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The Roller Coaster Ride of Reddcoin: Highs and Lows

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Reddcoin
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In the topsy-turvy world of cryptocurrency investments, volatility can be considered as the only constant. For a market that is hugely reliant on investor speculation and market sentiments, it is no surprise that various cryptocurrencies experience sudden ups and downs in price levels, some even reaching the point of no recovery. The coin we are discussing today, ReddCoin falls into the same category. ReddCoin experienced a massive high followed by a period of all-time lows inside a period of just 3 to 4 months.  There are various factors behind the occurrence of this phenomenon that we will discuss below.

About Reddcoin

Algorithm: Proof of Stake Velocity

Switch from PoW to PoSV: 2 Aug. 2014

Total Supply       ~

PoSV Interest Rate: 5% annual (nominally)\

Block Time: 60 seconds

Currency Code and Symbol: RDD, Ɍ

“Reddcoin is the social currency that enriches people’s social lives and makes digital currency easy for the general public.” –excerpt from their home page.

Officially launched on February 2nd, 2014, Reddcoin’s main aim was to be successfully integrated into all platforms of social media.  Its original hardcap was supposed to be fixed at 109 billion REDD tokens, with almost half of the coins being mined already by the end of 2014. It has since transitioned into a brand new Proof-of-Stake Velocity algorithm during the third quarter of 2014, with an uncapped coin limit.  As mentioned before, ReddCoin has since experienced massive highs as well as lows, with the current rates being one of the lowest in the coin’s history.

As of  15/03/2018, ReddCoin currently is ranked 73rd according to Coinmarketcap, with a current market cap of $157,978,725 and a total circulating supply of 28,774,151,777 RDD tokens.

Reasons Behind Reddcoin’s Brief Rise

Starting from March 2018, the team behind Reddcoin has been making several small and functional improvements to its system, which they hope will bring a remedy to the problems plaguing the coin before.  Among other small details, Reddcoin included the addition of other languages, to further broaden their reach. Below we will discuss the critical factors responsible for Reddcoin’s temporary rise.

  1. Improvements to API: Much of the improvements in Reddcoin’s API can be attributed to Jan Hoeve. He played a pivotal role in developing the current API’s “fluency”, in order to make the coin’s interface much more user-friendly.
  2. Expansion: The team behind Reddcoin started preparing plans for the global expansion of its brand late last year. Starting this year, the coin’s adoption peaked massively, with the number of addresses almost doubling in a month. The network coverage of the coin has also increased, in an attempt to lure more investors as well as newcomers, into the cryptocurrency sector.
  3. Internal Changes: Reddcoin also made some changes within its internal affairs, starting with the development of the Reddcoin roadmap. They had also made some changes within the team, including the core development team.

All of the above factors contributed towards Reddcoin’s rise in the crypto-sphere, where it reached a market cap of 596,361,408 USD on January 04, comparable to the past price surge that occurred in December 2017.

The Downside

Like most cryptocurrencies including the leader, Bitcoin, Reddcoin has also taken a steep dive in the few past weeks. Much of it can be attributed to the overall market situation of cryptocurrencies at the moment, as well as the nature of factors which influence price movements. Reddcoin’s price reached a historic low. A number of factors are responsible for this, including

  1. The New Regulations introduced by many nations on cryptocurrencies: This resulted in a degree of investors panicking and crypto values dropped worldwide.
  2. CryptoAds Banned: Banning of cryptocurrency ads was first announced by Facebook which had a negative impact on cryptocurrency values around the world. However, the recent dip in price is almost a direct result of the recent announcements made by Google. Google earlier this week announced that it will ban all cryptocurrency advertisements on all its platforms. This immediately had a negative impact on values of Bitcoin, Ethereum, Ripple, etc. Investor sentiment and market fear thus negatively affected emerging coins such as Reddcoin.

Final Thoughts

The future of Reddcoin looks bright from a cryptocurrency project point of view. With the latest updates and improvements made to their system, the future prospects look pretty bright indeed. However, with the recent turmoil that the cryptocurrency market is experiencing at the moment, it is with no certainty that one can guarantee whether the coin will go up or down in the near future.

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. 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 Sven-Kare Evanseth via Flickr

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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