All ardent followers of the digital space and particularly the top 100 cryptocurrencies are asking about ETERNAL TOKEN (XET). What is this coin? Where has it been hiding? And what is behind the colossal jump? These are some of the questions I will be answering in this article apart from the ‘why’ you should be holding this digital asset.
In the last one-week ETERNAL TOKEN (XET) has surged over 90% to become a top fifty cryptocurrency by market capitalization according to the data currently displayed on CoinMarketCap. In spite of the low volumes, the crypto’s market cap has been on an upward roll rising by 89.19 percent in the same period. The market cap currently stands at $140 million with a trading volume of $907 in the last 24 hours on Friday 28.
ETERNAL TOKEN has a total token supply of 200 million XET but only 60,440,001 are currently in circulation. XET is listed on IDAX and Sistemkoin and H&B cryptocurrency exchanges. The majority of the trading volume went through IDAX in XET/BTC trading pair (55.14%) while XET/ETH took up 42.75% of the volume.
At the moment, XET/USD is trading at $2.30 and has grown 43.12% in the last 24 hours. On the contrary, most of the cryptos are trimming gains. ETERNAL TOKEN has distanced itself from the wide bear trend in the market to consolidate gains.
What is ETERNAL TOKEN (XET)?
According to the website and the whitepaper, ETERNAL TOKEN is a cryptocurrency that was developed and issued in Japan by a company called Atom Solutions. It is a proxy token that has been designed to be bidirectional and exchangeable with XEC (Eternal Coin). Eternal Coin, on the other hand, is also issued by the same company but it is a centralized digital asset. The two coins convert on a ratio of 1:10. The main idea behind XET was to enable users to convert it to XEC, which is mainly used for international transactions supported by authorized exchanges.
The cryptocurrency industry has been faulted for a long time for lacking centralized authorities. While centralization defies the entire idea of cryptocurrencies and blockchain, the company thought it is a wise idea to introduce certain levels of centralization.
ETERNAL TOKEN has been raising questions in the space with some cryptocurrency enthusiasts praising it for the genius of combing centralization and decentralization. However, some other people do not see why the company went to the effort of an ICO if XEC is convertible to BTC or ETH. Was XET really necessary in this case? Anyway, I will not dive into the controversy.
One thing that is clear, according to the website, is the fact that Eternal Coin (XEC) is only tradable on authorized exchanges. This provision limits many people from accessing the token. Therefore, ETERNAL TOKEN was issued to act as a gateway to XEC from other cryptocurrency exchanges that have not been authorized. ETERNAL TOKEN is a tradable asset that can be found on various global exchanges. It is, therefore, the saving grace for currencies like XEC that have been centralized. That is how ETERNAL TOKEN gets its utility and relevance in the industry.
If we put propaganda aside, ETERNAL TOKEN still has the potential for more growth. It has within a short time become a top 50 coin and could soon rise higher using the hype that is surrounding it. More exchanges are expected to list it and adoption will rise considerably. Moreover, the cryptocurrency surge expected towards the end of the year could take ETERNAL TOKEN to the moon. Therefore, take your position now and put on your belt because this ship is headed to the moon.