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Cryptocurrency

ChainLink now the 5th most valuable crypto, gains 418% since July 1

Link is currently worth about $19, gaining about 418% since July 1, 2020

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ChainLink’s digital coin skyrockets 388% in 130 days, still soaring

Chainlink (LINK) has joined the top 5 most valuable cryptocurrencies by market capitalization, following a surge in interest by crypto traders and investors for the digital coin over the last few weeks.

Link, which is currently worth about $19, has gained about 418% since July 1, 2020, when it was trading around $4.55. Chainlink (link) is pushing closer to the $20 threshold and solidifying itself in the number five position for the most valuable cryptocurrencies ranked by market capitalization.

READ MORE: XRP plunges more than 10%, biggest daily percentage drop since March 12

Is Chainlink in a price bubble?

Sometimes when the price of crypto-assets increase overtime, it gets to a point when the bubble will burst and almost all assets will experience price correction. The less mature the crypto asset and the weaker the fundamentals, the sharper the correction will be.

Is Chainlink overvalued?

Nairametrics does not believe that Chain link is overvalued. Compared to 2017, DeFi tokens are nowhere close to being as overvalued as mainstream crypto assets like BTC and ETH. However, there is a strong level of caution among investors.

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Quick fact: Defi means “decentralized finance”. It is 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: Crypto-Scammers stole $24 million worth of BTCs in 2020  

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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.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading and Financial Market Analysis. Member of the Chartered Financial Analyst Society. You can follow Olumide on Twitter @tokunboadesina or email [email protected]

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Cryptocurrency

4 Cryptos you might make money from in November

Bitcoin remains the most liquid crypto, and has been attracting high institutional interest.

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IMF calls crypto "special currency" and educates the public, Crypto: Why investors are rushing to DeFi assets, total market capitalization of cryptocurrencies, Crypto, Whales move 100,000,000 Tether, USDT in less than 24 hours

Billions of dollars flow daily into the crypto-verse, as investors try to get more value from their invested buck.

Nairametrics decided to highlight crypto assets that are likely to make investors and traders smile to the bank.

The first pick is ZCash (ZEC). It’s on Nairametrics’ top pick, on the basis that it will be undergoing its first halving this November. This means that its inflation level would be reduced to about 13%.

It also means that the inflation correction due to Zcash’s halving may likely give the temporary bump.

Ethereum makes the list based on the fact that investors have increased their buying pressure on the second most valuable crypto by market value, coupled with the bias that the number of Ethereum $ETH Number of Addresses Holding 0.1+ coins just reached an ATH of 3,590,870.

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Previous ATH of 3,590,669 was observed on 30 October, 2020.

The third pick is Cardano (ADA), on sentiments that it’s heading towards its smart contract release, sometime in November, leading to a significant amount of applications built on Cardano by this time 2021. This means that more developers will see it as an attractive medium for building their desired apps.

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And of course, the most valuable crypto in the crypto-verse, Bitcoin. This pick is for obvious reasons: it remains the most liquid crypto, and has been attracting high institutional interest, most recently from PayPal, which means that it might just be a matter of time before the crypto asset becomes the number one choice asset for safe haven.

Also, miners are earning fees at record highs as recent reports from Glassnode, a crypto analytic firm, reveals. Bitcoin miners’ revenue from fees (1d MA) just reached a 2-year high of 0.296.

The previous 2-year high of 0.295 was observed on 30 October, 2020.

 

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Disclaimer: Nairametrics, with the help of other leading financial data providers, through their price assessments performance in percentage terms, ranked the financial assets at specific categories.

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The objective is to give the needed insight of top-performing financial assets around the world, and should not be seen as a piece of investment advice or guide, as Nairametrics advises one to seek the services of a certified financial advisor for such services.

Therefore, Nairametrics doesn’t bear any responsibility for any trading loss you might incur as a result of using this data.

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Cryptocurrency

Rich investors are moving cryptos at an alarming rate

Over $1.5 billion worth of Bitcoins have been transferred from one point to another in more than 15 transactions.

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Rich investors are moving cryptos at an alarming rate, Bitcoin, BTC, cryptocurrency,Cryptocurrencies and its usage in Africa

Wealthy investors have lately intensified their moves at an astronomical rate, with the prevailing price seen at the world’s flagship crypto hovering above $13,000.

At the time of writing, over $1.5 billion worth of Bitcoins has been transferred from one point to another in more than 15 transactions less than 5 hours ago, as tracked by Nairametrics, thus giving a signal that wealthy investors are definitely up to something.

The most recent price movement captured by Nairametrics showed a BTC whale moving about $34 million worth of cryptos to Coinbase, the world’s most valuable crypto exchange company.

READ: Two strange Bitcoin whales transfer $290 million worth of Crypto

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READ: Ripple owners say XRP will be worth $100

Why you should know: In the crypto-verse, traders, or global investors who own large numbers of BTCs are typically called Bitcoin whales. This means a Bitcoin whale would be an individual or business entity (with a single Bitcoin address) owning around 1000 Bitcoins or more.

The number of large entities owning BTCs recently reached an all-time high amid Bitcoin’s ascension. By October 25, the number of large entities owning over 1000 BTCs increased to 2,231.

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Whales could be anticipating a strong medium to long-term Bitcoin price trend, and are choosing to hold on to BTC in expectation of a bull market.

READ: 2 TRON whales transfer over 120,000,000 TRX

READ: Dual citizenship firm opens office in Nigeria for millionaires, charges over $1 million

What this means: much of the recent increase can be attributed to wealthy entities withdrawing their BTC from exchanges. Apparently, this is not new wealth; rather, it represents a change in the way Bitcoin whales are choosing to hold their coins.

Explore the Advanced Financial Calculators on Nairametrics

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  • That said, it’s critical to note these large entities are on record highs amid last week’s price ascension. Statistics obtained from BitcoinCharts revealed that Bitcoin whale addresses actually control a much higher 7,902,469 BTC, or 42% of the total supply.
  • That brings an affirmative bias that these large entities’ movements are trajectory to price movements at unprecedented levels.
  • This is an indication that more high-net-worth individuals are entering the space to invest in Bitcoin, in expectation of $BTC price appreciation.
  • Bitcoin accumulation has been on a constant upward trend for months. 2.6M $BTC (14% of supply) are currently held in accumulation addresses.

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Cryptocurrency

Crypto bounty: $1 million up for you

Harvest Finance has increased its bounty from $100,000 to $1 million for details of an unknown cyber hacker.

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Crypto bounty: $1 million up for you

Fast-growing decentralized finance (DeFi) protocol, Harvest Finance, has increased its bounty from $100,000 to $1 million for details of an unknown cyber hacker – leading to the return of $24 million in siphoned funds taken recently.

What you should know

According to tweets seen on its official Twitter handle – Harvest Finance anonymous, Harvest is offering the bounty of $1M for “tracking down” the attacker and returning the funds.

READ: Crypto for music, AUDIO up by 500%

At the moment, the attacker is known to:

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  • understand flashloans
  • understand arbitrage and trading
  • understand the curve internal code
  • understand renBTC
  • understand opsec

READ: Fate of $2.3 billion worth of Bitcoins in Limbo

READ: $100,000 bounty offered to catch crypto hacker

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Why it’s happening

Harvest Finance’s bounty is coming on the back burner when it observed its protocol was apparently hacked, with the cyber hacker reportedly exploiting about $24 million from Harvest Finance pools and swapping for renBTC (rBTC).

READ: Cryptos: Nigerian financial experts talk risks associated with trading digital assets

  • Hence, Harvest Finance affirmed the hack, stating the protocol is “working actively on the issue of mitigating the economic attack on the Stablecoin and BTC pools.”
  • To protect users, we’ve pulled y pool and btc curve strategy funds to the vault.
  • At this point, all Stablecoin and BTC funds are in the vault (not deployed in a strategy). No other pools are affected.
  • To be specific: to protect users, 100% of Stablecoin and BTC curve strategy funds have been withdrawn from the strategy to the vault.

READ: Trump proposes $25 billion bailout for U.S. airlines

About Harvest

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Harvest, a new (DeFi) platform created on the Kava blockchain, plans to launch a product that will enable users to earn more on Bitcoin, XRP, Binance coin, and two other cryptos.

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Harvest offers crypto users the platform to supply crypto assets for lending, and earn interest on them, as well as, use their crypto as security for borrowing; this is according to Brian Kerr, Kava’s co-founder and Chief Executive.

Explore the Advanced Financial Calculators on Nairametrics

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