Electroneum Price Turns Bearish Despite Android Cloud Mining Launch

February 12, 2019

It was to be expected most of the top cryptocurrency markets would turn bearish rather soon. After several days of positive momentum, it is evident a correction needs to kick in sooner or later.  For the time being, most setbacks are kept to a minimum. The Electroneum price, however, is giving up ground at an accelerating pace all of a sudden.

Electroneum Price Hits a Roadblock

Despite some very interesting developments behind the scenes, it would appear Electroneum isn’t necessarily capable of sustaining its value right now. This is primarily because Bitcoin has turned rather bearish again, which usually triggers an industry-wide panic where altcoins, tokens, and digital assets are concerned. Electroneum has seemingly gotten caught up in the craze right now, which would explain the most recent losses.

Over the past 24 hours, it would appear the Electroneum price has dropped by 4% in USD value and gave up 3% in BTC value. As such, one ETN is valued at $0.0069, which means control over the $0.007 level has been lost. If the 190 Satoshi threshold holds, however, there is no reason to be overly concerned as of yet. This appears to be a temporary setback based on Bitcoin’s momentum first and foremost.

The big news of the day is how Electroneum’s Android application now supports cloud mining as well. Although iOS users have been able to access this functionality for some time now, it would appear Android users will be able to get in on the action as well. A pretty big development, assuming users are willing to complete the mandatory KYC verification.

So far, the initial feedback regarding the Android release has been pretty positive. It works exactly the same as its iOS counterpart, with users expecting to receive a payout when their balance surpasses 100 ETN. As Android users can now access this functionality too, the ecosystem will undoubtedly continue to grow at a pretty steady pace.

For those looking to give the gift of Electroneum checking out the ETN Gift Cards platform might be worth a try. Although one should always do their own research prior to dealing with these platforms, it is evident more efforts are launched to bring ETN to the masses. While it might not necessarily be the most successful venture at this time, any effort should be applauded.

All things considered, the Electroneum developments and its current market value do not necessarily correlate. The launch of Android-based cloud mining is a pretty big deal. However, the bearish pressure affecting Bitcoin and other top markets will cause some problems for smaller cap altcoins like ETN. Even so, it seems likely the losses will not get out of hand too much, and this should only pose a minor setback.

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.

About The Author

Jdebunt

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.