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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

3 Coins Coinbase Will Adopt Next

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Coinbase is one of the largest and most popular cryptocurrency exchanges in the world. However, throughout its existence, it was very picky when it comes to which coin it will adopt. So much so, that it has become a very large achievement to get support by the exchange.

Recently, however, Coinbase has decided to act on its users’ wishes and expand its list of accepted coins. In theory, this was a big deal, and the exchange actually started looking into a lot of coins. However, it only adopted a few of them. Right now, Coinbase is supporting Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Litecoin, USD Coin, Basic Attention Token, and 0x.

Even so, Coinbase wishes to add more of them, but only after it ensured that the coins are a part of legitimate, non-controversial projects. As a result, the entire crypto community started speculating about which coins will be added next. This will also be something that we will try to answer today, by listing three projects that are the most probable candidates.

3. EOS

EOS or Ethereum On Steroids, as some like to call it, is a more than a decent project that has made headlines multiple times this year due to its progress. It managed to launch its own MainNet, which made it perfect for dApp development and smart contract creation. This makes it similar to ETH, but many…

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Bitcoin

What Will It Take For Bitcoin (BTC) To Rise Again?

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It is no secret that 2018 has been a terrible year for cryptocurrencies when it comes to their value. Things looked so bright during the first few days of this year, with Bitcoin hitting $20,086 per coin, and every altcoin reaching new heights. However, it was not to last, and soon enough, the market crashed, and prices went down.

What followed was months and months of a heavily bearish market that kept pushing the prices further and further down. It prevented any attempt of recovery, although several of them gave it their best shot.

Despite a situation like this, crypto investors never forgot the potential of Bitcoin, and many have been predicting another bull run that would have the same results. Those expectations were quite large, and potentially even unrealistic at first. Now, however, as the year approaches its end, it doesn’t seem like anything will happen. The community started to wonder why that is, and what would it take for another bull run to emerge, which is what we will try to answer right now.

What does Bitcoin need in order to have another bull run?

1. Bringing regulation

The crypto space remains highly unregulated in most parts of the world, which is one of the largest reasons why BTC remains dormant. While there are attempts to regulate it, these attempts are made even more difficult due to the fact that the market is constantly changing and…

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Altcoins

Stellar plans to Airdrop 150 Million USD in XLM to Blockchain Wallet Users

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Recently the Stellar Development Foundation partnered with Blockchain Wallet to airdrop $150 million value of XLM, to the owners of the wallet. The Block declared that the first batch of XLM would be shared this week for all users who signed up to use the Blockchain wallet.

The team behind the stellar Development Foundation hopes that this partnership will make XLM a real rival for other cryptocurrencies from the market.

The co-founder of Stellar, Jed McCaleb declared the following about the airdrop:

“We believe that airdrops are central to creating a more inclusive digital economy. Giving away lumens for free is an invitation to communities to design the services they need.

By working with Blockchain to increase the availability and active use of lumens on the network, we will increase the network’s utility by many orders of magnitude.”

Just $25 value of XLM each

To share some respect to the worth of XLM will distribute for each user, the team of Blockchain wallet declared that after verifying the identity when signing up to the wallet, $25 value of XLM will be shared to each. Furthermore,  there will be a first- come and the first-served clause in this airdrop which says:

Offer available until XLM giveaway supply is depleted. Limit of one XLM airdrop per person, unless participating in any bonus activities.

A person can receive the XLM airdrop in only 1 Blockchain Wallet.  XLM…

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