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July 19, 2019
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altcoin price analysis

Bitshares (BTS) Spikes 24% as Token Gets Mainstream Attention from CNBC

Bitshares (BTS) climbed 24% in value early on Monday morning, helped by a sudden 264% increase to trade volume and some indirect mainstream exposure on CNBC.

While Bitshares was not the topic of conversation itself, the article focused on the co-founder of Bitspark, Maxine Ryan. Bitspark is a global remittance platform and decentralized exchange which moved all of its operations onto the Bitshares blockchain in late 2017, abandoning development on Bitcoin at the height of the network fee spike.

Bitshares was recently ranked 8th in the Chinese government’s latest blockchain rankings via the Center for Information and Industry Development (CCID). The 24% daily spike by BTS marks a sudden change of sentiment for a coin which many assumed had become a forgotten relic of founder Dan Larimer’s growing multi-project portfolio.

Mainstream Attention

Bitspark’s Maxine Ryan is one of the few female blockchain leaders currently operating in the space, and CNBC’s article focused heavily on her own business/career story rather than anything too blockchain focused.

Also mentioned in the article is Bitspark’s global remittance service which utilizes a fiat-pegged stablecoin for many of the world’s paper currencies. Any stablecoin can be created simply by staking the appropriate sum of Bitshares own BTS token. This provides liquidity for a crypto-fiat trade which might not otherwise have existed.

This is all hosted on a decentralized exchange based on the Bitshares DEX – one of the most utilized DEX’s to date. When leaving the Bitcoin blockchain back in 2017, the Bitspark team noted the abundance of decentralized exchanges on the market, but stated:

“…none are as well suited to remittance companies as the Bitshares DEX. The Bitshares DEX has been in operation for 2+ years with professional trading and charting information in addition to the light client being connected to your wallet directly for voting on Blockchain proposals and fiat gateway support.”

Bitshares Price – BTS/USD

The sudden re-focusing of the spotlight on Bitshares may have accounted for the sudden 264% increase to trade volumes on Monday. Trading heated up on Binance as over $4 million changed hands via the BTS/BTC pair. That’s just over a third of the daily total, and even more than the quarterly daily average on its own.

From Sunday’s low of $0.039904, the value of BTS coins increased 24%, hitting a peak of $0.049615 by 02:00 UTC Monday morning.

This marks the first sustained recovery attempt by Bitshares in the last month. Several major alts recovered 50-100% of their value from December into January, but Bitshares had stalled on around 15% net recovery until today’s spike.

The ascent to the $0.49 range also came during the short-lived Christmas Eve spike. Today’s $11 million volume is still fairly low compared to December’s high of $22 million, and may be a sign that there’s more to come from BTS in the short term.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.


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