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EOS Price Continues to Drop, can it Really Start a New Bull Run?

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EOS price

EOS has had a busy month, and not all of its efforts had resulted in a positive way for this crypto. Its price has been dropping for over a week now, and the crypto reached a serious low. The situation is similar to the one it experienced in April, which has caused many to believe that it might, once again, spark a new bull run.

EOS price drops due to various problems

The situation in the crypto market has not been great lately, and a lot of cryptos have seen some major price drops. EOS is among the ones that were hit the worst, due to several reasons.

This has been a busy month for EOS. Not only did it had to postpone its MainNet launch, but the network experienced some major issues when it finally went live. The situation was handled within hours, which proved that the team behind it is efficient and professional, but many have criticized it for even allowing something like that to happen.

Additionally, only days ago, EOS has witnessed another fiasco when its 21 block producers took matters into their own hands and have frozen up to seven of its accounts. They did so due to suspicions of theft, but despite the noble intention, it still wasn’t their decision to make. With all of this happening in the short amount of time, the coin’s price has suffered greatly.

Earlier this month, EOS was in the green, and everything seemed to be going well for the coin. It managed to reach $22 per coin after the market started to recover in April, and EOS enthusiasts believed that the coin might even double that. It certainly had the potential, and investors could not have been happier.

However, that is when all the previously mentioned issues started to appear, and the price started to go down once more. In a few short weeks, EOS has experienced enough problems for its price to keep sinking, until it reached the current $7.62 per coin.

What awaits EOS in the future?

For now, experts believe that the price will stabilize, and remain between $7.00 and $8.00 per token. This seems to have been the correct estimate, since the situation has been like this for several days, now. It has allowed this crypto the time necessary for carrying out damage control, and with a little luck, things might go for the better soon enough.

One proof of this is the situation that the coin has had to endure back in April. After falling down to similar price, not only was the coin capable of rising up once again, but it even started an entire ‘bull run’, and has affected other cryptos. This is something that only a handful of coins have been capable of doing, with Bitcoin (BTC) itself being the most influential in the group.

Because of it, the experts are calling it the ‘Bitcoin effect’, and it might be one of the reasons for EOS even hitting the $20.00 mark in the first place. Unfortunately, the same seems to be working in the other way around, and EOS is not the only coin whose price has dropped. It definitely seems like it is capable of influencing the market with its price’s behavior, which is why all the cryptos may benefit if EOS can find the way to improve.

This is, of course, all speculation at this point, and not really a valid investment advice. Still, it might happen, if the history decides to go full circle in repeating itself, which makes it worth mentioning and watching out for. Nothing is quite certain when it comes to cryptos, and all that anyone can really do is wait and see how the situation unfolds.

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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.

Image courtesy of Devilgorgor via Flickr

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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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.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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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…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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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 been…

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