ReddCoin (RDD) Rising As Trading Volumes Soar Significantly

As evident from the price movements, ReddCoin (RDD) is making a terrific comeback in the crypto market. The trading volumes of this popular altcoin have soared substantially, causing its price to increase by 20%. So, what is the driving force behind ReddCoin’s price surge? This article explores what you need to know about ReddCoin’s breakthrough.

What’s Up with ReddCoin (RDD) This Week?

With the crypto market recovering from a massive price slump, almost all the currencies, both small and large are dropping in value. Under such circumstances, it is really wonderful to find out about ReddCoin’s accomplishments. This social media’s favorite currency is not only doing well but also making smashing gains, much to the traders’ disbelief. Trading less than a dollar, the currency is rapidly gaining recognition in the mainstream crypto space for its stability.

Going by the price records, ReddCoin’s performance has been impressive so far. Apart from gaining 20% from its earlier position, this altcoin is smashing its way to lead the rally of big crypto gainers. As of April 19, 2018, the market capitalization of ReddCoin (REDD) is tantamount to $223,358,851.

ReddCoin Gains 20.93% as the Trading Volumes Escalate

ReddCoin, which is soaring since the beginning of April, is trading at $0.007753. The price hike which has begun in the first week of this month is continuing its trend. At this rate, the currency could reach $1 in the coming weeks. The mid-April price boom of REDD, which is accompanied by a smashing 20.93% gain, has resulted in a surge in trading volumes subsequently. As per the price records, the trading volumes of RDD have been rather impressive this week. While the trading volume of REDD was tantamount to $45,576,500 on April 18, 2018, the volume has reached $59,224,500 at the time of writing.

What is Reason Behind the Surge?

As analysts across the globe explore the price movement of the currency, many traders are left to speculate what led to the upsurge. If you are still wondering what caused such an upturn, here’s the gist of the story:

Bittrex

Bittrex has a huge role to play in the sudden upsurge of RDD. The registration process, which has been closed in December, was activated again recently.  This came as a big surprise to the smaller coins that used Bittrex platform. Incidentally, ReddCoin also falls into this category wherein such an announcement caused quite a stir among the ReddCoin investors.

Micro-Payment Facilities

ReddCoin, which is keen on bringing innovations into the blockchain technology, is now allowing micro-payments through social media. Following the controversies pertaining to the security breach, many social media platforms are converting the transaction deal into a paid enterprise. This is especially true for Facebook. Under such circumstances, Reddcoin’s efforts to permit micro-payments are a huge milestone. If the plan works out as it was envisaged, Reddcoin will be accounted as one of the practical alternatives for traders and investors.

The Release of ReddCard and ReddPay

As the speculations regarding the hike continue to grow, it essential to analyze the upturn in the light of the recent developments. Discernibly, the ReddCoin developing body has released two exciting new projects to improve the user-response. This altcoin, which has widely gained recognition for its involvement with social media, has strived to improve the traders’ engagement in the past. After the implementing several cryptocurrency transfer tools in the past, the new projects are luring traders into investments.

The ReddCoin card, also known as ReddCard, is designed to transfer ReddCoin via a card, using the QR code. A similar format is responsible for sending funds to ReddCard wallet. ReddPay, which is developed to bridge the gap between Reddcoin and Fiat currency, strives to build a simple system for transferring funds. Aside from providing users with a simple transfer system, the RedPay has created a buzz in the community for very few formalities and lesser fees.

At any rate, the coin is still a long way from the $1.00 target. Considering the increased audience engagement with the currency generated by the release of ReddCard and ReddPay, there is no reason to believe the coin will not reach its target, the $1mark.

Price Forecast for ReddCoin

With the price of ReddCoin steadily increasing, the cryptoanalysts are anticipating the possibility of the further price hike. The mid-April boom of this promising currency, which led the trading volume to rise by 700%, is still influencing the coin’s activities in the crypto market. Although the rise of this altcoin has sparked varied discussions from the crypto enthusiasts, it’s difficult to pinpoint one particular reason. While many traders feel the price will touch $1 this year, others rule out the possibility as an improbable idea. Moreover, with Ripple rising above $3 last year, such a possibility cannot be entirely dismissed.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Bill Damon via Flickr