Electroneum (ETN) is a well-known smartphone-based cryptoplatform with its own blockchain technology that supports anonymity. It was established to develop a simplified payment system and to provide safe and quick crypto transactions with minimal fees for developing countries and the world’s unbanked population.
It's intriguing to note that Electroneum achieved significant price momentum in 2021 after nearly three years of consolidation. The price of Electroneum increased by nearly 5,800% between January and March of this year, according to CoinMarketCap. Prices have since consolidated, and the current value of electroneum is $0.009.
This article will cover electroneum price prediction, fundamental analysis, growth prospects, and analyst forecast.
What is Electroneum (ETN) crypto?
Electroneum (ETN) is a smartphone anonymised cryptocurrency that operates on its own blockchain compared to other cryptocurrencies that usually operate on the ethereum or other blockchain. Electroneum cryptocurrency is also distinct from other cryptocurrencies because it focuses on portable devices and quick micropayments.
Electroneum was designed to be simple so that it could be mined with a smartphone. The cryptocurrency can then be transferred directly to another ETN wallet, an app, or a game after being mined.
The founding team’s main purpose was to provide a smartphone-based micro crypto bank to those who couldn’t use traditional financial instruments like debit cards, Google Pay, or Apple Pay.
Electroneum’s ecosystem has enabled users to mine new coins with smartphones, giving people more financial flexibility. Electroneum has also boosted its popularity by capping the maximum amount of tokens at 21 billion.
How Electroneum (ETN) works?
Electroneum uses the CryptoNote algorithm, which is based on Bitcoin's code. Its main peculiarity is that it assures complete transaction confidentiality.
The network generates a one-time address to initiate financial transactions, allowing users to hide their wallet's original address and prevent the beneficiary from being identified.
The fund sender's confidential information is also encrypted using ring signature technology. The program adds a few random users to the original sender, making it impossible to figure out who made the transaction. Furthermore, the specifics of financial transactions are never revealed to third parties.
Electroneum news and highlights
Electroneum holders have been able to hold and send ETN tokens globally at a minimal cost since the launch of their iOS and Android applications. However, it is their complementary platform, Anytask.com, which was launched in 2020, that helped the company attract over 4 million users worldwide.
ETNDonate.com is another Electroneum 2020 solution to make it convenient for charitable organisations to promote themselves for free. Its platform allows international charitable contributions in ETN at no additional cost, ensuring that these contributions reach their intended recipient without incurring cross-border wire transfers.
In 2019, the founding team of Electroneum enhanced their security protocol and scaled up their servers, making it immune to 51% attacks or, to put it another way, upgraded their server security to the peak point.
In terms of regulatory compliance, Electroneum voluntarily implemented KYC and AML compliance procedures in 2018 ahead of the European 5th Anti-Money Laundering Directive, ensuring that all new users were thoroughly onboarded and that Electroneum operated following the 5th EU AML directive.
Electroneum has formed a partnership with one of the world's top five gaming service providers. It signed a deal with "Host Havoc" to allow 4.1 million users to rent servers for 25 games.
Electroneum price prediction
According to CoinMarketCap, the ETN coin is now valued at $0.009 and has a market capitalisation of over $172 million, putting it at position 250 in terms of market value (as of 28 May 2021).
The cryptocurrency market seems to have cooled down after major price corrections over the last two weeks. Nevertheless, short-term investment with current market sentiments could be risky because of the prevailing FUD (fear, uncertainty, and doubt).
This frenzy began with Elon Musk’s alarming tweet about bitcoin and Tesla, fueled by Chinese authorities’ prohibiting its banks and financial intermediaries to provide cryptocurrency-related services. Furthermore, due to the massive quantity of fossil fuels burnt to create energy for bitcoin mining, China also has escalated efforts to rein in cryptocurrency mining.
Following China’s footsteps, Iran also banned Bitcoin mining. According to Iranian officials, blackouts are creating havoc in Iran, citing bitcoin mining being one of the primary causes.
Overall, even though the market has recovered from major losses, the current scenario suggests a bleak outlook. If bitcoin’s value falls, the entire market, including Electroneum, could follow.
Even major analysts such as WalletInvestor and DigitalCoin are of mixed opinion on the short-term ETN coin price prediction.
According to WalletInvestor, by the end of 2021, the price will be $0.025. Whereas, DigitalCoin predicts the price to be $0.013.
ETN price prediction 2021-2028
Meanwhile, Electroneum's long-term prospects are still positive, according to WalletInvestor. The average price of an ETN token will be $0.031 by the end of 2022, $0.037 by the end of 2023, $0.044 by the end of 2024, and $0.049 by the end of 2025, according to their prediction.
Likewise, DigitalCoin has given a moderately bullish ETN price prediction. They forecast $0.016 in 2022, $0.020 in 2023, $0.023 in 2024, and $0.029 at the end of 2025. They also anticipate that by 2028, the ETN token will be worth $0.042.
Should you invest in Elecroneum?
The cryptocurrency market is going through major turmoil with excessive volatility. Amid the recent news and events, investing in the short term could be risky, especially if you do not have a well-diversified investment portfolio.
On the bright side, CFDs on Capital.com allow you to speculate on the Electroneum (etn/usd) forecast as well as other popular cryptocurrencies like bitcoin (BTC), ethereum (ETH), and cardano (ADA). Moreover, CFDs allow you to go long or short based on the performance of the market without having to acquire the coins.
You can go long, if you anticipate the ETN token price will rise. You can go short if you anticipate it will fall. As a consequence, you have the opportunity to profit from any market movement, positive or negative.
Trade Electroneum to US Dollar - ETN/USD CFD
Electroneum has gained a reputation for itself as an anonymous payments system, and in 2020, it enhanced its safety protocols to lower the risk of 51% attacks. Given these considerations, it may be deemed safe. However, in general, cryptocurrencies are constantly vulnerable to cyber attacks as hackers exploit new techniques to infiltrate the system.
Analysts share mixed sentiment on short-term Electroneum price predictions; however, WalletInvestor and DigitalCoin are bullish on the cryptocurrency's long-term price growth.
The price of electroneum might reach $0.04 by 2025, according to WalletInvestor, and $0.04 by 2028, according to DigitalCoin.
Investments in cryptocurrency are inherently risky. The cryptocurrency market, unlike stock markets, is unregulated, making it more vulnerable to dramatic collapses. However, electroneum has developed a solid reputation, and it may provide a decent return on investment in the long run according to analysts’ surveyed by Walletinvestor
ETN tokens are commonly traded on KuCoin and Huobi Global, which account for more than 90% of the trading volume. Alternatively, you may speculate on the volatility and price fluctuations of ETN tokens by trading them via contracts for difference on Capital.com.