Bitcoin
Here Are Today’s ICO Movers: NEO and NXT
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.
Why?
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 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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