If Electroneum cryptocurrency has caught your attention and you want to know more about its background and future, you are in the right place. Electroneum was created in 2017, and today, it is one of the top cryptocurrencies in the market.
Electroneum, operating seamlessly on mobile devices, was built to ease and secure smartphone transactions. In addition to that, users can mine ETN coins into their Electroneum wallets using their smartphones.
This guide will also look at Electroneum’s potential for investment. So, by the end of this guide, you will have a detailed understanding of the Electroneum coin and how it is distinct from other digital assets.
Today’s Electroneum price today is $0.003085 with a 24-hour trading volume of $39,280.29. Electroneum has been down 2.36% in the last 24 hours. The current CoinMarketCap ranking is #350, with a live market cap of $55,287,255. It has a circulating supply of 17,924,185,819 ETN coins and a max. supply of 21,000,000,000 ETN coins.
Let’s dive straight into the coin’s background before we go into the Electroneum price prediction.
What is Electroneum (ETN)?
Like every other digital asset today, the Electroneum coin is a digital asset created on blockchain technology. This digital asset is unique because it is a smartphone anonymized cryptocurrency that operates on its blockchain compared to other cryptocurrencies that usually operate on Ethereum or another blockchain. Another feature that distinguishes the Electroneum network focuses on portable devices and fast micropayments.
Electroneum (ETN) is a British cryptocurrency initially designed for mobile and online gaming markets. The company’s name and currency are derived from electron, which powers the entire cryptocurrency industry. It promised to be a massive shift in the market and was designed with mobile functionality in mind. In January 2020, Google introduced cosmetic improvements to their “mobile mining” process, which will give them $3 each month for using their app. It is mining not any coins but your data.
Furthermore, Electroneum’s ecosystem was designed to be easy for everyone to use and access. Users can mine ETN tokens from their smartphones and quickly transfer their mined tokens directly to their ETN wallets.
The team behind ETN is to offer a smartphone-based micro crypto bank to those that cannot use traditional financial instruments like debit cards, Google Pay, or Apple Pay. Again ETN team aims to offer the quickest and safest crypto-transaction platform with minimal fees for the world’s unbanked population.
Today, Electroneum’s ecosystem has allowed cryptocurrency traders to mine ETN from the comfort of their homes using their smartphones, giving them more financial flexibility.
The Team behind Electroneum ETN
The team comprises various professionals, including crypto consultants, senior engineers, and industry experts.
Richard Ells founded Electroneum in 2017 due to his interest in cryptocurrencies. However, he sought the technical abilities of his team at Retortal Ltd, one of Richard’s other companies, to develop the cryptocurrency. In September 2017, Electroneum Ltd made ETN exchange tokens available for sale in the Initial Coin Offering (ICO), also known as a token sale. The token sale was a great success closing early after achieving the maximum Bitcoin and Ethereum targets. It is essential to know that the Electroneum Ltd ICO is still the record holder for the largest ICO ever by participant numbers (115K+).
Electroneum, which was created to be ASIC-resistant, underwent a fork this summer, making it ASIC-friendly. The fork went underway due to the inconsistency of block timing, which occurred due to GPU mining waves causing delays in completing transactions.
Furthermore, transaction fees were raised to 0.1 ETN, the block time was increased, and the block reward was increased. Also, the complexity in mining ETN becomes more reactive, thus resulting in a more flexible blockchain network.
It was forked twice this year: the first split eliminated ASICs from the network, while the second reinstalled them. What matters most to individuals is that their coins are entirely secure throughout both divisions and now have the following features:
- Emphasis on rapid payments
- Fee increases
- Enlarging the block size
- Lowering the difficulty window
- Increasing the block reward
How does Electroneum (ETN) work?
Electroneum (ETN) uses the CryptoNote algorithm based on Bitcoin’s code. What makes this algorithm special is that it allows complete transaction confidentiality. ETN network generates a one-time address to initiate financial transactions, in which traders’ confidential information to encrypted due to the ring signature technology. Electroneum’s ring signature technology makes it difficult to know who made a transaction and the beneficiary because it encrypts the information of financial transactions.
Electroneum users have held and sent ETN tokens globally at a low cost since their iOS and Android applications. However, its complementary platform, Anytask.com, launched in 2020, has helped attract many users today.
Another solution launched in the Electroneum network, which has attracted many users today, is ETNDonate.com. This solution makes it easy for charitable organizations to promote themselves for free. In addition, ETNDonate.com also enables international charitable contributions in ETN at no additional cost, thus ensuring that these donations get to their intended recipient without incurring cross-border wire transfers.
In 2019, Electroneum’s team improved its security protocol and servers, making it immune to 51% of attacks.
When it comes to regulatory compliance, Electroneum implemented KYC and AML compliance procedures in 2018 ahead of the European 5th Anti-Money Laundering Directive to ensure that every user is thoroughly scrutinized and that Electroneum operated following the 5th EU AML directive.
Electroneum also partnered with Host Havoc, one of the world’s top five gaming platforms today. This partnership will allow more than 4.1 million users to rent servers for 25 games.
The Electroneum community
Electroneum has a sizable community, including over 4.3 million eligible participants. Its social media pages are pretty functional, as of the 2nd quarter of 2021, with 162 14 followers on Facebook, 130,839 followers on Twitter, and 23,482 Telegram channel partners.
Nevertheless, their forum is the only location where you can interact with other public individuals and administrators.
What makes Electroneum (ETN) unique?
When Electroneum was launched, it was initially built using the Monero codebase, which focused on the gaming and gambling industry. However, things changed, and the digital coin turned its sight to creating a platform that solely allows instant cross-border payments.
However, Electroneum migrated from the Monero blockchain to the moderated proof-of-responsibility (PoR) blockchain in Q2 of 2019 to offer better payment services.
Even though the main objective of Electroneum is not very different from what other projects offer in the crypto market, it is notably distinct on its own. Why? Because it has mainly focused on bringing cryptos an easily accessible option, smartphones.
The goal of Electroneum is to reach out to the millions who do not have access to a banking system but own a smartphone, like PayPal, but with cryptocurrencies. This cryptocurrency takes a unique approach from other digital cryptocurrencies, even in mining. Electroneum effectively removed the need for expensive, dedicated, power-hungry mining devices when it launched the first “mining” app in March 2018.
How many ETN coins are there in circulation?
ETN’s total and circulating supply is currently regulated and limited by the founding team, and it will never exceed 21,000,000,000 coins. There are 10,229,924,760 ETN coins in circulation, representing 49% of all the coins there will ever be.
Ever since Electroneum migrated to its blockchain, miners were chosen by the project to ensure reliable networks. However, these miners are expected to spend the block rewards responsibly in helping those less fortunate in harmony with Electroneum’s humanitarian agenda. Electroneum’s proof-of-responsibility also reduces the amount of energy required for the mining process, as Electroneum ensures that investors experience an eco-friendly mining process. In addition to the Electroneum app, these are the two ways to mine an ETN coin.
Electroneum Price History
When Electroneum ICO was launched in 2017, it closed early after reaching a hard cap of $40 million. Electroneum has a market cap of $272,031,404 billion, and it is the first-ever cryptocurrency to come from Great Britain.
Even though Electroneum had a successful ICO, it faced a significant hiccup. Many of its investors got hacked, which led to a drastic price drop in November 2017. As seen in the historical data chart below, ETN dropped in price from $0.23 to $0.06.
Afterward, the Electroneum price was revived after the problem was sorted. Hence, ETN price recorded a growth of 122% because it increased from $0.06 in November 2017 back up to $0.22 in January 2018. Like most other digital currencies, its price has declined since January 2018. Later in January 2021, the Electroneum price was reduced again, remaining at $0.005.
So far, Electroneum has performed averagely if we are to compare it with other cryptocurrencies. This digital coin has also been able to generate interest from investors because it can be mined using just a smartphone.
Electroneum Technical Analysis
Electroneum price analysis reveals that the market is currently following a massive downwards trend below the $0.0032 mark and is likely to decline even further. ETN/USD lost tremendous momentum the previous day, July 16, 2022, when the price went significantly from $0.0032 to $0.0030. However, the cryptocurrency continued to decline today, on July 17, 2022, showing solid bearish momentum; currently, the price of ETN is available at $0.0031.
Electroneum price analysis indicates that market volatility follows a significantly increasing trend, making Electroneum prices more vulnerable to volatile changes on either extreme. The Bollinger’s band’s upper limit is $0.0032, which acts as the most substantial resistance for ETN. Conversely, the lower limit for the Bollinger’s band is available at $0.0025, which serves as a point of support for ETN.
The ETN/USD price appears to be crossing over the curve of the Moving Average, signifying a bullish trend. Furthermore, the ETN/USD price path is moving upwards, attempting to cross the moving average a second time, indicating bullish and potential reversal opportunities.
Electroneum price analysis reveals that the Relative Strength Index (RSI) is 55, meaning ETN/USD is stable and falls in the upper-neutral region. The RSI score appears to be following a linear movement signifying a constant market trend towards further stability. The RSI score remains dormant because the buying activity equals the selling activity.
In conclusion, Electroneum price analysis deduces that the bears are currently controlling the market, but the bulls are trying hard for a comeback. A reverse trend is probable as the RSI score is expected to drop below the threshold. ETN/USD might undergo a significant incline in the coming days. The cryptocurrency has displayed a solid bearish movement in the past few days. Still finally, the figures and observations from the charts show us some hope for the cryptocurrency to bounce back and raise its value.
Electroneum Price Predictions by Authority Sites
Digital Coin Price
According to DigitalCoinPrice, the value of ETN may reach $0.00732 in 2022 before rising to $0.00833 in 2023. The price of Electroneum predicted by the website for 2025 is $0.0105.
In a bleak Electroneum ETN price prediction, Gov.Capital predicts that the price of Electroneum will be zero in one year. It doesn’t entice investors to take any chances with this cryptocurrency.
According to WalletInvestor, ETN should increase to $0.00776 in a year and $0.0196 in five years.
Electroneum Price Prediction 2022
According to predictions, the price of Electroneum will at least reach $0.004 in 2022. With an average forecast price of $0.004, the ETN price may go as high as $0.005.
Electroneum Price Prediction 2023
In 2023, the price of Electroneum is expected to have a minimum price of $0.006. 2023 will see an average price of $0.007 for Electroneum, with a maximum price of $0.007 possible.
Electroneum Price Prediction 2024
According to predictions, the price of Electroneum price will at least fall to $0.009 in 2024. With an average trading price of $0.009, the ETN value might have the highest price of $0.011.
Electroneum Price Prediction 2025
In 2025, it is anticipated that the cost of 1 Electroneum will be at least $0.014 per unit. With an average price of $0.014 during 2025, the ETN price might have a maximum price level of $0.016.
Electroneum Price Prediction 2026
In 2026, the Electroneum’s price is anticipated to be at a minimum of $0.020. According to our research, the ETN price might rise as high as $0.024 with an average projected price of $0.021.
Electroneum Price Prediction 2027
The price of Electroneum is anticipated to be at a minimum of $0.029 in 2027. With an average trading value of $0.030 in USD, the Electroneum price value may go as high as $0.035.
Electroneum Price Prediction 2028
In 2028, it is expected that the price of Electroneum will be at least $0.041. With an average trading price of $0.042 during 2028, the Electroneum price may reach a high of $0.049.
Electroneum Price Prediction 2029
The price of Electroneum is anticipated to fall to at least $0.060 in 2029. The ETN price has an average value of $0.062 and a maximum price value of $0.071.
Electroneum Price Prediction 2030
In 2030, it is expected that the price of Electroneum will be at least $0.084. With an average trade price of $0.086 during the course of 2030, the Electroneum price may reach a maximum value of $0.10.
Electroneum Price Prediction 2031
In 2031, the price of Electroneum is anticipated to be a minimum of $0.12. According to our research, the ETN price might rise as high as $0.14, with an average projected price of $0.12.
Given the coin’s prior record, several analysts do not believe it to be a wise investment. Others, though, believe that it may increase in the future. Some analysts anticipate the coin’s value will gradually increase; others say it may be worthless in a year.
Remember that projections, especially long-term ones, are best taken as indications rather than absolutes, as previously mentioned.
Investing is a very private activity. Do your own study and attempt to stay informed of any changes within the Electroneum ecosystem that could improve the chances of its native coin in the future. Never invest more money than you can afford to lose since investing may be dangerous.
As we’ve already said, cryptocurrency is unstable, so it’s always a good idea to talk to a financial advisor before investing or researching. If you’re interested in the project, you should keep a close eye on how it’s going so you know when to invest. This is only true if you think it would be a better investment based on how well they solve real problems.
There has been a recent uptick in the use of ETN. According to the CEO and creator of the award-winning firm that developed Electroneum, “we are the obvious choice if seeking for a cryptocurrency with genuine users” therefore, many independent businesses have begun adopting the coin. This might impact the price of ETN in the future, potentially driving it to all-time highs.
You now understand what Electroneum is, its applications, and pricing forecasts over the next five years. There is little question that if Electroneum achieves its goal, it will grab a large market of more than two billion consumers.
As previously noted, cryptocurrency is volatile, and it is always a good idea to consult with a financial consultant before investing or conducting research. If you are interested in the project, you should keep a careful eye on its progress so that you can invest at the perfect moment. This is just if you determine it’s a better investment based on how successfully they address genuine concerns.