ReddCoin (RDD) suddenly spiked while the market was still in the red, rising to $0.005. The price movement is ascribed to a large order of 5.8 million RDD on Bittrex. RDD has performed relatively well against Bitcoin lately, but the dollar price remains depressed.
RDD is entirely traded against BTC, with no fiat ramp or any diversification. This makes the asset vulnerable to BTC whales, but it may also be used to speculate and inflate the price in Satoshi, for quick gains and a turnover when BTC prices stagnate.
!RDD!
ReddCoin has been a project growing on the sidelines. Recently, the coin partnered with Linda (LINDA). An additional partnership was announced last week, with the Phore Blockchain platorm:
https://twitter.com/CoinGapeMedia/status/1007181971947163649
Curiously, LINDA was also one of the faster growing assets, adding more than 31% in the past week while the markets slid, to $0.002. LINDA has been on the rise against BTC in the past month.
ReddCoin is also working on a mobile staking wallet, attempting to grab the still sparse niche of coins that are suitable for mobile use. For now, most coins require a full-powered computer to run reasonably well, and a staking mobile wallet for RDD would put it in the niche that is so far only reserved for Electroneum (ETN).
But compared to Electroneum, ReddCoin has a wider community and a longer history of adoption. RDD is still traded mostly on Bittrex and Upbit, with no listings on the most active Asian exchanges. A listing could lift the fortunes of RDD to levels comparable with Verge (XVG). But for now, RDD remains a solid digital asset with a single aim - being used on social media as widely as possible.
RDD has fallen significantly since the first John McAfee promotion. A lot of assets gained prominence, and RDD has somewhat fallen out of favor. But in a bear market, RDD is one of the assets that may be used as a hedge against BTC risk and stagnation.
This article appeared first on Cryptovest