Market Review 01/25/18
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.
In the news:
EOS: EOS // XRB: Raiblocks // IOT: IOTA //PIVX: PIVX // MAID: MaidSafeCoin // STEEM: Steem // HSR: Hcash // BCC: BitConnect // BTC: Bitcoin
EOS was one of the top gainers of the day, and has been since the market drop earlier this month.
On Tuesday EOS announced the EOS.io fund. A partnership with Mike Novogratz’s Galaxy Digital.
One can’t look back at the above average EOS performance of the past week and not wonder if some insider trading took place.
Markets were down across all caps with mid caps taking the biggest hit. The recovery seems slower this time around.
That being said, crypto markets are still 30x higher in value then they were one year ago.
Both XRB and IOT were among the top losers. A bad day for both projects.
Despite a stream of positive announcements — including WW’s CDO joining the IOT foundation, both tokens haven’t really recovered since the drop.
PIVX was high up. The BTC meets DASH privacy coin was just listed on Binance which is usually a guarantee for pop.
MAID took a hit at 5.91% after a short rally. Seems like distributed storage are having a hard time after the Sia pump of week past.
STEEM rebounded 28.42% after a significant decline on Monday. There wasn’t much news around it except getting rated B- by Weiss. More on crypto ratings in the bigger picture.
HSR price jumped by almost as much. The privacy coin known for a focus on quantum resistance is about to launch its main chain.
BCC continued its slow descent. It’s surprising that there are still people willing to trade it.
PIVX was down 10% as its competitors were also taking a hit. Overall, it was a bad beginning of the week for privacy and IoT tokens.
The bigger picture
Wednesday marked the first time a reputable agency attempted rating a basket of crypto currencies. The rating holds four criteria: risk, reward, technology and fundamentals. The analysis is performed by a computer model.
BTC earned a C+ causing outrage in the maximalist camp and raising eye brows from most of the rest of the community. BTC has demonstrated outstanding resilience for the last 9 years, re-distributed $bn of wealth and might one day replace gold as a SoV and the $ as a foreign currency reserve.
And it gets a C+.
Crypto market barely took notice. BTC improved 1% that day.
On the bright side, it’s good to see rating agencies looking into crypto currencies. That takes us one step closer to institutional money.
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.