Connect with us
[crypto-donation-box]

Blockchain

Don’t Prepare for a Repeat of 2017 in the Crypto Markets

Remember December 2017? It was special time with a special feeling: money falling from the sky. In the last few months, the feeling has returned, the most recent declines notwithstanding. The reason is that speculation on crypto markets is out of control. Now we have “worthless” tokens with market caps worth hundreds of millions of […]

The post Don’t Prepare for a Repeat of 2017 in the Crypto Markets appeared first on BeInCrypto.

Republished by Plato

Published

on

Remember December 2017? It was special time with a special feeling: money falling from the sky.

In the last few months, the feeling has returned, the most recent declines notwithstanding. The reason is that speculation on crypto markets is out of control. Now we have “worthless” tokens with market caps worth hundreds of millions of dollars. There’s money to be made.

Is all this because of a deadly virus? Or is this just a repeat of the 2017 bull run? The things driving this year’s craze are different, and so will be the aftermath.

calculatorcalculator
Weighing risks | Source: Pixabay

Bored at Home

Unlike in 2017, people are bored and they are stuck at home. Whether unemployed or tethered to a computer in their new bathroom/office, people across the world have nothing better to do than obsess over price charts and dream of insane gains.

Inflation Fears

In 2017, the dollar looked great. This was a year after Britain decided to Brexit, which hurt the pound and the euro. Now, the dollar is being printed at an alarming rate and the US Federal Reserve has modified its policy to maintain an inflation rate.  Companies can use bitcoin as an asset to hedge against inflation.

Institutional Investment

Aside from products that bring cryptocurrencies to traditional markets (like the Grayscale trusts), real publicly traded companies are buying bitcoin. Wall Street firm Microstrategy bought $250 million of bitcoin to fill its treasuries. With big companies seriously considering bitcoin as part of their financial strategies, crypto is likely to see more, long-term bitcoin holders.

More Friendly Banks

Banks were skeptical about bitcoin. In 2017 and 2018, crypto lovers loved to hate JPMorgan chief Jamie Dimon. Since then, JP Morgan has been working with blockchain technology and creating its own coins. In fact, they’ve changed their tune, and so have many other banks. With the banks connecting clients with exchanges, it is easier than ever to get into crypto.

And Even More Friendly DeFi

But who even needs banks when you’ve got DeFi?

Bitcoiners in 2017 loved to talk about overcoming fiat currencies. Now, that change is starting to happen.

The DeFi craze has sent Ethereum’s price, along of course with governance tokens, skyrocketing. Plus, DeFi is really remarkable. Websites like Compound.Finance let users lend and borrow in a totally trustless environment. There is now a way to store your money, earn interest, or take out loans without using a bank. That is a big deal.

Decentralized Exchanges

The massive trading volume on decentralized exchanges has shown the power DEXs can have. Now anyone can launch any token at any time… and at any price. In 2017, the big exchanges were king. Binance became a billion dollar company. Now, all you need is to know how to write a smart contract. Plus, there’s reward for liquidity on and off DEXs.

Finally, More Professionals

Since 2017, engineers, marketers and journalists have all had time to educate themselves about blockchain technology. This makes it easier for companies to reach mainstream consumers. Perhaps more importantly, computer engineers have had time to dive into the blockchain space and start to come up with innovation.

Good for Business, Bad for Survival

Overall, we see a lot of fundamental reasons for the blockchain’s success. Now that banks have caught on, it is only a matter of time before more industries follow suit.

On the other hand, some of the above-mentioned factors are short term. What happens when the DeFi/yield-farming craze settles down? What if the US dollar stabilizes? When will scaling allow for instant, practically free payments again?

Even the bullish signs don’t mean that bitcoin will just go up. Another currency or virtual machine or smart contract maker could suddenly swoop up all our digital money. The Polkdot team had been working for years to create a product, only to rocket to the sixth highest crypto by market cap in just a few weeks.

The drivers of this bull run are both long-term adoption and short-term DeFi speculation. This is very different from 2017’s bull run. It is important to keep in mind that what’s good for the blockchain is not always good for the price of bitcoin (or any altcoins). In 2020, the mantra still holds true: only risk what you are willing to lose.

Want to know more?

Join our Telegram Group and get trading signals, a free trading course and daily communication with crypto fans!

Source: https://beincrypto.com/dont-prepare-for-a-repeat-of-2017-in-the-crypto-markets/

Blockchain

Market Analysts Say Bitcoin Holders Are Adding On Dips, Noobs Panic Sell

Market Analysts Bitcoin Holders

Rate this post The leading market analysts believe that the long-term holders of Bitcoin are adding the cryptocurrency on dips whereas the people who are beginners are selling the digital assets. The noobs in the crypto industry are selling off their asset and are losing their positions due to the panic situation in the market. Bitcoin Holders Stacking Up, Tells Market Analysts Well, the prices of the leading cryptocurrency seem to have stabilized over the past 24 hours as the panic selling has lowered and the noobs appear to have been pushed out of the market. At the time of writing this article, the price of bitcoin is $45,400, which is up 5% since yesterday, and its low during this period of correction went to as low as $42K on May 17. In addition to this, it should be noted that the correction has already shed 35% in 35 days which ultimately declared it to be the largest one of the current rally and almost copying a likely correction that occurred during the year 2017. Using the data from the weekly report of Glassnode, the analysts have confirmed that the recent entries in the market have surrendered at a loss while the long-term holders have continued to make purchases at the dips. Weak Hands and Noobs Panic Selling  In response to the tweet shared by the owner of Tesla, Elon Musk, heavy selling was witnessed in the market that ultimately led to the tumbling in the prices of Bitcoin to their lowest levels in 20 weeks. Glassnode, the on-chain analytics provider mentioned that the total number of addresses holding a non-zero BTC balance has also retreated from its ATH of 38.7 million as over a million traders in the market elucidated their positions.  Along with this, Glassnode stated: “A total of 1.1M addresses have spent all coins they held during this correction, again providing evidence that panic selling is currently underway.”

The post Market Analysts Say Bitcoin Holders Are Adding On Dips, Noobs Panic Sell appeared first on Cryptoknowmics-Crypto News and Media Platform.

Republished by Plato

Published

on

Table of Contents

Rate this post

The leading market analysts believe that the long-term holders of Bitcoin are adding the cryptocurrency on dips whereas the people who are beginners are selling the digital assets. The noobs in the crypto industry are selling off their asset and are losing their positions due to the panic situation in the market.

Bitcoin Holders Stacking Up, Tells Market Analysts

Well, the prices of the leading cryptocurrency seem to have stabilized over the past 24 hours as the panic selling has lowered and the noobs appear to have been pushed out of the market.

At the time of writing this article, the price of bitcoin is $45,400, which is up 5% since yesterday, and its low during this period of correction went to as low as $42K on May 17.

In addition to this, it should be noted that the correction has already shed 35% in 35 days which ultimately declared it to be the largest one of the current rally and almost copying a likely correction that occurred during the year 2017.

Using the data from the weekly report of Glassnode, the analysts have confirmed that the recent entries in the market have surrendered at a loss while the long-term holders have continued to make purchases at the dips.

Weak Hands and Noobs Panic Selling 

In response to the tweet shared by the owner of Tesla, Elon Musk, heavy selling was witnessed in the market that ultimately led to the tumbling in the prices of Bitcoin to their lowest levels in 20 weeks.

Glassnode, the on-chain analytics provider mentioned that the total number of addresses holding a non-zero BTC balance has also retreated from its ATH of 38.7 million as over a million traders in the market elucidated their positions. 

Along with this, Glassnode stated:

“A total of 1.1M addresses have spent all coins they held during this correction, again providing evidence that panic selling is currently underway.”

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

#Bitcoin #Bitcoin Holders #Market Analysts

Source: https://www.cryptoknowmics.com/news/market-analysts-suggests-bitcoin-holders-are-adding-on-dips-noobs-panic-sell/

Continue Reading

Blockchain

StormGain: Crypto Mining now available on all smartphones

Republished by Plato

Published

on

For many years, cryptocurrency mining has only been reserved to a select few – those people with enough time and capital willing to invest resources into setting up their own mining rigs. However, cloud mining has been quickly gaining speed, and StormGain’s solution removes the technical barriers from the equation in hopes of creating a more even playing field. 

Since miners need to keep several factors in mind, including electricity costs, upkeep and maintenance, and the overall investment return, mining has become less lucrative for the smaller players. StormGain wants to change this narrative, and give everyone the chance to participate in the verification of cryptocurrency transactions, earning a nice income whilst doing so. 

Cloud mining is a prevalent trend in the cryptocurrency industry today. However, many providers claim to offer significant yields and fail to deliver on those promises. StormGain is a different breed, as it provides a mobile-based cloud mining solution. Every user can mine cryptocurrency directly from their mobile phone without dealing with the hardware side of things. Mobile app users connect directly to remote cloud servers, allowing StormGain to provide a risk-free and convenient mining solution, incomparable to those offered by other cloud mining service providers. 

The first step is to register at the StormGain platform using a smartphone – or desktop computer for those who prefer that option. StormGain purposely opts for a pain-free registration process to get as many people acquainted with cloud mining as possible. The registration process also involves a lucrative bonus of $5 USDT, delivered directly to users’ mining accounts. The process is simple – upon registering, use the promo code MINER to receive the bonus. After confirming the account, users can begin mining Bitcoin right away by connecting to the cloud mining server, with no impact whatsoever on the smartphone’s performance. 

After meeting the minimal $10 USDT profit threshold, users are free to trade and exchange their crypto assets with StormGain. Withdrawal of mined currency is not possible without going through the trading process first, but all profit generated via trading can be transferred out of one’s account at any given time – a fair trade-off.

The trading and exchanging via StormGain is available at 0% commission, with users benefiting from all standard and advanced instruments at their disposal. The service also introduces fiat-based cryptocurrency purchasing for those who want to expand their crypto portfolio quickly and effortlessly. 

StromGain has contracted incredible partnerships since its inception, making it the 1# interest rate provider for crypto traders by CoinMarketCap, a member of the well-known Blockchain Association within the Financial Commission, but also an S.S. Lazio official trading partner, and the market’s best cryptocurrency trading & exchange platform, according to The European. To date, StormGain’s trading product notes a 30-day volume of over $6 billion, generated by tens of thousands of traders worldwide. 

What sets StormGain apart from other cloud mining providers is how mining rewards are proportional to trading volume. Users with a higher trading volume will earn a higher daily mining income. Mining with StormGain over more extended periods can have a significant impact on one’s profit potential, showcasing huge capital inflows for the most active miners and traders.  

Cloud mining rewards are distributed every 30-40 minutes. Then, users are free to withdraw the funds to their trading accounts, within less than 72 hours. For newcomers, the first mined Bitcoin rewards will become accessible within 4 hours, a feat that is available nowhere else within the cloud mining industry. 

About StormGain

As part of its services, StormGain’s cloud mining service effectively removes all entry barriers to the mining market. Consequently, there’s no longer a need to invest in expensive mining chips that take up space, make noise, and consume electricity. Contract prices are inherently small so ongoing investments can translate to significant profits over the long term. Since the bitcoin mining service is readily available via the cloud, accessing it via desktop and mobile devices couldn’t be easier, with no hardware and time investments involved. 

Disclaimer: This is a paid post and should not be treated as news/advice.


Sign Up For Our Newsletter


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/stormgain-crypto-mining-now-available-on-all-smartphones

Continue Reading

News

Bitcoin’s Market Share Falls Below 40%

Avatar

Published

on

By

Bitcoin’s market share has fallen below 40% for the first time in three years as altcoin sezun gives rise to many cryptos.

In particular ethereum has risen to its highest crypto market share since the last peak in February 2018, accounting for more than 19%.

That’s almost as much as all other cryptos combined at 21%, which themselves have seen considerable appreciation with the top 20 ranking transformed:

Top 20 cryptos, May 2021
Top 20 cryptos, May 2021

Bitcoin’s market cap has fallen now to $800 billion, while ethereum is almost half of it at $400 billion.

Then we have Binance Coin which is like their token share, worth $80 billion in part because Binance buys it back based on quarterly profits.

Cardano is the only one to survive in rankings from the 2017 ICO whitepaper wave with it on fourth position based on promises of smart contracts ‘soon,’ albeit about five years too late as eth invented smart contracts in 2015.

Doge is perhaps the wildcard crypto as no one thought it would rise to top five, yet maybe it should have been predictable, except no one could guess Elon Musk would shill it even on SNL.

Tether is at the top still with a market cap of $60 billion. Some say the bull will end when tether goes to the second page of rankings, but we’re not sure how much that will be true.

XRP survives. Still no all time high as it fights SEC in court, but it’s clinging on despite being delisted from many exchanges.

Polkadot has risen to a market cap of $37 billion with this trying to solve scalability by getting shards to go through a central coordinator which happens to be a bottleneck.

Finally a new coin, the Internet Computer. Ohh, it’s Dfinity! Finally this has launched. Just now actually on May 10th. We haven’t quite looked at it yet, but back in 2019 Joseph Lubin of ConsenSys said:

“Dfinity has a very strong team. Because dfinity is a currently closed system controlled by a small number of investors and token holders – though they’ve indicated they will open source their project at some point – it is hard to tell, but it appears to me they are less interested in being a global base trust and settlement layer and more like a somewhat decentralized AWS replacement.

They’re likely to do a very good job of this whenever it gets released.

Ultimately, it doesn’t seem viable for Dfinity to be a base trust layer for the planet as there is one fundamental design choice that they and Cosmos made that will prohibit this.

Both Dfinity and Cosmos favor safety or consistency over availability and liveness. This means that if 34% of the nodes on their networks find themselves on the wrong side of some great firewall that blocks traffic for a period, their entire global network will halt, freezing every system built on it.

And there are other known related failure modes. This is a non starter for many different classes of application.”

As it happens, eth 2 has this 34% as well, which is why plenty think the ethereum PoW chain will keep running even if the eth 2 PoS chain becomes dominant.

Bitcoin Cash is down to 10th now with Litecoin keeping on since 2011. Uniswap keeps up and up, with quite interestingly even USDC making top 20 with a market cap of $14 billion (wow).

Solana, this launched in March 2020 and never got our attention but seems a bit interesting on the surface because they claim they use a Proof of History in the blocks themselves or in the transactions.

At the most basic and utterly simplistic to the point of perhaps misleading, it sounds like each transaction has a private key of sorts (a hash) to prove that it was made before its inclusion.

The full details are worthy of study for those interested because, unless our surface view is mistaken, this is an experiment in scientific blockchain pruning.

We all know about the blockchain data ever increasing and that means no scaling. If you can remove old data from storage however, while still being able to prove the history of such old data so that you can trustlessly synch on the network and obviously so that you can prove coins are not just being printed, then there are effectively no scalability constrains.

So if Solana proves itself, their method or some adaptation of it may be incorporated into bitcoin where devs there have been tinkering with crypto hash based pruning, something that would make bitcoin globally scalable.

Polygon (Matic) is a second layer on eth so how this is so valuable is not clear, but the token is probably used in a Proof of Stake environment and so speculators are maybe betting this will find much usage in eth.

VeChain is ancient by crypto standards of the second blockchain generation wave with it focusing more on supply chain use of the blockchain and presumably doing something right since it keeps surviving.

Theta is a new one in rankings, although this launched in January 2018, and is “a blockchain powered network purpose-built for video streaming.”

Showing thus the crypto space is transforming, as was predicted during bear years, with two new entrants as well as an eth token ranking.

Interestingly both new entrants are scaling focused, so maybe at some point we’ll hopefully get out of the 80s dial-up and into 90s broadband when cryptos can go mainstream in usage.

As well as technical challenges to get there, there are also political challenges but somewhat slowly it looks like this space is generally moving in the right direction with innovation still clearly very much booming.

Source: https://www.trustnodes.com/2021/05/18/bitcoins-market-share-falls-below-40

Continue Reading
Blockchain5 days ago

US Investment Bank Cowen to Offer Crypto Custody Services

Blockchain5 days ago

Coinbase revenue tripled in Q1, plans to add bank-like services and to list DOGE

Blockchain1 day ago

YooShi Launches MEME DeFi Token

Blockchain5 days ago

Diem Relocates From Switzerland to the US to Launch an USD-Backed Stablecoin

Blockchain4 days ago

Get the most out of social media with the Weentar blockchain platform

Blockchain5 days ago

Cardano DeFi Project deFIRE Secures $5M in Funding Round

Blockchain4 days ago

Sportsbet.io and Arsenal FC Launch Augmented Reality Matchday Programme

Blockchain3 days ago

Increasing Popularity of Crypto Pressures Samsung to Add Hardware Wallet Support to Its Galaxy Smartphones

Blockchain4 days ago

Coinbase Nets $771 Million Profit in Q1 2021

Blockchain5 days ago

Elon Musk loses $20B since SNL, as Michael Saylor comes out firing

Blockchain5 days ago

deFIRE Raises $5 Million in Pre-IDO Funding Round to Enable Defi on Cardano

Blockchain5 days ago

Can XRP stand to gain from Tesla dumping Bitcoin payments?

Blockchain5 days ago

Binance Faces Investigation from IRS and DoJ

Blockchain4 days ago

Ethereum, EOS, MATIC Price Analysis: 14 May

Blockchain5 days ago

Shanghai Man: Aping out of gorilla token, digital dollar Biden its time… and more

Blockchain4 days ago

Samsung the Latest to Embrace Crypto By Adding Ledger Wallet Service

Blockchain4 days ago

Shiba Inu (SHIB) Mania, Dogecoin, Tesla’s Bitcoin Halt and Crypto Market Volatility: The Weekly Recap

Blockchain5 days ago

Oh where, oh where have Ethereum bulls gone? Sub-$4K ETH fails to entice traders

Blockchain5 days ago

Huobi Group Launches $100 Million Fund For DeFi And NFT Development 

Blockchain5 days ago

Bitcoin: The three mistakes of Satoshi Nakamoto

Trending