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Has Ethereum (ETH) Finally Found Its True Bottom?

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Ethereum

The crypto space has seen a lot of activity recently, and investors around the world have been waiting for Ethereum to finally reach a bottom. After months of stability, the market crashed for the second time in 2018 on November 14th, just before the BCH hard fork, and the downward trend lasted for over a month when the situation finally changed on December 17th.

Ethereum seems to be stabilizing

This was the time when cryptocurrencies experienced a new price surge, which lasted for an entire week. While Bitcoin value grew by around $1,000, Ethereum managed to almost double its former value of $80. However, the surge soon ended, and a price correction took place, bringing ETH down to around $130, where it seemingly stabilized.

Now, traders and investors believe that ETH has found a new bottom and that the price might not drop below this point. At the moment, it certainly appears as if this might be true, and the third largest coin by market cap currently trades in the green, with a price of $131 per coin.

Due to price volatility, which is still relatively high among the top-ranking coins, ETH value is still expected to go above and below $130, although this may be where the real decline might end. With less than a week before the year ends, many in the crypto community are hoping for any sign of market stability which might eventually lead towards a new growth in early 2019.

At the time of writing, ETH trading volume is just above $3 billion, while the coin’s market cap sits at $13.56 billion. At the time of writing, Ethereum is one of only 5 coins among the top 10 that are trading in the green, while Bitcoin and XRP — both larger in terms of market cap — are experiencing slight losses. ETH price, on the other hand, seemingly stabilized on December 25, mostly maintaining a delicate balance between $125 and $135.

The recent rally managed to bring ETH to $156.60, which is a new milestone that the coin reached on December 24. Since then, ETH went through a price correction which reduced its value by around $25. When it comes to Bitcoin, the correction took away nearly $400, leaving the largest coin just above $3,800 in terms of price.

Will the situation change in the New Year?

Since many are now hoping that 2019 will bring a positive change to the crypto market, it is possible that the top coins might keep their current prices, at least for a while. However, recent reports suggest that some of the highly-anticipated events that might bring positive impact to the crypto space — such as the launch of Bakkt exchange — might see further delays. If this does happen, the prices may be in for another free fall, although nothing is confirmed as of yet.

One positive thing for the crypto world is its apparent independence from the US stock market, which is still dominated by the bearish market. As such, many consider the crypto market to become a safe haven for traditional investors in the future, although many are still questioning this, and it currently remains a distant possibility, at best.

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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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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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Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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