What is Genesis Vision (GVT) and Why it Became Top Coin
Genesis Vision (GVT) took crypto watchers by surprise, after it displaced Bitcoin (BTC) from the top spot on CoinMarketCap and briefly held it with a market cap of more than 564 trillion and a per-unit price of more than $127M. CMC has gone through similar price anomalies, but this one lifted to prominence the token of a project that was visibly competing for attention on social media.
The price anomaly only took a few seconds before GVT sank to its proper price of $0.32. A move where an asset suddenly bursts in the top 5, or even gets ahead of BTC has happened in the past with some coins and tokens. One excuse is a possible price anomaly. But heading the list of crypto assets may also be a move to have GVT noticed.
The company itself denied any involvement with the unusual listing and claimed a price anomaly. Since GVT is traded on very slim volumes, it is highly unusual that the price was caused by a trading mistake.
What is Genesis Vision
Genesis Vision advertises itself as “the next generation social trading platform”. The social trading model was first introduced to eToro, where soon crypto traders were among the most copied accounts.
Genesis Vision is already busy with self-promotion on social media, managing to build up a community of 25.1K followers.
Genesis Vision appeared at a time when new exchanges are trying to tap the increasing crypto activity. Previous leaders such as Binance Internetional Exchange were displaced by new arrival FTX and may face further competition.
Genesis Vision takes trading a step further, aiming to boost decentralized activity. Traders also have the option to build their own funds and gain followers. As with other crypto projects, all aspects of Genesis Vision may hold risk. For now, the project may be open to hacking risk as it bridges between two networks.
What is the GVT Token
GVT has a trading history dating back to 2018, and a price peaking at above $37. Over time, the asset may have lost listings, as now it mostly relies on PancakeSwap. At the current level, GVTis ranked at position 1,598 based on a more realistic market cap estimate.
GVT is present in 8,496 addresses on Ethereum, but only five on Binance Smart Chain. The token has almost no trading activity with less than $30K in trading volumes reported through PancakeSwap. Recently, significant GVT tranches were sent to a Binance 14 wallet, despite the token not being listed on the exchange.
Curiously, the GVT token is held in several Binance wallets, a remnant from a delisting in October 2021.
GVT lost a pairing with BTC. The tokens can be withdrawn and sent to another wallet or another market until May 2022. Binance listed a preview of the projects as its reason to delist. GVT remains a relatively obscure asset with currently almost no potential to trade unless it is listed onto larger exchanges.
Whatever the activity, the sudden price move was picked by bots and turned into social media exposure for GVT.
Genesis Vision lists its launch date as October 2017, with a platform-first approach which may explain the low liquidity of the native token. The Genesis Vision trading platform is not listed by CoinMarketCap among other digital asset exchanges. Genesis Vision also carried forex, stock, commodity, index and other trading products.
The platform also aimed to connect brokers and wealth managers, using Meta Trader 4 platform. For crypto, Genesis Vision actually used the infrastructure of Binance and Huobi. Genesis Vision adoption has reached more than 10K users through its Android app, with much higher activity compared to the GVT token.
The trading platform and its funds enjoy significant interest, with fund-building competitions aiming for the highest returns.
One curious feature for Genesis Vision is that it still lists no-KYC crypto trading between two coins, with no limits. Genesis Vision lists itself as a private company established in Dublin, Ireland, with five employees.
Despite the hype, Genesis Vision is at best an up and coming exchange, fintech and brokerage company, with a good social media engagement.
Are Genesis Vision and GVT Reliable
New assets or forgotten projects with the potential to rally still manage to gain traction with investors. GVT has not aimed for renewed listings. Still, Genesis Vision has built a strong community of Turkish users, where demand for an accessible trading platform is seen as a way out of a weakening national currency.
Genesis Vision may be a riskier proposal compared to eToro or other brokerages. But it is also a sign of spreading interest in crypto investment in the most accessible way. At this point, it is uncertain if Genesis Vision would be met with stricter regulations for crypto trading.
Uphold makes buying crypto with popular currencies like USD, EUR and GBP very simple with its convenient options to swap between crypto, fiat, equities, and precious metals.
With over 50 coins and an obsession with security, Kraken is one of the safest places to buy and trade crypto.
Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan
Based in Charleston, South Carolina. Serves over 184 countries and has done over $4 billion in transactions. Offers convenient options to swap between crypto, fiat, equities, and precious metals.
Is mining crypto still profitable? With more cryptos like Ether switching to POS is the competition going to get too much?
We analyse the most popular eco friendly cryptocurrencies looking a their energy efficiency and usage
This is a specific digital coin running on a series of servers. XRP promises utility in handling cross-border transactions to compete with the SWIFT interbank payment system. Being controlled by banks, many question if it is a true cryptocurrency.
Solana is a cryptocurrency project with a radically different approach to how blockchains work. It focuses on an element which is very simple: time. It seems introducing a decentralised clock to a cryptocurrency blockchain makes it more efficient than anyone could have possibly imagined. Solana is a high-performance cryptocurrency blockchain which supports smart contracts and decentralised applications. It uses proof of stake consensus mechanism with a low barrier to entry along with timestamped transactions to maximise efficiency.