Considering how most cryptocurrencies lost a lot of value over the weekend, most of the altcoins are currently in damage control mode. More specifically, the losses need to be recouped first and foremost. For Electroneum, the weekend pushed the value below $0.01 again, although this latest uptrend seems to ensure that will not be the case for much longer.
Electroneum Price Reclaims Steep Losses
Now that the brutal weekend of cryptocurrency trading is finally over, things are starting to look up as the new week progresses. Considering how there are massive losses across the board for all currencies, recovering thesis lost value will take a while. It is always easier to lose something rather than gaining it back. In the case of Electroneum, the price may return to $0.01 fairly quickly.
Over the past 24 hours, there has been a solid 7% gain in USD value and a 2% gain in BTC value. This latter aspect is a bit lackluster first and foremost, although it is possible things will continue to improve in this regard. Any altcoin needs to gain on Bitcoin right now to make a meaningful impact, and it seems Electroneum is on the right path to doing so. Reclaiming the $0.01 level may be a bit more difficult than one would assume, though.
The big news pertaining to Electroneum this week is how the altcoin is trying to break grounds in the mobile sector. Forging partnerships with mobile carriers to get KYC information is an interesting option to explore in this regard. That move will also be helpful to ETN users on mobile who want to get verified quickly, as they would no longer need to go through a separate process to do so.
It would also appear the Electroneum community is trying to get their favorite altcoin listed on the Binance platform. For many altcoins, getting listed on Binance is almost better than being added to Coinbase, primarily because Binance has a much bigger appeal to altcoin users and speculators first and foremost. It is unclear if the exchange will list ETN, though, as nothing has been confirmed at this point.
Callitlikeiseeit is perhaps one of the most down-to-earth altcoin traders under these current circumstances. Rather than worry about the current downward pressure, it seems he is simply adding more coins to his growing portfolio. That portfolio seemingly includes Electroneum, Tron, and Litecoin, which further confirms diversification is critical in the cryptocurrency industry at any given moment.
For the time being, it remains to be seen what the future will hold for Electroneum. The ETN price seems well underway to reclaim the $1 level, although there is still plenty of work to be done in this regard. After all, the hourly charts for most cryptocurrencies do not look promising whatsoever. More bearish pressure looms ahead for all currencies, as this year may not necessarily end on a high whatsoever.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.