Bitcoin Global News (BGN)
March 01, 2019 -- ADVFN Crypto NewsWire -- As February came to a
close, 4 cryptocurrencies ended up recording monthly numbers that
beat the overall average of the crypto market. In one of their
articles today, CoinDesk seems to have claimed that this signals an
impending bull market on the near horizon.
When the reason for the excellent
performance of these particular currencies is known however, things
might seem a bit less clear in this respect. To begin, the projects
in question are: Maker, Theta, Enjin, and Metronome. Immediately,
two of these, namely Theta and Metronome, present themselves are
far less popular than crypto’s top players like Bitcoin and
Ethereum.
Maker and Enjin, on the other hand,
are a bit closer to being what Messari reportedly has termed
“mid-cap cryptocurrencies” due to their market caps falling between
$100-$500 million, though their recent performance metrics come
with a few caveats. Out of all of these coins, Enjin particularly
stands out due to the uncertainty surrounding it’s recent
rise.
First, Enjin may have been
significantly buoyed by the news that it is one of Samsung’s
partners on their newest phone, the S10.
Simultaneously, the fact that it
reportedly rocketed up 200% at one point due to this news lends to
the idea that the bulk of its’ gains were due to speculation. In
other words, it is difficult to know exactly how much value Enjin
will add to the S10 ecosystem, given that its’ usage will depend on
S10 users buying-in to the idea that Dapp-based gaming is a
worthwhile venture. Current usage numbers in the greater Ethereum
ecosystem would seem to buck against this idea, given that the
current leading Dapp has only just over 1,500 daily
users.
With this in mind, the argument
could then be made that the true value of Enjin’s partnership with
Samsung will really only become illuminated when the S10 begins to
post user numbers for its’ Dapps. So, in the end, when any crypto
investor is given a statistic like the top four coins that are
outperforming the market, he or she should take such a proclamation
with a grain of salt. Essentially, this means that only way to know
the truth behind a claim like this is to do one’s own research and
search for the forces behind the price movement.
By: BGN Editorial Staff