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Here Are Today’s ICO Winners: Unikoin Gold (UKG) and Santiment (SAN)

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It’s Thanksgiving today in the US and – as a result – the more traditional financial asset markets are closed until Friday morning. Tomorrow, these markets will only be open for half a day, meaning volume is almost certain to be somewhat muted until Monday.

With this said, however, there’s a good chance we’ll see some volatility in the cryptocurrency space, regardless of the traditional market closures.

Here’s a look at two of the biggest gainers in the token market over the last twenty-four hours with a discussion of what’s moving each and where things are likely to go next.

The two tokens in our sights for the session today are Unikoin Gold (UKG) and Santiment (SAN).

So, let’s start with UKG.

This one is a relatively new entrant to the token market, having debuted by way of an initial coin offering (ICO) back on September 23. The token hit the markets at an ICO price of a little over $0.249 but, during the couple of months subsequent to its arrival, has dipped considerably and currently trades for $0.249 a piece. That’s a close to 30% depreciation across the period and it’s one that has been primarily driven by some uncertainty as to exactly how the company behind UKG, called Unikrn, is going to drive long-term growth in the value of its derivative token.

For those new to this one, it’s an esports based token that’s been set up to fund the development of an esports and betting platform run and operated by the above mentioned Unikrn.

Esports is incredibly popular right now, and it looks as though a wave of recent market interest (specifically, in a contest called Blast, which just kicked off) is serving to ease the sentiment surrounding this company and its coin. Over the last twenty-four hours, UKG has picked up a considerable amount of strength, gaining 49% across the period. Expand this timeframe out to a week and the number sits at 11% gain across the period.

That’s not a bad run, but the fact remains that there’s still some negative sentiment in play here and that’s going to limit any degree of long-term strength – at least until this coin gets listed on the major exchanges and we start to see some clarity on both business plan and with regards to how the performance of the Unikrn sponsored teams is going to play into token price.

Moving on, SAN.

This token is up 31% over the last twenty-four hours, 112% since last week and a whopping 224% since the end of October. The company ICO’d back in April this year meaning it’s also relatively new to the token markets but, unlike the above discussed UKG, the SAN token has had a pretty solid ride during the period subsequent to its arrival on the scene.

At ICO, SAN went for $0.271. At current prices, the token trades for $0.667 – a close to 150% run in a circa six-month period.

Santiment is a financial trading type product, with the company hoping its platform can be used by traders to judge sentiment in the traditional assets markets through a sort of social and network-crawl data aggregation type system. It’s a neat idea and it’s one that has drawn quite a bit of attention of late, as illustrated by the steep run in capitalization discussed above.

The company is about to take part in the bitfwd Blockathon by way of a major sponsorship and, alongside the event, Santiment COO has just been named as an Asia 21 Leaders recipient, suggesting that there’s some commercial viability in what Santiment is doing.

This suggestion is boosting sentiment and – in turn – boosting the price of the token.

We expect this one to continue to appreciate into the close of the week.

We will be updating our subscribers as soon as we know more. For the latest cryptocurrency news, sign up below!

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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