Connect with us

Bitcoin

Here Are Today’s ICO Movers: Cofoundit (CFI) and NXT (NXT)

Published

on

movers ICO

Bitcoin is heading towards the $10,000 mark and this has translated to a considerable amount of speculative volume flowing into the ICO space. Here’s a look at two of the biggest movers over the last twenty-four hours with a discussion of what’s driving the action and what comes next for each.

The two tokens we are focusing on today are Cofoundit (CFI) and NXT (NXT).

First up, then, Cofoundit.

This one is a pretty interesting one. The company (named Cofoundit, like the token) was set up as a sort of venture capital (VC) funded startup incubator, offering companies that have raised money through an ICO model support, mentoring, that sort of thing. Basically, the idea is to help these companies transition from a tech-focused startup to a company that’s adept in all of the various facets required for success – marketing, finance, etc.

Anyway, the initial token sale happened back in June and the company raised around $30 million based on a token price of $0.12 a piece. Fast forward to today and the tokens go for a little over $0.17 a piece – a circa 42% gain.

Narrow the timeframes a little, however, and things get pretty exciting. CFI is up 65% on its price this time yesterday and just shy of 100% on its month-ago pricing.

So what’s driving the action?

Well, the company is about to kick off what it calls the Coufound.it Playoffs – a sort of business kick start event that’s going to see a number of companies pick up seed capital and essentially compete for support. It’s a neat event and it’s one that – based on its unique positioning – is attracting a substantial amount of attention right now.

People who want to participate need to pick up CFI tokens and then these can be used to fund the companies (teams) that are participating in the event.

What comes next?

We think this one’s got a pretty bright couple of weeks ahead of it. The Playoffs event is going to attract some media attention and this – as we’ve said a couple of times in the past – is nearly always enough to get this moving from a price perspective. Time will tell whether the model works longer-term but – right now – it looks like a nice short-term token play.

Moving on, NXT.

Many reading will likely already be familiar with NXT. This is a something of an old-timer in this space, having in9itially been rolled out way back in 2013 as a sort of alternative cryptocurrency to the then-nascent bitcoin.

Since then, NXT has failed to live up to its initial billing as Cryptocurrency 2.0 but, having said that, remains pretty widely used and is one of the market’s favorites as a speculative asset.

So why is it on this list?

Because over the last twenty-four hours we’ve seen NXT’s price soar to $0.21 a piece – up 42% over the period. Expand this timeframe from one day to 30 and the gains rise fro 42% to 254%.

What’s driving the action?

The company behind NXT is hosting an event to celebrate the four-year anniversary of the token at which it intends to serve up some insight into how things have matured during the period and – probably more importantly from our perspective – what’s going to come next from NXT.

There’s also the launch of a Child chain called Ignis, which will bring with it an airdrop of tokens to NXT holders just before the end of this year. This, in line with the anniversary, is drawing some speculative volume to the token and chances are we’ll so a continuation of this speculative inflow, at least until the airdrop takes place.

We will be updating our subscribers as soon as we know more. For the latest cryptocurrency news, sign up below!

Continue Reading
1 Comment

Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

Published

on

By

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…

Continue Reading

Bitcoin

Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

Published

on

By

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…

Continue Reading

Bitcoin

Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

Published

on

By

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…

Continue Reading

Trending