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Cryptocurrency

Top 5 Cryptocurrencies to watch out for in 2018

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QKC: fastest rising crypto asset in 30 days, gains 100%

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:

1.       NEO

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.

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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.

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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.

5.       PIVX

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.

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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.

Disclaimer

Opinions expressed are not to be interpreted as financial advice. Please consult your investment adviser.

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Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via [email protected]

Cryptocurrency

Investors cashing in big time, as 95% BTC wallets are currently in profit

95% of Bitcoin wallets are currently in a state of profit.

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blockchain technology, Bitcoin giving better returns than the Nigerian stock market, What it will take Bitcoin to hit $100,000?

Most BTC wallets containing Bitcoin are cashing in big time, as reports seen on Glassnode’s Twitter feed showed most Bitcoin wallets in a state of profit.

According to Glassnode, 75% of Bitcoin wallets are currently profitable.

Extended periods at this level and above are characteristic of bull runs as BTC moves towards new all-time highs.

How easy is tracking BTCs? It should be noted that Bitcoin is not really anonymous because all BTC transactions are kept permanently and publicly on the blockchain or ledger system, so it’s very easy for anyone to see the transactions and balances of any BTC address.

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Chainalysis researchers recently explained in detail that as the rush for BTCs keeps increasing, the price will most definitely be affected. The report said:

“With more people looking to trade BTCs, which is only becoming scarcer following the recent halving, bitcoin moving from the investment bucket into the trading bucket could become a crucial source of liquidity

However, one would expect this will only happen if bitcoin’s price rises to a level at which long-term investors are willing to sell,”

The report claims the “Hodler net position change,” which provides an aggregate of long-term wallet holder behavior, has been positive on 154 of the first 170 days of 2020.

Glassnode data shows Hodlers have made a net increase of 233,000 BTC to their positions since the start of the year.

In the meantime, BTC remained confidently above $11, 000 throughout this week. Also, Bitcoin’s on-chain fundamentals point to the beginning of a potential bull market, though external market forces could still impact this possibility.

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Cryptocurrency

Bitcoin could potentially become superior to cash

BTC holds a maximum supply of about 21 million digital coins.

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dollars, Bitcoin has halved, what happens next?, Naira should watch out; Nigeria leads in the peer to peer use of Bitcoin than all African countries combined

MicroStrategy, a publicly traded company in the US valued at over $1.2 billion, disclosed via an official statement that it would be adopting the world’s most valuable crypto as a “primary treasury reserve asset”.

“Since its inception over a decade ago, Bitcoin has emerged as a significant addition to the global financial system, with characteristics that are useful to both individuals and institutions. MicroStrategy has recognized Bitcoin as a legitimate investment asset that can be superior to cash and accordingly has made Bitcoin the principal holding in its treasury reserve strategy,” MicroStrategy CEO, Michael J. Saylor said. He also acknowledged that Bitcoin could potentially become superior to cash.

Data from Coin360 showed the flagship crypto-asset was trading above $11,700 with a market valuation above $216 billion and a daily trading volume of about $9.6 billion. This was as at the time this report was being drafted.

Why Bitcoin might be rising

What’s driving the most valuable crypto and its usage as an investment asset lately?

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Well, many financial experts believe the sudden rise of crypto assets’ value might be due to the weakness in the US dollar.

The American dollar has fallen in recent months, on expectations that the Federal Reserve will keep interest rates near zero for the long term as a result of the financial disruption caused by the deadly COVID-19 pandemic.

Quick fact: BTC holds a maximum supply of about 21 million digital coins of which there are about 18.5 million in circulation, while over 4 million BTCs have already been lost forever. These show that its definite supply protects it asset against value dilution.

Recall that Nairametrics earlier gave valuable insights into why Bitcoin is now the most preferred asset to own among institutional investors.

Changpeng Zhao, the CEO of Binance, on his Twitter feed commented on the reasons companies are investing in cryptos. He said:

“Smart publicly listed company buys $250,000,000 worth of bitcoin, as a safe haven asset. Stimulus money flowing from Wall Street into bitcoin. Are you in front of or behind them?”

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Cryptocurrency

Ethereum on rampage, surges to a 2-year high of $430

ETH breaking the strong resistance level of $450, in the nearest future.

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Luno breaks barrier, allows Ethereum/Naira trading pair

The second most valuable crypto surged past its two-year high. Just a day after reaching a two-month low in address activity amid fears of soaring fees, ETH has defied short-term fundamental concerns and soared to a 2-year high of $430.

According to Santiment Research Company’s Twitter feed, Ethereum traders were also elated about sky-high social volume levels.

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What’s next?

The two-year high record band is now the new barrier to overcome as ETH sits above $400 per token. If the cryptocurrency manages to stay above $425, Nairametrics could soon see ETH breaking the strong resistance level of $450, in the nearest future.

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But not everything is all smooth in the second most valuable crypto market. The growing popularity of Ethereum-based networks and the use of DeFi protocols are both a blessing and a curse.

READ: Bitcoin could potentially become superior to cash

The Ethereum network is presently close to reaching its technical limits, as DeFi and Tether are essentially responsible for as many transactions as the network can handle at the moment.

Quick fact: Ethereum is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without fraud, interruption, control, or interference from a third party.

READ ALSO: Wallets holdings of 0.1 BTC reaches all time highWallets holdings of 0.1 BTC reaches all time high

Like with many other crypto assets, speculating with Ethereum can be highly profitable and has had a good history of giving its investors huge returns. However, there are also many other options to make income from cryptocurrency. These include Ethereum mining, Ethereum faucets, and Ethereum staking.

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