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Cryptocurrency

Active Ethereum Wallets records all-time high

Ethereum is a decentralized system, fully independent, and is not under anybody’s authority.

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Ethereum, second most valuable cryptocurrency, surges more than 88% since March

The Ethereum world lately has been very busy as the Number of Ethereum non-zero addresses just reached an all-time high of 42,385,447 from previous all-time high of 42,382,991 on 26 June 2020. 

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READ MORE: Bitcoin Cash gains 65% since March, shows more stability

In addition the total gas used on Ethereum network reached an all-time high this week as miners on the network voted to increase block gas limits by 25%. This will allow the ethereum network to handle 44 transactions per second, instead of the previous limit of around 35. 

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Data from Coinmarketcapshows Ethereumas the second-most valuable cryptocurrency by market capitalization, had a value of $25.3 billion and a daily trading volume that stood at about $5.9billion, at the time of drafting this report. 

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

Ethereum is a decentralized system, fully independent, and is not under anybody’s authority. It has no pivotal point, and its platform is connected to thousands of its users through their computing system around the world, which means it’s almost impossible for Ethereum to go offline. 

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READ MORE: Unknown Bitcoin whale moves $1.3 billion in minutes

“The increase in gas usage indicates a continuous growth in the use of Ethereum’s platform, as measured by the number of transactions, as well as demand for block space, as measured via gas per transaction,” said Wilson Withiam, research analyst at data provider Messari. 

Gas is the token that energizes the Ethereum’s blockchain. It is the standard used to calculate the amount of charges an individual needs to pay in order to make transactions on Ethereum’s blockchain.

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READ MORE: 3 Crypto exchanges control about 14.3% circulating BTC supply 

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 Ethereum. These options include Ethereum mining, Ethereum faucets and Ethereum staking. 

 

Patricia

Olumide Adesina a French-born Nigerian, an Investment Professional at Nairametrics Financial Advocates, owners of Nairametrics.com. He is a Certified Investment Trader, with more than a decade working expertise in Investment Trading. A member of the Chartered Financial Analyst Society. Financial Market; Yale University, Behavioral Finance; Duke University. You can follow Olumide on twitter @tokunboadesina or email [email protected]

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Cryptocurrency

Nigeria leads Africa combined in Q2 2020 on BTC P2P

It shows that BTC is fast gaining the trust of Nigerians for payments and transfers.

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Binance, BTC wallets holdings 0.1 BTC reaches all time high, 13,000 BTC wallets are now worth more than $1,000,000

Nigerians increasing their use of BTC is no longer news, but what seems astonishing is the volume that Nigerians transacted with BTCs in Q2 2020, compared to other African countries. Data shows that the use of Bitcoin for peer to peer lending in Nigeria is on an astronomical run.

Recent statistics obtained from usefultulips, a BTC analytic data provider, showed that Nigeria led the pack with more than $34.4 million, while the closest rival, South Africa, had a transactional value of just $15.2 million during the last 90 days.

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READ ALSO: Covid-19: Guinness Nigeria warns investors its results will be bad

Among top countries in the last 90 days leading in peer to peer Bitcoin transactional trades on the African continent are:

Nigeria – $34.4 million dollars
South Africa – $15.2 million dollars
Kenya – $7.8 million
Ghana – $640,000
Tanzania – $600,000

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Quick Facts: In BTC’s case, peer to peer is the exchange of BTC between parties (such as individuals) without the involvement of a central authority. This means that peer to peer use of BTC takes a decentralized approach in the exchange of Bitcoins between individuals and groups.

It shows that BTC’s long-running narrative as the “digital gold” for hedging against global economic turmoil is gaining the trust of Nigerians for payments and transfers.

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The financial market turmoil triggered by COVID-19 has definitely changed the way Nigerians view the whole financial system, as data also obtained from Google trend shows Nigeria leading the pack around the world in Bitcoin searches. This is a testament to the fact that Nigerians truly love their Bitcoins.

Patricia
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Cryptocurrency

Ripple releases 1,000,000,000 XRP

Ripple (XRP) plays dual roles as a payment platform and a currency.

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ripple cryptocurrency

Popular payment based crypto company, Ripple, which controls the fourth most valuable cryptocurrency by market capitalization, recently unlocked 1 billion XRP, worth about $177.6 million, from an escrow account.

Whale Alert monitored this movement, which occurred in two different 500 million XRP transactions, in real-time.

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Ripple owns more than half of the total supply of XRP. In late 2017, the company vowed not to sell all of its tokens (XRP) at once, keeping up to 55 billion XRP in protected escrow accounts.

READ MORE: AfDB board denies asking Adesina to step down, as Obasanjo says the bank risks being hijacked

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It then set up a plan to release about 1,000,000,000 XRP monthly for sale to be used as funding for its operations, and to invest in startups of interest, with the rest kept back in the escrow accounts.

Quick fact: Ripple (XRP) plays dual roles as a payment platform and a currency. The platform is an open-source platform that is created to allow quick and cheap transactions.

Unlike its crypto rival, Bitcoin, which was never intended to be a simple payment system, Ripple has gained the attention of major global banks, like Standard Chartered, and Barclays for international transactions worldwide.

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Recall that a few months ago, the U.S Consumer Financial Protection Bureau looked excited about Ripple as a tool for bringing simplicity and openness to the financial industry.  It said:

“To the degree banks and credit unions increase their reliance on closed network payment systems for sending remittance transfers and other cross-border money transfers, the Bureau notes that this could result in greater standardization and ease by which sending institutions can know exact covered third-party fees and exchange rates.

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“The Bureau also believes that expanded adoption of SWIFT’s GPI product or Ripple’s suite of products could similarly allow banks and credit unions to know the exact final amount that recipients of remittance transfers will receive before they are sent.”

Patricia
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Cryptocurrency

Tether market capitalization surges close to $10 Billion

Tether is still the only stablecoin with a market capitalization greater than $1 billion.

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Tether expected to surpass Ethereum, based on strength of the U.S dollar

Just recently, the world of crypto investors and traders was caught unaware, as Tether’s market capitalization surged close to the $10 billion market capitalization.

Tether, which was trading at $1 at the time this report was drafted, has a market capitalization of $9.8 billion, according to data obtained from Coinmarketcap. It is now bigger than XRP, whose market capitalization is roughly $7.8 billion.

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Why it matters: Tether continues to grow its lead on its stablecoin competitors and is still the only stablecoin with a market capitalization greater than $1 billion.

READ MORE: Senate to review 2013 power privatisation, questions FG’s funding

The $10 billion mark is not fundamentally significant, but it is a sign of USDT’s staying power, despite all its controversy over the years.

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Quick fact: Tether is designed as a blockchain-based cryptocurrency whose digital coins in circulation are backed by the same value of traditional fiat currencies like the U.S dollar, Japanese Yen, or the Euro. It trades under the ticker symbol USDT.

Barely weeks ago, Bloomberg reports stated that the momentum with the help of the U.S dollar was expected to make Tether gain and move to the second spot.

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“Absent an unlikely reversal in predominant crypto trends, it should be a matter of time until Tether passes Ethereum to take the No. 2 spot in total assets behind Bitcoin. Receiving help from widespread adoption with a workable case as a proxy for the world’s reserve currency, there seems little to stop the increasing adoption of the dollar-linked stable coin,” the report stated.

Patricia
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