3 Reasons Why This Might Be The Last Time KuCoin Shares (KCS) is Under $1
- On a macro level, the token’s drop in March was not as bad when compared to February 2019.
- The team at KuCoin Exchange has silently improved its platform by offering superior products and services.
- KuCoin Shares (KCS) is the native token of the KuCoin ecosystem and both futures look bright.
Keen crypto traders and investors always look for coins and/or tokens with utility in the crypto-verse. This is why we see many long term holders focusing their attention on exchange tokens/coins such as KuCoin Shares (KCS), Binance Coin (BNB), Bibox token (BIX) and Bitmax Token (BTMX). Their respective exchanges have withstood the toughest of times and the future only looks bright despite current market uncertainty.
KuCoin Shares (KCS) Drop in March Was Not as Bad as February 2019
This then brings us to the first reason KCS might be valued at $1 for the last time. During the major dip of all markets in mid-March, KCS dropped from around $1.46 to $0.75. Of course, this was a major decrement in value but when we zoom out of the charts, we find that KCS has had tougher times as seen in February 2019 when it was valued at around $0.33.
Constant Developments at KuCoin Should Help Prop its Value
We can conversely argue that the current value of KCS at $0.94 is temporary and we shall see the token fall further if Bitcoin (BTC) fails to hold the essential $6,000 support. However, recent developments at the exchange might provide adequate cushioning for the token if this were the case. This then brings us to the second reason why KCS has a bright future. In the past few months, KuCoin has announced the following:
- Improved gateway for buying cryptocurrencies using credit cards
- The launch of margin trading on KuCoin
- Launch of KuMex, the dedicated KuCoin Derivatives exchange that offers the popular USDT perpetual contracts
- Lending and staking now available on KuCoin
- Launch of a mining pool
- Launch of the Arwen wallet that allows users to trade on KuCoin directly from their wallets
- Launch of KuCloud: an easy way to build and deploy spot and derivatives trading platforms
Demand for Bitcoin and Crypto Is Slowly Gaining Momentum
Thirdly, we have seen recent reports that there has been a steady increment of user registration on popular crypto exchanges. The team at Kraken was the first to reveal that they have seen an increment in new sign-ups and KYC verifications. This is because the spread of the Coronavirus has led many individuals to prefer to stay indoors and trade. In a recent tweet, the Kraken Team explained:
Kraken recorded an 83% rise in signups, and a 300% increase in verifications—those who went through the KYC process to deposit fiat money instantly.
Other exchanges have also noted a significant increment in sign-ups. They include OKEx, Bitfinex, Paxful and Luno. This, in turn, means that there is a slow but steady demand for digital asset trading as the stock markets continue to be shaken by the global economic effects of the Coronavirus.
Summing it up, the exchange token of KuCoin Shares (KCS) might be experiencing its last days at a value of less than a dollar. This is due to technical analysis indicating it now has stronger support as well as the KuCoin exchange constantly developing new products and services. Additionally, exchanges have witnessed and increment of new sign-ups as a result of people deciding to stay indoors due to the Coronavirus. Perhaps they too have seen the true value of digital assets and the full control they can attain over their financial futures.
(Feature image courtesy of Sharon McCutcheon on Unsplash.)
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Crypto Gazette or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.
John P. Njui Author
Crypto Enthusiast. Terrible dancer. Former DJ. Amateur Marathoner. Electrical Engineer. Kool kat.