke the news to the public in jubilation earlier this month.

Sharing his insights on the cryptocurrency’s KYC achievements, the blockchain project CEO and leader, Richard Ells, had the following to say to the media and the general public:

“Today marks the third time our virtual currency and blockchain technology has broken new territory in the cryptocurrency space. We were the first mobile cryptocurrency in the world, we created the first cryptocurrency instant settlement API in the world, and today we are being feted as the first cryptocurrency to be compliant with the existing KYC requirements.”

This comes as great news for the upcoming virtual currency, but unfortunately, many investors and traders do not understand what this means for the blockchain technology.

What this means is all users of Electroneum will have to be KYC-compliant by 12th November 2018, according to news sources from the company’s management. At the moment, voluntary KYC registration is ongoing, and users are being encouraged to register themselves.

Richard added,

“Now that we are KYC approved, this will now allow us to advance from being a virtual currency into a virtual settlement provider like Apple Pay or PayPal, enabling us to support our core demographic: smartphone users in emerging and developing countries”

In the past few years, the cryptocurrency ecosystem has been faced with calls for regulations through KYC or Know Your Customer compliance. The world of FinTech is not being spared as these emotions are cutting across the board following the continuous adoption of virtual currencies by individuals and entities.

For a cryptocurrency that is compliant with the KYC requirements means it is a legitimate mode of payments that can be used to transact as identities are going to be linked with the balances. This will change the never-ending notion that virtual currencies advocate and are instruments for illegal activities and transfer of monies across the globe.

Is the KYC Compliance Move a Positive one for Electroneum?

Electroneum’s decision to lean towards KYC regulations open up the door for constant discussion on whether it was the right move or not. Regardless of the talks, one thing is for sure, by being KYC compliant, Electroneum has now opened the door for willing traders and users who initially were skeptic towards cryptocurrency, to be able to trade and invest without fear.

It is the primary goal of the partnership between Electroneum and Yoti digital ID, to boost the adoption rates of ETN as well as its legitimate use.

Although the progress cryptocurrencies such as Electroneum are making, the cryptocurrency world is far from free from illegitimate use as some users are still taking advantage of cryptocurrency’s anonymous nature to commit cybercrimes and corrupt dealings.

Electroneum Unending Price Slump

At the time of writing, the price of Electroneum (ETN) stands at $0.0162 with a total circulation supply of about 8 billion ETN coins. Over the 24-hours, Electroneum prices have depreciated significantly in value (down by more than 6%) even as the market shows signs of rebounding on the hourly chart.

Although the market is still recording a 2 percent net loss in both US dollar and Bitcoin, Electroneum uneasy projection remains top position signaling tough times ahead for the mobile cryptocurrency. On social media, opinions seem to be divided as a section of avid crypto enthusiasts predict gloom and doom for the crypto as another section show their support of the coin and expect it to appreciate anytime from now.

For real-time trade alerts and a daily breakdown of the crypto markets, sign up for Elite membership!

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.

Image courtesy of Pixabay

Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

Published

on

By

Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.

SOL Outlook

Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.

The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.

This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…

Continue Reading

Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

Published

on

By

Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.

Catalysts Behind SOL’s Rally

Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.

The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.

Cited figures provided by DeFi aggregator DeFiLlama

Continue Reading

Altcoins

Solana Price Breaches $60 Amid a Symphony of Bullish Indicators

Published

on

By

Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.

SOL’s Bullish Cues

Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.

In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.

Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…

Continue Reading

Trending