Whether or not cryptocurrencies have performed well in 2019 is debatable. However, it’s undeniable that the industry is growing in leaps and bounds.
What used to be a sea of “shitcoins” with zero value and speculative retail traders is now a thriving ecosystem full of crypto projects that are driven by real businesses.
Even then, investors and traders still find it difficult to identify gems in a sea of what is now about 5,000 cryptocurrencies according to CoinMarketCap.
Since altcoins are not backed by governments, it is difficult for sophisticated traders to evaluate their value without the risk of undervaluing or undervaluing.
One particular cryptocurrency in the market that attempts to solve this problem is HedgeTrade.
What is the HedgeTrade (HEDG)
The HedgeTrade token (HEDG) is built around the concept of using blockchain technology to revolutionize the idea of social trading.
Through the platform, expert traders are compensated for sharing accurate trading predictions that can be used by amateur traders to make profitable trades.
As of the time of writing, HedgeTrade is positioned at number 23 on CoinMarketCap and there is a good chance that you’ve probably never heard of HedgeTrade.
However, this little-known token recently rallied in price from $0.7 per coin on December 5th to highs of $1.18 on December 6th.
Currently, the token is priced at $2.27 with more than $653 million in market capitalization and a total supply of 1 billion HEDG tokens.
The recent 15 percent price rally for the HEDG token was nothing new.
On July 23rd, 2019, the altcoin’s price rallied from a price of $0.65 to a $0.82 mark in a matter of hours. In the last 30 days, CoinGecko reports that the HEDG token has rallied in price by 65 percent.
For a token that is backed by a company that was only founded last year, HedgeTrade’s rise to the top 40 cryptocurrencies is surprisingly fast.
If data from CoinMarketcap is anything to go by, HedgeTrade has grown by about 1,000 percent given its January 2019 price of about $0.12 and its current price of $1.20 per token.
Why HEDG performs better than other altcoins
The recent 15 percent price rally of the HedgeTrade (HEDG) token between December 5th and 6th can best be explained by the beta launch of the platform that was announced by the company on 5th December.
According to the announcement, the Beta-launch allowed the HedgeTrade community to start sharing and buying cryptocurrency trading predictions as they earn HedgeTrade tokens for accurate predictions.
How the HedgeTrade platform works
At its core, the HedgeTrade (HEDG) token is an Ethereum-based token that is used to create a simple and engaging open market where the interests of expert traders are aligned with those of amateur traders.
This is done through a platform that allows expert traders to create trading prediction “blueprints” and build their reputation. As a social trading platform, the expert traders are uniquely ranked depending on the quality of their predictions.
Therefore, as expert traders share their unique trading insights, novices can benefit by purchasing the insights through a process of unlocking the blueprints.
Each blueprint is created with a smart contract through a token staking process — the expert making the blueprint stakes HEDG tokens on his blueprint, which is distributed to the first 7 purchasers of the blueprint if the prediction turns out to be wrong.
That way, HEDG tokens are distributed to the users if the predictions are wrong and if the predictions are right, the expert trader automatically receives the tokens from those that purchased the blueprint. Genius.
Just as there are multiple cryptocurrencies and tokens to invest in, so is there a ton of trading information in the crypto sphere. For most traders, especially beginners, finding reliable predictions can be overwhelming.
Making the right trades in any market requires an in-depth knowledge of both fundamental and analytical factors that control price. The HedgeTrade (HEDG) token is a clear illustration that there are a ton of gems in the crypto sphere backed by companies that provide actual value-add solutions.
What used to be a sea of […]