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Cryptocurrency

Stellar’s XLM on a big bang, up by 10%

Stellar traded at $0.173966 with a daily trading volume of $730.6 million and presently has a market value of $3,789,103,962.

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Stellar outperforms many Cryptos, yearly gain hits 233%

The 11th most valuable crypto by market value, Stellar’s XLM is having a big bang amid high pressure prevailing at an exponential level.

At the time of writing this report, Stellar traded at $0.173966  with a daily trading volume of $730.6 million Stellar is up 10.50% for the day. It presently has a market value of $3,789,103,962.

It has a circulating supply of 21,780,693,141 XLM coins and the maximum supply is not available.

READ: Finance leaders of G7 countries strongly support crypto regulation

READ: Stellar outperforms many Cryptos, yearly gain hits 233%

What you must know: Stellar is an open platform that enables funds to be moved and stored. It was invented about 6 years ago with the objectives of boosting financial inclusion by reaching the world’s unbanked but soon afterward changed course by focusing majorly on helping financial companies connect with one another through blockchain technology.

READ: Ripple jumps by 4% as investors intensify buying spree

Its digital coin better referred to as, lumens, serves as a bridge that makes it much cheaper in trading assets across borders. All of its mission is changing the status quo of existing payment providers, who often charge high fees for such services

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READ: Why Bitcoin will not go back to zero

Recall Nairametrics reported on Hauck & Aufhäuser, one of Germany’s elite and oldest private banks, joining hands with a fast emerging fintech company, Kapilendo, in creating an investment fund primarily for crypto-assets like Stellar;

The bank highlighted the objectivity of creating such crypto funds.

READ: SEC says state governments have borrowed N900 billion from capital market

“We are seeing that digital assets and cryptocurrencies are becoming increasingly attractive with institutional investors. With the launch of our first crypto fund, together with Kapilendo, we have created an innovative investment vehicle that gives our customers inexpensive and secure access to the new crypto asset class, while meeting the established quality standards and high demands of Hauck & Aufhäuser,” says Holger Sepp, member of Board of Hauck & Aufhäuser.

READ: World richest man, Jeff Bezos holds 5% of his wealth in cash

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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. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Cryptocurrency

Altcoins giving investors weekly returns of at least 100%

4 cryptos are outperforming Bitcoin by a long distance, having registered weekly gains of more than 100% at press time.

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The world’s most popular crypto, Bitcoin is presently trading above the $55,000 price levels amid profit-taking seen across market spectrums that currently leaves the world’s flagship crypto with weekly gains of about just 3.71%.

Still, 4 cryptos are outperforming Bitcoin by a long distance, having registered weekly gains of at least more than 100% at the time of drafting this report.

The leader of the pack is Telcoin which rallied by 291% in the last 7 days. The fast-rising crypto is an Ethereum-based decentralized crypto created about 4 years ago in Singapore to be the bridge between blockchain, cryptos, and the telecom industry.

The crypto project was created solely to partner with leading American Telcom firms in curbing the obstacle that is prevalent between billing platforms and mobile money, by providing users with very fast, cheap remittances fees when compared to mobile money platforms.

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

The crypto asset is an ERC-20 token meaning it thrives on the Ethereum Blockchain.

Ethereum Classic comes in second with a weekly gain of 166%. The five-year-old crypto is a hard fork of Ethereum, solely designed as a smart contract network, with the capability of supporting decentralized applications. Its native token is ETC.

The crypto asset gained its relevance for preserving the integrity of the existing Ethereum blockchain after a major hacking event that led to millions of Ethers stolen.

OKB comes in third on the account that it rallied by 117% over the past week, OKB is a fast-rising altcoin that operates on the Ethereum blockchain. The crypto asset currently has a supply of 300,000,000 with 60,000,000 in circulation.

READ: Billions of dollars lost in Crypto market, as over 500,000 investors get wrecked

The utility crypto is issued by the OK Blockchain Foundation with the major objective of connecting prospective crypto projects to OKEx users as well as investors.

The fourth is Dogecoin with a weekly gain of 102% at press time. The popular crypto asset facilitates peer-to-peer digital transactions. This means you can send money online with much ease. It is usually referred to as “the internet currency.”

It is different from BTC’s proof-of-work protocol in many ways, one of which is the Scrypt technology. The fast-growing altcoin also has a block period of 1 minute, and the total supply is unlimited, meaning that there is no limit to the amount of Dogecoin that can be mined.

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Cryptocurrency

Unknown whale moves $440 million worth of Bitcoin as institutional buying drops

Data retrieved from Btc Blockbot revealed the wealthy entity moved 7,970 BTC worth $440 million in block 681,99.

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BTC, Bitcoin, crypto, Unknown entity transfers $166 million worth of Bitcoins

Wealthy investors have increased their transactional volume just as a Bitcoin whale moved about $440 million some hours ago. The world’s most popular crypto asset hovers around $54,500.

Data retrieved from Btc Blockbot revealed the wealthy entity moved 7,970 BTC worth $440 million in block 681,99.

READ: 1 Bitcoin will buy you a house in Nigeria’s rich suburb

In the past few weeks, the flagship crypto has relatively experienced a significant amount of selling pressure after touching $58, 0000 and plummeting as low as $47,000, suggesting that institutional inflow on the world’s most popular crypto asset seems to be faltering.

Adding credence to the weakening buying spree is data retrieved from Glassnode postulating that the Bitcoin number of Addresses holding 10+ Coins just reached a 4-year low of 147,046

The previous 4-year low of 147,094 was observed on 03 May 2021.

READ: Dogecoin breaks new high, far more valuable than Nigerian Stock Market

At the time of writing Bitcoin traded at $54,465.57 on the FTX exchange with a daily trading volume of about $70 billion. For the week, the flagship crypto asset is up by just 0.35% and it remains by far the most valuable crypto by market value with a valuation of $1.018 trillion.

Recent data reveal Bitcoins older than 6-months have not seen a meaningful increase in spending since the correction back in February, meaning long-term holders have paused their buying actions momentarily.

Previous instances of similar spending behaviour were observed during the December 2020 consolidation, just before breaking to a new all-time high, and during the first bull market correction in January.

What you must know

At the flagship crypto market, traders or investors who hold large amounts of bitcoins are typically referred to as whales.

This means that a BTC whale would be an individual or business entity (with a single Bitcoin address) owning around 1000 Bitcoins or more.

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Usually, as these whales accumulate the flagship crypto assets, Bitcoin’s circulating supply reduces, and this can weaken any bearish trend the crypto asset finds itself in.

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