It’s that time of the year in cryptocurrency when prices are dwindling and investors become wary of projects. Events in the last several days have made some cryptocurrencies seem risky investment while a few look for a new start.
So we examine Lisk (LSK), Zcash (ZEC), Ethereum Classic (ETC), NEM (XEM) and ask: which ones present clear warning signs and which ones could offer a fresh entry point?
LSK, like every other coin in the market, slid in value over the last several weeks. The coin has lost almost 30% of its value in the last 30 days. On May 6th, LSK traded at $13.57 against the USD. Today it trades at $8.90, dropping a further 5% in the last 24 hours. The market cap has shrunk from $1.4 billion to $949 million.
The Lisk blockchain recently became victim to yet another blockchain attack that halted all activity on the network. Even though the transactions were subsequently frozen and nullified, the effect on investor sentiment may have been affected.
The Lisk team came out with an assuring message to the community. “We’ve released #Lisk Core 0.9.15, which deals with this morning’s issue of a malformed transaction stopping transaction processing and block production.”
For Lisk, unfortunately, this amounts to a red flag that things can indeed go wrong where delegates are concerned. It, however, still has the potential to rise and surpass the recent highs.
Zcash has also had a tough ride for the last several days, it’s price dropping as the bears tore up the market. ZEC has shed about 26% of its value in the last 30 days. On May 6th, the coin traded at $310 against the USD. However, today the crypto is trading at $229, dropping in value by 2.80% in the last 24 hours and -5.66% over the last 7 days.
ZEC’s market cap has also been eroded by about $200m over the last one month. It stood at $1.1 billion on May 6th, but today it’s down to $943 million.
ZCash’s privacy features make it popular with anonymity lovers but aren’t enough to drive it to global adoption. Nevertheless, exciting upgrades to the network and recognition as a potentially very secure crypto may help.
This feels like a fresh start for Zcash, having reached an all-time high of $955 in early January. If the upcoming network upgrades and general sentiment improves, ZEC could rise to challenge near its ATH.
Ethereum Classic (ETC)
Ethereum Classic (ETC) is one of the many cryptocurrency projects that have kept a low profile in the market. Other than the recent Edcon, the formation of Ethereum Classic Labs, and the difficulty bomb diffusal fork, not much comes from the team in terms of marketing and it’s thus completely overshadowed by its otherwise popular kin ETH.
ETC currently scores highly in terms of its algorithm, daily trading volume, and recently cracked back into the top 20 by market cap. Negative coverage or lack of has contributed to its poor show.
For would-be investors, this could be the time to get the coins on the cheap. It currently trades at $14.97 to the USD, shedding about 2% of its value in the last 24 hours. However, ETC has dropped more than 43% in prices over the last 30 days. It traded at $25.57 on May 6th.
Two things that could drive ETC higher this year is the ETC Labs and mining, the coin now very attractive to miners. At the moment, this is one of the most undervalued coins in the market.
NEM released its much-anticipated Catapult or Mijin v2.0 during the Consensus 2018 meet-up in New York. The release of these upgrade means that NEM is now able to scale to higher throughputs and can virtually “catapult” XEM into the top tier on the market.
The other thing going for NEM at the moment is on the partnership front. With numerous high profile partners already working with it, the crypto signed another set of deals in New Zealand and Australia.
What’s more promising for XEM is that the coin attracted the attention of NASDAQ, which included it in its list of top 20 coins to buy. Bitprime and travelbybit will both present the coin with much-needed traction in the region.
XEM currently trades at $0.24 against the USD and has dropped about 2% of its value in the last 24 hours. Things haven’t been rosy in the last 30 days too, losing about 40% of its value since May 6th. By then, the coin traded at $0.42.
Despite this, the coin is still well placed to recover though completion in the platform sector will make it a slow rise.