Cryptocurrencies have had a fabulous 2017;Bitcoin, the biggest cryptocurrency by market capitalization rose massively from $973 on January 1, 2017 to $13, 621 by December 31, 2017.
Here is a list of cryptocurrencies which are likely to perform well in terms of price appreciation this year:
NEO was formerly known as Antshares but re-branded last year. It had a spectacular rise in 2017, and is billed to rise even higher. The cryptocurrency opened at $0.18 in 2017 and closed at $73, appreciating by 405%.
The coin has been positioned as China’s version of Ethereum, and has enjoyed overwhelming support despite the government clamping down on cryptocurrencies. A minimum of 10 Initial Coin Offerings (ICOs) are billed to take place this year using this coin. China is reportedly considering easing the ban on cryptocurrencies. In the event of this happening, the coin is billed to witness heavy price appreciation.
NEO also yields GAS which can be traded as a separate cryptocurrency, when customers hold NEO in a wallet.It will most likely exceed the $100 mark before the end of the year.
2. Ku Coin (KCS)
Ku Coin is a decentralized cryptocurrency based on the Ethereum platform. At the same time, it is also an exchange based in Hong Kong.
The exchange has witnessed huge growth since its inception and is currently the 20th biggest cryptocurrency exchange by volume. This has also had a positive effect on the value of the coin, which has grown from less than 10 cents to its current price of over $5 in 2017.
In order to encourage adoption, transactions on the exchange are executed at a discount when using Ku coin. In addition, holders of the coin on the exchange are given daily bonus Kucoin shares.
3. ETH LEND (LEND)
Lend is a peer-to-peer lending platform that is based on the Ethereum smart contract platform. Simply put, Lend enables peer-to-peer lending without the deposit of collateral. Borrowers can use their digital tokens (cryptocurrencies) as collateral. In the event of their failure to repay the loan, the collateral is withheld.
Successful payment of loans is also graded, and tokens are allocated. These tokens can also be used to borrow Ethereum. In the event of default, these tokens are withheldor destroyed.
While a few similar older platforms exist such as SALT, Lend has improved on them and gathered a large following. As the cryptocurrencies market soars, the need for lending has become greater.
4. DOPE coin
Marijuana coins have gained huge prominence, especially in Canada and the United States where some states have legalized the cultivation and sales of recreational marijuana. Conventional banks have however largely refused to bank proceeds of marijuana sales, and several restrictions are still in place.
Several marijuana coins are in existence, but $POT and $DOPE coin lead the pack. DOPE however lags behind all other weed currencies in terms of price. Currently trading at 1231 satoshis (a satoshi is a fraction of a Bitcoin), I expect Dope to at least double in price before the end of 2018.
PIVX (Private Instant Verified Transaction) was originally called Dark Net, but had to undergo a rebranding due to the negative connotation that comes with the word “dark” in the cryptocurrency community. PIVX belongs to the class of coins known as anonymous cryptocurrencies.
They are called so because in theory the transactions cannot be traced. Though cryptocurrencies have been embraced widely, some countries such as China and Israel have clamped down on them. Anonymous currencies will increasingly come into play as several countries clampdown on cryptocurrencies.
While PIV X may not be ready to match the$1000 mark like DASH (the leader in this sector), the probability of crossing a $100 this year is quite high. It also has a faster transaction time and is easier to integrate with existing technologies when compared to Z coin, another leading currency in this sector.
PIV X also runs on the proof of stake system which is more efficient compared to the proof of work system which is run by DASH. Proof of stake means a person can mine depending on the number of coins in possession. Proof of work means mining is dependent on the number of transactions that can be authenticated.
Opinions expressed are not to be interpreted as financial advice. Please consult your investment adviser.
Coinbase debuts on Nasdaq at around $100 billion valuation
Coinbase resumed trading on the Nasdaq Composite Index today under the ticker “COIN”.
Coinbase, a Cryptocurrency exchange made its highly anticipated debut on Nasdaq on Wednesday, April 14, 2021, becoming the first company devoted entirely to cryptocurrency to enter the US stock exchange.
The IPO of Coinbase Global today was a big turning point for the cryptocurrency business. It had a rousing debut on Wall Street with the digital currency exchange’s stock growing as high as $429, giving it a market cap of $100 billion for a brief period of time.
According to analysts, retail trading accounts for 90% of Coinbase’s income, with the majority of trading taking place in the United States and focusing mainly on the two main cryptos: Bitcoin and ETHUSD. Dubbed the most talked-about IPO on Wall Street, Coinbase resumed trading on the Nasdaq Composite Index today under the ticker “COIN.”
What this means
Given Coinbase’s reception, Crypto optimists insist Bitcoin will not go anywhere in the near future, but will instead become more mainstream. They see the Bitcoin craze as the “start of a new era” in the digital currency world, rather than a passing phase.
Due to Bitcoin’s young and unpredictable existence, investors and public corporations are also wary of investing in it. However, as long as the currency’s popularity is sustained, the bubble hypothesis can be debunked as control and acceptance of the currency spreads further down the line, according to analysts.
It is important to note that Coinbase has a strong correlation with Bitcoin and as it benefits from its bullish run, it can also be hit by a downturn in the market.
What you should know
- Coinbase has become popular amongst cryptocurrency optimists since being founded in 2012, for providing an easier way to exchange shares of digital currencies.
- Coinbase announced last week that its first-quarter sales jumped 847% to $1.8 billion and that it currently has 56 million confirmed customers.
- Coinbase is now one of the largest publicly traded firms in the United States, with a market cap of more than $100 billion.
- Only 83 companies in the S&P 500 index have a market value greater than $100 billion.
- The combined market value of Nasdaq Inc., which operates the Nasdaq Stock Market, and Intercontinental Exchange, which owns the New York Stock Exchange, is greater than Coinbase’s.
Dogecoin hits a new milestone, surges by 54%
DOGE experienced a strong 54% rally and established a new all-time high of $0.1161.
The price of Dogecoin, the fast-rising crypto popularly referred to as DOGE experienced a strong 54% rally and established a new all-time high of $0.1161 amid strong buying pressures prevalent in the Cryptoverse.
While crypto pundits can’t clearly give the rationality behind the recent surge of Dogecoin, its debut as one of the most popular crypto on social media, with top celebrities including Elon Musk and Mark Cuban giving the crypto endless support, makes a strong case.
At the time of writing this report, Dogecoin was trading at $0.113824 with a daily trading volume of $11.3 billion. Dogecoin is up 54.49% for the day.
Dallas Mavericks owner, Mark Cuban is predicting the price of Dogecoin (DOGE) will eventually hit $1, after few days of accepting the crypto as a form of payment.
Dogecoin is a type of digital coin that is decentralized and facilitates peer-to-peer digital transactions. This means you can send money online with much ease. It is usually referred to as “the internet currency.”
It is different from BTC’s proof-of-work protocol in many ways, one of which is the Scrypt technology. The fast-growing altcoin also has a block period of 1 minute, and the total supply is unlimited, meaning that there is no limit to the amount of Dogecoin that can be mined.
“The recent rise of dogecoin, a meme coin, should serve as a reminder to everyone in the space that the most popular use case for crypto is still pure speculation,” said Anil Lulla, a former analyst at Bloomberg and co-founder of the cryptocurrency research firm, Delphi Digital.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Tantalizers Plc reports a loss after tax of N422.05 million in FY 2020.
- NASD Plc announces admission of newly demutualized NGX shares.
- Lotus Halal Fixed Income announces dividend of N20 per unit for Q1 2021.
- Friesland Campina Wamco Nigeria Plc announces AGM, proposes dividend of N6.74 per share.
- ETI appoints Akin Dada as Group Executive, Corporate & Investment banking.