Bitcoin
Here Are Two Things That Could Push HempCoin (THC) To A Dollar
HempCoin (THC) deserves a look today. The coin was among the first batch of so-called altcoin cryptocurrencies to be created prior to the post 2014 wave and it’s one of those coins that has long been on the sphere of awareness for many in the sector but that has – at the same time – been forced to wait patiently for its real take-off point.
Well, we can firmly say that it’s there right now.
On December 1, THC went for around $0.02 a piece. This in and of itself represented a substantial premium to the $0.01 recorded at the start of the fourth quarter but things didn’t stop there. As of today, THC is changing hands for more than $0.10 a coin. That’s a 900% premium in about twelve weeks, maybe even a little less.
The question now is can this run continue?
To answer, we’ve got to try and figure out what’s pushing things up right now.
Bitcoin, to a large degree, is what’s responsible for the gains we are seeing in many of these smaller capitalization coins, with the supranormal gains that many have recorded over the last twelve months in the bitcoin space leading speculators to buy up alternative coins in anticipation of a similar degree of upside going forward.
HempCoin Chart
With that said, however, this speculative activity isn’t entirely rooted in people looking for the next bitcoin. Naturally, some of these coins have a far better chance of establishing themselves long term than others and THC falls into this category. As such, it’s not only picking up some collateral benefit from the rise in price of bitcoin, it’s also finding support on its own fundamental strength.
And for us, much of this inherent fundamental strength is rooted in wider industry dynamics.
THC, as its name suggests, is targeting the cannabis industry. With cannabis regulation an incredibly hot topic in much of North America right now, markets are looking to pending regulatory developments as catalysts for those coins that have been set up to serve the demands of the industry.
THC is one of these coins. It’s second only to PotCoin (POT) in terms of age and market awareness and – in all honesty – we don’t think there’s any real difference between the two coins as far as technical advantage goes. With this in mind, there’s room for both in what’s set to be an incredibly lucrative market over the coming years and, if we were to give an edge to one of them, it would be THC based on the very strong following it’s already built up among recreational and medicinal cannabis users in its target North American markets.
So what are we looking for going forward as supportive of further upside potential?
Well, as noted above, any developments rooted in regulatory easing in North America are going to really spark speculative interest in these coins and, in turn, are going to compound the upside momentum we are seeing in them right now.
California is months away from legalizing recreational cannabis sales, with January expected to be the threshold month. Canada is about to do the same, with the second quarter slated as the period by which Trudeau is set to sign in fresh recreational laws.
These are two potentially huge catalysts that could hit press within a three or four-month period, both of which will almost certainly get THC moving.
As far as how high this coin goes, a dollar a piece isn’t unrealistic if the catalysts outlined above hit press as positive for the wider space and, at the same time, bitcoin manages to hold on to its recent gains into the start of next year.
We will be updating our subscribers as soon as we know more. For the latest on THC, sign up below!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of Don Goofy via Flickr
Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
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