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.
Blockchain technology outshines Bitcoin and Gold during global pandemic
As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.
However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world.
Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.
What is blockchain technology?
Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see.
Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).
Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…
Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.
The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.
Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…