The market isn’t rid of the bears yet and crypto prices will likely continue to sway. Improved sentiment over the weekend hasn’t held and the majority of coins will see a drop in coming days. Considering the uncertainty and volatility of coins, are Ethereum (ETH), Zcash (ZEC) and NEO (NEO)opportunities or should a would-be investor keep off?
Can NEO rally to its all-time high again?
NEO has had 2018 that is split in two: a period of extended price gains and then another where prices have declined considerably. In April, the coin rallied to reach $94.74 against the USD. The succeeding bearish trend saw it lose value to currently sit just under $53. So, can NEO reach its previous all-time high and go beyond $100 again?
NEO commands a huge following in China and has the backing of the Chinese government. With Da Hongfei at the helm, the platform has all the potential to stage a price surge again. Its advantages over other Ethereum challengers will undoubtedly help it become the go-to platform.
Investors have been known to seek a way out of any crypto that shows a consistent decline and has no potential to bounce. NEO isn’t such a coin, although it’s been in a bearish slide over the last few weeks. With an uptrend expected in the near future, the coin could get back to an upside.
However, with so many similar platforms now in the market, NEO faces a serious challenge. NEO’s space in blockchain will likely keep growing and with projects launching on its platform, it’s not going anywhere in the short-term.
Can Zcash take advantage of sentiment and rise?
One of the first coins to focus on privacy and anonymity, Zcash has faced a stiff challenge from coins like Monero, Dash, and Verge. ZEC faces delisting from two crypto exchanges- Korbit and Coincheck. This has tampered sentiments that had tried to build in light of recent positive events.
First, ZEC was listed on Gemini, giving the coin access to more investors and highlighting its rating as a low-risk asset. Then there’s the issue of network upgrades that promise to make the platform support “unlimited numbers of transactions, novel consensus algorithms such as Proof-of-Stake, and private and scalable smart contracts.” in hindsight, the ZCash’s signature zk-SNARKS protocol is under development and thus, isn’t 100% secure.
The crypto rose to an all-time high price of $955 on January 07, 2018. The effect is that the current price of $231 against the USD is more than 300% lower. The coin might not have the appeal it once had and rising to that value will be a tough task. The only way I see ZEC coming closer to such prices will be if the market experiences a boom and other coins like Verge (XVG) fail.
Though every coin presents a risk-reward potential, Zcash has had some support from big players from the industry. Unlike NEO above, this one has a higher risk factor.
Ethereum commands the lion’s share of the market when it comes to smart contracts, token issuance, dApps, and ICO deployment. Not only is this because it’s a pioneer, but more due to its vast popularity. Where Bitcoin is the standard in currency coins, ETH is the benchmark for platforms.
The remarkable run Ethereum had since its ICO and the 2017 boom has made it one of the coins seen as having the greatest chance to overtake Bitcoin (BTC). What this means is that there’s expectation the coin’s value will skyrocket in the near future.
With its prices approaching new lows over the last few months, it’s definitely an opportunity to load up on a coin predicted to reach at least $1500 in 2018. Many analysts and experts believe that unless a truly catastrophic event in crypto occurs, ETH will make the cut as one of the 1% to make it to global adoption.
Upcoming events also suggest that Ethereum is poised to repel the challenge of newer coins like Ziliqa (ZIL), EOS, and NEO. The impending implementation of sharding will bring its throughput to 10,000 tx/s. There’s also the Casper protocol that will move it from a proof of work coin to a PoS platform improving the overall ecosystem.
ETH currently trades at $583 against the USD and has dropped by 5.85% in the last 24 hours. However, over 7 days, Ethereum has gained by +11%. The long-term outlook suggests this is the best time to buy Ethereum.