Here’s a look at two of the biggest moving coins over the last twenty-four hours or so in the token market, with a discussion of what’s driving the action in each and where we here at Global Coin Report expect them to go next.
The two companies that we’ve got in our crosshairs right now are NEO and NXT.
So, let’s kick things off with NEO.
This one’s a bit of an odd situation but stick with it. The token is down around 16% over the last twenty-four hours and this would usually be enough to qualify it for the negative side of the picture on this coverage. However, when you zoom out a little bit and look at the bigger picture, a different story is revealed.
The token is up close to 23% since last week and nearly 35% since the start of November, having appreciated dramatically over the period (and especially over the weekend hat’s just passed) on the back of some fresh news related to a cross-platform integration.
To add a little bit more detail to that statement, NEO is a token that’s representative of a company that’s trying to become the so-called Ethereum of China. It’s bee relatively successful in achieving that aim since IPO (at which point its tokens went for just $0.032 – it now trades for $35.26) and the recent news, outlining the fact that the company’s tokens and platforms have been used as the basis of the Ontology platform, a new distributed trust network by Onchain, have compounded the positive sentiment surrounding what the company brings to this space at the moment.
So, to simplify, this is a token that’s taken a real hit over the last day or so but this hit is far from representative of long-term trajectory. Instead, it’s far more likely a near-term correction on the run, as shorter-term operators pull profits off the table, and we fully expect to see a return to the overarching upside momentum once the reversal completes.
Moving on, let’s see what’s happening with NXT.
This one is another pretty interesting one. The token is up more than 56% over the last twenty-four hours and currently trades for a 105% premium to its price this time last month. The company was one of the original ICOs, with its launch way back in 2013, and was set up as a sort of alternative to bitcoin in that it was designed as a payment mechanism and value transfer protocol but – at the same time – was designed to overcome a few of the perceived problems with bitcoin that early stage adopters thought may hinder growth.
Specifically, it uses proof-of-stake to reach consensus for transactions—as such there is a static money supply and, unlike bitcoin, no mining.
So what’s driving the action in this one right now?
The company has just announced that it’s going to be forming what’s called a childchain with an entity called Ardor and that we’re going to see an airdrop of coins as and when the childchain comes to fruition – slated to happen somewhere around mid-December.
This is a bit of a tough one to interpret from a long-term value implication perspective as it’s sort of an unprecedented move in the space as things stand.
With that said, these sorts of developments (while unprecedented) are often viewed as positive by the bigger players in the space and this could easily lead to some speculative volume flowing into the tokens – both before and after the December development.
As such, while it’s a bit more of a punt that NEO, it looks as though this one could easily pick up some further gains heading into the middle of this week.
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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…