It’s been a busy week in the cryptocoin space and – as we’re about to reach the end of it – things don’t look like they’re set to slow down just because it’s the weekend. We’ve seen numerous tokens hit fresh highs and fall to fresh lows and – underlying it all – we’ve seen bitcoin reach, then fall from, $11,000 a coin.
With this in mind, let’s take a look at which tokens moved the most over the last twenty-four hours, one up and one down, in an attempt to try and figure out what’s driving the action in each and what comes next.
So, the two tokens in our crosshairs for the session today are Plutus (PLU) and Blockpay (BLOCKPAY).
First up, then, PLU.
This one has the pleasure of being our top mover on the list today. The token, PLU, is up more than 60% over the last twenty-four hours and this rises to 84% and 119% when you expand the timeframe out to seven days and 30 days respectively.
For anyone new to Plutus, the company is a payment platform type system that is set up to allow people to pay for goods and services with a cryptocurrency quickly and easily. The system is currently set up to facilitate payment in bitcoin, Ethereum or – and this one’s the token that’s in focus here – Pluton, or PLU.
Additionally, when users use the application (it’s a mobile platform, primarily) to pay for things in any of the accepted cryptos, they receive a number of PLU in return on a sort of reward based system.
So what’s causing the run?
The platform is in beta right now and access to the said version was opened on November 13. Since this date, the company has already pulled in more than 1,000 users and this rapid uptake (rapid, that is, for a beta) is driving expectations that it could take off once the public commercial version hits the shelves.
And what’s next?
We expect this one to continue to strengthen as the beta matures towards commercialization – so long as the company doesn’t experience any major issues along the way. Keep in mind that, against the backdrop of strength, we could see the odd correction here and there as shorter-term operators jump off the train and pull profits off the table.
Next up, Blockpay.
This one’s not been so fortunate.
During the last twenty-four hours alone, Blockpay has returned a negative 75% ROI and this trend continues when you go back one week (75%, again) and 30 days (30%). From its ICO price of $0.12, Blockpay currently goes for $0.057 – a more than 52% depreciation.
So what’s happening?
This one is a very similar setup to that of Plutus, outlined above. It’s a platform that allows businesses to accept (and, in turn, people to pay in) bitcoin, Ethereum, Dash and a few more. It’s a little more established than Plutus and it’s made a fairly decent name for itself but – since IPO – it’s been plagued with issues and the early traction that the company gained has suffered something of a setback of late.
From a what to look for going forward perspective, it’s really tough to see this coin picking up any substantial strength over the coming few days. We might see a short-term bounce but it’s unlikely to offer up any real degree of reward and – as is always the case in the more traditional financial markets – it’s going to be tough to figure out exactly when any such bounce arrives.
This isn’t to say we’re writing Blockpay off longer term but, as a near-term coin play, there are some far more rewarding assets available right now.
We will be updating our subscribers as soon as we know more. For the latest updates on PLU and BLOCKPAY, sign up below!
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