Bitcoin
Here Are Today’s ICO Movers: Plutus (PLU) and Blockpay (BLOCKPAY)
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!
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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