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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)\

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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

DGB Price Prediction For 2018 and Beyond

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DGB price prediction
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With the crypto market being constantly bearish throughout this year, a lot of investors are having second thoughts about buying additional coins. While some large cryptocurrencies like Bitcoin or Ethereum can be considered safe investments, smaller coins like Digibyte (DGB) often receive a lot of doubt. This is why the DGB price prediction is necessary so that the investors can know what to expect.

DGB Price Prediction

DGB has had its ups and downs throughout this year, and at some point, it even went up by 70%. However, the constant bear market affected it just as much as numerous other cryptos. This has brought its value down to its current $0.025378 per coin. Some optimistic predictions from earlier dates saw the coin reaching as high a price as $9.20 by the year’s end. However, as we approach the date, it seems less and less likely that this DGB price prediction will come true.

The coin is generally seen as a profitable investment. As it is always the case with cryptocurrencies, they should be bought when their prices are down, so that a profit could be made when they spike up once more. Digibyte is no different, but it should be noted that investing in this coin means having patience. DGB is not among the coins that will make you rich overnight, and instead, it should be seen as a long-term investment.

Even though 2018 has been as…

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Altcoins

Why ZCash (ZEC) Is Heading to $10k

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ZCash
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Back in mid-May, the Winklevoss Twins made the headlines for embracing ZCash (ZEC) as one of its major digital assets on their groundbreaking Gemini exchange. When the announcement was made, ZEC rallied in the market by showing a 45% increment in value. The coin made it to $357 in a matter of hours.

Further assessing the currently available digital assets on the Gemini platform, we find that the exchange currently has USD pairings for only Bitcoin (BTC), Ethereum and ZEC. There is also additional pairings of ETH/BTC, ZEC/BTC and ZEC/ETH with plans to onboard Litecoin in the coming days.

Another thing to note is that the exchange also provides custodial services for institutional investors thus giving ZEC the much-needed exposure to the firms on Wall Street. Custodial services provide a guarantee that all digital assets on the platform are stored by a licensed entity thus extinguishing any cybersecurity concerns. For an entity to be licensed in New York for custodial services, the proper due diligence and research have been done.

Another thing that makes the Gemini exchange attractive and appealing to institutional investors, is that all USD deposits are insured by the FDIC. The latter entity is the Federal Deposit Insurance Corporation that provides insurance for USD deposits in American banks. This means that once again, the funds of individual and institutional investors are safe and insured, further making…

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Altcoins

Ripple XRP Mega Breakout: What’s Next?

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Ripple XRP mega breakout
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The Ripple XRP mega breakout that we were calling for happened and happened much quicker than anyone expected. As we said yesterday:

Nonetheless, IF, Ripple is capable of going ‘topside’ of the .38 figure at any point in the days/weeks ahead, such development, should it occur, would likely trigger its next advance into the .42 – .47 zone, representing a 30-40% move from present levels. On the flip-side, the .25 – .26 area should offer short-term potential support.

XRP is now sitting at .51704  as we write this article this morning, representing gains of 61% since we alerted our readers and our Global Elite email newsletter members.

Ripple XRP Mega Breakout

The Ripple XRP mega breakout is significant because it’s the first time XRP has been above its 50-day moving average since May. Right now, the RSI is approaching 80, so we are in overbought territory and we expect the price to consolidate around the .42 to .47 level before resuming its uptrend.

While some are looking at this as an opportunity to short XRP, we are not of that camp. While some can book some profits and use a trailing stop, any integration of XRP with xRapid has the ability to create a tremendous move in XRP. As Travis Kling said this week on the Off the Chain podcast with Anthony Pompliano, XRP could be the quickest five-bagger investors…

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