Bitcoin
Ethos (ETHOS) Is Running On A Smart And Well Executed Rebranding
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.
Ethos Daily Chart
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 price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
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Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
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Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
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