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The Past Few Days of Bytom: How Things are looking for BTM HODLers

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Bytom
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When Bytom was first introduced to the crypto-traders in August 2017, it took the entire world by surprise with its unique blockchain ecosystem. Unlike Bitcoin’s single layer or Ethereum’s double layer system, Bytom offers a triple layer platform consisting of a transaction layer, a transmission layer, and an asset interaction layer. Right at the beginning, Bytom exhibited a price surge that took it to a market cap of nearly 200 million US dollars and it reached its pinnacle during the April of this month when its market cap crossed the $1 billion mark.

Although this currently has been unable to show any conspicuous upsurge in the past two months, BTM’s development team has been working tirelessly on several aspects to make this currency even more efficient and convenient. On June 15th, Bytom team released a comprehensive progress report containing major updates occurred in the past week.

Here, some of those developments would be discussed to depict a picture of its present condition along with its probable future.

Major Project Updates: 

Bytom team has made considerable progress in project development as well as community building during the previous week. They posted major updates on a couple of their projects namely:

  • Bytom Eco Conference: The team officially announced about the Eco Conference that is about to be held on 29th of June, 2018 in Wuzhen, China. All of the core community members along with the contributors, technical developers, and Bytom ecological partners would attend the conference themed as “The Taste of Blockchain”. This conference is likely to generate some new and ingenious ideas with an entirely new perspective and consequently make its ecosystem more secure and convenient.
  • Venture Capital Project: Venture capitals hold a significant position in the global cryptocurrency trading at the moment. On 10th June 2018, the CEO and founder of Bytom Duan Xingxing attended the 20th China Venture Capital Forum and gave a keynote speech about the nuances of blockchain technology. If Bytom becomes successful with a few major venture capital organizations, going up the ladder in the cryptocurrency market is likely to become a lot easier despite the market’s volatile nature. Since most of the reputed venture capitals are based in China, attending this forum could make a significant impact on BTM’s future.

Updates Regarding Mainnet Swap:

A significant number of exchanges and wallets supported Bytom’s token swap and completed the same over the past week. Some of these exchanges include:

  • io: Gate.io was the first exchange to support Bytom Mainnet and completed the token swap successfully. Besides, this exchange also announced its support for Bytom Mainnet asset along with ERC-20 asset. As of now, the deposited BTM coins on this exchange would be swapped automatically.
  • OKEx: OKEx also finished BTM token swap last week along with providing their support for Bytom Mainnet Asset. Also, the South Korean counterpart of this exchange also released some necessary information and data pertaining to this incident.
  • RightBTC: This exchange announced the completion of token swap on June 6th. As a result, now the users would need to perform any operation on the exchange and Bytom will be swapped automatically from ERC-20 to the Mainnet asset.
  • CoinEgg: The deposit and withdrawal process on this exchange was temporarily suspended due to Bytom’s token swap during last week. However, the process was successfully completed on the 13th of June while resuming deposit and withdrawal system back to normal.
  • KuCoin: One of the most reputed exchanges in the world KuCoin also announced their support for the Mainnet token swap of Bytom where they also mentioned about the automatic completion of this process while announcing the specific plan separately.
  • Bibox: Like the exchanges mentioned above, Bibox also announced its support for Bytom Mainnet swap along with deposit and withdrawal of Bytom Mainnet assets. Now BTM users would be able to swap their coins on this exchange without any operation.

Besides these exchanges, Bepal wallet, imToken, Huobi, Bitpie, Bixin, Hufu, BigOne, GDEX, and many others have announced their support for Bytom Mainnet token swap.

Notable Listing:

On 11th June, Bytom was listed on FCoin exchange with BTM/USD trading pair. FCoin is a well-known cryptocurrency exchange with various cryptocurrency trading pairs. This listing is likely to increase the circulation and popularity of Bytom to the crypto-traders around the world.

Other Developments:

On 14th June, Bytom announced the Bytom Global Ambassador plan. The aim of this plan is to cause an expeditious growth of this cryptocurrency in the market. Once the plan is implemented, it would provide a significant number of advantages to the traders starting from multilingual translation and content support to various pieces of platform information necessary to conduct trading.

Also, the Bytom team announced a very lucrative airdrop of 270,000 BTM tokens on 8th June 2018.

Current Condition of Bytom:

As of 18th June 2018, this cryptocurrency is going at a rate of 0.55 per US dollar approximately while having a market capitalization of nearly $550 million. The coin holds the 29th position on Coinmarketcap at the moment. The price chart of this coin is currently showing a steady and stable trend without any major escalation or downfall.

Final Thoughts: 

We all know that the principal characteristic of this market is volatility and therefore, it is practically impossible to pinpoint the future of a certain coin. However, with new community and project developments, BTM is showing considerable promise. Ergo, if you are a user of this coin, holding onto it wouldn’t be a bad choice.

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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.

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Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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