Connect with us

Bitcoin

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

Published

on

Sphere Image
READ LATER - DOWNLOAD THIS POST AS PDF

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.

Continue Reading
Click to comment

Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

Published

on

collateralized debt position
READ LATER - DOWNLOAD THIS POST AS PDF

While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

Continue Reading

Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

Published

on

Hodium
READ LATER - DOWNLOAD THIS POST AS PDF

I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

Continue Reading

Bitcoin

Behold The Cryptopreneurs – Overcoming The Obstacles Facing The Blockchain Industry

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

Integrating blockchain technology is fast becoming a necessity for enterprise ventures and small or large businesses, but with a growing number of choices in the tech revolution, it’s difficult to pick a direction without feeling overwhelmed or taken advantage of. This is where BEHOLD THE CRYPTOPRENEURS comes in.

Private keys, the myth of anonymity, and the battle against anarchist ideology are only a few of the difficult challenges faced by businesses that want to incorporate blockchain into their culture. Author Dennis H. Lewis guides the reader through those challenges and helps them discover the true potential of investing in this new economic paradigm.

Every business has pain points that must be overcome in order to branch out and thrive in an ever-changing commercial environment. Blockchain has real world solutions and cryptopreneurs are not limited to the cryptocurrencies they invest in but rather how they seize economic and technological opportunities to make it work for them.

Innovation, trust, and solutions can differentiate your business from all the noise, but without a solid marketing plan, a cryptopreneur can have the best idea and never get far. Remember: a million great ideas times zero market presence equals zero success.

Investors want to know there is public interest and enthusiasm in a project before they commit any money to it. As a cryptopreneur, you are tasked with generating that interest from the…

Continue Reading

Elite