Ethos (ETHOS) gained just short of 50% on the USD over the last twenty-four hours and the coin now trades for a market capitalization in excess of $690 million. Twenty-four-hour volume peaked and hit fresh all-time highs at just shy of $34.5 million and price, right now, sits at $9.15, up close to 600% on the token’s mid-December pricing.
So what’s going on?
Let’s try and figure that out.
For anyone new to this coin, it’s worth starting off with a bit of background. Indeed, in some ways, this is a brand new coin while, in others, not so much. What do we mean by this? Well, Ethos is a new name, a rebranding of an older coin (and company) called Bitquence, which was previously denominated as BQX. As per this post by the company’s CEO Shingo Lavine back in November, Bitquence rebranded to Ethos for a couple of reasons but, primarily, because the company wanted to position itself as a mainstream player and the name Ethos more accurately reflects this positioning.
So that makes sense, but what’s the company and it’s token all about, rebranding aside?
Ethos bills itself as a universal wallet meets super-powered digital currency dashboard meets social network.
That sounds like a pretty wide spectrum of services but the company has actually done a pretty nice job of bringing everything together. Basically, it’s developed a multi-token wallet (so, a single wallet that you can keep a whole host of different cryptocoins in at the same time) and it’s linked this wallet to a cold storage facility and a liquidity network, which allows users to deposit, withdraw, send or exchange any of their crypto assets instantly with maximum liquidity.
There’s also a crowd-driven element to the wallet, which allows for community consensus features, ratings and reviews, social insights, all that sort of thing, with the goal being for this side of the platform to allow Ethos wallet holders to pick up investment info and to subsequently use the platforms instant-split diversification feature to spread risk (or chase reward) across a basket of cryptos – again all in the same wallet.
That’s the background, then, but what’s driving the recent rise in market capitalization?
This one’s all about exposure. A solid and steady stream of communication with both token holders (so, those with a vested interest in growth) and with the wider industry (so, those who might be looking to take a position in the future) is incredibly important right now in this space and this is something that Ethos, since its rebranding, has been great at.
The company regularly puts its team members in front of interviewers, holds q&a sessions and published in-depth development and operational advance reports across a host of different social outlets.
This has translated not just to a strong level of awareness regarding what Ethos is trying to achieve but also – and this is just as important, if not more so – a strong degree of confidence that the company can achieve its goals.
As such, when traders and investors are looking for potential allocations, and they are being presented with the choice between this coin and another, they are choosing Ethos.
So what’s next – can this run continue?
We think it can. The rebranding looks to have been incredibly successful and it has served as a platform from which the company can really start to leverage its strong points and move forward into what could be a great 2018.
Keep in mind that we might see a small correction on the current run (5-10% or so) as the shorter term operators pull profits off the table but – at the same time – any dip might be a nice opportunity to pick up some cheap coins ahead of an overarching return to the upside momentum.
We’ll be watching this one closely moving forward.
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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 Ethos.
Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.
The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.
Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…
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.
NFTs are already being actively traded in markets globally. For…
Wisebitcoin Launches Professional-Grade Crypto Exchange
Infrastructure is developing rapidly in the cryptocurrency industry, but the recent launch of the Wisebitcoin cryptocurrency exchange is nonetheless significant in terms of the immediate value it provides to cryptocurrency users. That’s because the exchange has had a beta version available since 2018 while continuing further developments in stealth mode, and already serves over 1.2 million end users with $6+ billion in 24 hour trading volume at the time of its official launch.
In addition to the large user base and deep liquidity, Wisebitcoin also stands out by offering up to 100x leverage to margin traders, with the ability to open a long or short position in their futures market. In the current bullish environment, leverage is a key way that experienced traders increase their exposure and try to profit from volatility.
For example, if a user opened a long position on ETH on January 2nd at a price of $750, they could have greatly multiplied their profits with even a small amount of leverage such as 5x as ETH reached over $1,100 within 48 hours. A simple unleveraged position would have netted $350 in profit, but a 5x position would have netted $1,750 and a 100x leveraged position would have netted an incredible $35,000 in profits from an initial investment of just $750.
Beyond leverage, Wisebitcoin additionally offers a simple and…