Bitcoin

PACcoin (PAC) Is Rocketing: Here’s What’s Next

Published

6 years ago

January 8, 2018

PACcoin (PAC) has had an incredible start to the year in 2018. The coin was trading at just $0.000004 a piece on December 26, 2017. At its most recent close, this had risen to $0.00027. We are still talking way below one penny, but with a more than 6000% increase in a matter of weeks, this is very much want to watch at the moment.

PAC Daily Chart

The community behind it (and this one is very much community driven) is buzzing about the run (understandably so, they’ve seen their holdings soar by thousands of percentage points practically overnight) and there’s plenty to suggest that this could be just the start of a long-term reevaluation for the coin in question.

The question is, are these suggestions valid, or is this run just a temporary spike in an otherwise relatively low volume coin?

Let’s take a look.

By way of brief introduction, this one has a bit of an unusual past.

The coin was first started back in 2013 by William Corliss as the Pacifica Nation’s official coin. After a while, however, the project went dead and the coin essentially was left in limbo.

Around four years after it was launched (so, in 2017) a team picked it up and started putting some effort into a rebranding. The team behind the rebranding labeled it PacCoin, with the PAC standing for People’s Alternative Choice.

As outlined in the company’s brand guideline (available here), the team behind the coin now is one comprising marketers, developers and crypto enthusiasts and the tea is focused on its so-called four ‘C’s:

Community
Choice
Content
Charity

With a mission statement of building a strong community that is able to provide charitable solutions via content, media & alternative choices.

So, that’s the scoop on what this one’s all about – let’s get back to the nitty-gritty, can the coin continue to appreciate?

As per company communication, the community behind this one right now is in excess of 100,000, meaning that more than 100,000 individuals hold PAC at this moment (we’re assuming the team has measured this by way of a wallet count).

That’s not bad for a coin that carried a market capitalization of just $3 million this time last month.

And as far as we’re concerned, it’s all about how much this community can push beyond its current scope. The model that PAC seems to be employing is one that rewards community expansion, with an affiliate type model that rewards affiliates for bringing new users on board with PAC.

That’s a model that – as yet – is relatively untested in this space but that far from negates its potential efficacy. If you want growth, incentivize it.

And it’s based on this that we’re maintaining a bullish bias on PAC heading into early to mid-2018. The coin is picking up some momentum on the back of the recent run and we expect the increased attention that comes with the sort of activity we’ve seen over the last week or so to push the coin higher near term.

There’s always a chance, of course, and it’s one that anyone looking to pick up an exposure at current prices should consider, that we might see some degree of near-term correction on recent highs (indeed, we already have seen something of a correction, with PAC currently trading around 40% off Saturday highs at open market pricing early morning on Wednesday).

This is symptomatic of the shorter term operators pulling profits off the table as opposed to any longer-term reversal and could be a nice opportunity to pick up some cheap coins ahead of a turnaround.

As a near term catalyst (or two), keep an eye out for any fresh exchange listings. The company reportedly submitted applications to a number of majors at the end of last week.

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

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…