The coming days and weeks may prove to be extremely crucial for all cryptocurrencies. As the bearish pressure isn’t relenting as of yet, crunch time is on the horizon. While the Electroneum price noted some strong gains last week, it seems things have taken a turn for the worse. No real damage has been done just yet, as the beta iOS app gets many people excited.
Electroneum Price Momentum Cools Down
Whenever a cryptocurrency notes any real gains in recent months, it is usually met with a reverse trend fairly soon. That is very unfortunate, although it has affected all markets in equal fashion over the past 10 months. In the case of Electroneum, the weeks sustained over the weekend and early this week have mostly been nullified in quick succession. This is not in line with the actual developments taking place behind the scenes right now.
Over the past 24 hours, there has been a negative Electroneum price change. Following a 1.5% drop in USD value, one ETN is now priced at $0.006669. There is also a near 1% deficit in ETN/BTC, bringing this ratio down to 186 Satoshi again. A notable difference compared to a few days ago, although these deficits could have been much worse, all things considered. The overall trading volume has dropped to just under $222,000 which is not what most people would have expected.
The big news for Electroneum this week is the iOS app getting approved. Although this is a beta application, Apple sees no bones in letting device owners use their phone or tablet to perform Electroneum cloud mining. For now, 100 beta testers will be given access to the application. A full release date has not been announced as of yet, as it will mainly depend on what type of feedback the beta testers provide along the way.
iOS Update: Apple have approved cloud mining and the app is going out to our first 100 Beta testers! pic.twitter.com/b6YMfFVPij
— electroneum (@electroneum) January 23, 2019
Secondly, it would appear the individual known simply as “Egg” is a valuable contributor to the Electroneum project. His efforts have not gone by unnoticed, as can be seen in the Tweet below. It is evident a cryptocurrency project hinges on community support and efforts by numerous individuals. As such, it appears the popular altcoin has all of its ducks in a row as of right now.
Last but not least, there are still a lot of questions regarding Cryptopia and the currencies they lost exactly. To date, it seems as if all Electroneum balances have remained unaffected, although there is no official word as to when these holders will be able to move their funds off the platform. This creates a fair bit of friction which will need to be addressed sooner or later. So far, the company remains rather quiet on the investigation or any progress made by themselves.
@Cryptopia_NZ these are the questions we want answered what coins were not affected. What are you doing for better security for the future . When will we be able to long back in and claim our coins that were not affected @electroneum I am sure there are a lot of us #etn holder
— Joseph Laforte (@LaforteJoseph) January 23, 2019
Although the price has turned somewhat bearish in the past few hours, the overall ecosystem is still doing just fine. In the cryptocurrency world, one can never lose track of the bigger picture and overall developments. How things will evolve for Electroneum exactly, remains to be determined. Without solid Bitcoin price momentum, altcoins usually won’t move up much either.
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.