In the last 24 hours, the trading volumes of Reddcoin (RDD) have surged by over 700%. Its price has also increased by over 20% in the same period. So what’s driving it?
Well, a good chunk of it is driven by Bittrex. Bittrex just announced that they would be opening up registration for new account to the masses, after it closed the process in December. For small altcoins that are mostly traded on this platform, this news has been received with lots of enthusiasm. Reddcoin happens to be one such crypto, which explains why there has been a sudden surge in its trading volumes after this announcement.
So what can we expect from this crypto going forward? Well, with the rise in trading volumes, Reddcoin (RDD) is likely to attract new investors, considering that it has the fundamentals right. It has positioned itself as the ‘like’ button of the entire internet, and wants to allow internet users make micro-payments, mainly through social media. This is quite interesting especially now that the whole social media business model is being put into question, with the data privacy issue making the current business model untenable it the long-run. In fact, it is emerging that
Facebook is considering making the service a paid one.
If it does that, there is a good chance that it would make use of a payment service that is designed for tiny payments. Reddcoin happens to be one of those coins that can do this perfectly. Such a probability is most likely getting investors excited, now that this volume surge has come at the same time when the world’s largest social media site is all over the main stream news for data related issues.
With the current pump, and future possibilities, it is only natural to wonder, how much higher can reddcoin (RDD) rise? This is one question that has got many crypto analysts divided for some time now. There are those who believe that it could hit a dollar in the near future, while others feel that such a price would give it an unrealistic valuation of over $2 billion.
I am one of those who believe that this crypto has the potential to hit $1 within 2018. That’s because in crypto, market valuation doesn’t happen the same way as it does in the stock markets. There really is nothing like an unrealistic valuation. We saw a crypto like Ripple rise to over $3 yet there are more than $100 billion of the market. There is no reason why Reddcoin shouldn’t get to a dollar, if it can manage to achieve its objective of becoming the internet ‘like’ button.
Besides, at its current price of $0.005, retail investors have an incentive to put in money into this crypto since they can get high volumes of it, with minimal capital. This will play a role in driving up demand for this crypto in the long-run. A dollar within 2018 is very much within the realms of possibility, if investors continue taking an interest in Reddcoin (RDD) as they are doing right now. It could close the year, as one of the best performers.