1/23/2024 0 Comments Cryptocurrency ticker xyoBut for now, XYO to move in tandem with the overall market.A concept image of the XYO cryptocurrency logo displayed over a map of the Earth. For example, wider adoption of its geospatial tracking system. In time, factors specific to its blockchain could help move the needle for this token. Along with holders of it from before the Coinbase listing realizing their gains, it’ll likely continue to give up its recent gains. What does this have to do with XYO Network? If the major coins take a further dive, expect this one to do so as well. Yet crypto market participants may adopt the more cynical view of it, that moves to regulate it are really moves to prevent it from fully disrupting the existing financial system. On the surface, it may appear the goal of regulation is to protect investors. If the Federal Reserve sticks to its plan to reverse its Covid 19-era monetary policies, riskier assets overall, including crypto, could continue to fall in price.įurther moves from Washington to give it regulatory control over crypto will likely sink digital assets to lower prices. Worse yet, this could carry on in the months ahead. moving closer to regulating the crypto market, have pushed coin/token prices lower across the board. High levels of uncertainty in the financial markets, coupled with the U.S. Another major altcoin, Cardano (CCC: ADA-USD), hit new highs, thanks to its own upgrade catalyst.īut now, this is no longer the case. Ethereum made it close to its all-time high, thanks to its implementation of updates. For instance, Bitcoin (CCC: BTC-USD) partially recovered. Yet now, as recent events suggest its overall pullback could continue, it may not be worth it to dive in now.Ĭryptocurrencies made an solid comeback between late July and early September. That wouldn’t be a bad thing if crypto looks primed to stay in bull market mode. With this, speculation is going to be it’s sole driver in the near term. Especially given how XYO itself has so provided limited information about how its ERC-20 token, which runs on Ethereum (CCC: ETH-USD), even works. Yet while it’s locked down scores of partnerships, and has a well-defined purpose, it may be too early to say it’s ready for prime time. These include usage of it to independently track airline luggage, medical equipment and rental cars. The network’s developer lists many use cases. Through its Sentinel network of physical devices, this platform can be used for purposes such as the tracking of physical goods. So, what exactly is the purpose of the token’s network? Similar to other smaller cryptos, XYO focuses on a niche area (geospatial data). That is, when it comes to it possibly increasing in price due to its utility, the jury’s still out. Outside of its above-mentioned listing, there’s little in play that will help XYO surge in price in the coming weeks or months.
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