Bitcoin
Here’s Why Now Might Be A Good Time To Pick Up Some Spectrecoin (XSPEC)
Spectrecoin has had a tough start of the week. It’s down a little over 22% on the last 24 hours and sentiment looks set to push the coin (XSPEC) down further before the day draws to a close.
We’ve taken a look at the chart, however, and we think that current levels might be a nice opportunity to pick up a discounted exposure to a longer term reversal in XSPEC. Here is a look at what we are thinking and what we want to see going forward as confirmation of our expectations.
For those new to this one, Spectrecoin is one of a handful of privacy type coins that have hit the market over the last 12 months or so and it’s managed to build up a pretty healthy reputation among followers and a pretty strong community during the period subsequent to its initial offering (which took place back at the end of November last year).
During this time, the price of XSPEC has risen from $0.001 to $0.397 currently – a run of close to 40,000%. Talk about returns. Of course, much of this return is nominal given an arbitrary initial offering price but, at a glance, it serves to illustrate the general trajectory of the coin since offering.
And a look at the chart below, which shows action over the last 12 months, reinforces this trajectory outlook.
By way of quick introduction, these sorts of coins are designed to act in a similar fashion to assets like bitcoin in the sense that they are primarily value transfer coins but they are also designed to overcome some of the privacy concerns associated with those aforementioned assets. Specifically, Spectrecoin employs what are called stealth wallets, which allow pretty much complete anonymity as regards to balance and transaction volume for the wallet holders and, additionally, the protocol employs the Tor network so as to, again, completely anonymize the flow of coins into and out of particular wallets.
There are some others in this space that employ similar methods but Spectrecoin is the only one right now that incorporates Tor into its offerings which, for many, sets it aside from the pack.
So, why do we think this one is setting up for a turnaround?
Well, take a look at price action over the last 12 months you will see that current levels, in and around the $0.30-$0.40, are levels at which we have seen strong support on numerous occasions. The coin reversed from these levels back in October and ran up to close to $0.70 apiece. The same happened in September.
If historic action is to be relied upon, we could very easily see a reversal from the current price and a resumption towards the overarching upside momentum illustrated on the wider timeframe chart above.
Of course, we will probably need some sort of catalyst (a fundamental one, that is) to get things moving, so what are we looking at as potentially providing said catalyst?
Well, two things.
First, the company just announced that an updated version of its wallet, Version 1.4, will be available soon. We don’t have any solid time frames on this availability but, as and when it hits press, we are likely going to see a spike.
We are also looking for any listing announcements related to major exchanges, with one in particular, a listing on Altcoin.io, potentially hitting press near term. There are more than 1000 votes supportive of listing right now (the count is available here) and, so long as this number keeps rising, we should see the company’s token listed very near term.
We will be updating our subscribers as soon as we know more. For the latest updates on XSPEC, sign up below!
Image courtesy of Spectrecoin.
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 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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