Ethereum Technical analysis – March 18, 2018
Ethereum (ETH), the second best ranking cryptocurrency has dropped 35% in a month. After a slight increase from 686.89 USD to 723.34 USD on March 11th, the currency closed at 552.78 USD yesterday and since opening today, it has continued to lose value, dropping almost 15%, with investors bearish about its short term performance. This has led to a lack of belief and massive sell off of the coin with others even questioning the value of ‘Holding’ the coin.
Despite the continued drop, long term investors anticipate the coin to perform well as a long term investment. Concerns have been raised over potential regulation (that would classify ETH as a security rather than a currency by the US securities exchange commission) and its potential impact on the price of the coin. However, many are of the view that such a move would not dramatically affect the price.
“Discussions should focus on anti-money laundering steps and consumer protection rather than how cryptocurrency trading could affect the banking system”
The market is keenly following the proceedings of the G20 summit to be held starting tomorrow March 19th to 20th in Buenos Aires where it is expected that the French and German governments will push for discussions on regulation of the market. Japan however has been of the view that stringent regulations would not be a good move and that governments should instead focus their efforts in building proper anti money laundering mechanisms.
Since the start of the year, investors have been moving their money from other cryptocurrencies into ETH. In the last month, Ethereum has been the 3rd most traded coin according to coinmarketcap.com. This has been attributed to the fact that the Ethereum network is very stable and is currently used by many other currencies. It is also seen as a more flexible asset to hold compared to bitcoin due to its additional capability to handle smart contracts. ETH is considered as a safe bet among digital coins, an important point for investors considering the high volatility the market experiences.
TRON (TRX) weekly round-up – March 18, 2018
Since the day begun, TRON (TRX) has lost 11.86% to trade at 0.025831 USD, bringing its fall to 35% in the one-month period to date. It has however gained against Ethereum, one of the most popular and oldest coins in the market. About 100 million USD worth of TRX units have been traded today representing 5% of its market capitalization.
The launch of TRON’s Mainnet has brought excitement in the market with many going on twitter to express their confidence in that the coin will soon hit the 1 USD mark.
It is expected that the launch of its Mainnet will bring more users onto the platform with expanded capabilities and use cases. It is anticipated that consumers will be able to use TRON in their day to day activities such as gaming, travelling, gifting, and shopping among others. An increased interest and uptake of this token would push the price up and investors seem confident that this will happen very soon.
TRON (TRX) is a cryptocurrency designed to help content creators get compensation for sharing their products. A decentralized database of entertainment content is integrated into the system allowing for consumers to access content created eliminating the need for 3rd party intermediaries between the creators and the consumer.