We hit an important milestone in the MasterCoin story today. As of this morning, August 22nd, the MasterCoin cryptocurrency was listed on the Mercatox Exchange. We have two markets to trade, MC/BTC and MC/ETH. An important step in progressing towards fulfilling our many objectives over the coming months.
Currently ranked #74 on the CoinMarketCap list of exchanges by trading volume, Mercatox is a strong exchange that outranks the very popular Crypto-Bridge (#124), Cryptopia (#94), and CoinExchange (#125). With a daily trading volume of almost $7 million USD, about 1,000 BTC, Mercatox has more trading volume than the other three exchanges combined.
Launched in 2016, Mercatox has slowly built a loyal user base through frequent improvements and attractive features including margin trading, investor lending, and an affiliate program. ETH/BTC and LTC/BTC are their top 2 trading pairs, both averaging more than 100 BTC in daily volume.
Currently, MasterCoin is trading for 210 satoshis and the trading volume so far is approximately .25 BTC. As the community grows and MasterSuite tools begin operation, the price and daily volume will rise as well. Being listed on an exchange with millions of dollars in volume already, MasterCoin is positioned to receive new investors.
Since being listed on the Mercatox Exchange, the price of MasterCoin has been very volatile, reaching as low as 150 satoshis. We want to take the time to assure investors that these swings in price are normal among cryptocurrencies as they enter and mature in the market.
We are confident in our plans for the future and all of our efforts are focused on executing the roadmap ahead of us. While we understand the concern about the price, the best way to improve it is to show investors clear progress on the product in front of us.
No cryptocurrency is exempt from the growing pains of being just launched and newly listed on an exchange. The anonymity of non-OTC transactions sometimes leads to uncertain coin holders to dump their coins without hesitation. With lower trading volume, a disproportionate amount of coins can artificial reduce the price to concerning levels.
This uncertainty and doubt is an unfortunate reality of cryptocurrency. Many projects have experienced this cycle. We want investors to know that the MasterCoin team is working diligently on all fronts to maintain integrity in the process, to deliver on our set goals, and to execute the roadmap ahead of us.
Thank you for your continued support. The MasterCoin team continues to make progress on the beta version of MasterPool and MasterSafe and we look forward to sharing that information with you soon.
The MasterCoin Team
BitcoinTalk ANN: https://bitcointalk.org/index.php?topic=4567811.0