Since its launch in November 2017, Electroneum (ETN) has seen some massive gains from its initial ICO price of around £0.01. It reached highs of around £0.20, but has since dropped rather sharply to current levels of around £0.09. This fairly large decline seems to be in contradiction with the sheer amount of attention the currency has been receiving from both the media but also the cryptocurrency community, although many experienced traders will rightly see it as a good opportunity for short-term trading. This short-term trading coupled with the Electroneum teams commitment to their initial goals will hopefully see a closing of this apparent divergence between price and sentiment, and maybe this HODL rocket will take off and starts its journey to the moon.
Electroneum Market Cap and Price
Another factor to keep in mind is that ETN is currently only trading on one exchange, Cryptopia.co.nz, and has still achieved a market cap of around £505 million and is doing tens of millions of pounds in volume daily. It's the only top cryptocurrency to have achieved this, and they've announced plans for launching on both NEXT.Exchange and HitBTC exchanges in the next few weeks. When the coin does launch on these new exchanges and platforms, we can expect to see a massive increase in the volume being traded, and hopefully in the price as well.
An ICO was held back in September 2017, which managed to raise an eye-watering $40 million in just a few short weeks from almost half a million participants. This made it one of the most successful ICOs conducted at that point in time, and helped get the project the attention it deserved. I've personally not seen the kind of excitement around a new crypto project before, and it was/is contagious.
Electroneum started with a goal of removing the barriers to entry for those looking to enter the cryptocurrency market, and by proxy, help achieve mass adoption of cryptocurrencies worldwide. This mission statement isn't just ambitious, but in my opinion, highly respectable. This is what the cryptocurrency market and community needs if it's to continue its exponential growth.
At present, cryptocurrencies can be hard to get hold of for a newcomer. It can appear too complex and complicated to some, needing complex software, mining rigs, young exchanges and websites, a plethora of wallets and storage options, as well as more ponzi schemes and scams than you can shake a stick at. These are the challenges that Electroneum hopes to overcome, and it really is a mammoth task.
The teams initial plan revolves around their Mobile App. It currently serves as a wallet, price monitor and support hub but will soon expand to include a mobile miner and possibly electroneum oriented games. The key part of this is that it doesn't require technical know-how or specialist hardware, just a smartphone. There are over 2.2 billion users of mobile devices, so the potential for growth of its user base on 2018 is vast.
Richard Ells and his team are already in the process of making partnerships with key telecom industry players, having signed an agreement with FanFare recently. There should be plenty more of these announcements coming in over the next few weeks.
Which brings us to my prediction for this year;
With all the above factors, I can see this crypto easily hitting the £3 - £4 ($5 - $6) mark by the fourth quarter. This would make participants in the ICO who held onto their coins very happy I'm sure. Be weary of inexperienced traders claiming $100+ prices, as this just seems near impossible to me. That would bring the market cap to an astronomical amount, dwarfing most other markets in the world. It's just a little too optimistic to me. The current lull in the price, however, is the ideal opportunity to buy in now before this project really takes off.
What are your feelings about Electroneum? Or do you have your own prediction for where this coin is going? Let me know in the comments down below, and if you haven't already, follow me for regular updates on Electroneum, Cryptocurrencies as well as other interesting things I find lurking on the internet. I'll be doing a weekly news roundup on Electroneum, so make sure to keep an eye out for that at the beginning of each week. Peace!
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