Connect with us

Blockchain

The crypto and blockchain projects with the biggest buzz in 2020

As the crypto community grows, several companies stood out to lead the pack in 2020.

Republished by Plato

Published

on

The cryptocurrency and blockchain industry grew by leaps and bounds in 2020. The top two assets, Bitcoin (BTC) and Ether (ETH), gained 303% and 469%, respectively, which can be considered extraordinary in comparison with the 25% return of gold. While the precious metal is often considered a safe-haven asset, the two digital assets outperformed gold during the uncertain market scenarios that persisted due to the pandemic.

Joshua Frank, co-founder and CEO of The Tie — a firm providing crypto insights based on social media analytics — told Cointelegraph: “Across the largest 100 assets by market cap, the average cryptocurrency experienced an 87% increase in average tweet volume — with Bitcoin surging by 95%.”

Frank added that even though this current rally is driven by institutional interest, retail interest seems to be rising as well. All this will ultimately lead to a rise in interest in altcoins: “It is worth monitoring which mid-cap assets continue to see surging social activity as this is often a good leading indicator of price movement.”

With the attention around crypto spiking against the backdrop of prices growing at such a rapid pace, there are lots of companies, projects and cryptocurrencies that gained momentum in 2020.

Bitcoin: The most important crypto asset

Bitcoin was, unsurprisingly, the most mentioned crypto asset in 2020, with a 95% year-on-year increase in Twitter mentions. The price for 1 BTC rose from around the $7,000 mark to hit an astonishing all-time high of near $35,000 at the start of the year.

BTC received a lot of attention from the mainstream media in 2020. Grayscale, MicroStrategy, Square and MassMutual heavily invested in BTC, and even corporate giants such as PayPal and JPMorgan Chase began to invest to harnessing the opportunities that Bitcoin offers. John Todaro, director of research at TradeBlock — a provider of institutional trading tools for digital currencies — told Cointelegraph:

“For the first time, institutions are beginning to rush into the crypto ecosystem, with MicroStrategy, Square, MassMutual, and others leading the charge. All of these major institutions have so far only allocated to bitcoin — as bitcoin is likely the strongest digital currency when it comes to an inflation resistant digital gold.”

Michael Saylor, CEO of MicroStrategy, recently even took to Twitter to advise billionaire CEO Elon Musk to convert Tesla’s balance sheet from the U.S. dollar to BTC — all this among the third bull run Bitcoin saw in 2020. The bull run has continued into the new year and is expected to keep going for some time. Considering that this is the beginning of mainstream and institutional interest in Bitcoin, 2021 promises to be an even bigger year for the asset and blockchain technology as a whole.

Despite JPMorgan stating that Bitcoin is overbought, it will still continue to pull out capital from investors in gold; although, according to Goldman Sachs, both assets can coexist. Todaro added: “You will likely also see more companies follow MicroStrategy’s lead and put small allocations of their treasury reserve into the asset. This all bodes well for bitcoin to encroach on Gold’s market share.”

Ethereum: The blockchain with the most use cases

Ethereum is a blockchain network that runs smart contracts and supports the biggest altcoin, Ether. The main use case of the network is to enable the exchange of value with no intervention from third parties. The network was conceived by developer Vitalik Buterin in 2013 to expand the use case of Bitcoin’s technology, and it became officially active in 2015. In contrast to BTC, there is no hard cap on Ether, with the potential for an endless supply.

Ether showed promising improvements throughout the course of 2020. The spike in price that is being seen in early 2021 is happening around the same time as BTC continues hitting new all-time highs, indicating the positive impact of the enthusiasm of the crypto community. Apart from being a digital currency, Ether also acts as fuel for decentralized applications that operate on the Ethereum network.

The two landmark moments for Ethereum in 2020 were the rise of decentralized finance and the launch of the Beacon Chain for Ethereum 2.0. DeFi markets saw enormous growth in 2020, with the total value locked rising from $687 million at the start of the year to over $14 billion by the end — further skyrocketing to over $18 billion as of Jan. 4. This growth is generally attributed to the hype around liquidity mining and yield farming, along with the anticipation around Ethereum 2.0 and rise of DeFi oracles.

As seen with the continual rise in total value locked in DeFi projects in the second half of 2020, the TVL should continue to rise through 2021, and more use cases for DeFi should be generated through various DApps. Todaro further commented on the importance of Ether to DeFi markets:

“You cannot talk about DeFi without talking about Ethereum. With the majority of DeFi projects built on Ethereum, ether has become the lifeblood of the ecosystem when transactions are soaring (as evidenced by the surge in eth gas costs during the DeFi bull run over the summer).”

Uniswap: The largest DEX

One of the top players in the DeFi domain in 2020 by total value locked was Uniswap, a decentralized exchange, or DEX. A DEX is a way to exchange cryptocurrencies without a centralized governing agency enabling the transaction. Uniswap’s token exchange uses liquidity pools guided by oracles instead of order books.

The exchange even airdropped its own token, UNI, to its users as a controversial response to SushiSwap’s vampire mining attack. Uniswap’s token saw the highest increase in tweet volume, reaching approximately 1,500 tweets per day.

The rivalry between Uniswap and SushiSwap seems to have benefited both communities, as the total value locked in both protocols combined is just over $4 billion of the $18.63 billion locked as a whole, according to DeFi Pulse. With regulations likely to tighten for centralized exchanges, DEX’s are bound to see a further increase in new users as market participants look to maintain their ability to trade on noncustodial exchanges.

Chainlink: The DeFi oracle forerunner

In 2020, Chainlink became the most widely used oracle network for universally connected smart contracts, allowing blockchains to access real-world data in a timely manner. The Chainlink community is an open-source community of data providers, node operators, smart contract developers, researchers and security auditors.

The community has its own token, LINK, which is the cryptocurrency used by the network to pay for various operations involving data. LINK saw a 260% year-on-year increase in Twitter mentions in 2020, according to Frank.

Chainlink announced partnerships with enormous entities like Google and the Chinese state-backed Blockchain-based Service Network. It was also tapped by Ethereum’s blockchain rival Tezos to provide real-time data for its community projects. Due to the unique proposition that oracles provide for smart contracts to interact with real-time data, the oracles domain should expand further in 2021, seeing Chainlink and its competitors like Band Protocol and Compound fighting for market dominance.

Circle: The company behind the fastest-growing stablecoin

Circle is the company that runs the second-largest dollar-pegged stablecoin by market capitalization, USD Coin (USDC) — which was the fastest-growing stablecoin of 2020. Its market capitalization grew multifold from around $500 million at the start of the year to $4 billion by the start of 2021. Circle even collaborated with the United States government on a “global foreign policy objective” in Venezuela where USDC was used to distribute relief funds to medical workers and Venezuelan locals.

In light of recent attention from U.S. federal regulators, stablecoins might just be the crypto community’s first real point of conflict with regulators. They could soon be regulated by what’s now dubbed the “STABLE Act,” which intends to “protect consumers from the risks posed by emerging digital payment instruments, such as Facebook’s Libra [Diem] and other Stablecoins.”

The President’s Working Group on Financial Markets even released a statement regarding the key regulatory and supervisory issues relevant to “certain stablecoins.” Todaro commented on what the implications of this increased regulatory attention could mean for stablecoins: “Stablecoins will likely see increased regulation in 2021. It is difficult to see how this shakes out, but USDC will likely become more centralized than it currently is and will likely become closer related to a bank than a decentralized consortium.”

The trend continues into 2021

Although 2020 was a phenomenal year for crypto, 2021 holds an even larger potential for the growth of the industry. The Chicago Mercantile Exchange will launch its Ether futures in February, which is bound to push the markets further.

Frank further opined that the Twitter metrics indicate an even larger interest toward cryptocurrencies in 2021: “The surge in Twitter conversations has continued into and been even more pronounced in the first week of 2021.” He went on to add: “Today Ethereum’s Tweet volume hit an all-time high (doubling the previous record set in 2018) and two days ago both Bitcoin and the overall crypto market saw Tweet volume all-time highs, besting marks set in 2017.”

Source: https://cointelegraph.com/news/the-crypto-and-blockchain-projects-with-the-biggest-buzz-in-2020

Blockchain

Kraken Daily Market Report for April 12 2021

Republished by Plato

Published

on


Overview


  • Total spot trading volume at $1.74 billion, up from the 30-day average of $1.34 billion.
  • Total futures notional at $555.7 million.
  • The top five traded coins were, respectively, Bitcoin, Tether, Ethereum, Ripple, and Cardano.
  • Strong returns from Uniswap (+25%) and Flow (+11%).

April 12, 2021 
 $1.74B traded across all markets today
 Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD 
XBT 
$59918. 
↓0.3% 
$641.7M
USDT 
$0.9994 
↑0.03% 
$317.0M
ETH 
$2135.2 
↓0.9% 
$216.1M
XRP 
$1.3753 
↑1.9% 
$126.6M
ADA 
$1.2994 
↑2.6% 
$84.1M
USDC 
$0.9999 
↑0.0% 
$46.7M
DOT 
$40.310 
↓2.6% 
$39.1M
LTC 
$245.33 
↓2.9% 
$34.7M
TRX 
$0.1331 
↑8.9% 
$33.3M
FLOW 
$37.468 
↑11% 
$30.6M
UNI 
$37.402 
↑25% 
$23.6M
FIL 
$166.62 
↓7.0% 
$18.9M
XLM 
$0.5751 
↓1.0% 
$18.6M
XDG 
$0.0712 
↓3.4% 
$17.9M
XMR 
$321.10 
↓2.8% 
$17.9M
LINK 
$32.707 
↓3.9% 
$12.3M
MANA 
$1.0822 
↑1.0% 
$11.5M
BCH 
$669.88 
↓3.0% 
$11.0M
SC 
$0.0266 
↓3.5% 
$9.87M
ALGO 
$1.4637 
↓4.1% 
$9.85M
GRT 
$2.0962 
↑9.6% 
$9.61M
AAVE 
$403.67 
↑8.4% 
$9.51M
ATOM 
$22.173 
↓5.6% 
$9.42M
KSM 
$428.66 
↓2.4% 
$9.33M
EOS 
$6.4521 
↓4.5% 
$7.34M
XTZ 
$6.2194 
↓3.5% 
$6.97M
ZEC 
$218.94 
↓1.5% 
$5.36M
DASH 
$277.71 
↓3.4% 
$4.59M
STORJ 
$2.4142 
↓0.7% 
$4.51M
DAI 
$0.9994 
↓0.03% 
$4.08M
COMP 
$446.04 
↓3.0% 
$3.75M
SNX 
$19.596 
↑3.0% 
$3.13M
ICX 
$2.6855 
↑4.2% 
$3.06M
OMG 
$9.6585 
↑0.3% 
$2.8M
BAT 
$1.4119 
↓2.1% 
$2.57M
KAVA 
$6.5938 
↓5.9% 
$2.53M
OCEAN 
$1.6560 
↓3.6% 
$2.42M
QTUM 
$14.663 
↓1.9% 
$2.27M
CRV 
$3.0164 
↓3.2% 
$2.18M
ANT 
$10.697 
↓4.6% 
$1.93M
NANO 
$5.6921 
↑1.4% 
$1.91M
KNC 
$3.5034 
↓4.6% 
$1.86M
YFI 
$42840. 
↓5.2% 
$1.68M
ETC 
$19.193 
↓5.8% 
$1.44M
OXT 
$0.7723 
↓3.9% 
$1.43M
WAVES 
$15.288 
↓2.2% 
$1.35M
REP 
$47.281 
↓4.1% 
$1.27M
LSK 
$6.4095 
↓6.1% 
$1.09M
KEEP 
$0.7189 
↓4.0% 
$1.07M
EWT 
$16.354 
↓4.3% 
$768K
MLN 
$85.518 
↓4.3% 
$674K
PAXG 
$1741.0 
↓1.0% 
$663K
BAL 
$51.182 
↓1.2% 
$600K
REPV2 
$46.957 
↓4.2% 
$367K
GNO 
$172.93 
↓0.03% 
$292K
TBTC 
$60697. 
↓0.8% 
$50.2K



#####################. Trading Volume by Asset. ##########################################

Trading Volume by Asset


The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.

Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (April 12 2021)



Figure 2: Mid-size trading assets: (measured in USD) (April 12 2021)



Figure 3: Smallest trading assets: (measured in USD) (April 12 2021)



#####################. Spread %. ##########################################

Spread %


Spread percentage is the width of the bid/ask spread divided by the bid/ask midpoint. The values are generated by taking the median spread percentage over each minute, then the average of the medians over the day.

Figure 4: Average spread % by pair (April 12 2021)



.


#########. Returns and Volume ############################################

Returns and Volume


Figure 5: Returns of the four highest volume pairs (April 12 2021)


Figure 6: Volume of the major currencies and an average line that fits the data to a sinusoidal curve to show the daily volume highs and lows (April 12 2021)



###########. Daily Returns. #################################################

Daily Returns %


Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (April 12 2021)



###########. Disclaimer #################################################

The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://blog.kraken.com/post/8612/kraken-daily-market-report-for-april-12-2021/

Continue Reading

Blockchain

Bitcoin Prepares For its Next Move: Where is the 100 SMA, the Key BTC Level?

Republished by Plato

Published

on

Bitcoin price is consolidating above the $59,500 support zone against the US Dollar. BTC is now showing a few positive signs, but it must clear $61,200 for a fresh rally in the near term.

  • Bitcoin is holding gains above the $60,000 and $59,500 support levels.
  • The price is now trading well above the $59,500 level and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $59,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to start a sharp upward move once it clears the $60,800 and $61,200 levels.

Bitcoin Price is Showing Positive Signs

Bitcoin remained in a range above the $59,000 level and it is showing a few positive signs. Recently, BTC made another attempt to clear the $61,200 resistance, but it failed.

It corrected lower and retested the $59,500 support level. A low is formed near $59,432 and the price is now moving higher. It is also trading well above the $59,500 level and the 100 hourly simple moving average.

There was a break above the 50% Fib retracement level of the recent decline from the $61,212 high to $59,432 low. There is also a key bullish trend line forming with support near $59,400 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

Bitcoin is now trading above $60,400, but it is facing resistance near $60,800. It is close to the 76.4% Fib retracement level of the recent decline from the $61,212 high to $59,432 low.

A successful break above the $60,800 level could open the doors for a move above $61,200. If the bulls succeed in clearing $61,200, the price could rally in the coming sessions.

Dips Limited in BTC?

If bitcoin fails to climb above $60,800 and $61,200, there could be a short-term downside correction. An initial support on the downside is near the $60,000 level.

The main support is now forming near the trend line, $59,500 and the 100 hourly simple moving average. If the bulls fail to protect the 100 hourly SMA, there could be a major decline. In this case, the price might decline towards the $58,000 level.

Technical indicators:

Hourly MACD – The MACD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Levels – $59,500, followed by $59,000.

Major Resistance Levels – $60,800, $61,200 and $62,000.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.newsbtc.com/analysis/btc/bitcoin-prepares-for-next-move-61k/

Continue Reading

Blockchain

USDT, USDC, and BUSD represent 93% of stablecoin market cap

Republished by Plato

Published

on

Research from on-chain analytics provider Glassnode has revealed that the top three stablecoins represent more than 90% of the sector’s entire market cap.

Glassnode’s April 13 “Week On-chain” report found that the top three stablecoins — Tether (USDT), USD Coin (USDC), and Binance USD (BUSD) — have seen significant growth over the past six months to represent a combined capitalization of more than $60 billion, equal to 92.75% of the stablecoin market.

By contrast, six months ago the combined stablecoin capitalization for those three was less than one-third of its current levels at $19.2 billion. This time last year, stablecoins were worth just $7 billion combined.

The analysis compared the growth of stablecoins with Bitcoin’s market cap, identifying a clear correlation between the two. The report also found that USDT’s supply has continued to increase during recent weeks despite BTC trending sideways, whereas growth for USDC and BUSD has slowed.

BTC market cap vs stablecoin supply: Glassnode

The report notes historic lows for its Stablecoin Supply Ratio (SSR) metric, which measures Bitcoin’s market cap relative to the total stablecoin supply to estimate the global “buying power” of the stablecoin sector.

When BTC prices are low, the supply of stablecoins can buy a larger portion of it to push prices up. Conversely, as prices increase the available stablecoins can purchase less which reduces the influence on prices. Glassnode concluded:

“The growth of stablecoin supplies throughout 2020-21 has held the SSR metric near historical lows suggesting a relatively high buying power of digitally native dollars. The demand for digital dollars appears to be keeping pace with demand for Bitcoin and cryptocurrencies as a whole.”

Tether’s market cap has over doubled since the beginning of 2021 to currently sit at a record $45.6 billion, according to the Tether transparency report. Circle’s website reported an all-time high of $11.5 billion USDC on April 9, while Goingecko estimated BUSD’s supply to be $5.1 billion on April 13.

On April 7, Circle CEO Jeremy Allaire predicted its USDC stablecoin could soon surpass PayPal by settlement value.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/usdt-usdc-and-busd-represent-93-of-stablecoin-market-cap

Continue Reading
Blockchain5 days ago

XRP Price Analysis: 08 April

Blockchain5 days ago

Tesla’s landlord accepts crypto; will Elon Musk pay rent in Bitcoin?

Blockchain5 days ago

$48B Asset Manager Millennium Management Dabbles With Bitcoin

Blockchain5 days ago

Bitcoin Miners Hit Jackpot as Hash Rate Peaks Again

Blockchain5 days ago

Binance Smart Chain Daily Transactions 200% More Than Ethereum’s

Blockchain5 days ago

Revolutionizing the crypto-market in India with CryptoBiz exchange

Blockchain5 days ago

Digital yuan campaign planned for contested island in the South China Sea

Blockchain5 days ago

Polkadot Price Analysis: 08 April

Blockchain5 days ago

America’s Second-Oldest Bank State Street to Enable Crypto Trading on its Platform

Blockchain5 days ago

Bitcoin exchanges just saw massive Tether stablecoin deposits

Blockchain5 days ago

Phemex Launches OTC Trading, Enables Crypto Purchase with Bank Transfers

Blockchain5 days ago

Man Gets 12 Years in Prison After Trying to Buy Lethal Chemical Weapon With Bitcoin

Blockchain5 days ago

Cardano’s Anti-Counterfeit Solution Sees First Successful Implemetation

Blockchain4 days ago

Ether price takes on Bitcoin — What’s behind the sharp rise in demand?

Blockchain5 days ago

What you should know about DOT, XLM, TRX, and FIL being in the buy zone

Blockchain4 days ago

Tron, BAT, VeChain Price Analysis: 08 April

Blockchain5 days ago

Equilibrium raises $2.5M to secure support for Polkadot parachain bid

Blockchain4 days ago

Uniswap Price Analysis: 08 April

Blockchain5 days ago

Kraken’s First Brink Grantee Will Fuel Bitcoin Rust Development

Blockchain5 days ago

New petition asks SEC chair nominee Gary Gensler to drop Ripple lawsuit

Trending