Bitcoin
Here Are Today’s ICO Movers: Quantum Resistance Ledger (QRL) and Tierion (TNT)
We’re closing in on the start of the US session on Wednesday and it’s time to take look at some of the movers in the token and ICO market over the last twenty-four hours. It’s been a pretty active week so far and – despite the fact that the more traditional asset markets in the US are set to close out for a couple of days for the Thanksgiving break – there’s a strong chance we’ll see a continuation of the high volume and subsequent volatility in the crypto space heading into the weekend.
So, here goes.
The two tokens we’re looking at for the session today are Quantum Resistance Ledger (QRL) and Tierion (TNT).
We’ll kick things off with QRL.
This one is an ICO that is trying to answer a long-standing problem in the bitcoin and cryptocurrency space – that the blockchain verification and mining processes are vulnerable to quantum computing. Basically, given its power, a quantum computer could carry out the calculations required to solve bitcoin’s hashing process incredibly quickly and could, theoretically at least, render the technology useless.
Quantum computers are still a long way off, but the risk is real and if the problem is going to be overcome, it’s likely going to have to involve something like what Quantum Resistant Ledger is doing.
So, QRL, the token that underpinned the ICO, is up 76% over the last twenty-four hours and 87% since last week. The run comes on the back of a couple of fresh reports out of the technology space outlining the race to create a quantum computer and the progress of a couple of the main players in the space – IBM, MIT, and Google.
There’s also the pending release of what the company calls its MainNet, which is the actual platform on which the entity’s technology will run (right now, the tokens are set to be traded for a MainNet token as and when the platform is in place).
The initial target for MainNet implementation was August/September but the company missed on this goal. As such, it could happen any day now and markets are likely buying up on the token in anticipation of a near-term report detailing action.
So, moving on, Tierion.
Tierion had something of a rocky start to its ICO based on the fact that, prior to the company’s current iteration, CEO Wayne Vaughan was something of a prankster in the space.
Since then, however, he has built Tierion into a premium blockchain based data verification service that allows users to verify pretty much anything, from a piece or collection of data, to a file, an image or even a business process.
The company has grown well and the ICO was initially pretty popular but – over the last few months – has suffered a bit. The Tierion token, TNT, currently goes for $0.073 – up $0.001 on its ICO price of $0.072, which happened back on August 27, this year.
In the wake of some weakness, however, things have picked up for the company over the last 28 days or so.
The token has run to the tune of 57% over the last twenty-four hours and this number dips slightly to 53% when the timeframe runs to both one week and the last 28 days.
So what happens going forward?
We think this one looks set to continue to appreciate near term, closing out on some of the gap that it experienced early to mid-October. It’s not going to take much to get the token moving as we’ve seen over the last couple of days and with data verification very much a hot topic right now, there’s probably some further upside on offer heading into the weekend and beyond.
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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%.
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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.
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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%.
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