Read the eighth part of our Moonshot series here, which focuses on Snovio.
Each week BTCManager and the JaketheCryptoKing are going to explore a new moonshot opportunity. We are in week nine of this moonshot experiment! Markets just suffered a major correction providing the perfect opportunity for some moonshot shopping at discounted prices. The moonshot for the week beginning March 26; BTCP (Bitcoin Private).
What is a Moonshot?
A moonshot is an altcoin that can provide returns multiple times greater than the leading cryptocurrencies if their goals are achieved. With over 1,400 cryptocurrencies and goals ranging from eliminating cell phone bills to internet charges; it is obvious there will be some true “moon” opportunities. These smaller market cap coins exist in the cryptocurrency marketplaces; they solely need to be found. Moonshots are very different than most cryptos as they are meant to be purchased and held. Moonshot principles are vastly different than those implemented by day traders and short-term holders. They are cryptocurrencies that you see their long-term value and expect returns of hundreds if not thousands of percent.
This week’s Moonshot is BTCP. When analyzing a cryptocurrency, it is exceptionally important the underlying cryptocurrency has two or three key features. Like with any asset or item the branding is critical. Bitcoin private excels in this category as they are a “Bitcoin” branded coin. The other features are utility and privacy if desired. BTCP lacks in the utility category as BTC is viewed mostly as a store of wealth and not an actual currency at this point. However, for those that enjoy the Bitcoin branding but want the privacy features similar to the top cryptocurrencies BTCP is a great alternative to the Top Privacy Coins.
Crypto Market Overview
Timing trades in the market, whether financial (stock/bonds) or crypto are exceptionally important. The different in a few percentage points on either side of a trade in the short- and long-term add up very quickly. However, when panic and euphoria occur most individuals do not pay attention to these small percentages worrying more about market sentiment. When sentiment is lowest the opportunity for accumulating is greatest.
The remaining days in March coupled with a bullish April should begin to provide many catalysts to boost both the price of bitcoin (BTC) and the entire cryptocurrency markets. Moonshots and altcoins are more susceptible to volatility in either direction making a bullish trend in our current rebound a very good buying opportunity. With how truly fickle cryptocurrency markets are the slightest change in sentiment can lead to a surprising bull rally. These market rallies and corrections occur when the public least expects them.
From the end of January to the beginning of February BTC suffered one of its greatest corrections in history having fallen more than 70 percent since the all-time high of almost $20,000. BTC bottomed out at a low of just under $6,000 February 5, 2018. Since this moment of panic, BTC has been exceptionally volatile. In the past 30 days, BTC has approached $12,000 while also dipping below $8,000. This correlates to a shift in the price of 50 percent. With BTC residing at $8,800 per coin, the opportunities within the crypto space are significant. To take advantage of these opportunities make sure to be holding past moonshots; DBC, TNC, DRGN, PRL, KCS, MTL, HIRE, SNOV, and now BTCP (Bitcoin Private).
Bitcoin Private (BTCP)
Forks of major cryptocurrencies have been the latest craze of 2018. 2017 saw the rise and fall of the ICO market with major regulatory agencies getting involved in large-scale ICOs taking U.S. investors and small-scale ICOs that could be fraudulent. The involvement of regulatory agencies should not be feared as this will allow for a flood of institutional money into the space. However, since ICOs have become increasingly scrutinized major development teams have shifted their focus to a new creation of a coin; a fork.
There are two types of forks (soft and hard). In one instance the underlying code is updated and only one crypto exists. In the other instance, the underlying code is updated, the coin “splits” and a new coin is provided with the updated code, while the older coin remains; this results in the original coin holders receiving a second ‘forked’ coin. The excessive number of forks over 2017-2018 from Bitcoin God to Bitcoin Gold demonstrate the interest development teams have placed in the creation of a forked coin. Bitcoin Private is one of the newest forks of Bitcoin donning the Bitcoin name, but the zk-SNARKs privacy features of ZClassic. The name alone is enough of a reason for BTCP to see mass adoption, but by incorporating the privacy technology missing from BTC currently, BTCP has a leg up on the other BTC forks.
Bitcoin Cash (BCC) is the most expensive fork to date of BTC with a price of $923 and a market cap of over $15.5 billion. BCC only sped up the transaction speed of BTC and made it cheaper to transact with. However, BTCP did the same thing (faster transaction speeds, less expensive to transact) but also incorporated the privacy features so many investors love. This allows for BTCP to be able to compete at a greater level when compared to the other forks of BTC. The name will enable BTCP to compete with other privacy coins at a very high degree of competitiveness while also working as efficiently or more than the BTC forks.
At $26.50 per BTCP and a market cap of under $500 million, BTCP could appreciate 3,000 percent before it was priced competitively to BCC. The BTC co-fork with ZCL leading to BTCP took place March 1, 2018. The coin began trading a few days later and on March 12, peaked to over $88. Since March 12, BTCP has corrected more than 70 percent allowing it to be purchased for a fraction of the price it was trading at 14 days prior. The market was flooded with BTCP from BTC and ZCL holder receiving their BTCP and looking to unload. Now that many of the sellers have sold off their holdings, BTCP should rally very nicely with the overall cryptocurrency markets.
BTCP has many exciting meetups and events taking place across the country. Following a fork, it is often the development team enjoys a nice cashout and the project is left to die. BTCP is very different as the development team and founders are still holding meetups and actively improving the forked coin’s utility and market adoption. When compared to many of the other forked coins it is exceptionally clear BTCP has a better team and will continue to have increased market adoption while the team spreads the word about BTCP’s existence, how to mine it, how to get involved, etc. The following few months should see BTCP re-approach its high attained only two weeks’ prior with gains of more than 200 percent likely. If BTCP approaches even 20 percent of BCC’s market cap, gains of over 600 percent can be expected.
Conclusion: Forks are all the Forking Craze
BTCP exceeds where most forked coins fail. They have a development team committed long-term to the project, and they have the branding coupled with highly sought privacy features. When the value of something is determined branding always adds significant value. BTCP has the name and the branding. They also have the privacy features that add value to those trying to use cryptocurrencies nefariously. The final aspect is the team, with a team committed to the long-term development of the coin while continuing to spread its awareness they are ensuring BTCP does not fade into oblivion but remains relevant for both the short and long term.
The overall markets have fallen dramatically in the past few months. BTCP had its fork and launch during this massive period of correction. When the impending rally begins, BTCP will be one of the biggest beneficiaries. This coin has a high likelihood to moon without the addition of any major platform. When a large exchange announces BTCP trading, the rocket engines will be ignited preparing BTCP for its moon landing. This could take place in a week or a month; the time frame is never guaranteed for when exchanges will add adoption of a new coin.
With BTCP trading at a fraction of where it was 14 days prior, it is a perfect opportunity to accumulate if you believe in the name branding, privacy features, likely addition to a major exchange, team, and long-term prospects of a bitcoin-branded privacy coin. 2018 may be the year of the dog, but in the cryptocurrency markets, it will be the year of the bull. Look for BTCP to begin its trend North when any major catalyst provides a push in that direction.
To read the King’s prior articles, to find out which ICOs he currently recommends, or to get in contact directly with the King, you can on Twitter (@JbtheCryptoKing) or Reddit (ICO updates and Daily Reports).
To read the entire Moonshot series, click here.