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Cryptocurrency

Cryptos you should consider buying

Many of these digital assets are currently breaking record highs.

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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

The rise of crypto assets in recent years has attracted institutional and retail investors, who seem to have flooded the fastest-growing financial asset class in modern time.

Many of these digital assets are currently breaking record highs in one way or another, and the rise of DeFi tokens has ballooned the crypto market capitalization to about $384 billion, according to data retrieved from Coingecko a crypto analytic ranking firm.

In addition, the advent of yield farming has seen cryptos like Compound’s COMP token double its price in the first week of trading.

READ: YFI: Yearn Finance becomes the most expensive cryptocurrency, surges past $27,000

Adebayo Juwon, an FTX consultant for Africa, spoke to Nairametrics in an exclusive interview, giving valuable insights on the rise of DeFi crypto. He said:

“Following the recent market movement in the crypto space, new traders might get too excited with gains, especially in the Xefi section. The YFI(s) are the bubbles of DeFi with crazy gains for holders, which of course is most likely to get blown off once the hype is over.”

READ: Chelsea Football Club owner sells gold mining stake for $1.4 billion

He also spoke on Serum, a fast-growing DeFi asset, showing an impressive gain of over 3000% in less than 30 days.

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“One can’t deny the impact DeFi has had in the crypto market recently, as some of them have solid backgrounds and real-time projects to prove for it. I’ll take Project Serum as an example and its native token SRM.

“Serum is the world’s first completely on-chain cryptocurrency ecosystem with trustless trading fully backed by FTX, built on Solana blockchain. SRM is the Serum ecosystem token.

“It is natively based on the Solana blockchain and also has an Ethereum (ERC20) version. This is a new product that went 3000%+ since IEO sale less than a month ago, while still growing solid. Crypto traders and investors may want to take a look at this one.”

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

Consequently, other leading DeFi cryptos that have outperformed the flagship crypto (Bitcoin), include Aave’s LEND, which has risen by almost 5,000% in 2020, and Yearn Finance’s YFI token, which has soared in terms of price value, presently trading at around $31,000.

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Also, in a detailed note to Nairametrics, Ekene Ojieh, Head of Public Relations and Corporate Strategy at Buffalo Chase, a crypto-asset custodian management firm, gave an analysis on cryptos that investors could consider other than Bitcoin.

“Aside bitcoin, there are thousands of other cryptocurrencies, which are simply called altcoins,” she said.

Ekene talked about her preferred choice, Dash, with its unique circulating supply. “There are good coins and shitty coins. I wouldn’t say I have any favorite one; over the years Dash has proved to be a great project.

READ: CBN’s MPC unlikely to cut rates, as Nigeria’s foreign reserves hit $36.16 billion

“Dash coin is a fork of bitcoin, it was launched in 2014. There is about 18 million total supply of dash and approximately 9.7million in circulation.

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“Dash is a widely used coin, the 12th most valuable coin. It allows transactions to be untraceable and close to instant. In the past 9 months its ROI is around is 55%.”

Infrastructure projects such as Chainlink’s LINK, which provides a network of decentralized oracles needed for some DeFi applications like insurance, have also been gaining traction.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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    Cryptocurrency

    XRP surges by 150% in 7 days as Ripple posts early victories against SEC

    This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.

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    XRP, Ripple's co-founder earned $411 million from selling XRP in 2020

    Amid the strong bullish rally at play in the cryptoverse, Ripple’s XRP looks to be leading the way with a push as it almost triples in value following a series of legal victories and social media rumours of relisting at some crypto exchanges like Coinbase.

    This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.

    At the time of writing this report, XRP traded at $1.47 with a daily trading volume of $29.3 billion. XRP is up 147% for the week with a current market value of about $67 billion.

    The surge in this crypto asset is coming amid a lawsuit from the SEC which accused XRP’s $1.3 billion initial coin offering of being an “unregistered securities offering.” The allegation led most American crypto multiple exchanges to delist the crypto and XRP lost its place as the 3rd largest crypto by market value.

    That being said, crypto traders appear to be backing the crypto asset amid credible reports suggesting that Ripple lawyers have posted two victories in their legal tussle against the powerful American regulator, including gaining access to internal Securities Exchange Commission discussion history regarding crypto assets.

    What this means

    Such access by Ripple’s lawyers to these records would offer them insights into why the Securities Exchange Commission has not deemed Bitcoin and Ethereum a security asset.

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    Cryptocurrency

    Crypto market surges above $2 trillion, as Bitcoin stages a huge comeback above $60,500

    The global crypto market value at press time stood at $2.05 trillion, a 3.85% increase over the last day.

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    The flagship crypto is recording a significant buying spree as Bitcoin bounced above the $60,500 price level once again.

    The global crypto market value at press time stood at $2.05 trillion, a 3.85% increase over the last day, with Bitcoin having a market value of $1.123 trillion and a circulating supply of 18,678,481 BTCs

    Bitcoin’s price is currently $60,638.55.

    READ: Bitcoin miners are consistently earning $50 million daily

    Bitcoin’s dominance is currently 55.36%, an increase of 0.21% over the day.

    Investors are moving their funds to Bitcoin after an avalanche of COVID-19 stimulus shocked the crypto market since last year amid fears of rising fiat inflated currencies coupled with leading business brands adding more buying pressures on Bitcoin with BNY Mellon, America’s oldest bank giving its approval on the new digital gold as it makes a debut into mainstream investment assets.

    Consequently, MicroStrategy now has 91,579 BTCs worth about $5.54 billion while Tesla holds 32,608 BTCs, hinting that more global business brands may take such route to hold the most popular crypto as a treasury tool amid concerns that just 21 million BTCs will ever exist with about 4 million BTCs already lost forever.

    READ: Less than 4 million Bitcoins available for buying

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    Recent price action suggests that bitcoin bulls are holding on tight as they built strong support around the $58K area.

    READ: XRP posts a big bang, as legal tussle with SEC lingers

    That being said, crypto pundits argue that bitcoin still faces strong headwinds in the coming months amid growing regulatory concerns. There is also the bias that its high volatility is making it challenging for some traditional investors to come on board and its massive electrical consumption via the blockchain has also put it at odds with many environmentalists.

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