01/08/18 Market Review
Posted on April 2, 2018
A collection of notes about what happened over the last three days in the crypto and ICO world. I find it useful for anyone wanting to keep its finger on the market’s pulse.
This document is intended for informational purposes only. The views expressed in this document are not, and should not be construed as, investment advice or recommendations.
In the news:
TRX: TRON // STEEM: Steemit // SBD: Steem Dollar // BCN: Bytecoin // XVG: Verge // PAY: TenX // FIL: Filecoin
TRX blew up 122.81%, ranking it in 8th position by market cap and signaling market’s interest for projects going after the $2.1 trillion entertainment industry.
But was its TAM the main driver? TRX has been also quite active in the news lately with prestigious partnerships and digital dogs.
More on the digital dogs effect and TRX in our broader picture section.
STEEM cooled down -11.01% after the run up of the last few days. An interesting story is the decoupling of the related SBD from its peg. Holders are left scratching their head.
SBD is designed to be tied to the USD by algorithm based intervention. Currently at $8.4, the algorithm is failing and a remainder of how hard pegged coins are to achieve.
BCN rose 117.20%. It seems that the mother of all privacy coins is having another day in the sun on the back of better PR strategy.
BCN price increase happens in the wake of XVG’s success and the market’s renewed interest for coins exhibiting similar features.
The sustainability of the price increase remains to be seen. Beyond the hype, some still see BCN as a potential scam marred by a questionable pre-mine genesis.
PAY dropped 20.87% on the same day VISA terminated its relation with WaveCrest a card issuer to Cryptopay and Bitwala.
Interesting to see how the market might have over-reacted to news only affecting Europe while PAY is mostly Asian focused.
SC jumped 108.26% for no apparent reasons and despite its main competitor FIL making greater strides.
With most of trading volume coming from Bittrex and looking at the charts we’re left to assume that we’ve assisted to a massive SC pump.
The broader picture
Back to TRX. I believe that the Tron dogs experiment gave us a great roadmap on how to boost token value:
1/ Create a desirable asset. TRX created a dog asset on the year of the dog in China.
2/ Make road to asset exclusive to boost token demand. TRX 24h volume went from $400m to $4bn over the last few weeks and part of it was digital dogs.
3/ Make asset a collectible to lower velocity and decouple value from utility for the corresponding part of your network.
Looking forward to seeing how this unfolds over the coming weeks for TRX.
#TRON #TRX #Steemit #STEEM #Bytecoin #BCN #Verge #XVG #TenX #PAY #Filecoin #FIL #Altcoins #Cryptocurrencies