Bitcoin
Here’s What We Make Of The Recent Viuly (VIU) Run
Viuly (VIU) is gaining some real traction right now. The coin was trading for less than $0.02 a piece at the start of the year, and spiked to more than $0.11 by January 12, before correction back down to $0.03 on January 17.
Between January 17 and today, however, the correction has all but been negated. Right now, VIU goes for $0.6 a piece – up nearly 40% on its price just twenty-four hours ago.
So what’s behind the action and – perhaps more importantly – where does the coin go from here?
Let’s take a look.
First, a bit about the coin.
This is one that many might not have come across before. Blockchain is all about decentralization. We’ve seen numerous companies try and harness the technology to shake up legacy industries and technologies – especially over the last twelve months – and their respective success in doing so has been mixed.
Viuly is trying to do the same with video sharing.
We’re not going to take a position on the concept here other than to say it’s a pretty interesting one – basically, Viuly is offering a platform that allows users to share the content they’ve created, charge for it and receive donations, all that sort of thing.
VIU Daily Chart
Anyway, the reason this one is running right now is because it just completed a connection to the Ethereum Mainnet and – in doing so – has set up to potentially expand its userbase way beyond the level that an in-house blockchain build out would allow for.
Back towards the end of last year, the company completed an airdrop (which is basically just the handing out of free tokens) of more than 450 million tokens to 900,000 unique Ethereum users. The idea is that this airdrop will spark some sort of interest in the platform and what the company is trying to create, without having to rely on the traditional marketing channels.
And it seems to have worked – at least to a degree. As noted above, the coin (and the platform) is drawing some real attention right now in the space and the holders of these coins (many of who, it’s worth highlighting once more, picked them up for free on the back of an airdrop) are seeing the value of their holdings increase as the speculative attention flows in.
So what comes next?
Well, this one is all about two things – platform adoption and the availability (or perhaps more accurately, the liquidity) of the tokens that underpin the technology.
As the user count expands, so will demand for the token. It’s tradable on a few exchanges right now, including OKEx, Bit-D and EtherDelta, but it’s really going to have to pick up some top-tier listing if it’s going to be able to maintain and support the recent surge in volume and, in turn, if it’s going to log some long-term strength.
The bottom line on this one is this: this is a young coin that’s the basis of an interesting platform and concept that, if the team behind it can push in the right direction, has the potential to be a winner long term. That said, there’s a long way to go and a position at current levels, outside of anything acquired on the back of the airdrop, is speculative at best.
We’re going to be keeping an eye on the coin as it matures and as the Viuly platform builds out and expands, so we’ll update our readers a little farther down the line if we change our bias.
One to watch, but given its relative immaturity, there’s risk here as well.
We will be updating our subscribers as soon as we know more. For the latest on VIU, sign up below!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of Viuly
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.
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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…
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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