To read the previous installment of ‘Top Coins for the Week,’ click here.
The crypto markets have demonstrated very bearish tendencies the last few months. However, even in a market suffering a bear raid, there are weekly coins that provide a degree of solace. This week has seven cryptocurrencies that have noteworthy events, updates and platform launches in the upcoming week.
The State of the Current Market
The bull market turned bearish in the middle of December and has continued for over three months. Bitcoin (BTC) has suffered a sixty plus percent retraction which has led altcoins to dip even further. BTC’s dominance in the past three months has increased as the total market cap of all cryptos has decreased. BTC now makes up a greater share (percentage wise) of the total crypto markets than it did in December when its price was 200 percent higher. This signals that not only is the crypto market shrinking but BTC’s market cap is growing when compared to the other altcoins.
Savvy investors enjoy taking advantage of opportunities during both bear markets and bullish markets. With the markets having corrected from a total market cap of over $800 billion to a total market cap of under $300 billion there are many coins priced at a fraction of where they were months ago with no negative news surrounding their correction. This leads to buying opportunities galore with many altcoins having significant events this week.
Synopsis of This Week’s Events
All seven cryptos (BRD, RISE, SPANK, PRL, UKG, EOS, BRD, and COFI) are poised to add utility and inherent value to their coins this week. When utility is added, and roadmap objectives are accomplished the underlying currency generally appreciates. One thing is very clear in the cryptocurrency space; utility adds value. The Top Performing Coins last month all added significant utility (or planned to). When cryptocurrencies add utility, the price generally appreciates based on the utility added and market adoption.
The short synopsis of what each of the seven coins intends to do this week is as follows: BRD plans to add the ability to hold ERC-20 tokens to their wallet. RISE has a new roadmap and website being released (almost a rebranding but maintaining the name). SPANK’s cam site BETA goes live on April 2, 2018. PRL has their airdrop of the SHL token on April 6 and received approval from their main exchange to support the airdrop. UKG releases their live betting and spectator betting Esports platform. EOS releases Dawn 3.0. COFI has their public BETA launch on April 6, 2018. These chain of events should lead to the addition of utility to each of the cryptocurrencies mentioned above.
BRD: Bread (iOS and Android Updates)
The BRD token is the current Moonshot given their upcoming week. These events this coming week should dramatically increase the utility and market adoption of the BRD token and the Bread wallet.
In the crypto world when a token adds utility, it removes them from the speculative category and places them in the real world use category. Currently, the Bread wallet application does not have the capabilities to hold ETH, ERC-20 tokens or BCC. This is very surprising given BRD is an ERC-20 token. The BRD wallet apps by April 7, 2018, are supposed to be updated to be able to hold ETH, ERC-20 tokens (BRD) and Bitcoin Cash (BCC). The Bread wallet currently only has the functionality to buy, sell, and transfer BTC. When the wallet adds the ability to buy/sell/transfer BRD, ETH, and other ERC-20 tokens the value of BRD and utility will both increase substantially.
BRD is currently priced at $0.39 per coin with a market cap of $29 million. This is far short of the $3.27 per coin and $195 million market cap BRD achieved on January 7, 2018. BRD is currently valued at only 15 percent of their ATH and is about to have a token and application whose utility increases substantially.
The second aspect of BRD’s short-term plan is to integrate the BRD token into the wallet application in a manner in which larger holders of BRD will receive added benefits. These benefits could range from the percentage charged to purchase BTC via a credit card being decreased to the lowest on the market to increased withdrawal and deposit limits. The more BRD tokens the user holds, the more advantages they will be able to “unlock” in their wallet. This not only increased the utility of the BRD token but provides a great incentive for holding.
BRD’s token is about to be given significant utility by being able to provide the holder special benefits within the Bread application. This system creates an environment where holders of BRD are not selling but continuing to accumulate as their will be benefits based on quantity held. Supply of BRD on exchanges will decrease as wallet users transfer their tokens to their application. This will decrease supply on exchanges just as more users are trying to purchase BRD for their added benefits in the wallet. The result will likely be a situation where all holders are enjoying making that BRD.
SPANK: SpankChain (Cam site BETA)
Try saying this one without smiling. SpankChain developed the SPANK token to be used on adult film sites as a digital currency. The adult industry has been plagued by issues with banking, similarly to the medical and recreational cannabis industries. Digital currencies provide an outlet for underbanked industries and SPANK intends to take advantage of that fully. Currently, SPANK is platformless, but that is about to change on April 2, 2018. Their BETA version of their cam site goes live on this date allowing the SPANK token to finally be utilized. Without utility, a token is solely a line of code that can be possessed by one person, with a platform to spend and transact the value and purpose of the token increases. SPANK increases their utility this week with the release of their cam site BETA.
A SPANK crypto is currently available for $0.11 with a market cap of $33 million. January 13, 2018, SPANK was trading at over $0.60 per coin. SPANK’s market cap and cost per coin have decreased over 80 percent since January, and they are on the cusp of their adult film beta site launch. SPANK is on track to reach their deadline and assuming the site works without significant issues will be a significant stepping stone toward approaching their prior all-time highs. With their BETA on the near horizon look for SPANK to appreciate nicely.
SpankChain is, “a cryptoeconimic powered adult entertainment ecosystem built on the Ethereum network.” Their initial focus is on payment processing and live streaming. This is further demonstrated by the BETA, being a live streaming cam site, that accepts SPANK tokens. If any industries were going to have mass adoption by crypto enthusiasts, it is likely that they would include the cannabis industry or the adult film industry. SpankChain is marketing to the specific adult film live streaming crowd. However, with the majority of internet traffic coming in the form of pornography it is likely SpankChain’s niche is much larger than most predicted. With this week’s coming addition of utility coupled with SpankChain’s market penetration SPANK could see a nice rise in value following a successful BETA release.
RISE: RISE (New Website and Roadmap)
RISE (RISE) is a cryptocurrency trading at $0.069 with a market cap of $8.5 million. They have low volume with under a BTC traded in total volume in the prior 24 hours. However, this week provides a few unique opportunities for those looking for a small cap crypto to get involved with. RISE is redoing their website and roadmap providing updates and advancing the user-friendliness of their platform. If the crypto community approves of the RISE updates the price of RISE should rebound nicely.
RISE reached their all-time high on December 28, 2018. Their price at the end of December surpassed $1.60 per crypto. This is 2500 percent higher than where RISE currently resides at a price of $0.069. RISE has clearly had a turbulent year but with a redesign of the website coupled with an updated roadmap being released RISE may find a very strong second wind in quarter two of this year.
RISE offers a platform for Decentralized Distributed applications (Dapps), smart contracts, and sidechain/token asset creation, powered by a Delegated Proof of Stake DPoS) blockchain. By incorporating each of these features RISE intended to set themselves apart from the other Dapp and smart contract-oriented blockchains. However, a major market correction and drop in altcoin value has led to a situation where RISE is priced lower than where they were a few months’ prior having fallen a much greater percentage than BTC.
This week could be the beginning of RISE’s rise in value as they implement a newly updated website and roadmap. RISE only can fall so much lower, but the room for growth is exponential having been priced over $1.60 less than four months ago. RISE is a riskier play this week but with higher risk, comes much higher rewards.
PRL: Oyster Protocol (SHL Airdrop, Exchange Support)
The last two months have been very busy ones for PRL. March saw PRL burn more than ten percent of their circulating supply. PRL also has met each deadline for their upcoming SHL airdrop and even garnered support from their largest volume exchange. On April 6, 2018, each holder of PRL will receive a 1:1 ratio of SHL for each PRL crypto held. Last week no exchanges had announced support for the airdrop. However, this week, the exchange PRL is predominantly traded on expressed their support for the airdrop.
PRL’s strategy on the blockchain is to revolutionize the way web hosts earn an income. Instead of advertising revenue making up the lion’s share of income for web hosts; PRL intends to replace ad revenue in a unique manner. Web hosts will soon be able to input a line of code into their websites that allow for the removal of ads but still provides revenue based on total views/visitors. How is this completed? Well, the visitor to the website is unaware, but a minuscule amount of their spare computing power is used to confirm transactions on the PRL network, rewarding the web host in PRL tokens.
As airdrops approach the underlying crypto usually increases in value until exchange support is announced or declined. If a major exchange supports the airdrop the value of the underlying crypto tends to increase until the date of the airdrop. If an exchange declines support for the airdrop, the crypto generally retracts significantly as individuals have to decide to move the crypto to a desktop/application based wallet or to sell at the current price. PRL received support for their SHL token airdrop on the main exchange PRL is traded. This was extremely positive news for PRL token holders eliminating the hassle of transferring PRL for the airdrop off an exchange, and the associated fees.
The SHL token is planned to be used as part of a new blockchain based internet. The concept is still a bit murky, but there will be no ICO held, and there is little to no risk for PRL holders as SHL is being given on a 1:1 ratio for free, just for holding PRL. PRL and SHL have very large ambitions, but if they are able to accomplish their goals, their value will truly moon.
UKG: Unikoin Gold (Esports Live Betting, Spectator Betting)
Unikoin Gold (UKG) is an ERC-20 token that has been incorporated into the Unikrn platform. The Unikrn platform is known for their licensed, legal betting on eSports tournaments and matches. UKG provides a reward and incentivization structure for teams, players, and the participants of eSports. One of the biggest backers of the Unikrn project is the infamous Mark Cuban, billionaire, investor, Dallas Mavericks owner, and television personality. With investors such as Mark Cuban and a major upcoming week, UKG should see a strong rally in the short term.
UKG like any crypto needs a platform to increase its functionality and utility. UKG is fairly useless without its Esports live betting and spectator betting platforms. These specific platforms are planned to be launched this week, April 6, 2018. If UKG does not miss this deadline, the price of UKG will respond positively.
However, if UKG misses this deadline, the public will lose faith regardless of the importance of Mark Cuban. The spectator betting and Esports live betting is what UKG was built for. The crypto space needed a token for the underbanked gambling community (similarly to adult film and cannabis), and UKG provided them with such. Now the platform is basically ready to be launched and the full potential for UKG to be unlocked. The ability to access spectator and Esports live betting is what gives UKG added utility this week. Utility adds value more than anything else in the crypto space.
With the implementation of spectator and Esports live betting this week it is likely UKG continues to trend North. If their deadline is delayed or missed look for a significant correction to occur in UKG’s price. Individuals like Mark Cuban do not associate themselves with failing projects. Look for UKG to meet their self-declared deadline and have a functioning platform by launch day.
EOS: EOS (Dawn 3.0 Release)
EOS is priced at $5.68 per crypto with a market cap of $4.3 billion. EOS attempted to solve the issues that plagued Ethereum. The overwhelming majority of ICOs from the past year were based on the ETH platform (ERC-20). This led to significant scaling problems for ETH an issue EOS solved before they even had scaling issues. EOS specializes specifically in scalability, an area where ETH suffers greatly. However, ETH has attained the most important thing of all: market penetration. This high level of market penetration and adoption led to scalability issues for ETH. EOS looks to improve on many of the concepts ETH established in the industry but excelling where ETH faltered.
Dawn 3.0 is being released this week in Alpha form which is a very positive step for EOS. They have amassed a market cap of over $4 billion and are finally releasing the long-awaited Dawn 3.0. Dawn 3.0 will be the master branch for EOS on GitHub and is one of the largest developments in EOS’s history to date. This substantial development for EOS ensures its relevancy in the future as long as ICOs are continued to be launched. The current lull in the ICO market with many regulatory agencies scrutinizing ICOs has led to a market retraction and further correction for ICO related coins. When this regulatory pressure passes and ICOs begin again in full force coins like EOS will reap the most significant rewards.
EOS is on the cusp of releasing Dawn 3.0 one of their most significant accomplishments in their roadmap. Once these benchmarks in their roadmap are met, EOS will have an inherent advantage when compared to other cryptos that specialize in ICOs. It is expected by many crypto enthusiasts that EOS is the only capable platform able to handle full-scale commercial decentralized applications. Once this is achieved developers and investors will flock to the EOS platform for its advantages over other ICO platforms.
Dawn 3.0 is the beginning of a new age for EOS. However, very important questions remain: will regulatory pressure allow for ICO related cryptos to take off again? And will EOS still have the technological advantage over other cryptos when this period of ICO exuberance takes place again.
COFI: CoinFi (Public BETA Launch)
CoinFi (COFI) is valued at $0.047 per coin with a market cap of $8 million. This coin is very relevant this week because they have their public BETA launch this week. April 6, 2018, the CoinFi public BETA goes live. This a very positive step for a coin that is trading at 50 percent of their debut price February 27, 2018. A public BETA is essential for all coins looking to have a live mainnet launched in the near future.
CoinFi offers crowdsourced professionally curated research, analysis, trading signals, trading algorithms, and market-moving news to give cryptocurrency traders an edge. The CoinFi (COFI) token has two main utilities. It unlocks the CoinFi’s market intelligence platform and helps reward community members for their contributions and participation in the COFI ecosystem. COFI seems to be a crypto looking to provide an edge in crypto trading to those that hold COFI in substantial quantities.
The public BETA being launched this week takes COFI from a speculative concept to one with a working platform. This brings COFI one step closer to being able to add real utility to their token only a few months after the conclusion of their ICO. COFI is an altcoin that specializes in the niche crypto trading market. If the information provided on the COFI platform turns out to be valuable or profitable the value of the underlying COFI will exponentially increase in value. COFI seems to have a bright future with April 6 dictating if their platform seems to excel for a BETA. If the crypto community approves of the COFI BETA, this should be a week where COFI builds momentum as it trends higher in value.
7 Coins for 7 Days
With all seven coins having substantial positive news related to their underlying utility, this week should provide a nice catalyst to boost a few coins in the crypto space. The market is still very bearish but to minimize losses in the downturn or to look for positive movement in the short term these seven coins have many positive attributes and significant events that should increase their value in the short term; BRD, RISE, SPANK, PRL, UKG, EOS, and COFI.
The crypto markets continue to provide the volatility that drew most individual’s attention except now the market is bearish. Following bull markets there are corrections, following corrections there are rebounds, and the cycle continues endlessly. For those that are altcoin shopping based on utility, the reward will likely be handsome. For those that sold at substantial losses, this market was too much of a gamble for you from the beginning.
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 ‘Top Coins for the Week’ series, click here.