Bitcoin

Here’s How Qtum (QTUM) Can Hit $1,000

Published

6 years ago

December 20, 2017

Qtum (QTUM) ran from $12 a piece during the middle of last week to more than $72 during the session yesterday, a gain of more than 500% across what amounts to little more than a week. The company behind the coin is garnering a lot of attention on the back of this rise and picked up coverage across a number of major news media outlets, including here at Forbes.

While many outlets are talking about the price rise and where QTUM currently stands in relation to some of the other major cryptocurrencies in the space, very few are discussing the fundamentals that underpin Qtum and, in turn, serving up any reasoning that explains the action we are seeing.

So, in the absence of this approach, let’s fill in the gaps.

Let’s start with this: Qtum is a decentralized blockchain application platform. What does this mean? It means that the technology is a platform built using blockchain as a base that serves as a layer through which individual developers can build applications using and manipulating the underlying blockchain.

QTUM Daily Chart

There are a number of these sort of blockchain application platforms in development right now, one example (and one that many see as a major competitor to Qtum) being NEO, but Qtum stands out in a couple of key ways.

First, the blockchain technology that underpins the application platform is the bitcoin blockchain. Qtum then combines this with what’s called a virtual machine (VM), which is the layer that allows for the execution of smart contracts and, in turn, the creation and development of decentralized applications. What’s interesting here, however, is that the VM that Qtum uses is the Ethereum VM (EVM). Normally this would be possible (integration of the EVM with the bitcoin blockchain) but the team at Qtum has found a way to make it possible has called this method its Account Abstraction Layer (AAL).

Essentially, then, it allows for the security and stability of the bitcoin blockchain but with the adaptability of the Ethereum small contract system. It’s a sort of dream team of interoperability.

But the benefits don’t stop there.

Because of the above mentioned AAL, QTUM isn’t limited to the EVM. A different VM can be developed and laid on top of the bitcoin blockchain and – right now – this company is doing exactly that. The team is building an x86 VM that will allow smart contracts programming in 32-bit languages like C, C++, C#, and Java.

This is incredibly important because, for the first time, developers unfamiliar with the standard programming languages associated with blockchain development will be able to harness the power of blockchain (and bitcoin’s blockchain no less) and smart contract technology without having to learn a new language.

In other words, what this company is doing will mean that this space is opened up to millions of programmers practically overnight.

So that’s why markets are getting excited about this company right now. The x86 VM is expected to launch during early 2018 and, when it does, we are going to see a huge amount of development take place on the platform. QTUM is the token that fuels system operational activity (in a similar way to the way in which Ether interacts with Ethereum) and, as such, as this wave of development flows towards the platform, we are going to see a huge increase in demand for QTUM as a token.

As far as a justifiable bull thesis on a token is concerned, there aren’t many out there as satisfying and as logical as that which exists for QTUM right now.

Of course, these are new technologies and we may see some degree of fallout if things don’t go smoothly on deployment but, even with this taken into consideration, and from a reward perspective, this is very much one to watch.

We will be updating our subscribers as soon as we know more. For the latest on QTUM, 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 Qtum.

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

5 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…