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Altseason returns, with Bitcoin SV, IOTA, EOS, and more surging by over 20%

Over the past three days, both Bitcoin and Ethereum have entered a holding pattern.

The post Altseason returns, with Bitcoin SV, IOTA, EOS, and more surging by over 20% appeared first on CryptoSlate.

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Over the past three days, both Bitcoin and Ethereum have entered a holding pattern.

For BTC, this has meant consolidation between $39,000 and $42,000. For ETH, this has meant consolidation between $1,100 and $1,250. While some fear that this consolidation is indicative of an impending market top, altcoins have begun to break higher, with BTC and ETH gains cycling into other segments of the cryptocurrency market.

Chart of BTC’s price action over the past two and a half weeks from TradingView.com

Earlier this week, the altcoins that were rallying were all decentralized finance (DeFi) related. Yesterday and today, the focus has shifted from DeFi to 2017-era altcoins such as IOTA and EOS.

2017-era altcoins erupt higher

The best-performing cryptocurrencies today are almost all altcoins that performed extremely well in the previous bull market in 2016 through early 2018.

ZRX, the native token of the 0x decentralized exchange protocol, is up 25 percent in the past 24 hours, adding to the 40 percent gains it posted earlier this week. The cryptocurrency is likely benefiting from developments around and increased usage of Matcha, a decentralized exchange aggregator built by the 0x team.

IOST, MakerDAO’s MKR, IOTA, EOS, Bitcoin Gold, Tron’s TRX, and Zcash are also among the cryptocurrencies up over 15-20 percent in the past 24 hours.

It’s worth noting that these coins that are rallying had underperformed DeFi coins, Bitcoin, and Ethereum over the summer and over recent weeks, suggesting this recent price action is just a reversion to mean.

Not all the tokens surging today are 2017-era altcoins, though. Avalanche (AVAX) is up 42 percent in the past day as this new blockchain has begun to roll out applications that may make it a competitor or an alternative to Ethereum.

The ghost chain narrative

Underlying this rally, though, is the fact that many of the coins that are moving higher today have effectively no real-word adoption or even potential utility.

Freddie Farmer, the former head of DeFi at Wintermute Trading and an industry analyst, commented on the matter on Saturday morning:

“The biggest failing of the cycle so far is the fact that ghost chains are still listed and more readily available for normies entering via fiat on-ramps than high-quality blue chips.”

Even today, even after DeFi has seen an influx of capital and users, a large majority of DeFi projects trade outside of the top 50 cryptocurrencies by market capitalization.

Analysts expect the crypto standings to shift over time as investors begin to focus their capital on cryptocurrencies that have a fundamental purpose and/or entitle their holders to future cash flow.

Posted In: Altcoins

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Source: https://cryptoslate.com/altseason-returns-with-bitcoin-sv-iota-eos-and-more-surging-by-over-20/

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Blockchain Game Alliance Will Host NFT Open Forum to Boost Adoption

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The Blockchain Game Alliance was formed by a group of companies looking to boost the adoption of blockchain technology in the gaming industry, and it is sponsored by companies like Ubisoft, AMD, ARK.io, Maker, and Algorand.

The organization will be running an online open forum discussion on January 15th about the status of the NTF space and its future in 2021.

The gamification of cryptocurrency investment strategies like yield farming represented a step forward for NFT’s, which promise to be a big player in the crypto ecosystem in 2021.

The Blockchain Game Alliance is Discussing the Latest Trends

The alliance believes that NFTs will play an important role in the game industry in the future and has invited 4 experts to talk about it by using a central question: “Which applications will generate interest and bring innovation in 2021?”.

The guest speakers will be Twobadour Paanar, Joël Hubert, Patrick Barile, Patrick Barile, Patrick Barile, and Alex Gausman, all of them with deep knowledge of the blockchain ecosystem.

Those interested in participating in the open forum will b able to do so via the Livestream on Friday 15th at 4 pm CET on the Alliance’s YouTube channel.

Gaming as the Gate to Blockchain’s Mass Adoption

One of the most important requirements for the mass adoption of any new technology is users not realizing they are using it while benefiting from everything it has to offer.

This level of integration and ease of use is what has made technologies like the internet, streaming, telecommunications, and computing such an essential part of daily life.

Videogame trends like the growing F2P business model incentive users to acquire in-game assets such as skins, weapons, loot boxes, characters, etc, by playing the game to earn them or by buying them.

However, these assets are limited to the developer’s ecosystem and can be taken from the player or modified at any time, making them feel more like borrowed assets.

This has made Non-Fungible Tokens (NFTs) one of the most popular applications of blockchain technology in the gaming industry, for games entirely built using blockchain and platforms looking to create gaming ecosystems alike.

NFTs are Becoming More Popular

The use of NFTs brings clear advantages for players not only by providing them with ownership over their assets but by allowing developers to create more complex universes in which games can interact with each other.

Most importantly, this happens without the player having to know what an NFT or blockchain is or is required to jump through hoops.

The reason why the gaming industry has such a potential to drive blockchain and crypto mass adoption over other industries is its sheer size, being bigger than all other entertainment industries combined, and the tech-savvy nature of most of its users.

2020: A Great Year for NFTs and Crypto

2020 will be a year to remember for decades to come as a year full of events that affected people on a global scale.

It will also be a year for crypto and blockchain enthusiasts to remember due to the bull run that took place by the end of the year, the Decentralized Finance (DeFi) and NFT boom, and innovation in multiple niches.

In the words of Ilya Abugov, DappRadar’s project manager: “There is more hype around NFTs right now. To some extent, it’s an extension of the DeFi excitement.”

Projects like MEME and Aavegotchi showed the world the potential of NFTs to do more than just work as collectibles by merging them with DeFi yield farming, while markets like Rarible and Opensea attracted thousands of users and investors around the world.

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Source: https://blockonomi.com/blockchain-game-alliance-will-host-nft-open-forum-to-boost-adoption/

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Grayscale dissolves XRP Trust as Ripple continues to face legal troubles.

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Sequel to its removal of XRP from its diversified public crypto fund, Grayscale Investments has announced its XRP Trust’s dissolution. The move is another fallout from the current enforcement action instituted by the U.S. Securities and Exchange Commission (SEC) against the blockchain firm Ripple. According to the official announcement, the move is in line with the current SEC lawsuit against Ripple, which among other things, classifies the fourth-ranked cryptocurrency as a security token.

Grayscale dissolves XRP Trust.

Grayscale announced the decision to dissolve its XRP Trust product in a press release issued on Wednesday, saying, “In response to the SEC’s action, certain significant market participants have announced measures, including the delisting of XRP from major digital asset trading platforms, resulting in the Sponsor’s conclusion that it is likely to be increasingly difficult for U.S. investors, including the Trust, to convert XRP into U.S. dollars, and therefore continue the Trust’s operations.” The firm revealed that it has liquidated the XRP Trust and plans to distribute the XRP Trust product shareholders’ funds as part of the dissolution process.

Ripple continues to face legal trouble. 

As reported earlier, Bakkt, one of the biggest cryptocurrency companies in the United States, will not support the cryptocurrency XRP as part of its further product development, according to the CEO. The US SEC filed the lawsuit against Ripple for allegedly selling unregistered security XRP. Since the lawsuit, XRP has plunged significantly as US-based crypto exchanges, including Coinbase, delisted the cryptocurrency from their platforms. Crypto exchanges with a more international presence have elected to discontinue trading of the token for U.S. customers. Ripple CEO had earlier said that they are planning to fight the lawsuit, and the company is adamant that XRP is, in fact, not security.

Source: https://coinnounce.com/grayscale-dissolves-xrp-trust-as-ripple-continues-to-face-legal-troubles/

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Ledger sets bounty for information on recent Shopify attacks

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The hardware wallet company has offered a Bitcoin bounty to anyone that provides information leading to the arrest of the perpetrators

Ledger announced in a blog post yesterday it would reward 10 bitcoins to anyone that delivers useful information regarding the ongoing data attacks. The current incident involves the e-commerce platform Shopify, which suffered a security breach last year. The breach resulted in a data leak of customers of about 200 of its merchants.

Shopify reported that rogue members of its support team accessed and stole customer transactional records of several companies including Ledger. The wallet maker has admitted that about 20,000 of its users were among those affected by the incident.

We at Ledger have learned very important lessons and will continue to work hard to ensure your trust is well-placed in us. We are humbled. We are becoming stronger and more resilient as a result,” the company wrote.

This disappointing turn of events has rubbed salt in the wound for the firm, with the number of attacks on Ledger customers on the rise since last summer when the first data breach was reported. At the end of last year, reports surfaced that scammers had begun exploiting the data breach at the company.

The wallet maker is now looking to manage the series of attacks and restore its reputation among crypto users. Ledger will award any person that provides information leading to the identification and arrest of the criminals 10 BTC. The Bitcoin bounty roughly translates to about $350,000 as per the current BTC/USD price.

The crypto firm further extended an invitation to other companies to get in on the bounty offer.

Ledger is committing numerous additional resources to identifying and prosecuting those responsible for the attacks on Ledger and Ledger customers including a bounty fund of 10 BTC for information leading to successful arrest and prosecution. We hope other companies will join the bounty program and help make the crypto community a safer place,” the company said in a statement.

In addition to hiring investigators to track the criminals, Ledger will also be adopting a new communication approach to protect its users.

We will implement a messaging model where proactive important security and technical information will be conveyed through Ledger Live. Email and social media will ONLY be used for broadcasting product messages and announcements.”

Source: https://coinjournal.net/news/ledger-sets-bounty-for-information-on-recent-shopify-attacks/

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