Bitcoin
We Think Mysterium Is About To Stage A Long Term Upside Reversal
In this piece, we are going to take a look at decentralized VPN company Mysterium and, specifically, we are going to put forward an argument as to why we think this one could be a nice turnaround play in the cryptocurrency sector.
So, here goes.
Before getting into detail, take a quick look at the two charts below. The first is a zoomed out view of price action in the company’s representative token – MYST – since its initial offering and the second is a much shorter time frame chart looking at somewhere in the region of the last seven days’ worth of action in the same.
Chart one:
Chart two:
As the first chart illustrates, action since the initial offering hasn’t been particularly inspiring as far as the open market price of MYST is concerned. MYST debuted back in May this year in and around $0.92 a token. Right now, the same tokens go for around $0.76 – a decline of circa 18% in a little over six months.
One of the primary drivers behind this decline is a serious lack of communication between the guys behind the company and its investors (i.e., those token holders who took part in the ICO). Aside from a few updates released once or twice every couple of months, progress towards pre-stated goals is very tough to quantify and this, in this space, isn’t a smart move from the Mysterium team.
The more successful tokens all have one thing in common – holders pretty much know exactly what’s going on at the company that underpins them based on constant communication from founders and those involved through Twitter, Medium, Reddit, that sort of thing.
With that said, however, every company works differently and, for us, while the lack of communication is a negative aspect of the way Mysterium is being managed, there are enough positive elements of this company to make it a pretty attractive play. When combined with the fact that price seems artificially subdued because of a lack of communication, this attraction compounds.
For those unfamiliar with Mysterium, the company is trying to apply the concept of decentralization to VPN networks. Basically, nodes (which are just individual computers with network space that they wish to rent out) are rewarded for allowing others to utilize their unused network traffic. This is pretty much exactly how the current VPN space works but instead of utilizing the unused network traffic of an individual the user purchases access to a centralized server.
The reason we think this one is so exciting is because the VPN market is huge and growing fast. Moreover, alongside this growth, centralization issues and concerns are rising, with many of these issues rooted in data control and privacy. With the FCC net neutrality topic very much in the media right now and the potential applications of VPNs to this issue (which, it’s worth pointing out, remains an uncertain and variable topic depending on how ISPs decide to deal with VPNs), potential solutions (like that which Mysterium offers) have the potential to really take advantage of what analysts expect will be a conservative doubling of the current $50 billion global VPN market over the next five years.
Going forward, then, we’d like to see some confirmation that Mysterium is progressing towards a point from which it will be able to take advantage of this industry growth. This is going to require some increased level of communication between the company and its token holders, almost certainly.
Jumping back to the second chart outlined above, price over the last seven days looks to have bottomed out and is slowly starting to stage a recovery. If we are right, this current action could be the start of a longer-term turnaround and – in turn – might be a nice point at which to load up on MYST in line with a bullish long-term thesis.
We will be updating our subscribers as soon as we know more. For the latest updates on MYST, sign up below!
Image courtesy of Mysterium
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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