Blockchain

Crypto Strategist Names Altcoins Picks for 2021, Says Bitcoin Boom Unlikely to Lift All Assets

Published

4 months ago

January 13, 2021

The host of Coin Bureau is pulling back the curtain on his top five altcoins picks for 2021.

In a new video, the pseudonymous analyst tells his 225,000 subscribers that he expects a smaller number of altcoins to experience exponential gains in the year ahead.

“For those that have followed the crypto markets for some time, they’ll know there’s usually a pivot to altcoins once Bitcoin has rallied. However, given how more sophisticated the markets have become, it’s unlikely that this rising tide will lift all boats. Only some altcoins are likely to capture those gains you’re striving for.”

Number one list is the privacy-centric coin Monero (XMR).

The analyst highlights that power powerful enforcement agencies have been scrambling to decode Monero’s cryptography to no avail.

“There are a number of other reasons as to why I’m so bullish on Monero. Firstly, the privacy tech is unrivaled… Secondly, this tech is constantly evolving as the developers work to harden the protocol and secure its privacy. And speaking of those devs, they are some of the most hardcore cypherpunks in the crypto space, a broader collective of idealistic individuals all driven by their goal of preserving financial freedom.”

He adds that Monero has the highest liquidity among other privacy coins, although exchanges face pressure for servicing privacy coins.

Number two on his list is Algorand Network (ALGO), which aims to develop a blockchain that is secure, scalable, and decentralized. He spotlights the recent integration of USD Coin (USDC) into the Algorand Network.

“This means USDC users will be able to send the stablecoin on the Algorand Network cheaper and faster that would be done on Ethereum, for example. It’s also no secret that USDC is becoming the de facto stablecoin globally. For example, you had the recent monumental news that Visa would be offering USDC settlement to all its 60 million merchants. All of this transaction demand will need a super fast and efficient blockchain to be settled on. All of this transaction demand on Algorand will naturally lead to a demand to pay for the transactions which are paid in Algo.”

His third pick is Theta, a project that is aiming to transform streaming and online content delivery into a decentralized and democratic infrastructure.

“Firstly, streaming itself is really hot. You need to look no further than YouTube and Twitch with billions of users. These are all on centralized platforms and use centralized content delivery networks. You can see why Theta is appealing here. Secondly, this is not just pie in the sky. Theta is actually streaming content. They started with esports but have since moved on to poker, cryptocurrency events, and have also partnered with MGM to briefly stream Hollywood classics.”

For his fourth pick, he has chosen the Injective Protocol (INJ), a decentralized derivatives exchange (DEX) built on Cosmos.

“They are trying to create a paradigm shift in the DEX space. Quite simply, it will allow users to trade spot, swaps, and futures in a completely permissionless way. They’ll also be able to structure their own derivatives on the platform and create a market for it. Anything that has a price, users could eventually be able to issue their own decentralized derivative contracts for.”

He says Injective Protocol has an edge over Ethereum-based assets as it is a layer-two Cosmos zone which means the protocol won’t have to deal with network congestion. He also notes that users can trade more assets on the DEX on top of ERC20 tokens.

Number five on his list is BarnBridge (BOND), a project that seeks to tokenize risk.

“Essentially it works by pooling funds on the platform and then allocating these funds to different DeFi protocols. These include the likes of Aave, Compound, dYdX, Synthetix, etc. Then once the funds have been pulled, they will tranche the yield such that it can be tokenized individually. This, therefore means that DeFi investors are able to invest in different risk tranches based on their yield and risk tolerance.”

As the total value locked into DeFi protocols goes parabolic, he says BarnBridge could be well-positioned for massive shifts this year.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/mapman

Source: https://dailyhodl.com/2021/01/13/crypto-strategist-names-altcoins-picks-for-2021-says-bitcoin-boom-unlikely-to-lift-all-assets/

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Blockchain

Price of XRP Increases By 17% Bringing Stellar To A New Peak

XRP Stellar

Rate this post On a typically lazy Sunday, XRP and Stellar are performing impressively. The price of Stellar and XRP are continuously increasing. In the last 24 hours, XRP has increased by 17% to $1.6, its highest price since Monday, and Stellar has risen 18% to $0.7, its highest price ever. The XRP and Stellar Connection Considerably, these two coins are related as Jed McCaleb worked on these two coins. McCaleb was one of the creators of the Ripple protocol, which runs on the XRP cryptocurrency. To focus more on Stellar (XLM), he left Ripple in 2013. Stellar’s payments network is quick, inexpensive, and easy to use, similar to Ripple. XRP is a cryptocurrency based on Ripple’s market capitalization is $57 billion, while the market capitalization of Stellar is $18 billion. Comparatively, Stellar has performed much better than Ripple in the past few weeks. It has increased by 31.9% in the last seven days, while XRP has only increased by 4%. Elon Musk’s economic tweets, in which he slammed Bitcoin as unfriendly to the world, contributed to both companies’ growth. Musk depressed the price of Bitcoin from the mid-$50,000s to $49,000 in a single tweet this week. Why Does Bitcoin Consume Too Much Energy? Both Stellar and XRP use less energy as compared to Bitcoin; to authenticate users, they depend on a small number of blockchains, whereas Bitcoin relies on a large network of power-hungry computers. Other, less environmentally harmful coins have risen in popularity as a result of Musk’s withdrawal of Bitcoin. Hedera Hashgraph has increased by 16.37% to $0.36, Solana has increased by 15% to $47, Cardano has increased by 10% to $2.39, and Algorand has increased by 8% to $1.53. The majority of the above are based on proof-of-stake, a consensus algorithm that allows those who own the most coins to validate transactions.

The post Price of XRP Increases By 17% Bringing Stellar To A New Peak appeared first on Cryptoknowmics-Crypto News and Media Platform.

Published

37 mins ago

May 17, 2021

Republished by Plato

Table of Contents

Rate this post

On a typically lazy Sunday, XRP and Stellar are performing impressively. The price of Stellar and XRP are continuously increasing. In the last 24 hours, XRP has increased by 17% to $1.6, its highest price since Monday, and Stellar has risen 18% to $0.7, its highest price ever.

The XRP and Stellar Connection

Considerably, these two coins are related as Jed McCaleb worked on these two coins. McCaleb was one of the creators of the Ripple protocol, which runs on the XRP cryptocurrency. To focus more on Stellar (XLM), he left Ripple in 2013. Stellar’s payments network is quick, inexpensive, and easy to use, similar to Ripple.

XRP is a cryptocurrency based on Ripple’s market capitalization is $57 billion, while the market capitalization of Stellar is $18 billion.

Comparatively, Stellar has performed much better than Ripple in the past few weeks. It has increased by 31.9% in the last seven days, while XRP has only increased by 4%.

Elon Musk’s economic tweets, in which he slammed Bitcoin as unfriendly to the world, contributed to both companies’ growth. Musk depressed the price of Bitcoin from the mid-$50,000s to $49,000 in a single tweet this week.

Energy usage trend over past few months is insane https://t.co/E6o9s87trw pic.twitter.com/bmv9wotwKe

— Elon Musk (@elonmusk) May 13, 2021

Why Does Bitcoin Consume Too Much Energy?

Both Stellar and XRP use less energy as compared to Bitcoin; to authenticate users, they depend on a small number of blockchains, whereas Bitcoin relies on a large network of power-hungry computers.

Other, less environmentally harmful coins have risen in popularity as a result of Musk’s withdrawal of Bitcoin. Hedera Hashgraph has increased by 16.37% to $0.36, Solana has increased by 15% to $47, Cardano has increased by 10% to $2.39, and Algorand has increased by 8% to $1.53.

The majority of the above are based on proof-of-stake, a consensus algorithm that allows those who own the most coins to validate transactions.

READ YFI Technical Analysis: Price Fell Below Support Levels of $74,238 and $72,420.73

#Altcoins #Bitcoin #Elon Musk #Ripple (XRP) #Stellar (XLM)

Source: https://www.cryptoknowmics.com/news/the-price-of-xrp-has-increased-by-17-bringing-stellar-to-a-new-peak/

Blockchain

Binance Coin, XRP, Dogecoin Price Analysis: 16 May

Published

2 hours ago

May 17, 2021

Republished by Plato

Binance Coin headed south towards $500-$510 support – a region bolstered by the 50-SMA (yellow). XRP jumped by 16% on strong volumes but its technicals were yet to reflect a strengthening bullish trend. Finally, Dogecoin could see further dips before a rise above $0.569-resistance.

Binance Coin [BNB]

Source: BNB/USD, TradingView

On the 1-day chart, Binance Coin slipped below $600 and its 20-SMA (blue) and headed towards $500-$510 support – an area that clashed with the 50-SMA (yellow). With large-cap alts trading largely in the red after bearish cues from the market leaders, BNB was no exception. Warning signals came in the form of a bearish twin peak setup on Awesome Oscillator.

Furthermore, bearish divergence on RSI indicated weakening prior to BNB’s dip. At the time of writing, RSI traded in neutral 50-territory. On the 4-hour chart, BNB moved below its 200-SMA and although traders could go long at the current price level, a further pullback towards $500 could be on the cards depending on broader market cues.

XRP

Source: XRP/USD, TradingView

XRP bashed away multiple bearish signs and jumped by 16% in the last 24 hours. Bullish sentiment may have stemmed from Ripple’s response to the SEC’s request of an informal conference to discuss all legal advice that Ripple has solicited during the past.

A series of successive green candlesticks were spotted on XRP’s daily chart and underscored buying resurgence. According to XRP’s technicals, bulls were yet to fully assert control. MACD was close to a bullish crossover, while RSI headed towards the 60-mark. A break above $1.75-resistance could spur some additional buying, while $1.31-$1.22 would provide support in case of further pullbacks.

Dogecoin [DOGE]

Source: DOGE/USD, TradingView

Even though Dogecoin was slightly bullish, the price remained below a key resistance level at $0.569. In fact, Squeeze Momentun Indicator noted weakening buying pressure and it seemed unlikely that $0.569 would be toppled over the coming days – barring any social media anomalies. Support marks stood at $0.37 and $0.44.

MACD line remained below the Signal line- underlining recent woes for DOGE. On the lower timeframe, a degree of equilibrium was noted between the buyers and sellers. If this continued over the coming hours, some consolidation can be expected before the next upswing.

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Source: https://ambcrypto.com/binance-coin-xrp-dogecoin-price-analysis-16-may

Blockchain

Facebook’s Diem Unveils Its Latest Stablecoin Plans and Strategic Move to the United States

Published

2 hours ago

May 16, 2021

Republished by Plato

Diem, the cryptocurrency project headed by Facebook originally known as Libra, recently announced its plans to launch a stablecoin with its focus scaled back to the United States.

The company stated earlier this year that it would be relocating its primary operations from Switzerland back to the United States, and would withdraw its payment system license application from Switzerland’s financial regulators. “Diem is simplifying its plans for [its] USD stablecoin issuance by shifting its main operations from Switzerland to the United States,” they said.

This decision was later confirmed by the Swiss Financial Market Supervisory Authority.

Stablecoins are digital currencies pegged to a fiat currency, with Tether (USDT) and USD Coin (USDC) being two prominent examples. California-based Silvergate Bank will become the sole issuer of the Diem USD, while also managing its dollar reserves.

1/5 Exciting day @DiemAssociation! We are pleased to announce a partnership with @silvergatebank. @silvergatebank will become the exclusive issuer of the ≋USD stablecoin and will manage the ≋USD reserve.

— Christian Catalini (@ccatalini) May 12, 2021

Diem to Launch Wholly New Subsidiary Diem Networks US Alongside Crypto Bank Silvergate

In a strategic partnership, the two firms have created a new subsidiary called Diem Networks US — which will run the Diem Payment Network (DPN) to facilitate transactions of Diem stablecoins within its network.

“Silvergate is a leader in financial innovation and an ideal partner for Diem as we move forward with a blockchain-based payment system that protects consumers and enhances the integrity of the financial system,” said Stuart Levey, chief executive officer of Diem.

“We are committed to a payment system that is safe for consumers and businesses, makes payments faster and cheaper, and takes advantage of blockchain technology to bring the benefits of the financial system to more people around the world. We look forward to working with Silvergate to realize this shared vision.”

Diem’s strategic shift to the United States comes at a time of a rapidly evolving regulatory environment for cryptocurrencies and blockchain technology.

Some municipalities and states such as Miami and Wisconsin have embraced the recent innovation, whereas regulators such as the newly-appointed SEC Chair Gary Gensler have critiqued the autonomy of the crypto industry.

With crypto ETFs and related financial products under intense scrutiny by the SEC, it remains to be seen whether Diem’s decision to relocate back to the United States will bear any fruit.