Steve Wozniak of Apple fame, who is a self-professed Bitcoin enthusiast, has recently launched his own cryptocurrency token. The altcoin in question is called the WOZX in Apple co-founder’s honor.
The WOZX is meant to serve as the token for Wozniak’s second company Efforce, an “eco-friendly” blockchain project. The cryptocurrency made its premiere on December 3 on HBTC, one of the world’s largest exchanges. Fast-forward a week and the value of WOZX has jumped by 1,400%.
Steve Wozniak’s token is going to be made available for trading at a few other crypto exchange platforms by the end of the week, which is expected to boost its price even more.
Steve Wozniak’s Altcoin Makes a Flying Start
According to Efforce’s spokesperson, the WOZX altcoin attracted $950 million in the first 13 minutes from its launch. Its initial price was 10 cents. However, after crypto investors put almost a billion into Wozniak’s cryptocurrency, its price grew by 14 times in just three days.
Its rise continued this week, eventually going up to $3.66 per one WOZX, which is its current record. At the moment of writing, the price stands just above $3.
Another massive boost in the WOZX price is expected to happen by the of the week. The reason for this is that the token is about to enter a few more crypto exchanges in the near future, starting with Bithumb Global.
When it comes to the long-term price predictions, its value is expected to keep on growing even after it reaches its limited supply of 1 billion tokens. One week after its launch, there are about 23.5 million WOZX coins in circulation.
Bitcoin Goes Down as (Some) Altcoins Go Up
Steve Wozniak’s WOZX was one of the altcoins that saw their price going up this week. However, the same was not the case with most other cryptocurrencies. Litecoin, Ether, and Ripple went down between 7 and 9% over the course of 24 hours.
An even bigger story is the one that concerns the price of the world’s most popular crypto. Earlier this week, we witnessed Bitcoin dropping from over $19,000 to under $18,000. The drop happened less than two weeks after Bitcoin broke its 2017 record by getting its price up to $19,783.
Experts believe the #1 crypto will rebound quickly and that the price drop is just a glitch in its overall bullish tendency. Investor Jehan Chu, for example, believes that this is just a “rest stop on the way to $30k.” He thinks we’ll see Bitcoin reaching that figure in mid-2021.
His opinion is shared by strategists from JP Morgan, who have released their predictions for the future of Bitcoin earlier this week. According to them, in a long run, Bitcoin is very likely to dethrone gold as the preferred choice of institutional investors.