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Cryptocurrency

Unknown identity transfers 89,999,980 XRP to Coinbase

Unknown identity transferred 89,999,980 XRP worth 22,515,762 USD from an unknown wallet to Coinbase

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Ripple locks 800,000,000 XRP, prices push up

The fourth most valuable crypto by market value – XRP, has experienced huge transactions in its market lately on the bias that large investors are keenly rushing in to have a stake in the supposedly undervalued crypto when compared to bitcoin and Ethereum.

Data from Whale Alert revealed an unknown identity transferred 89,999,980 XRP worth 22,515,762 USD from an unknown wallet to Coinbase.

READ: Why U.S biggest Bank, JP Morgan Chase is bullish on Bitcoin

  • At the time of this report, XRP traded at $0.248352 with a daily trading volume of $2 billion.
  • XRP price is down -2.3% in the last 24 hours.
  • It has a circulating supply of 45 billion coins and a max supply of 100 billion coins.

READ: Large entity moves $75 million worth of Ethereum

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What you should know

Ripple (XRP) plays dual roles – 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 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.

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READ: THORchain, most profitable crypto in the last 24 hours

What this means

Economic historian, Barry Eichengreen, recently explained that cryptos should not just be considered for speculative reasons, as leading crypto assets have shown characteristics of being tangible assets.

According to him, “I don’t think that thinking about crypto as speculative investments, is really a long-term viable business model. Speculative investments have come and gone throughout history. Tulips came as a speculative investment and they went. Digital assets that provide actual tangible services like cross-border payments are the ones that are likely to have legs.”

READ: Tether mints over a billion dollars worth of USDT

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Barry went on to explain why cryptos have become the new digital gold.

“Gold doesn’t really have any intrinsic value. People [believe] it will hold its value because other people value it. There is, from that point-of-view, a parallel with cryptocurrencies. People pay actual U.S. dollars for it because they think other people will value it and pay actual U.S. dollars for it,” he said.

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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

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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Cryptocurrency

Ethereum cools off, drops 10%

Ethereum has recently dropped more than 10% after reaching above $600.

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Number of contract calls on Ethereum rises by 300%

Crypto bears have taken a brief hold on the second most valuable crypto by market value. Ethereum dropped more than 10% after reaching above $600 some hours ago.

  • At the time of writing this report, it traded at $553.53 with a daily trading volume of $16,372,458,478.
  • It has a circulating supply of 110 million coins and a max supply of ∞ coins.
  • It wasn’t all bad news for Ethereum stakeholders, as the number of Ethereum Non-zero Addresses just reached an ATH of 49,977,938.
  • Previous ATH of 49,974,788 was observed earlier today, showing that buying interest in the ever-changing crypto market might just be a temporary pullback.

READ: U.S top regulator speaks on Cryptos and future of banking to U.S Congress

What you should know

Ethereum is a global, open-source platform for decentralized applications. In other words, the vision is to create a world computer that anyone can build applications with, in a decentralized manner, while all states and data are distributed and publicly accessible.

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READ: FIRS rakes in N4.178 trillion revenue, achieves 98.6% of revenue target

The native currency that flows within the Ethereum economy is called Ether (ETH), which is typically used to pay for transaction fees and also the base currency of the network.

On Ethereum, all transactions and smart contract executions require a small fee to be paid, which is called Gas. In technical terms, Gas refers to the unit of measure on the amount of computational effort required to execute an operation or a smart contract.

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READ: Africa’s internet economy has the potential to reach 5.2% of the continent’s GDP by 2025 – Goggle/IFC

What they are saying

ETH sellers should be cautious of a reversal, on the bias that the world’s biggest crypto hedge fund, Grayscale, revealed huge buying interests prevailing at the Ethereum market.

On its Twitter feed, it said: “It’s become clear there’s a strong demand for Ethereum investment products. In our 3Q20 investment report, we saw the largest investment into Grayscale Ethereum Trust ever, with over $202 million in quarterly inflows.”

READ: THORchain, most profitable crypto in the last 24 hours

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Explore Data on the Nairametrics Research Website

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