What to Expect Next From NEM (XEM), Binance Coin (BNB), Ethereum Classic (ETC)?
What do we expect from altcoins in the face of the current market decline? For a majority of investors, it’s the coin’s ability to recover and embark on a decent run. Well, here are three coins that could do just that when the expected bullish turn comes to town.
NEM like many other altcoins on the market has seen its value shredded by the on-going decline in prices. Though this is a market wide thing, it’s especially crucial that XEM comes out of it with enough support to march forward. Currently, XEM trades at $0.232 against the US dollar, shedding over 23% of its value in the last 7 days.
The expectation is that NEM has enough community and corporate support to bounce in the coming months. The crypto experienced a bad event earlier in the year and has been trying to put that behind it and focus on its network.
That focus was put in place on May 15, 2018, when mijin v2.0 or Catapult was put on the private network for testing and voting. The game-changing network upgrade was then released during Consensus 2018. It’s crucial for NEM as it enhances its enterprise-ready features.
The network can now be expected to run both permissioned and hybrid blockchains. It also means that aggregated transactions and multi-sig accounts are available on the blockchain. Apart from enhancing security, the expectation is that they will help speed up global adoption of the platform’s technology in fields like electronic money systems, land and property registration, user authentication, and logistics tracking.
The NEM team has also earmarked an extensive bounty program that should see the crypto gain more traction from marketing. The bounty will focus on areas like ICOs, government dApps on NEM, academics, meetups, and writing among others. In short, the price may linger in the red for a while, but XEM has the potential to bounce.
Binance Coin (BNB)
A little over a week ago, it appeared that BNB was capable of mounting a rally in the middle of a bear market. The feeling was that the coin could test the $20 price after positivity doubled up. At the time, Binance, one of the largest crypto exchanges, had announced a doubling of its bonus from 20% to 40% for daily hodlers.
On May 18, 2018, the coin had traded at $12.36 against the US dollar. It quickly raced to an intraday high of $16.22, though that leveled off to see it close at $15.14. Quite telling though, the coin touched a low of $12.05, as signs of what was to come showed.
The coin’s price is completely south of those two-three days of an outstanding run that saw a total of $243,261,000 worth of BNB traded. Today, BNB trades at $11.85 and has seen only a total of $29 million worth of the coin exchanged. It’s down by -3% and -17% over the last 24 hours and 7 days respectively. The big question is what to expect from the coin in coming days.
Binance Coin may not see much action as the bear market continues to bite. However, a lot of movement could be in the offing in June and July as the quarterly burn approaches. Also, as more crypto pairs are added to Binance, expect to see Binance coin moving upside.
Ethereum Classic (ETC)
Ethereum Classic (ETC) is to undergo a hard fork today, Tuesday, May 29, 2018. However, rather than create a new currency, much like many other such events lead to, the fork is only intended to remove the so-called ‘difficulty bomb’. The hard fork will occur at block 5,900,000 and is simply intended to resolve issues that would have affected mining profitability by September this year. If the difficulty bomb was allowed to take effect, it would have led to a drastic reduction of future block rewards for miners.
There is no airdrop or such other free tokens to be given to the community and thus don’t be surprised if this hard fork passes by silently. According to ETC developers, the main takeaway will be easy for mining. However, it’ll also make the network faster, reducing transaction speeds from 26 sec to 14 sec per block.
The hard fork, if successful, will likely unite the mining community, ETC investors, and possible partners. In this regard, it could revitalize the crypto and lead to a resurgence in value in the future. While not much movement is expected in terms of prices, the next few weeks will be crucial for ETC as it moves forward with the Proof of Work algorithm.
Watch out as you try to buy low for some projects could be more at risk than others.