Status Network (SNT): Strongest Recovery After the Recent Crash
Cryptovest
Published Mar 19, 2018 06:22AM ET
Updated Mar 19, 2018 07:01AM ET
Status Network (SNT): Strongest Recovery After the Recent Crash
After the weekend turned the tides on the crypto market, altcoins remained relatively depressed. However, in the case of Status Network (SNT), a spike of 30% overnight recalled the earlier price movements, showing that this coin was still capable of spiking upward quickly. SNT added 33.17% overnight to $0.11.
The Status Network project is a recent ICO, which, however, may take a while before launching a beta version of its chat app, and creating a usage for the SNT tokens. Meanwhile, the asset is speculatively traded on Upbit, as well as Binance, relying on Asian market sentiment. The effect of Ethfinex is still limited, despite the fact that SNT was one of the earlier coins to be added.
At the moment, the Beta release for SNT is under security review, by Dejavu Security:
The SNT digital asset has received warnings for investors, mostly due to the propensity for high volatility and the influence of what looks like speculative pumps. At peak prices, SNT traded above $0.66, but slid as low as $0.08, retracing to the prices before the December and January pumps.
h2 Status Beta Release/h2Based on the tentative timeline for the security audit, the Status Network beta version may appear in the coming 4-6 weeks. It is expected that SNT will remain an Ethereum-based asset. Yet this may be just one step in the process, with the Status team potentially further delaying the product launch. The GitHub discussions of the project lists a few more steps before the launch, including the running of a bug bounty campaign, as well as internal testing by the team.
During the recent price spike, some believed SNT would reach $2 prices in March, but the market shakedown brought the prices to an earlier price range. Now, the speculation has started once again, seeing April as another strong month for SNT. Yet in the past, the asset has hovered sideways for a while, before suddenly doubling overnight.
At the moment, the crypto community still sees SNT as mostly speculative opportunity, possibly underpriced at one moment. However, the biggest risk remains the low trading activity, with almost no liquidity compared to the beginning of 2018.
This article appeared first on Cryptovest
Get The News You Want
Written By: Cryptovest
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.