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Cryptocurrency

OmiseGO, a small digital coin up, 150% in less than 30 days, as Bitcoin fails to break $10,000

OmiseGO traded at $0.5 on April 1st and is presently trading at %1.26, with a market capitalization of about $276 million.

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OmiseGO, an ethereum token that energizes smart contract platforms and trades under a sticker known as OMG, surged after popular American based cryptocurrency exchange, Coinbase, revealed that it would list the token on its exchange.

OmiseGO, which is not even in the top 30 most valuable cryptos in the world, has gained over 150% since April 1, according to data obtained from Coinmarketcap.

It was trading at $0.5 on April 1st and is presently trading at %1.26, with a market capitalization of about $276 million.

READ ALSO: Elumelu says Covid-19 Presents Opportunity to Reset Africa

What you need to know: OMG coin was designed as a white-label eWallet. It was designed on the Ethereum blockchain by a Thailand based financial services company called Omise. Its full name is OmiseGo.

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OmiseGo helps in easing the transfer of coins from one blockchain to another without using a crypto exchange.

Meanwhile, the broader bitcoin market is closely watching for Bitcoin to break the $10,000 price level, after Bitcoin went through a supply squeeze a few weeks ago. Yet, Bitcoin’s price has remained around the $9200+ mark in recent days.

However, Teju Adeyinka a product manager at Nigeria’s fast-growing crypto exchange, Buycoins, explained to Nairametrics why cryptos such as Bitcoin would continue to be a leading force in future. She said:

“Bitcoin is the next important thing because it ushers in a new level of financial inclusion for everyone. It is a financial system that is truly democratized and in the interest of the people. It enables people to have total control over their money and decide what it does or where it goes.

READ MORE: Blue-chip stocks take Nigerian bourse to 5 days winning streak, Investors cash in N232 billion

“It also opens up borderless trading and enables people who have been previously shut out economically to partake in financial opportunities beyond their geographical boundaries.

“For instance, with our new product, Sendcash, people are able to easily receive payments to Nigeria from anywhere in the world.”

 

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Olumide Adesina is a French-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading. Member of the Chartered Financial Analyst Society. Behavioral Finance, Duke University. You can follow Olumide on twitter @tokunboadesina or email [email protected]

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Cryptocurrency

World’s biggest sovereign wealth fund now owns cryptos

Norwegian Government Pension Fund owns almost 600 Bitcoin through its investment holdings.

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World's biggest sovereign wealth fund now owns cryptos, Investors cashing in big time, as 95% BTC wallets are currently in profit, blockchain technology, Bitcoin giving better returns than the Nigerian stock market, What it will take Bitcoin to hit $100,000?, Buying signal; Bitcoin whales with 1000 BTC or more continue to rise

The world’s largest sovereign hedge fund, the Norwegian Government Pension Fund, also known as the Oil Fund, in a report credited to Arcane Research disclosed that the fund owns almost 600 Bitcoin (BTC) through its investment holdings.

Arcane Research analysis data revealed the Oil Fund had 577.6 BTC through its investment in business intelligence firm MicroStrategy.

This puts the company’s portfolio in BTC at around $6.3 million. The Norwegian Government Pension Fund owns a 1.51% stake in MicroStrategy.

READ: BTC bounty: 69,000 Bitcoins worth $700 million waiting for you

What we know: The Norwegian Government Pension Fund, has over $1 trillion in assets, including 1.4% of all global stocks, making it the world’s biggest sovereign wealth fund. It is not unlikely that the fund has garnered indirect BTC exposure via other investments, in addition to it’s exposure to BTC via MicroStrategy.

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In an explanatory note to Nairametrics, Ekene Ojieh, Head of Public Relations and Corporate Strategy at Buffalo Chase, a crypto-asset trading firm, gave vital insights on why BTC is now regarded as a treasury asset. She said:

In the past few months, gold saw a new all-time high of $2072, which is about 42.6% in the last decade. Bitcoin has gained about 8.9 million percentages over the last decade. Security and scarcity are the topmost reasons why traders have trust in safe-haven assets like gold and bitcoin. Bitcoin would outperform gold in a foreseeable future because it’s easily accessible for anyone with internet and of course a more profitable asset than gold.”

READ: Flying Doctors to raise $1 billion to invest in African Healthcare

She spoke about the initial skepticism that traditional banks, companies, and global financial regulators had on bitcoin, which looks to be changing now, saying:

The last decade has been quite challenging for bitcoin and the crypto space despite the enormous price increase. Regulators, investors, and mainstream traders were skeptical about bitcoin because of its volatility and how bitcoin works. In recent times, we have seen growth in the adoption of bitcoin and other cryptocurrencies in general; regulators, banks, are finding an entry point into the crypto space.

“In addition, the market cap of both gold and bitcoin, 9 trillion dollars, and 117.81 billion dollars respectively, shows that bitcoin still has a lot of potentials. Going by this trajectory, bitcoin is expected to gain more grounds, increase in value, and also be widely used/accepted.”

READ: This Nigerian ETF is one of the best performing investments in the country

Bitcoin’s primary advantage: 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 the asset against value dilution

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Cryptocurrency

Bitcoin mining difficulty reach an all-time high

Bitcoin mining difficulty increased today by 11.3%, hitting a new all-time high

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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

It is a lot harder now to be a Bitcoin miner. Data from Glassnode, a crypto analytic firm, showed Bitcoin mining difficulty increased today by 11.3%, hitting a new all-time high.

 

Its recent all-time high is attributed to the 3rd largest positive adjustment in the past two years.

Quick fact: Bitcoin’s mining difficulty is best defined as the measure of how difficult it is to work for mining rewards or earning BTC.

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READ: Ethereum Miners earn a staggering $1 million in 1 hour

Bitcoin mining involves the act of solving tasks that come in the form of algorithms in affirming a transaction and fixing it within a block on the blockchain.

BTC miners who successfully mine a block are paid or rewarded in BTC. BTC miners also help in facilitating the security mechanism of the blockchain network by confirming transaction information or data to the Bitcoin ledger.

This confirmation process involves solving complex mathematical problems and a lot of computing power. BTC Miners are successfully rewarded with BTC for their contribution to the ledger based on their proof-of-work.

Explore the Nairametrics Research Website for Economic and Financial Data

Meanwhile, BTC has performed well over the past few weeks, maintaining its position above $10k after testing this price level several times earlier in the year. It hasn’t dropped below $11k since the price started climbing in late July.

Despite these gains, it has continued to struggle to surpass the new psychological barrier of $11k. However, ongoing bullish sentiment, as evidenced by on-chain data, suggests that many investors would continue to support a price above this level.

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Cryptocurrency

Crypto: UniSwap gives each owner over $2,000

Uniswap has a circulating supply of 110 million coins and a max supply of 1 billion coins.

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Crypto: UniSwap gives each owner over $2,000

Uniswap only unveiled its new token is fast gaining traction in the crypto-verse since its debut last Wednesday.

The project gave away a minimum of 400 UNI to anyone who had used Uniswap prior to September an amount now worth over $2,000.

Uniswap at the time this report was drafted traded at $5.46 with a daily trading volume of $2,146,342,877. UNI gained 428.9% in barely four days when it traded $1.03 on September 17th.

READ: CBN reduces MPR to 12.50%, holds other metrics

It has a circulating supply of 110 million coins and a max supply of 1 billion coins.

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Coinbase an American based crypto exchange that is usually very choosy on listing newly created altcoins added UNI to its Pro trading platform just hours after its debut.

What you should know: Uniswap is a decentralized exchange protocol built on the Ethereum network.

READ: Tether mints over a billion dollars worth of USDT

Uniswap has no book or any centralized platform for executing trades. Uniswap allows users to trade without a middle man or third party, with a high degree of decentralization and censorship-resistance.

How Uniswap makes money:  Uniswap is designed to be a decentralized protocol. All fees go to market liquidity facilitators, and none of the founding partners get a cut from the transactions that occur through the protocol.

READ: Two Ethereum Whales move 53,455 ETH, as DeFi tokens gain popularity

Currently, the transaction fee paid for these market liquidity providers is 0.3% per successful transaction. That said, these are added to the liquidity pool, but these market liquidity facilitators can redeem them at any time.

The fees are distributed according to each liquidity provider’s share of the pool.

Explore the Nairametrics Research Website for Economic and Financial Data

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