Cryptocurrency
Crypto: REN, LEND and KNC emerge best performing DeFi assets
DeFi-coins all had an impressive growth on their network activity over the past several weeks.
While BTC and ETH continue to experience low volatility in the past several days a growing number of DeFi-related assets have managed to gain the attention of many crypto-investors thereby pushing these digital coins to record highs.
Data feeds from Santiment Research Company reveal DeFi-coins that include REN, LEND and KNC all had an impressive growth on their network activity over the past several weeks. The average volume of daily addresses using REN in July so far has been 588, up +36% from June, +181% from May, and +332% from April.
READ ALSO: How GTB posted record N84 billion half year profits despite lending less money
Quick fact; Defi means “decentralized finance” by definition it’s a crypto ecosystem made up of financial apps designed on leading blockchain platforms.
These digital assets are designed on Ethereum codes, and usually exhibit characteristics that include having protocols and financial smart contracts.
READ MORE: Pigs hit hard at BTC market, plunges 8%
In one month, the balance of the top 100 KNC whales has grown by a total of 30.6 million KNC (~$48.1 million at the time of writing). In the same time frame, the top 100 LEND whales accumulated an additional 39.6 million LEND (~$10.1 million at the time of writing) to their collective bags, while the top 100 REN whales added 5.3 million REN (~$850,000 at the time of writing) more to their holdings.
It’s not just the biggest holders that have been accumulating REN, LEND, and KNC as of late – the amount of ‘retail holders’ has also been experiencing strong growth into the rally.
Explore research data on Nairalytics from Nairametrics
Since the start of the month, the number of addresses holding more than 1000 REN (~$150 at the time this report was drafted) has risen by 550, the number of addresses holding more than 1000 LEND (~$250 at the time of writing) has increased by 817, while the number of addresses holding more than 100 KNC (~$157 at the time of writing) has grown by an additional 150.
Cryptocurrency
World’s biggest crypto exchange says Bitcoin will replace gold
Binance has given key insights on why the odds are with the flagship crypto, Bitcoin in edging gold.
Changpeng Zhao, the CEO of the biggest cryptocurrency exchange by trading volume, Binance, recently gave key insights on why the odds are with Bitcoin in edging the world’s primary safe-haven asset, Gold.
In an interview on Channel News Asia, streamed on Youtube, the popularly known personality in the crypto-verse discussed Bitcoin’s prevailing bullish trend and why it could replace the precious metal as the most favoured safe-haven asset.
READ: Gold Mining: FG signs Express of Interest with Luxembourg firm
“Gold is not very easy to transfer, you have to meet somebody physically to actually transfer the gold. It’s relatively heavy, if you have to carry it around airports, that’s really freaky as well. It’s hard to store. You have to have physical space.
“It’s not easy to verify. You don’t know the density of the gold you’re getting. On the other hand, you’re always guaranteed that if you get some Bitcoin, you get some Bitcoin.
READ: Ripple on fire, gains 14% amid record buying
“Gold is not 100% limited in supply. It’s rare, but if somebody discovers another gold mine, there could be more supply. Bitcoin is very limited in supply. The way I view it is that gold is a very good store of value, but its use case is sunsetting. Bitcoin’s definitely the future,” said Zhao.
What they are saying
Last week, Deutsche Bank Research Strategist, Jim Reid, gave key insights into what is making investors to view Bitcoin more as a tool to better hedge their cash than traditionally safe-haven assets like gold.
READ: Federal Housing Authority gives debtors 21 days to pay up or have names published
“Bitcoin is up another +3% overnight and seems to be creating a momentum of its own. It’s up over 70% in the last six weeks, as more and more investors are starting to see it emerge as a credible asset to invest in. There also seems to be an increasing demand to use Bitcoin where Gold used to be utilized to hedge dollar risk, inflation, and other things,” Reid said.
READ: Newly created accounts for Bitcoin hit highest level since January 2018
What you should know
- The flagship crypto, Bitcoin, at the time of writing this report traded at $18,053.08 with a daily trading volume of $25 billion.
- BTC price is up 4.1% in the last 24 hours.
Cryptocurrency
Investors fast using stablecoins rather than money in keeping their profits
USDC, a stablecoin project, in recent days has shown significant use among crypto investors.
In recent times the use of Stablecoins has gained momentum amid high volatility and the strong bullish trend currently in play at the crypto market.
Such evidence was attributed to the daily trading volume seen in the world’s leading stablecoins, which at the time of writing Tether’s price was $1.00 with a daily trading volume now at 43.4 billion.
Also, the fast-rising USDC, a stable coin project founded by Circle and Coinbase, in recent days has shown significant use among crypto investors.
Data retrieved from Glassnode revealed over 12million USDC were moved in just two transactions some hours ago.
READ: Bamboo says USD Wire Transfer option is no longer available for deposits
🐋 4,005,200 $USDC (4,005,393 USD)
withdrawn from #huobi to unknown walletView live on-chain exchange flow metrics:https://t.co/0pfW4ubkCQ
— glassnode alerts (@glassnodealerts) November 29, 2020
🏠 8,002,839 $USDC (8,002,969 USD)
moved in-house by #binanceView live on-chain exchange flow metrics:https://t.co/0PjZqBMbdi
— glassnode alerts (@glassnodealerts) November 29, 2020
READ: Ethereum whale transfers $78 million worth of Cryptos
What are Stablecoins?
Stablecoins are cryptocurrencies created to minimize the price swings that occur in an asset. They are usually pegged to fiat currencies and often exchange-traded commodities.
Global Investors and traders are using it to give their investment portfolios exposure to the US Dollar during these times when uncertainty is high as a result of the worst pandemic (COVID-19) known to man.
Recall Nairametrics, a few months ago broke the news on, U.S national banks now permitted to hold reserve currencies for stablecoins (Tether, Circle), meaning more investors now use stable coins in hedging against the volatility often prevalent in the crypto market.
The letter which was released by the Office of the Comptroller of the Currency (OCC) responds to questions regarding the application of stablecoin-related bank activities.
It concludes that national banks and federal savings associations may hold ‘reserves’ on behalf of customers who issue stablecoins in situations where the coins are held in hosted wallets.
What you should know
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’.
USDC is a fully collateralized US dollar stablecoin. It is an Ethereum powered coin and is the brainchild of CENTRE, an open-source project bootstrapped by contributions from Circle and Coinbase.
READ: Tether, the most promising stable coin, now the third most valuable cryptocurrency
- USDCs are issued by regulated and licensed financial institutions that maintain full reserves of the equivalent fiat currency in a 1 USDC: 1 USD ratio.
- Investors of stablecoins make money by earning dividends from the newly created digital coins given to them for holding such stablecoin stock.
Explore Data on the Nairametrics Research Website
Cryptocurrency
Ripple gains 12%, CTO owns at least a million XRP
Ripple CTO, David Schwartz disclosed that he owns between 1 million to 10 million XRP.
Ripple CTO, David Schwartz has disclosed more details about his crypto holdings.
What we know: From a series of tweets seen by Nairametrics, Schwartz, who is one of the original orchestras behind the creation of XRP Ledger, revealed he owned at least 1,000,000 XRP, valued at $555,000 at the time of writing. The crypto is up 12%.
READ: Ethereum robber transfers $1.5 million worth of Crypto
Let's just say more than 1 million and less than 10 million.
— David Schwartz (@JoelKatz) November 24, 2020
READ: Ripple’s big players move XRP worth over $50 million
At the time of writing, Ripple traded at $0.614954 with a daily trading volume of $11,844,053,933. XRP price is up 12.3% in the last 24 hours. It has a circulating supply of 45 Billion coins and a max supply of 100 Billion coins.
Recall some months back, Nairametrics revealed how Ripple’s Chief Technology Officer, David Schwartz, had revealed with regrets that he and his wife made bad decisions for their crypto portfolio in 2012 — resulting in the eight-figure worth of missed profit at current prices.
In a series of tweets recently released by Ripple’s CTO, he sold some Bitcoins for $750, and 40,000 Ether (ETH) for $1 each back then — a stash that would be worth more than $15.5 million in today’s prices.
READ: Slack gains 22% on Salesforce buyout offer
Meanwhile, wealthy Rich players seem to be upping their game in Q4, 2020, as regards moving XRP – the third most valuable crypto by market value, as lately seen by Nairametrics.
Many crypto experts anticipate the movement of such cryptos are coming from major stakeholders of Ripple, on the bias some of these wallets contain a significant amount of XRP.
READ: 2,257 investors globally own at least 1,000 Bitcoins
Explore Data on the Nairametrics Research Website
COVID-19 Update in Nigeria
Managing an online retail car outlet with Lou Odunuga, CEO of Betcarng | BHH
Nestlé S.A purchased 666,596 additional shares of Nestlé Nigeria Plc in 17 days
Transmission company of Nigeria gives reason for nationwide blackout
Nigeria’s inflation rate to moderate by first half of next year
COVID-19 Update in Nigeria
World’s biggest crypto exchange says Bitcoin will replace gold
Investors fast using stablecoins rather than money in keeping their profits
Federal Housing Authority gives debtors 21 days to pay up or have names published
Export of our products in West African sub-region now less competitive – MAN
