Crypto price predictions are all over the internet, and investors use them as a base for their trading strategy. Electroneum is a cryptocurrency that has been around for nearly two years and many of its investors are wondering if this project will bring them any profit in the long run. In today’s article, we will be covering the Electroneum price prediction for 2019.
What is Electroneum (ETN)?
Electroneum is a British-developed cryptocurrency which has been designed to operate on mobile devices. The blockchain was developed so that users can easily mine the coin on their mobile app, and thus increase its possibility for mass adoption.
Electroneum was launched in an ICO sale on 14th September 2017, having a rather average performance when compared to other cryptos. Many other cryptocurrencies have provided investors much with better returns than Electroneum. But, so far it has garnered attention from investors as it promises a quick and unique way of mobile mining.
This year, the project has released several developments such as including a new KYC compliance and establishing a number of partnerships. A Vendor API was also launched which allows users to quickly exchange the coin.
The project also launched a new smartphone M1 which is now available on Amazon.
The ETN coin is currently trading at $0.004191 USD with a drop of -8.73%. the current circulation supply is of 9,489,684,444 ETN with a market cap of $39,773,224 USD. The coin ranks 123rd on CoinMarketCap.
Electroneum Price Prediction 2019: Factors
Three days ago investors saw a glimmer of hope in ETN charts as it temporarily stopped from completely crashing. But once again, the price of ETN started slowly descending.
The slow descent of the coin has generated a lot of uncertainty in the ETN community so that investors are seemingly losing interest in the coin. This market sentiment is only furthered by the project’s developers which are not providing adequate developments to keep investors interested and to drive the price up.
Most crypto investors believe that ETN will only bring profit on a very short term, and lacks sustainability for long term development.
The project got some support from McAfee in 2017 in a tweet he posted, which drove the prices up for a while.
Correlation to Bitcoin prices
Most of the crypto market’s prices are influenced by Bitcoin’s movement. If BTC goes up, then altcoins can either go along with it or depreciate as money goes only into BTC. If takes BTC drops, then altcoins also could drop or increase, but the latter case is less likely to happen.
So BTC and ETN correlation is very important in determining and Electroneum price prediction. Correlation is measured from -1 to 1. Values above 0 indicate the degree to which the altcoin moves simultaneously with BTC prices, under 0 indicates the degree to which the altcoin moves in the opposite direction of BTC prices.
ETN had a correlation of 0.90+ with BTC up until January 2019, after which it lost its correlation to bitcoin prices as it went into the negative zone. This was evident as ETN was not able to mimic bitcoin’s sudden increases in value.
Social Platform Activity
Regarding the level of engagement on Electroneum’ social platform, things are not looking too good. There is little to no activity on their ETN subreddit, Telegram, and Twitter discussion threads, and any conversations around the project are flimsy in terms of volume (data chart information provided by Datalight and cryptosub.live).
The only activity on Electronuem’s pages are a few announcements about updates. The updates provided on its social platforms are rather vague and give no details regarding the processes involved.
The latest update on Reddit is about the M1 restock on Amazon, an iOS update, addition of 3 new support team members, and some blockchain updates. No specific information is given on most of them.
Electroneum started out with a strong marketing campaign, but that early enthusiasm that boosted the project on Twitter and Reddit has waned down dramatically. Even the most dedicated supporters have suddenly gone silent.
Considering the charts, current technology, level of activity and adoption, ETN does not look like it will recover, as the project focused mainly on marketing rather than technological innovation.
In conclusion, our Electroneum price prediction is not looking too good for 2019.
Electroneum Price Prediction: Market Predictions for ETN price
There are many other opinions regarding the evolution of Electroneum’s price. There crypto analyst sites that have formulated their own Electroneum price prediction, some being more optimistic than others. To offer you a more complete view of the market sentiment surrounding ETN, we have listed some opinions from various crypto sites:
1. US Lifted
US Lifted has predicted that Electroneum prices will hover around $0.812 at the beginning of 2020 will continue to increase to $1.10 by December 2020. Their Electroneum price prediction is based on the coin’s social media prevalence, technology, and market trends.
The long term Electroneum price prediction given by CoinLiker’s technical analysis forecasts that ETN can possibly reach a value of $2.44 by 2023.
The JioMobilePhone1500 is a website that predicts the price of every cryptocurrency on the market. Its Electroneum price prediction is by far the most optimistic, forecasting that the coin might hit a high of $3 by August 2020.
4. Crypto Ground
Crypto Ground predicted the price of Electroneum for various intervals of times, claiming that the coin will reach $0.0065 in a month, $0.0096 in 6 months, $0.0432 in a year and $0.1913 in 5 years.
CoinSwitch is also an optimist, as it believes that the project’s on-going developments will bring a positive price shift for ETN in 2019. Its Electroneum price prediction is that the coin will be valued at 0.0355 by the end of 2019.
Walletinvestor comes with a negative forecast as it believes “Electroneum is a high-risk one-year investment” that will soon crash to $0.00.
Cryptonewz also predicts that ETN will perform poorly, calling the coin “a very futile cryptocurrency as of now” which will be “trading around $0.0116 by the end of 2019.”
Electroneum Price Prediction Conclusion
While we are not accusing Electroneum of being a scam of some sort, but the project’s level of expectations is too high to be matched by their development rate. Yes, the team does have some exciting and innovative concepts, but there have been many projects that had revolutionizing ideas and proved to be a bad investment.
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