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Cryptocurrency

Crypto: LINK price hits all-time high, passing $8

LINK has been one of the biggest winners, reaching a new all-time high at $8.33

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Crypto: LINK price hits all-time high, passing $8

As altcoin prices surge, LINK has emerged as one of the biggest winners. Data obtained from Glassnode, a crypto analytic data firm, showed that liquidity pouring into the fast-growing crypto asset has hit all-time high. Note that this is not just in terms of price, but also in terms of on-chain adoption.

Amongst the altcoin surge of the past week, LINK has been one of the biggest winners, reaching a new all-time high at $8.33 yesterday, although currently sitting at around $7.30.

Just recently, LINK exchange deposits spiked again bringing net flow back into the positive numbers, as more LINK flows to exchanges.

Crypto behaviour analytics platform, Santiment, in it feeds detailed that its on-chain volume, along with social volume and daily active addresses, is a “great triple thread to track.” These macros help track whether a given crypto asset is poised to continue its bullish momentum, and in LINK’s case it shows the momentum is still on

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LINK is continuing to see sky-high daily active addresses, indicating just how active the network has been. The four highest outputs in network activity over the past year for Chainlink have occurred in the past six days.

READ MORE: Coinbase, Binance, and Kraken Lead in Blockchain Merger & Acquisition Deals

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 path or network, a defi instrument is needed to facilitate data feeds in smart contracts making chainlink helping to solve such need.

Among the leading 20 cryptocurrencies in market capitalization, it is the only one in this space we view as the only top-20 token with a broad, adaptable business application that is easily explained to an average person: ChainLink is the first successful Blockchain application to interact with the outside 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. 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

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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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?

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.

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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.

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,”

READ MORE: Zoom’s market valuation hits $50 billion mark, thanks to COVID-19

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.

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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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