Bitcoin
Here Are Today’s ICO Losers: IOTA (IOTA) and Spectrecoin (XSPEC)
We are closing in on the weekend and it’s time to take a look at some of the biggest movers in the ICO space over the last 24 hours. Specifically, here is an analysis of the two tokens that have taken the biggest hit over the last day or so, with a description of why each is moving to the downside and what we expect from the tokens in question going forward.
The two tokens that are unfortunate enough to be the focus of today’s discussion are IOTA (IOTA) and Spectrecoin (XSPEC).
Let’s kick things off with IOTA.
This is one that will almost certainly need no introduction to most reading. Iota is the company behind the so-called Tangle, which is a blockchain alternative developed to meet the demands of the Internet of things as far as real-world application goes and it’s been around since 2015.
The company initially offered its tokens on the open market back in November 2015, raising a little over $453,000 in the process (which seems low as compares to some of the numbers we have seen recently in the ICO space, but you have to remember these were early days).
Anyway, over the last 24 hours, IOTA has seen somewhere in the region of 20% of its market capitalization knocked off, a number which dips slightly to 15% when viewed across the last seven days.
However, take a look at the operational side of the company and things seem to be advancing pretty fast.
IOTA just made a couple of key new hires to its foundation and has secured a $2 million capital base, meaning it should have no problem meeting operational costs near term. In addition (for many this one won’t seem particularly important but it really is a useful indicator of operational strength in the space), the company’s subreddit just reached 30,000 followers. That’s pretty substantial for a company in the cryptocurrency space and is one that serves to underline the effect that the Iota tangle has had on the market.
In all likelihood, then, the recent decline is just symptomatic of shorter-term operators pulling profits off the table and, when you take a look back a little further (i.e., across the last 30 days) there is confirmation of this suggestion, with the company up just shy of 60% on its price 30 days ago.
Chances are, then, we will see this one continue to appreciate longer term, with the potential for near-term corrections ever present.
The second token on today’s list is XSPEC.
This one is again an alternative blockchain type technology that is looking to improve on the efficiency and speed (as well as security) offered by the sort of technology that underpins more common cryptocurrencies like bitcoin.
It’s actually gathered quite a cult following over the last 12 months, having initially offered its tokens during late 2016 but then subsequently conducting what amounts to a follow-on offering earlier this year.
Over the last 24 hours, however, XSPEC has taken a bit of a hit and is currently trading down around 9%. Just as with Iota, however, this seems to be largely symptomatic of a short-term correction and there is every chance we will see the token turnaround near-term as markets pile in to take advantage of the cheaper bid price.
Again, illustrative of this statement, when you expand the analysis timeframe out to more than a few days, the overarching upside trend becomes obvious. Since last month, XSPEC has gained somewhere in the region of 15% and is up more than 3000% since it’s ICO (the initial offering) that was conducted back at the end of last year.
We will keep an eye on this one as it matures but we fully expect the bullish trend to continue.
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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.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
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%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
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.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
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