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Here Are Today’s ICO Movers: Populous and Storj

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In the wake of the Segwit2X cancellation, bitcoin has taken a bit of a hit from a price perspective. Price currently sits in and around $6,500, down just shy of 20% from last week’s highs.

While bitcoin struggles, however, the ICO space is as buoyant as ever. A number of tokens have picked up strength over the last twenty-four hours, returning double-digit percentage points across the period for any holders.

Here’s a look at the two biggest movers from the last twenty-four hours and what we think comes next for each.

The two tokens in focus for the session today are Populous and Storj.

Let’s kick things off with Populous.

This one is a pretty interesting one. Populous is trying to apply smart contact technology to an area of trade and industry that many probably won’t be familiar with – the invoice trading market. This is a market (generally dominated by SMEs) across which companies sell their invoices to buyers in order to improve cash flow. A buyer takes on the invoice for a reduced cost (as measured against the total invoice sum) and basically fronts the selling company the cash. The buyer then collects on the invoice after 30, 60 or 90 days (or however long the invoice terms stipulate) once the due date comes around.

The buyer pockets the difference between the cash fronted to the seller and the invoice total and the seller doesn’t have to wait however long to get its cash in hand.

So, this is a pretty lucrative space but, right now, it’s fragmented. It’s also the ideal sort of transaction for smart contract applicability – everything can be automated, essentially negating the potential for malice.

So why is Populous running today?

Well, aside from the fact that the product is very neat, the company has made a real effort over the last week or so to get fresh information on the table. This Medium report detailed the launch of a Beta platform and, shortly before that hit press, the company got a strong write-up on Steemit from an author people listen to and respect.

In this space, that’s enough to light a spark.

We expect this one to continue to appreciate near term. The token is up 28% on the last twenty-four hours, 151% on the last 30 days and is quickly gaining a reputation for being a smart play in the space.

Moving on, let’s look at Storj.

This is one of the most well-known tokens in the ICO-ecosphere, having sold around $30 million of its tokens as part of its ICO a few years ago. It was an early mover and its price illustrates this fact – Storj tokens are up more than 5,000% since the company’s initial token sale.

For those new to Storj, it’s a cloud storage platform that uses the Storj token as a unit of trade for people that want to pick up access to varying storage size programs offered by the company. The more people that use the service, the more Storj tokens are bought across the various exchanges that offer them and – in turn – the higher the per-token price of the Storj coins.

Increased adoption (and a growing client base for the company) isn’t what’s behind the most recent action in this one, however. The token is up 25% on the last twenty-four-hour period and is staging something of a recovery having turned out a pretty rough October, with the action driven primarily by some media coverage over at Nasdaq.

Any time one of these tokens makes the jump from crypto-niche coverage to mainstream news media it brings in a flurry of speculative attention. In this market, that’s all it takes to really get things moving and that’s exactly what we’re seeing here.

With Storj, future value is rooted in something a little different than might be the case for some of the younger tokens, such as the above-discussed Populous. Populous is a start-up and a smooth beta rollout is all that’s necessary to get the token running. With Storj, and the latest run excluded, we’re going to need to see some real-world user growth if the token is going to support its recent revaluation.

Keep an eye out for company-published updates for any insight into the demand for its cloud storage platform as indicative of its potential to build in the recent recovery.

Image courtesy of descryptive.com via Flickr

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Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

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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…

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Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

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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…

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Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

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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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