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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ur welcome pic.twitter.com/e2KF57KLxb
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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
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