Electroneum (ETN) Price Analysis : Electoneum’s resilient trend results in Inequitable Market
Electroneum, built off Monero codebase, is a mobile-first cryptocurrency that allows for transactions on a decentralized blockchain and aims at mass adoption. It resolves the shortcomings of bitcoin’s privacy issues. Electroneum’s stealth address, a one-time public key that prevents recipient’s funds from being linked with their wallet, resolves the security issue. The recipient gets their funds through their wallet’s private view key which scans the blockchain. The key feature is its ability to perform mobile mining through your phone’s CPU, and the miners will be rewarded for this activity.
As per analysis from CoinMarketCap, Electroneum is ranked 81st cryptocurrency, and it’s market cap value is USD 58,730,322 for the 24h Volume of USD 8,995,297 on March 23 at 11:54 UTC. This is based on the total circulating supply of 9,148,247,873 ETN coins. The current market value is relatively lower compared to its corresponding value on February 24 of $71,398,980. There has been a decreasing percentage of 17.74%. The volatility of the cryptocurrency shows major turbulence in the MCAP values. The overall market cap value has been ranging between 65 million and 75 million USD, with the highest on February 25 of USD 73,681,149 and the lowest of $5,050,131 on March 11. The 20-day EMA displays an uptrend on comparison with the present-day values. The 14-day moving average shows the values going uphill from $54,634,852 on March 09 to the current value with a 7.50% increase. The difference between the values has inclined from USD 57,965,869 by 1.32%. This negligible value puts the digital currency on a bearish pressure.
The present value of the MCAP/USD pair is USD 0.006420 at 11:54 UTC. The analysis on the pair shows that the MCap value and the USD have been running parallel to each other from the beginning of January 2019. This cryptocurrency reached its milestone between March 11 and March 14, as ENT rallied from a low of USD 0.005512 to a high of USD 0.007385 which is 33.98%, a spectacular return within 03 days. Stats show that the MCap/USD pair has taken the lead, followed by BTC. The current value of BTC as on March 23 is 0.00000159 (11:54 UTC). Stats display the lows and highs of BTC’s price value – the low on March 11 with the value of 0.00000142 and a high on February 25 with 0.00000215. The current value is an intermediate between its high and low with a percentage difference of 35.22% and 11.97% respectively. However, bitcoin’s price has been overlapping and merging with both the price of USD and MCAP values. The price of USD has been sharing its highest and lowest values with the MCAP value of ETN on February 25 and March 11, with the values of $0.008192 and $0.005512. The current price is midway between the extreme values with the difference of 27.60% and 16.47% respectively.
Although, Both the averages show an increase in percentages and an uptrend in the market, the insignificant values put the cryptocurrency under bearish pressure and in favor of sellers. Investors with long term investment plans will have to observe the trend until it gains stability. This fluctuating market comes in handy for the traders as this investment from traders will increase the value of the cryptocurrency in the future.