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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%.

READ: About 33% of pension funds, hedge funds now own digital assets such as Bitcoin

READ: 3 Tron investors transfer 719,000,000 cryptos

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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.

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

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READ: PenCom recovers N17.51billion from defaulting employers, imposes penalties

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.

READ: Most profitable asset in a decade, Bitcoin up over 26,600,000%

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.

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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.

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READ: Ethereum whales on the rise, as Ether hits $420

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

 

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.

READ: Bitcoin could reach $225,000 by 2021

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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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

Canadian investment company buys more Bitcoin

The Canadian investment company recently disclosed it added about 73.9 BTC to its reserves since the middle of 2020.

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Bitcoin price drops $1400 in minutes, Binance, BTC wallets holdings 0.1 BTC reaches all time high, 13,000 BTC wallets are now worth more than $1,000,000

Cypherpunk Holdings a publicly listed Canadian investment company, amid record sell-offs prevailing in the flagship crypto market, has recently purchased more Bitcoin (BTC).

The Canadian investment company recently disclosed it added about 73.9 BTC to its reserves since the middle of 2020. Cypherpunk holdings raised cash by selling other crypto-assets like Monero (XMR) and Ethereum (ETH).

With the purchase, Cypherpunk now has 276.5 Bitcoins making it the 9th public Bitcoin holder. At current values, such crypto is worth about $5 million.

The report further added that “During October 2020, Cypherpunk Holdings Inc. was added to the unofficial list of public companies with a treasury position in Bitcoin alongside other companies such as MicroStrategy [MSTR], Square [SQ], and Galaxy Digital Holdings [GLXY].”

At the time of writing, Bitcoin price traded at $17,151.39 with a daily trading volume of $44 billion. BTC price is down -3.0% in the last 24 hours. It has a circulating supply of 19 million coins and a max supply of 21 million coins.

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Recall a publicly-traded company based in America, MicroStrategy, adopted Bitcoin as a treasury reserve asset to hedge against fiat inflation. This is seen in many quarters as a big deal and it’s good to see BTC’s being used as intended – a hard money/savings instrument.

Bottom-line: The many global economic uncertainties that include inflation and the depreciation in value for most global fiat currencies have made cash an unreliable store of value, pushing well-known listed companies like Square, MicroStrategy, Grayscale to store their value in a deflationary currency like Bitcoin.

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Cryptocurrency

Large entity transfers $78 million worth of Ethereum

An unknown crypto entity moved 154,245 ETH ($78,168,076 ) from an unknown wallet to another unknown wallet.

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Unknown identity moves $117 million worth of Ethereum

The bull trend currently in play amidst the record sell-offs seen yesterday has kept Ethereum whales very busy. This confirms the bias that the bearish days look numbered and never again will Ether trade below $200 support, taking to account recent price actions coming to play.

What we know: Data retrieved from Whale Alert, an advanced crypto tracker revealed an unknown crypto entity moved 154,245 ETH ($78,168,076 ) from an unknown wallet to an unknown wallet.

What this means: Such movements have been tracked by Nairametrics on the bias revealing large entities have purchased almost half of all the Ethereum mined so far in 2020, pushing the value to rise over 150% from March 2020.

  • This is clear evidence that major investors are now looking at the future potential of Ethereum as an investment, despite the recent sell-offs recorded in the second most capitalized crypto market.
  • Ethereum supports smart contracts on which developers can write code in order to program digital value.
  • Examples of decentralized apps (dapps) that are built on Ethereum include tokens, non-fungible tokens, decentralized finance apps, lending protocol, decentralized exchanges, and much more.

At the time of writing, the second most valuable crypto by market value traded at $526.21 with a daily trading volume of $23,939,794,283 USD. Ethereum is down 1.44% in the last 24 hours. The market capitalization of Ethereum stood at $59.77 Billion.

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What you should know

  • Crypto holders or entities who own a large number of Ethereum are typically called Whales.
  • This means that an Ethereum whale would be a single Ethereum address owning around 1,000 Ethereum or more.

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Cryptocurrency

Pigs on a rampage, Bitcoin drops $2,000

Bitcoin prices plunged by more than 15%, approaching the $17,000 level.

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Pigs on a rampage, Bitcoin drops $2,000, 6 features to look out for in a Cryptocurrency, Cryptocurrency: Discern investors’ goldmine 

It appears the bulls driving Bitcoin upward lately have momentarily gone out of steam. Bitcoin prices plunged by more than 15%, approaching the $17,000 level, after reaching as high as $19,580, owing to heavy losses as large investors cash in on some of their Bitcoin holdings.

READ: Why Bitcoin suddenly lost $1,000

  • The crypto lost $2,000 in a matter of few hours, falling around $17,000 before it sprang up back to the $17,900 price level.
  • Taking into consideration that most bitcoin wallets are in profit, unsurprisingly, some investors are already cashing out some of their gains amid the end of a turbulent 2020.
  • That said, its recent price action shows its tilting towards an overbought position.

READ: Dangote cement post a 52-week high, investors gain N224 Billion

At the time of writing, Bitcoin price was $17,890.84 with a 24-hour trading volume of $33,259,413,581.

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.

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READ: President Trump’s action triggers Ethereum plunge

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: NBS hits back at Prof Hanke, says Nigeria’s inflation is not 33%

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Should you buy it?

Although it’s more likely that some Bitcoin whales increase their purchases when prices drop to these levels, Nairametrics, envisages cautious buying, as the volatility in this fast-changing market, could lead to a significant loss of capital.

However, if things get really terrible, Nairametrics believes this could be another chance to buy bitcoin below $15,000.

READ: $66.5 billion worth of Bitcoin lost forever

What you should know

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Recall Nairametrics exclusively broke the news on how a crypto strategist, 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.

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