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The Tale of 3 Cryptocurrencies: Cardano, Dogecoin and ReddCoin

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The Cryptocurrency market is one of the most volatile, yet profitable trading markets in the world, currently holding a combined market cap in excess of $300 Billion USD. The obvious names which come to mind are Bitcoin, Ethereum, and Ripple, which hold the top 3 ranks in terms of market capitalization. However, seasoned investors and cryptoanalysts will know that there is indeed a world of opportunity awaiting if one delves deeper into the market.

Currently, there is an excess of 1600 cryptocurrencies, tokens, ICOs and other blockchain related projects doing rounds in various financial markets. Some of these coins have experienced massive highs that helped many investors make a small fortune out of them. However, the overall Cryptocurrency market recently encountered a slump, after which, many coins are struggling to recover. Such is the case for three cryptocurrencies, in particular, namely, Dogecoin, Cardano, and Reddcoin.

Current Market Scenario

Cardano (ADA), Reddcoin(RDD) and Dogecoin(DOGE) were all “talked” about tokens before, with all of them reaching their peaks during the massive highs experienced during early January. However, the values of all three coins have been declining steadily, reaching under a $1 at one point. Below we will discuss the reasons which led to their massive downfall.

  1. Cardano is currently ranked 7th in terms of market cap according to Coinmarketcap. It currently holds a market cap of $4,063,368,276 USD at the time of writing, with a total supply of 31,112,483,745 ADA tokens. While this may look impressive to novice traders, Cardano’s value has dropped considerably from the highs of January, which achieved an all-time high of $ 1.17 on January 07th. It has since dropped dramatically to a measly $0.183960 at the moment. Like always negative investor sentiment played a key role in suppressing Cardano’s price. Investor confidence started to fall on the Cardano project, as it succumbed to various pump tactics by investors. Another major factor that hampered Cardano’s price growth was the recent investigation of South Korean Markets, which affected the overall Cryptocurrency market indirectly.
  2. DogeCoin, currently ranked at 41 has experienced turbulent price highs and lows in recent times. This comes after a strong market presence in January, where it was valued at $ 0.017664. Currently, it sits at $ 0.003541, which is reflective of the massive decline it experienced. Many have speculated about the reasons for this massive downfall and have pointed out the outward cash flows during the festive season. If reports are to be believed, then the withdrawal of a large number of investors from the Doge market is directly responsible for the price slump.
  3. Reddcoin, probably the worst hit of the lot is ReddCoin, currently ranked 82nd in the world. It dropped from an impressive figure of $ 0.15158 on January 16th to $ 0.005276 at the time of writing. Again, investor sentiment played a key role in its decline, which is being seen in the case of many recent ICO projects. Almost every major coin came under pressure amid China’s plan to crackdown on crypto trading. The decline was also partly fueled by news of data breaches in Asian crypto exchanges which increased negative sentiment towards the coin. As investor confidence started to decrease, so did Reddcoin’s surge and ultimately it’s price.

Final Thoughts

From the surface, all of the above mentioned 3 coins are experiencing probably their worst performance in recent years and certainly do not look enticing to any investor at the moment. However, the Cryptocurrency market has been prone to such volatility and price movements before, so it would not be a surprise to see their values recover to a respectable position. As it stands, the total scope of the blockchain industry is not yet fully realized, and more and more investors are starting to flock these markets. Thus, all three coins are expected to make some degree of recovery in the coming months.

We will be updating our subscribers as soon as we know more. For the latest on cryptocurrencies, 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 Mark Seton via Flickr

Altcoins

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

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CoinFlip Scores Big with BRD Wallet Partnership

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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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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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