Electroneum (ETN) Price Analysis : Electroneum’s Volatility holds back Market Progress
Electroneum is built off Monero codebase to allow for transactions on a decentralized blockchain and a mobile-first cryptocurrency aimed at mass adoption. It overcomes 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. Transactions are faster with dynamic fees which are based on the amount of traffic on the network. The more interesting feature is the ability to perform mobile mining. The app will allow your phone’s CPU to engage in stimulated mining and rewards will be given to the miners.
As per analysis from CoinMarketCap, Electroneum is ranked as the 77th cryptocurrency, and it’s market cap value is USD 61,402134 for the 24h Volume of USD 1,753,222 on March 15 at 14:04 UTC which is higher than its relative values of USD 58,297,448 on February 15 by 5.33%. ETN traded over 64 million USD at the beginning of January after which the market toppled. The market value of this cryptocurrency has been very turbulent due to the volatility of the cryptocurrency. The Mcap value of ETN reached a peak of USD 74,497,159 on February 25 at 07:34 UTC and its Lowest, recently of USD 50,204,603 on March 11. The current values are an intermediate between the highest and the lowest with a percentage difference of 21.33% and 22.30% respectively. The 20-day EMA displays a downtrend on comparison with the present-day values. The differences between the values have regressed by 9.97%. This market trend puts the digital currency on a bearish pressure.
Further elaborating the ETN/USD pair, the current value of this pair is USD 0.006745 at 14:04 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. The price value of USD rose to its all-time high on February 25 with the value of $0.008285 which is 22.83% higher compared to its present-day value. This cryptocurrency reached its milestone between February 23 and February 25, as Electroneum sprung from a low of USD 0.006839 to a high of USD 0.008285 which is 21.14%, a spectacular return within two days. Stats show that the price of BTC has been on flowing along with the MCap/USD pair. The current value of BTC as on March 15 is 0.00000172. Stats display the lows and highs of BTC’s price value – the low on March 07 with the value of 0.00000142 and a high on February 25 with 0.00000216 with differences of 21.13% and 25.58% respectively with the present day value.
The 14-day moving average shows the values going uphill from $60,527,467 on March 01 to the current value with a negligible 1.45 percentage increase. With the percentages of both the moving averages minute and the overall market with sharp rises and falls, bears hold an upper hand. And, with bears ruling the cryptocurrency’s market, investors with long term investments must sideline to observe the market trend. However, Traders can take advantage of this fluctuating market to earn a significant profit from their transactions. Investment from traders will increase the value of the cryptocurrency in the future.