Crypto Scammers gained about $24 million worth of BTC in the first six months of 2020, according to reports from watchdog Whale Alert.
As the COVID-19 pandemic kept a lot of individuals more active online, scammers have pulled dozens of different types of scams such as fake ICO’s, BTC recovery, fake exchanges, giveaways, video scams, fake tumblers, Ponzi schemes, malware and many more.
Some of the most successful scams include a crypto fraudster making more than $130,000 in 24 hours with just a single web page, a BTC address, and decent amount publicity on YouTube.
Another crypto scammer made away with over $1.5 million within the period of 6 months promoting a fake crypto exchange with a poorly designed website riddled with typo errors.
The scammer deceives their intended victims by offering one or all of the following that includes no taxes, high profits, little effort, and no risk, it’s thus projected by Whale alert that these fraudsters could gain about $50 million dollars before the end of 2020
Recall that a few months ago Nairametrics had earlier reported how thousands of Bitcoin investors have, over time, been defrauded of their hard-earned money around the world. The crypto fraudsters use both old and new tactics to defraud their targets in schemes based on BTC exchanged through online ledgers known as the blockchain.
However, you should remember that the use of cold wallets or a proprietary smartphone is recommended. These are specifically designed tools to keep your bitcoin from falling into the hands of hackers on the internet.
Next time you are thinking of investing your funds in a BTC fund or firm, consider the promised returns versus the performance of the cryptocurrency market.
List of Cryptos expected to outperform many financial assets in 2021
A list of cryptos expected to do very well in 2021 has been unveiled by a renowned crypto expert.
Widely respected crypto trader, Michaël van de Poppe recently unveiled the list of cryptos expected to do very well in 2021 amid the prevailing bullish run in the Crypto verse.
He started by mentioning Polkadot (DOT) and looking at levels where investors can buy on dips.
“We do see these retests at $15. That was one of the levels I discussed. Another one is this $13-level which is lower timeframes and then we’ve got this area around $10.50,” he said.
Polkadot protocol connects private and public chains, oracles future technologies, and permission-less networks allowing such independent networks to share information and transactions through the Polkadot relay chain,
Van de Poppe expects the next leg of the bull run to catapult DOT to his targets at $25, $29, and $45.
In addition to Polkadot, the analyst says he’s also bullish on smart contract platform Cardano (ADA), blockchain for enterprise solutions Zilliqa (ZIL), hybrid blockchain platform ICON (ICX), high throughput blockchain Elrond (EGLD), and interoperable blockchain network Cosmos (ATOM).
Cardano is a type of blockchain that permits people to receive and send funds.
- ADA coin is the name of the cryptocurrency.
- It uses the Cardano blockchain and it also allows people to design smart contracts just like Ethereum.
Elrond is a type of blockchain architecture, created to facilitate a 1000-fold cumulative improvement in the execution of speed.
Its architecture combines a secure Proof of Stake (PoS) algorithm facilitating unlimited scalability.
Zilliqa is a type of cryptocurrency that focuses on making blockchains more scalable and much faster; It uses sharding technology to simplify the consensus process so that blockchains like Ethereum can provide fast transaction processing successfully.
Another solid crypto on the crypto expert’s radar is Celer Network (CELR). He says the layer-two scaling platform can potentially rise to $0.035, representing a potential return of 400% from its present value of $0.007.
Last but not least is chainlink on the bias it has more room for upsides as its still upcoming crypto and has a solid fundamental;
“Chainlink itself has a very big market share of the oracle niche. Other oracles are just starting up their first,” Poppe said.
Chainlink is a blockchain that is designed to bridge the space between blockchain technology-based smart contracts (created by ETH), and other user programs.
Chainlink defying law of gravity, now more valuable than Litecoin
Chainlink traded at $25.31 with a daily trading volume of $3.9 billion and gained about 20,000 percent since its inception.
Chainlink (LINK) continued its bullish rally amid strong buying pressure in recent days, thereby setting a new all-time high at $25.50 and surpassing Litecoin (LTC) in terms of total market cap to become the seventh most valuable crypto.
What you should know: At the time of drafting this report, Chainlink traded at $25.31 with a daily trading volume of $3.9 billion. It has gained about 20,000 percent since its inception.
- Chainlink is a blockchain that is designed to bridge the space between blockchain technology-based smart contracts (created by ETH), and other user programs.
- Since blockchains by principle can’t have access to data outside their paths or networks, a DeFi instrument is needed to facilitate data feeds in smart contracts, and Chainlink helps to solve such needs.
Recall some days back, a highly revered crypto strategist, Michaël van de Poppe, listed some crypto assets that might likely overtake XRP as Polkadot did. Michaël, via his Twitter handle, revealed the cryptos expected to surpass XRP.
“Polkadot takes over spot 4 over XRP by market capitalization. Just a matter of time before Cardano, Chainlink, and Litecoin surpass XRP too.”
— Michaël van de Poppe (@CryptoMichNL) January 16, 2021
For enterprises, Chainlink is an abstraction layer that securely connects smart contracts to existing backend systems, massively expanding the kinds of business use cases that are possible, from parametric weather insurance to supply chain tracking.
Should you buy it now?
Many individuals have the impulse to enter a position when the price is soaring. But those support/resistance flips actually give the best entries. Specifically, the first area of concern for global investors is the $25 resistance level, on the bias that some crypto traders anticipate profit-taking amid its impressive run in recent days.
Why Ethereum is becoming more attractive than Bitcoin
Ethereum-based crypto market value has risen to over $48 billion from $1.9 billon a year ago.
The buying interest on the world’s utility crypto, Ethereum, has been on a record high since the second half of 2020, amid an increased buying pressure from institutional investors and big capital.
Still, as the attention of the financial media got fixed on flagship crypto asset, bitcoin, recent trends show that Ether (ETH) is getting very attractive; they also reveal why this cryptocurrency should become the “first cryptocurrency” for every investor.
Recent data from Defi revealed that a lot of activity is ongoing on the Ethereum network, as Ethereum-based crypto market value has risen to over $48 billion from $1.9 Billon a year ago, according to data from Coingecko.
Several Defi crypto assets have had their share of the spotlight in recent times, with cryptos such as Chainlink, Compound, YAM, UniSwap, Cream finance, and Melon gaining investors’ capital inflows.
DeFi crypto owners, in some cases, can typically receive better interest rates than they would from traditional banks, on the basis that lower operating costs are enabled when operating on an automated decentralized network.
Using “Defi” technology, one can build smart contracts with codes that facilitate the actions of intermediaries, including managing and accepting deposits, handling collateralized loans, and liquidating collateral assets as per the terms of the contracts, should their values fluctuate.
What this means: Recall some days ago, Nairametrics broke the news that the amount of Ether held on crypto exchanges could go into extinction amid the high buying pressure seen in recent days.
Alex Saunders, a crypto expert, via Twitter, released key details on why Ether coins on crypto exchanges could be all gone within 48 hours amid high buying pressure.
“Exchanges could be out of $ETH within 48 hours. Demand has skyrocketed. Exchange reserves fell 20% from 10 million to 8 million in the last few hours. With targets of $5k, $10k & $20k long term, I doubt many HODLers will sell their ETH in the $1-2k range”
Exchanges could be out of $ETH within 48 hours. Demand has sky rocketed. Exchange reserves fell 20% from 10M to 8M in the last few hours. With targets of $5k, $10k & $20k long term, I doubt many HODLers will sell their ETH in the $1-2k range. 🌐🖥️👽 #ETH2 #DeFi #NFTs #Gaming #DAO pic.twitter.com/rYPOch2u7p
— Alex Saunders 🇦🇺👨🔬 (@AlexSaundersAU) January 14, 2021
That said, Ethereum (ETH) miners seem to have an edge now over their arch-rivals, as they have surpassed Bitcoin (BTC) miners on transaction fees charged for some months now.
Crypto market data aggregator, Messari revealed key metrics showing that it is the longest period for which Ethereum’s transaction fee revenue has surpassed BTC in the crypto asset’s history.
- This prevailing macro is positive for Ether miners whose turnovers have been increased by higher fees and more transactions. In fact, Ethereum’s network hash rate has been growing consistently, having reached a near two-year high.
- At the time of writing this report, Ethereum traded at $1,425.86 with a daily trading volume of $46 Billion. ETH price is up 13.2% for the day.