Syscoin (SYS) Goes On Another Wild Ride — Is It A Crash?

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Syscoin (SYS) has taken off and it was riding on the back of being listed on Binance. The crypto soared over 40% on Wednesday, causing pensive investors to take notice.

It’s seldom that a little-known coin takes the limelight away from the big three of Bitcoin, Ethereum, and Ripple. Even in a bearish market like this one, most attention is on the performance of the top coins. Yet we could say that that is exactly what Syscoin has done. It has stolen the show with its magnificent rise against the bearish tides tormenting cryptocurrency.

The big question many people may be asking could be: How come I never heard of SYS before? Is it a new coin?  Well, that’s the tragedy of it. With thousands of coins in the market, many of us don’t bother with those relegated to the nether pages of capitalization rankings. I felt the point hit closer home with this tweet from one Syscoin supporter.

Syscoin (SYS) Goes On Another Wild Ride — Is It A Crash?Syscoin (SYS) making waves!

Price isn’t everything, but it plays a vital role in getting a coin or token on the map, so to speak. And that is exactly what a week of bold moves means for this almost forgotten coin.

Like every other crypto asset that was in the market in 2017 and Jan 2018, the value of SYS, the native currency of Syscoin, soared to new all-time highs.

It had an ATH of $0.91 reached on January 13, 2018. At that time, its market cap hit a record $487,798,075. However, when the reverse hit to leave markets plummeting, its value dipped too. New lows were reached on March 18, 2018, when its price shrank to $0.304.

Its market cap also withered to $161 million within a month of madness in February. Then stranger things happen, including in cryptocurrency. It wouldn’t be too farfetched to say that the resilient coin is on a resurgent trail. Its price has risen by 40% in a day to arouse the interest of crypto enthusiasts.

But it has had a rough 24 hours as its price tanked, giving back gains recorded a day earlier. Today SYS traded at $0.3244 against the US dollar, which was a drop of 18% over the same period.

What has made Syscoin surge in recent weeks?

The speculative nature of cryptocurrency means sometimes price surges occur on the whims of sentiment alone. However, often times, a tangible event does accompany a genuine interest in a coin. For SYS, this timely intervention was provided by Binance. Though it’s early days, the sudden surge presents a reminder that the coin still has a place on the market.

It is also possible that sentiment has improved for this coin due to its recent good ranking among the top 100 blockchain organizations. The poll carried out by RichTopia places Syscoin in 3rd place. The impact such an event could have on investor sentiment can only be seen in the daily trading volumes. And to prove it may have contributed, the 24h volumes stood at over $49.7 million, a big jump from the previous day’s $4.7 million.

Another factor helping to create a bullish run could be the highly anticipated launch of Syscoin 3.0 that was incidentally pushed from 31 March 2018 to 30 April 2018.

Let’s not forget that the blockchain platform recently announced that they would be partnering Bitcab. These are the kind of news that often sees prices surging, even as the rest of the market may be sliding.

What should you know about Syscoin (SYS)?

It had to take a change in market sentiment for crypto-sphere to take note of a currency that has been around for quite some time now. In fact, get it from the word go that the “genesis block” of SYS was mined on August 16, 2014.

That makes Syscoin one of the first coins in the market. It is a mineable coin that uses Scrypt consensus algorithm that is used by popular coins like Litecoin.

The maximum supply of SYS will be 888 million coins and each transaction time is approximately 1 minute. Miners are rewarded with 80.04 coins for every block mined.

Syscoin provides a platform that aims at being the go-to network for the lowest transaction fees. However, providing a transactional currency isn’t its primary objective. That lies in its plan to use blockchain to make business accessible.

As such, the “Blockmarket”, an initiative of Syscoin, offers users with a versatile tool to transact seamlessly. Sending, receiving and even selling crypto from one marketplace is an attractive proposition for many investors.

Perhaps the one thing that has excited Syscoin (SYS) investors a lot is the eventual integration of Token issuance into the blockchain. This will make it be able to host and run loyalty programs, ICOs or simple reward applications.

The platform is flexing its muscles and could be about to cause some disruption big time. Are you watching the market? Find this coin and mark it out; it could be huge in the coming days.

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