Bitcoin
Here Are Today’s ICO Winners: Iota (IOTA) and Storj (STORJ)
Bitcoin is flirting with $10,000 and there is a huge amount of speculative attention flowing into the space right now. This is translating into plenty of volatility across the various tokens and cryptocurrencies available on the crypto exchanges and, in turn, we are seeing many of these tokens rise and fall sharply.
Here is a look at two of the biggest gainers in the space over the last 24 hours with a discussion of what’s driving each.
The two tokens we are looking at for the session today Iota (IOTA) and Storj (STORJ).
First on the list, then, is IOTA.
There is a good chance that many reading this report will already be familiar with IOTA. The token is representative of its eponymous company and said company is responsible for the creation of what’s called the Tangle. A Tangle is defined as a directed acyclic graph (DAG), which is a generalization of the block chain protocol (a blockchain is a special case of a DAG).
Basically, instead of requiring miners to process transactions, through using a Tangle like system, people who are actually making the transactions verify other pending transactions as they process their own. Specifically, each new transaction requires two random transaction verifications before it takes place.
Anyway, the system that Iota has put in place is widely regarded as likely being the most applicable system to the Internet of Things (IoT) and the reason that the token is running today is that the company has just announced what it calls its IoT Data Marketplace – one of the first real world marketplaces of its type and a platform that, many believe, could firmly establish Iota (and, by proxy, it’s token) as a real player in this space.
Many of the major news media outlets have picked up on the news, including Venture Beat, and this is driving positive sentiment right now.
Over the last 24 hours, IOTA is up 27%, currently trading for $1.251. Since this time last month, the token is up just shy of 250%.
Assuming the wider space doesn’t suffer a near-term correction, there is a good chance IOTA will continue to appreciate heading to the close of this week.
Next up, STORJ.
Again, this is something of a heavy hitter in the space and there is a good chance that most reading will be familiar with the STORJ token and the company behind it. For those new to Storj, however, it’s a network storage company that was set up to link anybody with storage requirements to anyone with free space on their hard drive. Basically, the company’s customers pay computer users to rent out space to them and they use the STORJ token as the method of payment in the source transactions.
Just as with IOTA, STORJ currently trades at a 27% premium to its price 24 hours ago but, unlike the former, is actually down 53% over the last 30 days. What we are likely seeing here is a longer-term reversal of a correction that saw the company giveaway much of its strength over the last couple of months and, in line with this statement, it looks as though STORJ could be set for some near-term strength going forward.
From an ICO price of $0.009, STORJ currently trades for $0.336 – a more than 3600% appreciation across the period.
Again, keep in mind that bitcoin is making fresh highs and this makes the ICO space a little bit more dangerous than normal given the increasing likelihood of a near-term correction in the underlying asset.
It’s not prohibitive to picking up an exposure to these two above discussed coins right now, but it should be considered in line with any risk management strategy.
We will be updating our subscribers as soon as we know more. For the latest updates on STORJ and IOTA, 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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