Chronobank TIME launches on Bittrex
TIME has been added to a fifth exchange: Bittrex, one of the most popular locations for altcoin trading in the crypto world.
After a successful crowdfund and token distribution, TIME is steadily being added to new exchanges. In the week immediately after investors received their TIME tokens, both Livecoin and Liqui integrated bitcoin pairs. At the present time, Liqui is still the most popular exchange for trading TIME, with gradually rising volumes. We now have a new exchange: Bittrex, which added TIME on Thursday.
Bittrex is one of the most popular altcoin exchanges, with strong volumes and a dedicated base of traders. As such, it represents a great addition to the ChronoBank ecosystem and many traders will already have accounts there. We hope to see increasing volumes, and plan to deploy trading bots to help this in due course, if necessary.
ChronoBank raised $5.4 million during its crowdfund, with tokens on sale at 0.01 BTC by the end of the sale. At the time of writing, its market cap is at almost exactly that dollar amount (CoinMarketCap). However, in bitcoin terms it has fallen around 33%.
It’s no secret why: since the end of our ICO, bitcoin has risen sharply in anticipation of the SEC’s decision on the Winklevoss Bitcoin ETF. When our ICO started, bitcoin was under $700. When it finished, it was hovering around the $1,000 mark. Now — and such is the volatility that this is subject to change at a moment’s notice — it’s around the $1,175 mark, having just come off its new all-time high. The fall in the BTC price of TIME has precisely cancelled out the rise in the dollar value of bitcoin.
This is unfortunately the reality of alts trading, and is the risk assumed when any investment is made — that the value of the currency used to purchase the investment falls. (Incidentally, this is one reason why the FTSE 100 is at all-time highs, too — the value of Pounds Sterling has dropped after Brexit, meaning the stocks, which are generally multinationals with dollar-denominated income, are worth more of a less-valuable currency).
Fortunately, for those traders who think in BTC terms rather than USD equivalents (i.e., most), we believe this will be a short-term phenomenon.
The first reason is simply that when LaborX is finished and starts generating revenues, the value of TIME will naturally rise. Like stocks, it will be priced as some multiple of earnings (the multiple differs depending on sector).
In the meantime, there’s more good news. We’re in conversation with two larger exchanges about adding TIME. Assuming we’re successful and we see TIME trading on at least one of these over the next few weeks, that will represent a ‘liquidity event’ that will place TIME in front of thousands of new traders. In the short term there will naturally be volatility, but liquidity is valuable in its own right, regardless of any new buy pressure that these markets bring to bear. If that’s the case, then TIME’s present price will seem like a welcome discount in BTC terms, as well as a fair one in USD.
Lastly, of course, there’s the SEC’s decision. Whatever happens the bitcoin markets are likely to be choppy for a while as traders sell the news, position for the next movement, and try to front-run each other in the pursuit of profits. That always impacts the alts, and TIME will be no different.
The bottom line: there are opportunities coming in the next few weeks. If you’re a short-term trader, there may well be the chance to exit at profit. If you’re a long-term investor, there are opportunities to pick up more TIME at cut price. And if you’re not sure, it’s not a bad point to dip your toe in the water.
To buy TIME on Bittrex, visit: https://www.bittrex.com/Market/Index?MarketName=BTC-TIME