Trading idea – Bibox (BIX) / Bitcoin (BTC)

BiboxBibox can be considered as one of the fastest growing cryptocurrency exchanges. At the time of writing, Bibox’s 24 hour volume is in the top ten of all cryptocurrency exchanges. Aside from the fact that the Chinese exchange already has several unique features to offer, Bibox has also its own utility token called Bibox (BIX). BIX is trading since November 26th, 2017. In the following I am going to present some reasons why crypto investors should take a look at this interesting token.

Bibox´s unique features

  1. The exchange itself could have a bright future. Some of the key features besides classical cryptocurrency trading are altcoin margin & future trading, exclusive chinese coin listings and a unique AI enhanced encryption. Artificial intelligence might have a big impact in this industry over the coming years. There’s also a convenient app for use with both iOS and Android for easier access to the exchange itself.Additionally Bibox is planning to evolve into a decentralized exchange in the future.
  2. Bibox is a trading platform designed by Chinese blockchain giants including early Bitcoin investors, blockchain adopters, professional traders, and VCs. Even so, that doesn’t mean an AI-enhanced digital asset exchange will succeed automatically. With its focus on security, stability, professionalism, and efficiency, it is evident Bibox has high expectations to live up to.
  3. Holders of BIX will benefit from lower fee’s (50%) and exclusive features. But most importantly, Bibox shares 30% of their weekly net profit with all BIX holders (in form of Ether). KuCoin Shares, which are a similar token model of the cryptocurrency exchange KuCoin, increased to a market capitalization of almost 2 billion USD in January 2018. The daily volume of KuCoin is currently the 30th highest of all crypto exchanges.
  4. In comparison to its competitors, BIX still has a relatively small market capitalization of around 90 million USD.
  5. Bibox mainly came to be because the company’s ICO successfully raised a lot of money. Companies must pay with BIX to have their tokens listed on Bibox, and there are 270 million tokens in circulation. Tokens will regularly be burned until the circulating supply is reduced to 200 million. Additionally, the BIX token will be used for fees on the decentralized platform which will be launched in the future. Last but not least, some “VIP applications” will only be accessible to BIX token holders.

Daily chart Bibox (BIX)/Bitcoin (BTC)

BIBOX (BIX) daily chart, May 13th 2018 

Looking at the chart, BIX seems to have broken its downtrend against bitcoin by creating higher highs and higher lows. Just 2 days ago it failed at its resistance around 10,000 Satoshi, but the uptrend is holding so far. The green lines could also be a wedge and could point to a more bearish scenario. Yet, as long as the lower uptrend line is not violated, we should expect another attack towards 10,000 Satoshi. Furthermore, the massive increase in trading volume over the past 3 weeks is certainly a very bullish indication. If BIX can breakout above 10,000 Satoshi, it should quickly proceed towards 15,000 BIX.

Conclusion Bibox

Currently it seems that there are no planned milestones for Bibox, other than developing the decentralized exchange and incorporating AI technology in a convenient manner. It also appears a lot of the exchange’s current trading volume might be artificial, although that may be a wrong impression. For now, it seems there is no real roadmap or timeline to adhere to, which raises a lot of questions. Whether or not Bibox and BIX will be successful remains to be seen.

But if the rapid growth of Bibox continues, an equal increase for the price of BIX seems inevitable. Assuming that BIX retraces to its former swing high, the 8,000-8,500 Satoshi range could be a nice entry point.

Important note: Holders of the BIX token need to perform at least one trade per week to earn the weekly profit share. However, the volume of the trade doesn’t matter.

 

Disclaimer: I am personally long BIX, therefore I am biased! Please do your own due diligence..