After surpassing the top 100 and top 50 milestones in the last month, Electroneum (ETN) investors are highly optimistic for the future. A top 20 ranking? Top 10? The electrifying pace at which Electroneum has risen in the past month makes these goals seem achievable in the coming year amidst the bear run currently seen in the market. Will the latest development on Electroneum, KYC compliance, push ETN’s price to $0.2 USD in the coming weeks?
The psychological $0.02 USD mark
Currently trading at $0.021661 USD, a slight 2% drop in price in the last 24 hours, represents a step forward for ETN in maintaining its psychological price range above the $0.020 USD mark.
The price of ETN had its support level at $0.020 USD since the price fell from a public sale high above $0.1 USD in November 2017 to $0.024 USD by the end of the same month. ETN’s price kept above the price for the next eight months, reaching an all-time high of $0.2041 USD on January 7th before “The Great Crypto Depression” took effect and cleared all the price gains.
The previous quarter in particular was a harsh one for Electroneum development team and investors as the prices dropped even further. An all-time low of $0.005020 USD on 18th September 2018 saw the coin set a new support level leading to speculation of an incoming reversal bullish trend on ETN.
Images from Coinmarketcap
ETN rises from the Dead!
The topic may be a bit misleading given ETN was never going to collapse in the first place. The sharp fall in price on September 18th saw the coin drop off the top 100 coins on the charts as the selloff gained pace in the market. However, a reversal in prices in the crypto market, coupled with the announcement of Electroneum project users following KYC compliance measures saw the price shoot up to $0.027226 USD in barely 10 days.
ETN had risen from the dead, back above its psychological support level at $0.02 USD.
Electroneum KYC compliance: A perfect savior for ETN
When all the other cryptocurrencies seem to shy away from adopting Know-Your-Customer (KYC) compliance regulations, ETN has embraced the idea whole-heartedly. In a move that was a bet for or against them, Electroneum development team chose to announce the move in late September. As soon as the announcement was made, flocks headed to the ETN markets, seeing the price rise by 17% in a day while the market was in a strong bear trend.
“Working with Yoti and being compliant with KYC requirements is crucial. Our corporate partners want us to be able to prove our currency is only being used for legitimate activities. Now we can, that means we can begin to work with these organizations to integrate ETN as a form of payment.” – Richard Ells, CEO of Electroneum
A partnership with Yoti ID, sees ETN become the first KYC compliant cryptocurrency which gives a ton of credibility to the crypto. The decision to open doors to KYC compliance tags most corporations and users to the cryptocurrency, with Coinbase being a possibility for the ETN.
The cryptocurrency market is still heavily influenced by the dominating effect of Bitcoin, but the recent development offers a decoupling of ETN from the pioneer coin offering a huge possibility of the price hitting $0.2 USD in 2019.