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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

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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Bitcoin crash
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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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coins
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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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crypto credit cards
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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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