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.
Previous ATH of 3,590,669 was observed on 30 October, 2020.
Previous ATH of 3,590,669 was observed on 30 October 2020
— glassnode alerts (@glassnodealerts) October 31, 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.
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.
Previous 2-year high of 0.295 was observed on 30 October 2020
— glassnode alerts (@glassnodealerts) October 31, 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.
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.
Explore the Advanced Financial Calculators on Nairametrics
VP Osinbajo disagrees with CBN, calls for crypto regulation
Vice President Yemi Osinbajo had recently called for Crypto regulation knowing fully well the role Crypto play in the global financial ecosystem.
The Vice President of Nigeria, Prof. Yemi Osinbajo has recently called for Crypto regulation knowing fully well the role Crypto plays in the global financial ecosystem as he opined that such disruption often makes room for progress.
Osinbajo also advised the SEC, and Central Bank of Nigeria in creating a regulatory road map, while fully appreciating the stance of the CBN, Nigerian SEC, and law enforcement agencies on the possible abuses of crypto assets.
The vice president further stressed the importance Cryptocurrencies would play in the coming years as they will most likely challenge traditional banking, including reserve banking, in ways the world hasn’t yet imagine, stressing the need for Nigeria in being prepared for such a seismic shift.
He also called for scaling up of government-private sector interventions because, “the task of national development requires that we fire on all cylinders, after all at one stage China was building 1.9m housing units per year.”
Cryptocurrencies in the coming years will challenge traditional banking, including reserve banking, in ways that we cannot yet imagine, so we need to be prepared for that seismic shift. pic.twitter.com/tbIR8eah2s
— Prof Yemi Osinbajo (@ProfOsinbajo) February 26, 2021
Why a number of investors are trading stocks through blockchain
More than half (56%) of Robinhood account holders are considering leaving the platform as a result of the fiasco.
The recent outrage by WallStreetBets over the temporary suspension of GameStop (GME) and a few other stocks has led a significant number of stock traders to seek other viable means of trading stocks.
Recent data retrieved from Fortune Magazine revealed that such fiasco which led to the suspension of trading such stocks by leading American stock trading app, Robinhood, has severely damaged its brand.
More than half (56%) of Robinhood account holders are considering leaving the platform as a result of the fiasco. 40% of Robinhood investors say they aren’t considering it, and 4% say they’ve already left the platform as a result of its stock limiting. It looks like Robinhood is learning the lesson Warren Buffett preached for years: “It takes 20 years to build a reputation and five minutes to ruin it.”
Blockchain technology is already revolutionizing financial system services. This technology has made the need for a third party unnecessary in transactions or access to the stock market. Conventionally, buying stocks usually requires a stockbroker, paperwork, or a long list of financial assessments.
Unlike regularly traded stocks, tokenized stocks do not require any sort of paperwork or the need for a stockbroker as a middle-man, which makes them free from the stockbroker’s fees.
Tokenized stocks are derivatives assets. This simply means that the price of a tokenized stock is determined by the price of the company’s stock. If a particular asset is traded at a certain price on a stock market, the same price or a little difference in price will be traded on different exchanges.
Tokenized stocks are digitalized forms of a company’s stock traded on secondary markets. What this means is that Tesla, Apple, Facebook, etc. stocks can be traded on a crypto exchange. Trading Tesla’s stocks, for instance, on crypto exchanges makes it easily accessible to purchase anywhere.
Tokenized Gold, Silver, Tesla, etc. are traded on FTX Exchange and other leading crypto exchanges where spot markets and futures can also be traded.
What you must know: The group tagged as the Wallstreetbets is a longstanding subreddit channel founded in 2012, where many Reddit users discuss highly speculative trading strategies and ideas.
- The group has caused huge disruption to financial markets in the previous week, especially among institutional investors like Melvin Capital who recently recapitalized their fund amid its losing positions at Gamestop.
- Stock traders are becoming concerned that hot trending stocks such as GameStop, rising at such an alarming rate might lead to great chaos at global financial markets, in the long run.
That said, tokenized stocks are traded round the clock like crypto assets, though the flip-side is, they can’t be liquidated when the traditional market is closed.
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