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Let’s take a look together at the latest news in the crypto market for the 3 projects and their tokens: Sweat Economy (SWEAT), Internet Computer (ICP) and Kadena (KDA).
Is there any important news to report or interesting price movements for these crypto assets?
Let’s find out together.
The latest crypto sector news for Sweat Economy (SWEAT), Internet Computer (ICP) and Kadena (KDA)
On the news front there are 2 news items in particular for these crypto projects.
The first is the announcement by Post Finance, a bank owned by the Swiss government, to introduce crypto services to its customers in collaboration with Sygnum Bank.
As part of this, Swiss clients will be offered crypto custody and staking solutions including the cryptocurrency ICP.
Switzerland🇨🇭embraces crypto🤝@PostFinance, fully owned by the Swiss government announces new crypto services in partnership with @sygnumofficial #InternetComputer (#ICP) will be a supported for institutional-grade custody & staking solutionhttps://t.co/VQsdJQR81P
— DFINITY (@dfinity) April 11, 2023
PostFinance is one of the largest financial institutions in Switzerland, boasting a bulk of 2.5 million customers, hence the news could generate positive impacts in the long run for ICP and its parent company Dfinity.
It seems that the crypto project is finally moving in the right direction after a long phase in which user expectations were high but the products introduced were scarce and unattractive. Indeed, there was talk of smart contracts on Bitcoin and huge potential for ICP, but nothing concrete was seen.
Recently the launch of Chain-Key to develop the wrapped version of BTC on ICP’s blockchain also generated excitement and optimism for the future of this interesting layer 1.
As for Kadena, the latest news concerns the launch of the BETA version for Crankk.io, an IoT project built precisely on Kadena.
The BETA version allows all miners using LoRaWan technology, such as Helium infrastructure participants, to have a convenient dashboard to monitor active and inactive gateways and manage their activity efficiently.
The development of these kinds of products bodes well for the future of decentralized IoT applications and the spread of knowledge of all the niche areas underlying the world of crypto and blockchain.
If the fusion of cryptocurrency, blockchain and IoT hardware grows more and more over time, we may soon be facing one of the most important technological revolutions of the last century.
.@IoCrankk has crankk'd out their BETA as miners claim their license and gateway!
If you're an existing LoRaWAN miner, especially in @helium, join the community as Crankk provides secure coverage & decentralized infrastructure for the world! https://t.co/RjvmW2CS7v
— Kadena (@kadena_io) April 10, 2023
As for Sweat Economy, a move-to-earn project built on Near and Ethereum, there is no interesting news to report.
Price analysis and predictions for the crypto assets SWEAT, ICP, and Kadena
On the price front, let’s see how the crypto market is performing for SWEAT, ICP, and KDA.
The 3 crypto assets are very different from each other, both in terms of design and in terms of capitalization and volumes generated.
The only thing they have in common is the positive performance all 3 are enjoying in the last 24 hours.
In this regard, SWEAT marks a 2% rise, while ICP and KDA boast 3% and 1.8% growth, respectively.
Nothing particularly significant, just a small rise probably motivated by the fact that Bitcoin these days has reached and maintained the significant figure of $30,000.
In addition, Ethereum is also performing well: after the Shanghai/Capella update that went live last night, the negative aspects on the ETH price that many users expected were not seen. The selling pressure has not been felt, and indeed, today the price is up 6% in the last 24 hours.
Going back to the 3 crypto assets being analyzed, we can see that for SWEAT the market capitalization marks $40 million while the fully diluted capitalization is $200 million.
This means that only 20% of the maximum supply of the token has been released to the market.
Not very good when considering that SWEAT is at -90% from the all-time high.
The situation is also similar for KDA, which has a circulating supply of only 23% compared to the total that will be released in the market in the coming years.
Current market capitalization of $226 million versus fully diluted market capitalization of nearly $1 billion.
At least on a fundamental level, Kadena seems stronger than SWEAT, hence it could miraculously return to a strong period if interesting innovations are implemented.
ICP on the other hand capitalizes $1.6 billion against a fully diluted capitalization of around $2.6 billion. In this case, although the coin has been completely crushed by the long winter of declines it had to endure, it does not seem to be in as bad a shape as SWEAT and KDA in terms of inflation.
Will ICP be able to return to May 2021 values?
ICP, like Kadena and SWEAT, is a crypto that is in a very bad shape graphically.
The coin has been penalized in terms of token economy and because of very high initial expectations, which in hindsight, were not met by the Dfinity team.
The current price of ICP is $5.38 while the all-time high recorded is $2,831. The value could be misleading because this figure was touched only with the spike in the first week of trading for the coin in May 2021. If we consider the price at the close without the spike, the high is $225.
The situation, considering this last value, is dire: to return to $225, ICP would have to increase its price by almost 42 times.
It seems quite unlikely, for a crypto that capitalizes $1.6 billion, to generate a multiplier of such magnitudes.
To do so ICP would have to turn out to be more “important” than BNB as a use case and in terms of notoriety, all the while BNB currently capitalizes at $50 billion.
The only solutions for those who have positioned themselves too early on this crypto might be to:
- hold hoping for a miracle
- sell and take home what few crumbs remain from the initial investment
- mediate the average purchase price, running the risk of getting even more hurt
This serves as a lesson to understand that beyond the expectations and words being spread through the various media, it is FUNDAMENTAL to understand the price/capitalization ratio of each crypto before making foolish purchases that one will likely regret in the near future.
