Connect with us

Blockchain

AVAX Token Is Up 125% This Past Week, What Made It Surge?

Republished by Plato

Published

on

ADVERTISEMENT

The AVAX token is up 125% over the past week with both BTC and ETH saw larger retracement since the recent highs of $42,000 and $1350 with both now settling, but why did Avalanche’s token surge? Let’s try and find out in our altcoin news today.

Some cryptocurrencies were not shaken by the drops and one such coin was AVAX. The cryptocurrency gained almost 130% in the past seven days and according to the data, it became one of the top-performing crypto assets on a daily basis. While the cryptocurrency is outpacing most digital assets, now too many people know what Avalanche really is. Avalanche is a decentralized application network that operates just like polkadot. Its technology allows developers to deploy blockchains that fit certain needs and can interoperate with other blockchains and create a comprehensive ecosystem. Ava Labs which is the main developer behind the protocol is backed by Polychain Capital, Andreessen Horowitz, and Initialized Capital.

avax
Chart of AVAX’s price action over the past week from TradingView.com

The project was founded by Emir Gun Sirer who is a Cornell University professor who followed BTC and ETH and the rest of the crypto asset market. The AVAX token is the network’s native token and it is used to pay transactions on the Avalanche network. The token is scarce and hard-capped which means it is burned when used. AVAX could be benefiting from the ongoing ETH network congestion which disallowed users from using the network. Mark Cuban for example said that the believes Aave and other DeFi platforms are hard to use because of the gas fees.

AVAX 24hours
AVAX 24-hour Price Chart (Source: Coingecko)

Other alternatives like Polkadot and Loopring surged over the past week alongside AVAX and discounted the crypto market correction. Avalanche is a multi-purpose blockchain but it seems that decentralized finance is and will be the main focus for developers. Developers announced a Uniswap-based automated market maker for Avalanche back in 2020:

ADVERTISEMENT

 “Pangolin is a decentralized exchange (DEX) which runs on Avalanche, uses the same automated market-making (AMM) model as Uniswap… In a crowded marketplace with multiple contenders, Pangolin offers three critically important benefits: fast and cheap trades, community-driven development, and a fair and open token distribution.”

The announcement was shared by both Emin Gun Sirer and the Avalanche team. Other projects that launch Defi-based apps on Avalanche include  Reef Finance. Avalanche is now 48th by market cap and increased 23.9% in the past day.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/altcoin-news/avax-token-is-up-125-this-past-week-what-made-it-surge/

Blockchain

Bitcoin Price to $1 Million in 10 Years ‘Very Reasonable’ Says Kraken CEO

Republished by Plato

Published

on

With bitcoin currently enjoying a near 70% YTD increase, bullish predictions see the asset topping into a six or even seven-digit territory in the following decade. These projections came recently from Kraken’s CEO, Jesse Powell, and the Managing Director of Magnetic, William Quigley.

Bitcoin to $150K in the Next Year

Founded in 2010, Magnetic is an investment firm with a pro-cryptocurrency approach, having allocated funds in the industry as well. In a CNN appearance, the company’s Managing Director and Co-Founder, William Quigley, spoke about bitcoin’s future, price performance, and the impact of the COVID-19-induced financial crisis on the asset.

By referring to historical price developments after each halving, the executive forecasted a somewhat bullish projection that can take the cryptocurrency up to $150,000 in the following months.

“We are about half-way through the post-halving bull run, so, by my judgment, we have a lot more to go with bitcoin. Certainly – $100,000 and quite possible $150,000 by the end of this year or maybe Q1 next year.”

Quigley also touched upon the growing number of companies putting BTC on their balance sheet, which he classified as “huge.” He believes that the general narrative for corporations to allocate some of their trillions of dollars currently held in cash in government bonds is fading. Instead, they will continue to look for an asset with a finite supply, namely bitcoin.

He noted that the most critical issues for corporations are inflation and the diminishing of the dollar. In contrast, being a limited-supply type of asset, BTC could serve as a hedge with its decreasing inflation.

BTC to $1M, Says Kraken CEO

In another widely-bullish prediction, Jesse Powell, the CEO of the US veteran crypto exchange Kraken, said that the asset price is going to “infinity.”

When asked to specify in dollar terms what that amount would represent, Powell said that even reaching $1 million per bitcoin sounds “reasonable.”

“People that are believers in bitcoin see it’s going to replace all of the world fiat currencies, so that means basically whatever the market cap of the dollar is, the euro, all of that combined is what bitcoin could be worth.

In the near time, people see it surpassing gold as a store of value. So, a million dollars as a price target within the next ten years is very reasonable.”

He justified his quite optimistic prediction with the excessive amounts of fiat currencies printed by the US and other global superpowers following the COVID-19 pandemic. Additionally, Powell believes that the younger generations are keen to adopt the primary cryptocurrency, which could skyrocket its price.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source: https://cryptopotato.com/bitcoin-price-to-1-million-in-10-years-very-reasonable-says-kraken-ceo/

Continue Reading

Blockchain

First Major Rug Pull on Binance Smart Chain? Over $30 Million Drained

Republished by Plato

Published

on

  • Binance Smart Chain has become somewhat of a hot topic amid DeFi gem seekers in the past few weeks.
  • The network saw an influx of new projects, reminiscing of the early days of the DeFi craziness last summer.
  • In any case, hours ago, the community was shocked earlier today when news broke out that one of the newer protocols, Meerkat Finance, was drained.
  • Meerkat Finance is a yield farming protocol that runs on Binance Smart Chain, and a few hours ago, the team revealed that it was “hacked” and drained by 73,000 BNB and 13 million BUSD. The total number amounts to roughly over $30 million at the time of this writing.
  • It appears that the alleged hacker stole the money by changing the protocol’s smart contract using the original deployer’s account. In other words – the private key of the deployer contract must have been compromised.
  • The Twitter account of the project, as well as the website, have also been taken down, causing some to believe that the team rug pulled the entire thing.
  • Meanwhile, the official account of Binance prompted the community to provide any additional information they may have on the case.
SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source: https://cryptopotato.com/first-major-rug-pull-on-binance-smart-chain-over-30-million-drained/

Continue Reading

Blockchain

Parity To Educate Berkeley Students on Developing Blockchain Projects on Polkadot

Republished by Plato

Published

on

The popular DLT protocol Parity Technologies has partnered with Berkeley’s Blockchain Xcelerator program to provide educational panels for students in the university’s blockchain curriculum.

As part of the collaboration, Polkadot’s co-founder Gavin Woods will be a guest lecturer in the A. Richard Newton Distinguished Innovator Lecture Series.

Parity to Educate Berkeley Students About Blockchain

Parity Technologies, a core DLT infrastructure company, announced its latest partnership in a press release shared with CryptoPotato.

According to the document, Parity will employ its substrate blockchain-building framework to educate and work together with the university to raise “the overall awareness of next-generation blockchain technologies in order to promote adoption among students and the community at UC Berkeley.”

For the ongoing 2020-2021 academic year, Parity’s developer education team will collaborate with the faculty, students, and the community studying blockchain technologies in their respective coursework. This includes involvement in curriculum preparation, project ideas, and resources to “enrich the educational experience.”

Furthermore, Parity and the university’s DLT-oriented program called the Berkeley Blockchain Xcelerator will advise students and entrepreneurs on how to develop and eventually launch blockchain startups on Polkadot and Web 3.0 ecosystem.

Jocelyn Weber, an executive at the Berkeley Blockchain Xcelerator, said that the “work with parity and other Polkadot ecosystem startups had demonstrated the potential of this technology in educating our community.”

“We strive to expose our students to the tools and skills they will need to enter this space and immediately start making significant contributions – which is why improving their knowledge with tools such as Substrate and networks like Polkadot will be an important part of our curriculum development.” – Weber added.

Gavin Woods to Give a Lecture

The statement also outlined that Dr. Gavin Woods, the co-founder of Ethereum, Polkadot, and Parity, will give a lecture in the A. Richard Newton Distinguished Innovator Lecture series this month.

Wood commented that blockchain innovation is expanding at a rapid pace and has advanced “beyond legacy networks into next-generation, production-grade blockchains like Polkadot.” This makes it “critical” for the newer coders, engineers, and entrepreneurs to be able to take on the growing competition and develop ground-breaking projects.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source: https://cryptopotato.com/parity-to-educate-berkeley-students-on-developing-blockchain-projects-on-polkadot/

Continue Reading
Blockchain4 days ago

Google Finance adds dedicated ‘crypto’ tab featuring Bitcoin, Ether, Litecoin

Blockchain3 days ago

Why Mark Cuban is looking forward to Ethereum’s use cases

Blockchain1 day ago

Amplifying Her Voice

Blockchain4 days ago

NBA Top Shot leads NFT explosion with $230M in sales

Blockchain5 days ago

Inverse Finance seizes tokens, ships code: Launches stablecoin lending protocol

Blockchain5 days ago

Economist warns of dystopia if ‘Bitcoin Aristocrats’ become reality

Blockchain1 day ago

Libra Coin – A New Digital Currency Developed by FACEBOOK

Blockchain5 days ago

XRP, STEEM, Enjin Price Analysis: 27 February

Blockchain5 days ago

Here are 6 DEX tokens that have seen exponential growth in 2021

Blockchain4 days ago

How KuCoin Shares (KCS) Can Create a Stream of Passive Income

Blockchain4 days ago

Litecoin, Monero, Dash Price Analysis: 28 February

Blockchain5 days ago

6 Questions for Kain Warwick of Synthetix

Blockchain5 days ago

3 reasons why Reef Finance, Bridge Mutual and Morpheus Network are rallying

Blockchain4 days ago

Korean Government To Levy Taxes On Bitcoin Capital Gains Starting 2022

Blockchain4 days ago

Polkadot, Cosmos, Algorand Price Analysis: 28 February

Blockchain4 days ago

Top 5 cryptocurrencies to watch this week: BTC, BNB, DOT, XEM, MIOTA

Blockchain2 days ago

DEX aggregator 1inch integrates Bitquery’s API-powered crypto trading data

Blockchain1 day ago

Blockchain in Sports Betting

Blockchain1 day ago

Bitcoin Halving: Definitive Guide (In Just 5 Minutes)

Blockchain5 days ago

The current Bitcoin bull run is different; here’s why!

Trending