Here Are Today’s ICO Winners: Status (SNT) and Coindash (CDT)

Here at Global Coin Report, we like to take a look at some of the biggest movers in the ICO space on a daily basis in an attempt to try and highlight any near-term opportunities for our shorter-term cryptocurrency trading readers.

In line with this, here is a look at two of the biggest gainers in the space over the last 24 hours with a discussion of what’s moving each and where we expect the coins in question to go near term.

The two coins we are focusing on today are Status (SNT) and Coindash (CDT).

First up, then, Status.

This one is a pretty interesting one. The company designed itself as an open source messenger service built on the Ethereum platform as a decentralized application (Dapp) and, subsequent to its creation, launched an initial coin offering (ICO) that saw it target a total raise of 300,000 ETH. However, due to a huge influx of unexpected buying activity, the Ethereum network essentially collapsed at the point at which 1.68 billion SNT tokens had been issued and the collapse now is looked back on as one of the first major tests (and, subsequently, failures) of the Ethereum network and software.

Things have been resolved since then, however, and Status has grown into what is now regarded as a relatively stable and well-positioned entity, with an alpha release in place that’s working towards a beta and public release near term.

So what’s driving the action at the moment?

The company just updated markets as to the progress of its development as per this release and progress looks strong. This is one of a number of companies in this space developing on an open-source basis and it’s this approach that has allowed it to progress in a completely transparent way – something that is rare for these sorts of decentralized application efforts, especially those that formed part of the major ICO wave earlier this year.

So what’s next?

The token is currently trading for an 80% premium to its price just 24 hours ago and a close to 100% premium on its price this time last week. We may see a near-term correction as the short-term operators pull profits off the table but, moving forward, we expect this coin will continue to appreciate as development matures towards beta.

Moving on, Coindash.

This one is famous for a botched ICO as well but in a very different way. At the time of the company’s token issue, a hacker managed to change the Ethereum address to which participants were supposed to send ETH (and, in return, to receive CDT tokens) and this led to more than $10 million in ETH being transferred to the false address.

Coindash was able to claw back some degree of credibility after it announced that it would issue CDT to all those who sent ETH to the wrong address (prior to the shutting down of its website) but the issue remains something of a sore point for the community and it has weighed on sentiment over the last three or four months subsequent to the event.

This week, however, markets seem to be turning around somewhat and CDT is trading for a 35% premium on its 24-hour pricing and is currently up nearly 71% on its ICO price.

So what’s driving the latest run?

This company bills itself as an operating system for cryptocurrency assets, which exposes it to any ups and downs in the underlying majors – BTC, ETH and LTC. With BTC currently up way above $10,000 right now, having broken this level last night, CDT is riding high on this key resistance level toppling.

So long as BTC remains above $10,000, we expect this one will continue to gain strength. If BTC falls back below this level, however, we may see a near-term correction on the recent run.

We will be updating our subscribers as soon as we know more. For the latest updates on SNT and CDT, sign up below!

Image courtesy of waferboard via Flickr