Electroneum Price Continues to dip Despite Major Behind-the-Scenes Developments

More bearish pressure is the last thing all crypto markets need right now, yet it is exactly what they will get. With Bitcoin on the precipice of losing even more value, the alternative markets are struggling to stay afloat. Most losses are kept to a minimum, yet it appears the Electroneum price remains under a lot of downward pressure.

What is Happening to the Electroneum Price?

It is rather apparent the good news affecting individual crypto markets will not necessarily result in promising price momentum. Although the Electroneum team released its M1 smartphone, the market has not responded in kind whatsoever. Instead, it seems the value of ETN continues to dwindle, as it has now dropped below $0.007 once again.

To put this in perspective, the past 24 hours have not been kind to Electroneum in the slightest. In fact, it would appear there has been a 5.7% retrace in USD value and a 5.4% dip in BTC value. Because of this negative trend, the value per ETN is brought down to $0.006794 or 176 Satoshi. It is very different from ETN hitting $0.008 not that long ago, yet it seems that level will remain unattainable for quite some time to come.

As has been the case for some time now, there are some interesting rumors being distributed on social media. Some people claim Electroneum could receive support on the Ledger Nano hardware wallet line soon. While that is anything but impossible at this time, one has to keep in mind something like this will be communicated by the company in due time. So far, they have not done anything of the sorts.

What is happening in reality, however, is how Chris Gorman has attended his first GSMA Intelligence advisory board meeting this week. Considering how Electroneum is now represented as part of this “exclusive group”, it will be interesting to see how this affects the altcoin itself. It is still a very major development, even if it might not impact the price in the slightest.

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An intriguing observation is provided by Mr. CryptoCZ, who seemingly confirms the mobile Electroneum app is doing quite well in Slovenia. What is even more interesting is how the app is seemingly not far behind Revolut and Coinbase in this regard, further confirming Eastern Europe starts to see merit in this project. Everyone likes to earn some free money, after all.

While everything seems to be heading in the right direction for Electroneum behind the scenes, the same cannot be said for its current price. That is partially because Bitcoin is still losing value right now, but also because there is a seeming disinterest in crypto again all of a sudden. Turning the ship around can occur at any given moment, although it seems unlikely any real improvements should be expected this week.

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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