Bitcoin

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

Published

6 years ago

January 4, 2018

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

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.

Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

Published

4 months ago

December 18, 2023

Crispus

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…

Bitcoin

Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

Published

4 months ago

December 14, 2023

Crispus

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

Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

Published

4 months ago

December 6, 2023

Crispus

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…