VIP CRYPTO 14/2/2018
The market is in a state of limbo, if you will, awaiting for potential news that could result in a massive influx of volume, which would likely send BTC above its current resistance of 9,000. Until then, we are likely to witness BTC fluctuate between 8,000 to 8,800.
That said, despite the market’s sideways movement over the last ~ 5 days, two cyrptocurrencies have outperformed the market: ZCL and ETC. The price action of these currencies has much to do with their imminent hard forks. For clarity, ZCL will fork into Bitcoin Private (BTCP); ETC will fork into Callisto (CLO).
We have held positions in ZCL since our calling it on December 12th, 2017, when it was only $3 USD. Our understanding of the growth commonly experienced by cryptocurrencies following their decision to fork is the underlying reason we have held this long. Nonetheless, as ZCL inches closer to its fork and snapshot - the time in which ZCL documents the number of ZCL owned by each consumer to understand the number of BTCP it must remunerate. Both the fork and snapshot are to occur on February 28th.
Currently, there is no available information concerning the exchanges that will support the fork, nor are we aware of BTCP’s value. We will, therefore, continue to monitor our leads to fill the absence of intel.
We will manage its ETC, which will fork and conduct its snapshot on March 5th, as it is with ZCL. No exchange has announced support for the ETC fork. But, rest assured, news will break over the coming weeks, possibly one to two weeks before the fork.