The markets are nudging slowly higher during this morning’s Asian trading session. Confidence has gradually returned and we have had a few days without the usual mainstream media FUD storm. As the region builds up to the Chinese New Year holiday weekend things are expected to cool off a little. Bitcoin has held its ground over $8,500 and is currently up 3% on the day. Looking at the rest of the altcoins a new contender has surged into the top 25 – U.Cash
Flying up the chart this unknown altcoin is up 74% on the day and a whopping 2100% in the past two days. It is currently trading at $0.18 from less than $0.008 just a few days ago in what appears to be an epic pump. This influx of investment has propelled its market capacity to over $1.5 billion and into 21st place in the market cap charts according to CMC.
With a claim to be ‘unbanking the world’ U.Cash calls itself a global peer to peer financial service platform designed for everyone. It will facilitate transferring seamlessly between digital currencies and fiat cash through the platform’s retail converter network. The project, which began as ‘SecuraCoin’, is now based on three types of converters, ‘retail’, ‘mobile’, and ‘online’ which serve as various transaction exchanges between commercial and private parties.
The team is highly active on Twitter but they tend to be blowing their own trumpet largely with very little news on strategic partnerships. However instead of an ICO, U.Cash had an IBO, an initial bounty offering. Instead of crowdsourcing funds as most blockchain startups have, they crowdsourced expertise, resources and skills for the project itself and distributed 8.6 billion tokens out of a total supply of 21 billion. Tokens can also be earnt by simply signing up, linking social media accounts and generally pumping the project on various platforms.
Going by previous altcoin analytics the chart pattern has all the hallmarks of a pump and dump, only time will tell if U.Cash really has the mettle to make it. The only other altcoin enjoying double digit positive momentum this morning is Ethereum Classic.
More on U.Cash can be found here: https://u.cash/
FOMO Moments is a new section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals.