Enjin Coin is a token on the Ethereum Blockchain. Think of it as a digital coin that you can use across many different websites and online games. It can even be converted into other kinds of digital property like game items or in-game gold.
Enjin Coin platform is made for the game industry. SDKs for multiple languages, wallets and payment platforms will be available and completely open-source. Online gamers can bring or trade their assets from game to game, community to community, growing their digital wallet with real value as they play.
General Market Movements and Sentiment Shift
The downfall of altcoins that were mainstream media darlings at the start of the year, ENJ among them, can be attributed, in part, to novice investors getting scared off once the bear market kicked in with a vengeance. Every resurgence of bitcoin in recent period, was met with the, for the most part, inability of altcoins to rally with it. Reason for that can be rookie investors learning from their mistakes, while smart money that was previously watching from the sidelines has begun to enter into bitcoin.
These entities weren’t about to buy BTC when it was trading at an all-time high, but they’ll take a look now, having missed the boat the first time around. None of them, it seems, are interested in altcoins however, despite the fact that many are trading at a 5x discount. Institutional investors may be cautious, but they’re not foolish.
Some altcoins will continue to have some speculative value for the foreseeable future. But just like the now infamous tulips, the hysteria will eventually subside. We are already witnessing the first phases of that slide and even though most of the bag holders react emotionally to articles that criticize their coins, I am just observing the developments on the market. You better start emotionally detaching yourself from your “great sounding” coin because if goes nowhere, ideas are worthless without execution and real users that see value in the project.
Our ENJ Price Prediction for 2020
ENJ, as the rest of the market, is tied at the hip of bitcoin’s price action. If bitcoin embarks on another bull run, ENJ can hope for one as well.
Since a strong Bitcoin move in 2020 is very likely, we can expect some swings and moves upwards by ENJ as well. So 2020 will be a year of potential big moves (more likely upwards) and we can see ENJ at least doubling its end of 2019 price value.
Of course, we speak about ENJ price denominated in USD. In terms of its BTC value, it is more likely that BTC will outperform it and Enjin will be worth less Satoshis by the end of 2020.
The main currency in cryptocurrency markets is Bitcoin and given this, altcoins tend to fuel Bitcoin runs and Bitcoin tends to do the same in return. Given this relationship, Bitcoin price movements (or lack thereof) tend to effect altcoin prices.
When Bitcoin goes up swiftly, it will likely:
- Suppress or depress altcoins as money flows into Bitcoin;
- Or, take altcoins along for the ride
In cases when Bitcoin plunges, it will likely:
- Depress altcoins as money flows into fiat;
- Or, cause altcoins to boom as money flows into them, but this is rarely the case.
When Bitcoin moves sideways, it will likely:
- Cause altcoins to mimic that as traders wait for a clear sign on the direction of the market;
- Or, cause altcoins to flourish as traders look for returns in altcoins and try to get favorable trades in terms of BTC pairs.
To summarize, Bitcoin is the focal point of the crypto market in many ways, and with BTC trading pairs on every exchange, the gravity of Bitcoin is hard to evade.
ENJ-BTC Price Correlation
The vast majority of trading that occurs in the crypto markets are between BTC and Altcoin trading pairs. Since most Altcoins do not pair with fiat currencies (and only a few are paired with stable coins like USTD), Bitcoin is the next best option. Therefore, when Bitcoin is stable, it forms as the ideal base currency for buying Altcoins (which is why Altcoins tend to do well when Bitcoin goes sideways).
Correlation is measured on a scale from -1 to 1. Values above 0 shows the degree to which altcoin is moving in the same direction as BTC prices (either up or down in tandem), and values below 0 shows the degree to which altcoin moves in the opposite direction of BTC prices (so when BTC goes down, altcoin goes up, or vice versa). Values around 0 shows that when BTC price moves, altcoins stays steady, or alternatively that when altcoin moves up or down that the BTC price is staying steady.
ENJ has had a relatively low price correlation coefficient of 0.54 on average or the most of its market life, with most of the time hovering around zero territory mostly due to the fact ENJ that has had couple of big runs induced by fundamentals (featured on Samsung S10 as one of the crypto wallets); as shown on the image below – source.
The majority of projects will fail — some startups are created just to gather funds and disappear, some would not handle the competition, but most are just ideas that look good on paper, but in reality, are useless for the market.
Vitalik Buterin, co-founder of Ethereum said:
“There are some good ideas, there are a lot of very bad ideas, and there are a lot of very, very bad ideas, and quite a few scams as well”
Enjin Future Outlook
As a result, over 95% of successful ICOs and cryptocurrency projects will fail and their investors will lose money. The other 5% of projects will become the new Apple, Google or Alibaba in the cryptoindustry. Will ENJ be among those 5%?
Hard to guesstimate this one.
Why will Enjin succeed?
Why will Enjin fail?
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Will Enjin reach $1?
All of this summed up means one thing: ENJ might live through couple of orchestrated and, for a regular trader, completely unpredictable pumps but the majority of time will be murky sideways trading with small volume and no significant interest from the market.
Price will heavily depend on what BTC will do and since many analysts think BTC will not be making big moves in this year, it is hard to expect Enjin will do them either. The price will probably stagnate and record slow-moving depreciation or appreciation depending on the team activity, potential technological breakthrough or high-level partnership.
Market prediction for Enjin – ENJ Price 2020
With the market being completely unpredictable, forecasting the cryptocurrency price is really more of a gamble and luck rather than a data driven guesstimate.
Let’s throw a glance at the eminent publications and personalities, and their predictions regarding the ENJ price, which will give us another point of view to consider:
Walletinvestor is a popular website that does technical analysis-based price predictions of various cryptocurrencies. According to them, ENJ is expected to drop extremely to $0.081 per token in one year which would see it losing all of its Samsung S10 caused gains.
Trading beasts expects that Enjin will float around $0.17 within a year but also predicts it can roughly reach $1 by 2020.
Cryptoground predicts that Enjin might stay around $0.22 by the end of 2020. They even added their version of ENJ price prediction 2024, where they stated that ENJ might reach $0.55 by 2024.
Digitalcoinprice gave a slightly positive prediction saying that by 2020 end, ENJ might be two times more worth than now – $0.44 per coin.
ENJ Future: 2020, 2023, 2025
ENJ Price Prediction 2020
ENJ Price Prediction 2023
ENJ Price Prediction 2025
Realistic ENJ Price Prediction
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com