Cryptocurrency
BAND, fastest growing crypto gains 5,620% in 7 months
BAND Protocol is backed by Sequoia Capital and Binance.
Band Protocol (BAND), an arch-rival blockchain network to Chainlink (LINK) has just hit an all-time high. Data from Coinmarketcap showed BAND growing from $0.2 on Jan 05, 2020, to $11.24, at the time this report was written, showing an impressive gain of 5,620%, recording a new high.
READ ALSO: ChainLink’s digital coin skyrockets 388% in 130 days, still soaring
Fundamental analysis of BAND
Despite BAND’s significant re-rating year to date, it is worth noting that its market capitalization is still only 5% of LINK.
This is fair, currently given BAND’s nascent stage but Nairametrics expects the valuation gap will continue to close in the next 12 months as BAND scales.
READ ALSO: Bitcoin surges pass $11,500, BTC wallets activity hit 2.5 year high
In the coming months, BAND will be announcing a number of partnerships that will show how far along they have come. This will dispel the misinformation that some rivals have tried to spread much better.
The 2nd phase of BAND’s re-rating continues. Given its partnership pipeline and impending exchange listings, I would be disappointed if the BAND’s market capitalization is not at least 10-20% of LINK’s within the next 12 months.
READ MORE: Ripple has released 1 billion XRP; here’s what this means
Quick Fact; BAND Protocol is a cross-chain data oracle network that aggregates and connects real-world data and APIs to smart contracts. Blockchains enable immutable storage and deterministic, verifiable computations — however; they cannot securely access data available outside the blockchain networks.
BAND Protocol is backed by Sequoia Capital and Binance.
Band Protocol enables smart contract applications such as DeFi, prediction markets, and games to be built on-chain without relying on the single point of failure of a centralized oracle.
The world’s fast-emerging financial juggernaut, Ripple, recently disclosed it is selling roughly 33% of its stake in MoneyGram. It is its first sale of such shares since Ripple invested in the popularly known American remittance firm in 2019.
Data retrieved from Ripple’s filing with the U.S. Securities and Exchange Commission revealed Ripple owns 8.6% of shares outstanding in Moneygram or 6.22 million shares, including a warrant to purchase another 5.95 million shares for a total equity position of 12.2 million shares or 17% of MoneyGram’s shares outstanding.
Ripple disclosed it will be selling around 4 million shares, approximately 33.3% of its entire stake. After such a sale, the fintech company will still own at least 3.22 million shares or 4.44% of MoneyGram.
What you should know
MoneyGram is a fast-growing platform for cross-border P2P payments and money transfers around many countries.
Recall that Nairametrics exclusively broke the news in June, about MoneyGram receiving $20 million in funding from Ripple to enhance its payment solutions through a partnership system with many leading financial institutions.
- The funding by Ripple completes its $50 million offerings for some stake in MoneyGram to run its experimental program for testing the effectiveness of the digital token XRP.
- The deal would definitely give MoneyGram’s arch-rival, Western Union, a run for its money. Reports from different private sources, seen by Nairametrics, shows that Western Union is now bent on buying MoneyGram to scale its robust growth experienced lately.
Cryptocurrency
$385 million worth of Bitcoin moved by unknown identity
someone moved 22,816 BTC ($386M) in block 658,953 some hours ago.
Large entities are taking the center stage at the fast-changing financial market, amid strengthened price volatility seen at the flagship crypto’s (Bitcoin) market.
What we know
Data retrieved from, advanced crypto tracker, Bitcoin Block Bot, revealed that someone moved 22,816 BTC ($386M) in block 658,953 some hours ago.
READ: Two cryptos you should consider investing in
READ: 100,000 tons of cocoa stranded at ports due to CBN documentation – Cocoa exporters
Whale alert! 🐋 Someone moved 22,816 BTC ($386M) in block 658,953 https://t.co/ffndnEuLx6
— Bitcoin Block Bot (@BtcBlockBot) November 27, 2020
READ: Crypto: Financial market that never sleeps, or is under any central authority
At the time of writing, Bitcoin was trading at $17,048.47 with a daily trading volume of $28,874,917,829.
It’s critical to observe that recent price action in the flagship crypto market indicates that a significant number of buyers have been aggressively buying at the $16,000 price support level which is marked by large entities.
READ: Crypto: Large investors transfer over 700,000 Ethers
This further illustrates that the demand for bitcoin is relatively high, as bitcoin whales curb broader pullback, at least in the near term.
Nairametrics, predicts the increased buying pressures by such large entities are partly responsible for the relative rebound seen in the bitcoin market.
READ: Ripple locks 800,000,000 XRP, prices push up
Although it’s often difficult to predict movements in the crypto market, taking into account high volatility. BTC whales have shown historically that they often determine the BTC trend.
What this means from a macro level is that the increase in the number of these large entities can be considered bullish.
Explore Data on the Nairametrics Research Website
Cryptocurrency
Ripple on steroids, up 11%
Ripple recorded its highest percentage gain since November 24, gaining up to 10.61%.
Popularly known crypto asset, XRP, is recording significant appreciation in its price amid increased buying from global investors.
What we know
Ripple recorded its highest percentage gain since November 24. At the time of writing, it had gained 10.61%.
READ: PAX Gold: Crypto backed by gold but outperforms gold
- The move pushed Ripple’s market value to around $24.09 billion, or 4.83% of the total cryptocurrency market capitalization.
- Also, the third most valuable crypto asset has been trading from $0.50451 to $0.58549 for some hours now.
- At such prevailing price, Ripple has plunged by 83.68% from its all-time high of $3.29 set on January 4, 2018.
READ: Germany’s biggest bank says more people now prefer Bitcoin over gold
XRP was designed by Ripple mainly to perform speedy, less costly, and more scalable alternative transactions for both crypto assets and existing monetary payment platforms like SWIFT.
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: World’s biggest asset manager, BlackRock says Bitcoin will overtake gold
It plays a dual role 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 major crypto rival, Bitcoin, which was never intended to be a simple payment system, Ripple has gained the attention of major global banks such as Standard Chartered, and Barclays for international transactions worldwide.
Explore Data on the Nairametrics Research Website
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khadijat bello
August 9, 2020 at 7:19 am
Goodmane thanks for ur sensitization on cryptocurrency.Pls I opened a link on ethereum,which I was introduced to. you are expected to get 10 referrals,get get a reasonable points and you a qualified to be paid after 30 biz day.pls how true is this offer.waiting for ur response pls tanks