Cryptocurrency markets are known for their volatility and seeing huge spurts in coin prices Just couple of 100% is not really a big deal, but coins that rise over 1000% in a fraction of time is something that can be ignored. Today happened to be one such day when Stealth Coin (XST) rose over 3600%.
Was this Stealth (XST) rise Fundamental, Technical or just one freak trade?
Its been well noticed that crypto markets are pretty nascent and have been often caught not following any technical or fundamentals. Hence it sometimes becomes difficult to understand what actually caused the price rise in one particular coin. Same seems to be the case with Stealth (XST).
Fundamentally, the coin released a development blog on 12 April, which spoke about distributed clock used by Stealth coin’s qPoS. While this updated block was a basic roadmap update there was no such evidence as to why this coin saw a spurt.
This update although gave an insight on Stealth qPoS block production which is “scheduled” rather than being “competitive”. According to the blog
“Scheduling allows qPoS to have five second blocks with highly regular spacings, with any deviation typically in the milliseconds. This combination of fast, regular blocks gives a much better user experience. Users can send coins and expect them to be confirmed and spendable within a few seconds, quicker than most credit card transactions.”
Technically too there was no much reason as the coin has very low volumes and doesn’t see much movement. The price of the coin saw the rise of over 3600 %, which basically looks to have come from the Bitinka Exchange where the price is currently quoting at USD 4.50 compared to USD 0.1261 on Bittrex, the only other exchange where Stealth is listed.
What is Stealth (XST)
Stealth is a cryptocurrency project (by a developer named James) that aims to provide a completely secure blockchain with untraceable transactions, thanks to the integration of the TOR network. It plans to be the primary privacy coin, protecting user’s assets from snooping and maintaining their privacy. Stealth eventually plans to introduce an innovative new consensus mechanism called the quantum Proof-of-Stake (qPOS). Here, the node signing the block will be decided by a round-robin certification system, and block rewards would be dynamically adjusted and results-driven.
Stealth is a really interesting coin and its qPOS is really unique and could solve a lot of problems such as congestion. One will have to see whether the coin stays at this level or will it move back to its prices which were below USD 1.
Will Stealth (XST) continue to be in Top 50 coins? Do let us know your views on the same.
Disclaimer: this article is not financial advice and should not be used as one. It is only written for informational purpose. Do personal research, by contacting financial experts, before investing in any crypto.