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ReddCoin (RDD) Is Mounting A Challenge To Become The Number One Social Coin (and it’s succeeding…)

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ReddCoin (RDD) is on fire. The coin was trading for $0.001 a piece back at the start of the month and, as of this week, trades at $0.01 and a market capitalization of more than $305 million. Twenty-four-hour volume just hit $277 million. That’s some serious activity in a coin that was attracting very little attention just a couple of weeks ago.

So what’s driving the action and can it continue?

We’re going to try and answer that question.

RDD Daily Chart

RDD Daily Chart

First up, while it’s not what’s causing the rise directly, it’s worth noting that this coin first hit a $100 million market cap at the start of this week. Now, of course, it’s way above that, but this $100 million level has grown to be seen as something of a right of passage for coins in this space over the last twelve months or so. When a coin hits $100 million market cap it’s taken seriously and the action we’ve seen subsequent to RDD breaching this threshold is representative of this fact.

But let’s get a bit more specific.

For anyone new to ReddCoin, it bills itself as the first and only social media specific cryptocurrency. There are a few coins that people use to tip and reward users across social media platforms right now (Ether, Doge, NEM) but none are specifically designed for this purpose and the team at ReddCoin (and the community behind it) is hoping that this sole-focus USP is enough to drive adoption.

So how does it work?

The company is developing a platform that can integrate with the various social media platforms that people use today – Twitter, Facebook, Reddit, etc. – and, once live, users will be able to old ReddCoin in their wallet and use it (by way of the integration) to tip and reward other users for their content and contributions to whatever community they are involved in.

Why would people use this instead of tipping in another currency?

Well, for one, it’s incredibly fast. Transaction times come in at just a few seconds. Second, it’s very cheap to use. Transaction fees come in at somewhere between 0 RDD to 0.002 RDD, depending on the byte size of the transaction.

It also employs what’s called a PoSv algorithm as a transaction processing and confirmation method. This stands for Proof of Stake Velocity and it’s a very efficient (and low energy, so environmentally friendly) way to operate a network.

How does all this play into the question asked above – can the run we are seeing continue into 2018 and beyond?

Well, we’ve just seen the company announce a partnership (and an integration) with Local World Forwarders, which is the first decentralized logistics platform in the world. This should serve as a nice proof of worth partnership and should validate the platform and its integration capabilities, as the partnership matures. In turn, this should pave the way for similar partnerships and integrations, the latter of which is going to be key if this social media specific coin is going to be picked up by the wider social media space as its tip-coin of choice.

We want to see more of these partnerships in place, then, as supportive of a longer-term bull thesis.

We’re avoiding the question – is this one going to run further?

Put simply, yes.

This is a coin that’s answering the call for a low value, quick and user-friendly tipping asset at what we see as being exactly the right time. Right place, right time. Sure, there are other options out there but none of them are as well established as this one and we think the action we are seeing right now is just the beginning of some 2018 strength.

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

Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

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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…

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Bitcoin

Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

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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…

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Bitcoin

Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

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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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