Even though it has been a relatively good week for the Electroneum price, all good things come to an end eventually. As Bitcoin is showing uber bearish signals once again, all other markets follow in very quick succession. A steep price decline is the logical outcome for all currencies, tokens, and assets in this regard. Even so, the Electroneum iOS will seemingly be distributed to more users, which is a positive sign.
Electroneum Price Decline was to be Expected
Earlier this week, the value of Electroneum went through a seemingly bullish phase. Although that caught some users by surprise, it is evident this particular development was also to be expected. With the cloud mining app for iOS being released to testers this week, a price shift was the logical outcome first and foremost. As such, the value per ETN almost approached the $0.007 mark in quick succession.
When a good run like that comes to an end, a violent correction kicks in more often than not. In the case of Electroneum, that decline is currently becoming more than visible. Following a 5.5% drop in USD value and a 4.3% loss over Bitcoin, the positive run has ground to an abrupt halt. Considering how the overall trading volume also remains rather weak, it is only normal the current price levels cannot be sustained for very long.
Even though there is some dismay over the current Electroneum price, it seems there isn’t too much to worry about just yet. The iOS beta app can still be obtained by registering or downloading the application directly from the provided link. It is evident this will get a lot more people excited about cloud mining on their Apple device. More importantly, it will yield even more data for the developers to further evaluate their project as a whole.
#iOS beta will be released to all registered testers over next few days. Opportunity to get early release through our partners @Blockfolio ends tonight. Download the app free here: https://t.co/aeHMB00I8A The link to application is in latest Signal, search or select #ETN pair. pic.twitter.com/aHAL0aJKbO
— Chris Gorman OBE (@CeeGeeOBE) January 27, 2019
There is even more positive news for ETN, although it comes in a completely different form at this time. It would appear this popular altcoin is getting a lot more attention on the Sistemkoin exchange as of right now. Although this is mainly due to the ETN/BTC trading pair, it is still interesting to note how all of these different exchanges try to cater to as many users as possible. Turkey seems to have taken a liking to ETN at this time, which is a pretty surprising turn of events.
https://twitter.com/Simo18121/status/1089500115398729728
Last but not least, it is pertinent for investors and speculators to keep their expectations in check when dealing with Electroneum. Although the project has seen tremendous growth over the past few months, its total supply might prevent it from reaching a high value. More specifically, it will not necessarily see a market cap akin to XRP’s anytime soon. Even so, the mobile space is quite big, thus anything could happen in 5-10 years from today.
When it comes to #Electroneum and price action, we must put sentiments aside. We need to accept that it's not going to be a high priced coin. Even if the trillions of dollars are poured into Crypto as predicted, realistically where will #Etn be? … continued to next tweet.
— Trader Scrooge (@TraderScrooge) January 27, 2019
When keeping all of that information in mind, it will be interesting to see what the future holds exactly for Electroneum. Although this most recent setback will make some traders nervous, the overall ecosystem developments are still pretty positive, all things considered. Over time, that will undoubtedly create some interesting market shifts, although it seems best to keep one’s expectations in check first and foremost.
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.
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