Chronobank (TIME) All-TIME high reached!
The TIME token hit BTC and USD highs yesterday, in unusual market conditions — but it’s definitely not over yet.
TIME has fluctuated markedly since its launch on exchanges, dropping at one point to as little as 0.05 BTC. This time, we’re pleased to see that it’s made an all-time high, making a local top at 0.011 BTC on Bittrex — or, if you think in fiat terms, around the $26 point.
Given 710,113 tokens (fixed supply), $26 TIME puts the market cap at $18.4 million — around three ad half times our crowdfunded total of $5.4 million.
For the latest figures, visit Coin Market Cap website.
The bitcoin and altcoin markets have been pretty turbulent in recent days. Bitcoin is in a long-term bull market, trending upwards for many months now. Whilst it first appeared that the recent decision by the SEC to refuse the Winklevoss bitcoin ETF would take the heat out of the rally, it proved nothing more than a minor setback — in little more than a month bitcoin’s price was back at its all-time high and still going strong.
At the time of writing, BTC is making new daily highs. The reason for this may be renewed interest in the ETF, with a review of the original decision by the SEC expected by 15 May. However, last time around taught us that the market can shrug off this kind of thing. In reality, markets tend not to ‘react’ to news in the way that people often suggest they do. News is just the catalyst the market takes to do what it wants to anyway. And it’s clear there is growing real demand for BTC from many quarters, including Japan.
What has been interesting this time around is how the alt markets have reacted to bitcoin’s rise. To begin with, BTC’s increase in price punished most alts, as traders dumped them to profit in bitcoin terms. This is why TIME itself began trading at below its ICO price — we crowdfunded during a bull market, and that bull market was only gaining momentum when we ended. But increasingly, alts have been immune to bitcoin’s fluctuations. Whilst a big movement in BTC will still prompt the opposite movement in many alts (including TIME), BTC and alts have been increasing in value in tandem in recent days and weeks. There is a leveraging effect here: alts are increasing in value in BTC terms, and BTC is increasing in value against USD.
As a result, some alts have proven extremely profitable. The largest, like Ethereum and Litecoin, have proven very popular, with lower market cap coins seeing overall slightly less activity — so far. However, TIME has picked up steam, also gaining against BTC while BTC climbs in fiat terms. All things being equal, we’d expect that trend to continue, as it has for most other coins.
$26 is nothing to be sneezed at, but traders should remember that this is only the beginning. We are only just starting to roll out our software and network, with the first partners coming on board. If there’s one thing recent weeks can teach us, it’s that changes in the alt markets, when they happen, can happen extremely fast.
For more information, visit www.ChronoBank.io.