Bitcoin
Here Are Today’s ICO Movers: Coindash and Darcrus
We are closing in on the end of the week and it’s been a pretty wild ride in the ICO and token space. A number of tokens have moved considerably – some with valid reasons behind their movements and some slightly more dubious – and we’ve tried to track the biggest movers along the way in an attempt to figure out why the tokens in question are moving and – ultimately – what’s next for each.
We’re midway through the US session on Thursday, so here’s a look at two of the biggest movers over the last 24 hours with an analysis in line with the above questions – what’s moving the token and what’s next.
So, the two tokens in our crosshairs right now are Coindash (CDT) and Darcrus (DAR).
Let’s start with CDT.
Anyone familiar with this space will know that this one is something of a controversial play. The company conducted its ICO back in July and fell foul of a hacker, who changed the address to which participants were required to send ETH. In total participants sent $7 million in ETH to the hacker’s address instead of that of Coindash.
Anyway, that’s somewhat in the rearview right now and markets are able to focus on the company’s operations as indicative of CDTs inherent value as opposed to the implications of the hack.
That’s good news for the company and it’s paying off – over the last 24 hours, Coindash is up 35% and it’s up 15% since last month. Right now, CDT trades for $0.044, up from its ICO price of $0.031.
So what’s causing the run?
Well, as we’ve seen a couple of times this week, the primary driver behind the run is company’s announcement that CDT is now listed on another major exchange – in this instance, Binance.
When it comes to price, liquidity plays a key role in these tokens and – as such – the more exchanges that list a token, the higher it generally goes on the back of the improved liquidity position.
There’s a good chance we will see this token continue to appreciate moving forward, especially near term (i.e. into the close of this week), as more participants flow to the token on the back of increased and simplified access.
Management over at Coindash just published a fresh roadmap that outlines strategy over the coming twelve months, so that added clarity is also likely serving to lift sentiment a little on the wider markets.
Moving on, let’s get to Darcrus.
This is actually one we covered earlier in the week, with the token having picked up some real strength during the session on Monday and Tuesday on the back of some fresh media coverage.
Fast forward to today and we are seeing a replica of the action. Right now, Darcrus is up 21% on the last 24 hours and up a whopping 45% since last week.
So what’s driving the action this time?
You guessed it – a fresh exchange listing. This week, the company has announced that its token is now available to buy and sell over an exchange called UPbit, which while not one of the major exchanges, adds to a couple of other early week developments to compound the recently seen positive sentiment and to – in turn – keep this stock running.
When it comes to forward action, we’re not quite so optimistic on this one. At least not very near term. There’s a good chance we will see some degree of near-term correction as the shorter term operators pull profits out of the market and this will likely translate to some weakness.
When we see the dip, however, it might be a nice opportunity to pick up some tokens cheap ahead of a longer term recovery.
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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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