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Here’s What We Think Is Driving Sphere (SPHR) Right Now

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Sphere (SPHR) is a bit of a strange right now. the coin has seen a dramatic increase in value over the last couple of weeks, running from $3.70 apiece to just shy of $11 as things stand and, at the same time, reaching a market capitalization in and around $34 million.

Central to this appreciation has been a large uptick in volume, with nearly $23 million worth of SPHR trading hands during the last 24 hours alone. When you see two-thirds of an asset’s total market capitalization trade hands in less than 24 hours, it starts to raise some flags. Not necessarily red flags, of course – in the more traditional equities markets a large uptick in volume can precede a spike or a breakout to the upside – but flags in the sense that we start to see attention turned towards the coin and the underlying company as people try to figure out what’s going on.

SPHR Daily Chart

SPHR Daily Chart

So, with this in mind, let’s turn our attention to Sphere and see if we can clear things up a little.

There are a few different blockchain projects out there named Sphere, so don’t get confused. This one is a decentralized peer-to-peer payment network, secured through a proof of stake consensus blockchain. In concept, it’s designed to act as an efficient and secure means of commerce, while also serving as an appreciating token for traders and long-term holders.

­In other words, it’s a sort of payment/investment asset that’s designed to incorporate certain features of what we might call first and second generation tokens (bitcoin, Litecoin, etc.) but bring a bit of third generation flair to the mix.

It’s a bold vision and it’s one that, to date, has managed to attract a reasonable amount of attention. Indeed, earlier this year, rumors that Microsoft was investing in Sphere, alongside legendary bitcoin investor Tim Draper, hit press – but these have yet to materialize far as anything official is concerned.

One of the problems with this company is that development is relatively slow, or at least, any updates as to how the project is coming along are slow to hit press. This isn’t necessarily a sign of any lack of operational advance but, in this sort of market, and especially under current market conditions, communication between a company and its token holders is a real positive.

Of course, even against the backdrop of this relatively sparse level of communication, SPHR has managed to appreciate substantially over the last few weeks so, what’s driving the gains?

Management has long been communicating that it expects to transfer the current token over to what’s called the UBIQ network, which is a sort of upgraded Ethereum type smart contract platform, near term.

When this happens, SPHR tokens will be exchanged for an ECR20 compliant token and listed on major exchanges – starting with (reportedly) Bittrex.

This has – as mentioned – been in the works for some time but the recent action suggests it could be just around the corner. It would be a real watershed moment for the company and its coin holders if it plays out so, as far as the recent action is concerned, it looks as though its rooted in a degree of speculative loading in anticipation of this watershed moment coming to fruition.

So what’s next?

Well, near term, we think there’s plenty of room for further appreciation on current levels ahead of any ECR20 exchange. If the exchange takes place, it’s areal upside driver. If we don’t see it happen within, say, 30 days, we’ll likely see a correction and then the speculative loading cycle will start all over again.

From a trader standpoint, then, it’s all about risk tolerance. The riskier (but higher reward) trade is to take a position now and wait for the switch.

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

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.


Image courtesy of Sphere.

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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Bitcoin

The Bitcoin Revolution: Everything You Need To Know To Take Profits

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Bitcoin is soaring high in the cryptomarket once again, and experts are expecting a return of the bullish trend of 2017. The current Bitcoin price is $7,615 as of 23 May 6:56 AM UTC. This significant jump comes just six months after the Bitcoin price plummeted to a low of $3150 in December 2018. Since then, Bitcoin has experienced steady growth and gain in the market. However, in the last 30 days, the Bitcoin price peaked to $8,320.82, its highest price ever. This phenomenal jump occurred in a span of only 10 days breaking the Bitcoin record so far of significant gains made in short time frames. This positive growth has led to experts forecasting the Bitcoin price to hit the $20,000 mark by the end of this year.

Since entering the market almost 11 years ago, Bitcoin is still at the top of the global cryptocurrencies list. The current circulating supply of Bitcoin is at unbelievable 17,708,875 BTC. The market trend of the Bitcoin price has remained positive even when the currency did not maintain an uptrend. Cryptocurrency researchers believe that Bitcoin has the potential to grow up to a high of USD 50,000 within the next two years.

How to Profit from Bitcoin…

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Altcoins

3 Altcoins That Are Outperforming Bitcoin and Will Likely Face Consequences

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The crypto market is going through a period of massive recovery in the past few months, which has caused the investors’ optimism to return. While all eyes are on Bitcoin (BTC), as usual, the largest coin seems to be struggling with a major resistance level at $8,000 at the moment. While this level was breached a few times now, every breach resulted in a correction.

At the time of writing, BTC is approaching this level yet again, with its current price being at $7,985,79, and rising further. The price managed to grow by 1.06% in the last 24 hours, and will undoubtedly hit $8,000 in a matter of hours, if not sooner.

However, while Bitcoin continues to remain volatile and struggles with waves of growth and decline, there are some altcoins that are not following its path. Of course, most of them are performing in pretty much the same manner as BTC, as they always had. But, a few coins have actually managed to outperform Bitcoin in recent months.

While optimists believe that this might lead to decoupling from Bitcoin — something that only Binance Coin (BNB) managed to pull off up to this point — it is likely that there will be consequences for these cryptos. This likely means that a price drop for these specific coins awaits somewhere in the near future, as outperforming BTC…

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