The Best 4 Cryptos for the Week of May 5, 2018 (BTC, DENT, DGB, and ENJ)
May 7 should be the start of a very exciting week in the cryptocurrency space. Bitcoin (BTC) has seen a price surge with renewed interest being spurred through conferences and the media. With an uptick in publicity and BTC’s price driving higher it seems like it will be an exciting week for coins like; BTC, DENT, DGB, and ENJ.
A Very Bullish Week
The cryptocurrency markets have finally broken out of a multi-month bear slump in brute force. BTC is up more than 50 percent from recent lows with altcoins trading significantly higher. It is difficult gaining momentum for a project during slumps in the market but when the sentiment flips real intuition, and technological advancement takes place. The bearish markets in the past week have begun to seem increasingly bullish with a major forking announcement from ZClassic; a security break-through for DigiByte, and the Unite world tour for Enjin.
Bitcoin (BTC): Goldman Sachs Futures Trading and Trading Desk
Bitcoin is trading at $9,952 per coin with a market cap of $170 billion at the time of writing. This week has been exciting for investors as BTC once again is pressing North toward $10,000. Recently this volatile asset was trading as low as $6,000 during bear raids and looks to have built significant momentum heading into May. This week had breaking news that demonstrated why BTC is likely to have already started its next bull run. As bitcoin rallies, it generally pulls up the entire crypto markets with it. Goldman Sachs announced they are going to begin trading the futures of BTC while also bringing on traders. Other large institutional investors will likely follow suit paving the way for institutional funds to enter the space.
Goldman Sachs announced earlier this week they would begin futures trading of BTC and also were considering a trading desk. This was confirmed on Thursday, May 3, 2018, with the likely pursuit of similar operations by other Wall Street banks. As institutional funds pour into the cryptocurrency space, BTC will obviously be the first big winner with institutional money likely trickling off to other cryptocurrencies as well.
A recent announcement by the Anonymous Bitcoin team revealed that BTC and ZCL would both be receiving a forked coin on September 10, 2018. Allowing those that enjoy the BTC bull run to have a nice ‘dividend’ at the end of summer.
Dent (DENT): Cobinhood Listing on May 7, 2018
Utility and publicity add the most value to the underlying cryptocurrency, but liquidity is also a major factor. The more exchanges an altcoin is listed on, the easier it is to accumulate, transfer, and transact with. DENT has made headlines of late with a market cap of $138 million and a coin value of $0.0126. January 9, 2018, DENT was trading at over $0.10 per coin, which means since its all-time high it has fallen more than 80 percent. The DENT team has not been deterred as they continue to add themselves to major exchanges while moving forward with their project.
The DENT token intends to tokenize the mobile data industry. The concept is to create an Ethereum-based platform (ERC-20 token) where mobile data could be purchased and sold. This cutting-edge concept would become obsolete is data becomes unlimited everywhere. However, while mobile data remains a tradable commodity DENT seems to be a very interesting prospect of a cryptocurrency that has focused on a niche market.
The week beginning May 7 is exciting for DENT as they announce their listing on Cobinhood as of May 7, 2018. Cobinhood is entering the U.S. market following all regulations and associating with this level of premier exchange will only continue to provide DENT positive publicity and market sentiment. Exchange listings continue to be important, but the utility will remain the number one most important aspect of a coin. DENT is now liquid regarding is exchangeability, and it is now time to see the utility of the DENT token improve dramatically.
DigiByte (DGB): Blockchain Authentication Protocol Service
DigiByte (DGB) is trading at $0.0483 with a market cap of $495 million. DGB was trading over $0.12 January 7, 2018. DGB’s most exciting security protocol do date will be released May 11. DGB’s website clearly highlights their main focus is their security, “by putting security first, our decisions help make sure that transactions, mining, and the blockchain distribution are as decentralized as possible. DGB blocks occur on the network every 15 seconds making DGB the fastest UTXO blockchain in the world.” DGB has focused on security and speed and this week releases their authentication protocol that very well may revolutionize how passwords and usernames are used as a means of verification.
One of the biggest concerns of individuals actively participating in the cryptocurrency space is losing their digital currency. This can be due to the result of a hack, phishing scam, or something as simple as forgetting one’s password. Managing a handful of passwords that conceal what could amount to thousands of dollars is a frightening prospect. May 11, 2018, may be a revolutionary day for passwords and that irritating 2FA authentication. A highly secure, DigiByte blockchain-based open authentication protocol service is claiming it can be used to replace usernames, passwords, and even 2FA. If this is correct, this will relieve much of the irritation associated with logging into an exchange or accessing a wallet. However, if a hack occurs their entire platform could come crumbling down.
Enjin Coin (ENJ): Unite Tokyo and Beijing
Enjin (ENJ) is currently attending Unity events in Asia. For those that are not big gamers or developers “Unity” may not be a familiar term. Unity is a cross-platform game engine that is used to develop video games for all consoles and mobile devices. The unity platform now includes over 15 platforms and hosts major conferences regarding gaming, app development, and technology all over the world.
ENJ is hosting a booth at both events in Tokyo and Beijing ensuring their new partnership is clearly recognized. ENJ is attempting to integrate its currency into multiple gaming platforms and are placing these strengths on display all week long at the Unity Conferences.
ENJ currently is trading at $0.17 with a market cap of $127 million. If ENJ’s presentations and exposure in Asia is viewed positively, this numbers will likely increase. As a cryptocurrency ENJ is a favorite to take over the gaming market as they are already partnered with Unity for “True in Game Ownership of Digital Assets.” Having a partner like Unity while being on their conference tour should provide ENJ the perfect amount of momentum to build their user base and continue to excel as a cryptocurrency.
Bulls versus Bears
Crypto has been as volatile as ever in 2018, but it seems that May has seen the beginning of a bull market trend. With OTC orders stacking up on the buy side with fewer sellers in sight it is becoming apparent there is more upward pressure than most would have the public believe; this coupled with major institutional investors like Goldman Sachs announcing their entry into the market makes it an exciting time to be in crypto. With bull markets providing the perfect launching pad for new projects this summer should see a flurry of innovation.
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