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Cryptocurrency

Ethereum surges pass $345, ETH miners record highest revenue since Q3 2018

Ethereum can be highly profitable and has had a good history of giving its investors huge returns.

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

In recent days, Ethereum has experienced a steady rise in its price as crypto traders, global investors rush to have a stake at the fast-growing ETH market. In addition, ETH Miners just recently broke its revenue income since Q3 2018.

Data from Coinmarketcap showed that Ether is now trading above the $ 345 resistance level at the time of this report, its market capitalization presently stands at $38.77 billion.

READ MORE: Fastest growing cryptocurrency, Compound (COMP) up over 143% in 24 hours

How Nairametrics tracked the surge;

Recall, some days ago Nairametrics gave an insight on the price levels of Ethereum after it broke out of its long $200-$250 daily range, and further added that it was time to revisit ETH historical model that illustrated the number of times a daily close transition has occurred between psychological support levels.

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A close above $300 reveals its 42nd instance of the price closing above or below it.

Meanwhile, ETH miners are having a field day, recording the highest revenue levels (in USD) since Q3 2018. The % of the revenue that currently comes from fees is in a league of its own. The average is between April 2018 to April 2019 and was 3%.

READ ALSO: Devaluation hurts Airtel Nigeria’s revenue as data revenues grow by 40%

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In July, 22.2% of Ethereum miner revenue came from transaction fees. This is the highest monthly value in ETH history and is a continuation of the sharp upwards trend in the past three months.

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.

READ MORE: WARNING: Why you should avoid investing long term in Nigeria’s stock market

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

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What it means; 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 ETH staking.

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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading. Featured Financial Market Analysis for a Fortune Global 500 Company. Member of the Chartered Financial Analyst Society. Follow Olumide on Twitter @tokunboadesina or email [email protected]

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Cryptocurrency

Ripple suffers highest day percentage loss since September 3

Ripple’s crypto-asset, XRP was trading at $0.62215 by 00:01 (05:01 GMT)  down 10.29% on the day.

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Crypto owners robbed of 1,150,000 XRP, Ripple owners say XRP will be worth $100, XRP losing steam as BTC & ETH gain investors' funds

In line with the law of gravity, what goes up must come down at one point in time. Ripple the third most valuable crypto by market value has suffered its largest one-day percentage loss since September 3.

READ: How BTC Whales can push BTC market value to $1 trillion

  • Ripple’s crypto-asset, XRP was trading at $0.62215 by 00:01 (05:01 GMT), down 10.29% on the day.
  • The move downwards pushed XRP’s market cap down to $28.6 Billion or 5.08% of the total cryptocurrency market cap.
  • At its highest point in 2017, XRP’s market capitalization was $31.58 Billion.
  • XRP had traded in a range of $0.62057 to $0.70711 in the previous twenty-four hours

READ: Ripple lets go 1,000,000,000 XRP valued at $240 million

That said, the bullish run presently in play is largely attributed to Ripple’s most recent earning reports, disclosing it purchased a large quantity of XRP coin worth $45.5 million in Q3 2020, as part of its efforts to support the crypto market.

READ: NASD OTC market capitalization hits N538.12 billion, as investors gain N9.22 billion

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What you should know

Ripple’s XRP is often tagged as the “remittance network” and currency exchange that independent servers authenticate. The currency traded is known as XRP and transfer times are super fast.

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

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READ: 5 Nigerian companies with a combined market value of 5% of Nigeria’s GDP 

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Cryptocurrency

Big investors prepare to offload some Bitcoins

Ki Young Ju recently warned on the high influx of Bitcoin holders moving a significant portion of their BTC holdings.

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Big investors prepare to offload some Bitcoins

A well-revered crypto strategist and Chief Executive Officer of Crypto Quant, Ki Young Ju, recently warned on the high influx of big-time Bitcoin holders moving a significant portion of their BTC holdings to a well-known crypto exchange, Coinbase, obviously to cash out, amid the bullish trend currently in play.

  • At the time of writing this report, Bitcoin traded at $18,813.28 with a daily trading volume of $50 Billion.
  • BTC price is up 2.5% in the last 24 hours. It has a circulating supply of 19 Million coins and a max supply of 21 Million coins.

READ: Bitcoin whale transfers $105 million worth of crypto, BTC trading at $15,800

The Head of the blockchain intelligence platform further anticipated the likelihood for Bitcoin to go through a period of correction as more investors deposit their BTC on Coinbase.

Too many BTC whales on Coinbase. I’m still long-term bullish, but we might face some corrections or sideways until whales become inactive on spot exchanges.

READ: 2,257 investors globally own at least 1,000 Bitcoins

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“Exchange Whale Ratio is the relative size of the top 10 inflows to total inflows. Historical data for Coinbase Whale Ratio. When whales are active (over 90%) on Coinbase, the BTC price will likely be going sideways or bearish.”

However, the top crypto strategist, Willy Woo, warned that the presence of whales in exchanges was no longer a strong indicator of a market sell-off.

READ: Over $20 billion pumped into crypto market by big investors

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“It used to be that peaks in destruction or dormancy would be a bad sign for the market as old coins have more experienced masters, thus smarter money; this would predict a price drop. These days not always, OG whales also sell bottoms. Smarter money has arrived.”

READ: Investors are rushing into cryptos, as market capitalization surges to $323 billion

Bottom line

Taking into consideration the bullish trend currently in play at the world’s flagship crypto market, Nairametrics’ view on Bitcoin remains bullish at least for the mid-term. However, the price needs to cool off at least temporarily, but the timing of such consolidation is pretty unknown, as it could be only for a few days or a protracted consolidation for another week or even longer is hard to tell right now.

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Cryptocurrency

Ripple adds Bank of America to payment network

Ripple on its recently updated website disclosed that a leading American bank is now on its payment network, RippleNet.

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ripple cryptocurrency, XRP

Ripple on its recently updated website disclosed that a leading American bank, Bank of America is now on its payment network RippleNet, known for the startup’s global payment network of banks and leading financial institutions and arch-rival of the SWIFT network.

The fast-growing fintech company gave insights into its growing membership of leading financial firms using its payment network

“The RippleNet Membership is a network of leading financial institutions that partner together to collectively and democratically govern and evolve RippleNet. These institutions work to standardize global cross border transactions…

“It creates a community, regionally and globally, where members can learn and share insights and best practices as their use of RippleNet grows, and build new commercial relationships with other members.”

What you must know: RippleNet is a network of institutional payment-providers that include banks and payment providers that use solutions developed by Ripple to provide a seamless experience to send money worldwide.

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  • RippleNet uses a leverage of cutting-edge blockchain technology in streamlining payments services that help in reducing costs.
  • It should also be added that On-Demand Liquidity (ODL), Ripple’s XRP-powered cross-border payments product, is available in the US, Mexico, Europe, the Philippines, and Australia.

Recall that some weeks ago, Nairametrics released reports on how Ripple, the fast-growing fintech juggernaut and owner of XRP, disclosed that its global payments network, RippleNet, was already live in 55 countries including Nigeria, with XRP remittances live in five continents.

RippleNet also stated that its service offerings were available in 95 currency pairs, according to the fintech’s redesigned website

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