Cryptocurrency
Ethereum defying law of gravity surges past $1,050
Ether traded above $1,000 for the first time since 2018, hours after smashing past $800 for the first time since March 2020.
The world’s utility crypto, Ether traded above $1,000 for the first time since 2018, hours after smashing past $800 for the first time since March 2020.
What you should know; At the time of writing, Ethereum price traded at $1,050.73 with a daily trading volume of $64.7 billion. Ethereum is up 31.63% for the day with a market value estimated to be $120 billion.
READ: Ethereum market value of $83.8 billion is now bigger than Nigerian Stock Exchange
Ether trading volumes on leading exchanges tracked by Nairametrics have been substantially higher over the previous month. about two days ago the one-week average of total volume for ether trades on those crypto exchanges was $3.3 billion.
It’s vital to note the increased buying pressure in Ether is on a record high since it has caught the eye of high net worth individuals.
READ: Why Ethereum could make you rich
READ: Short term buyers beware! Bitcoin drops $3000 in a few mins
- Ether’s love among institutional investors is based on its high utility fundamentals. First, the DeFi, the industry is the hottest and the most trendy thing in the crypto-verse in 2020.
- Ethereum blockchain also maintains the leadership status as almost all DeFi projects are based on Ethereum blockchain.
- Just recently it upgraded to Ethereum 2.0, which is seen by many crypto enthusiasts as the game-changer in reforming the distributed system, after some years of research and coordinated effort by top developers around the world.
READ: You can now buy Bitcoin, Ethereum, Uniswap through Apple Pay
READ ALSO: Ripple takes back 800 million XRP
Cryptocurrency
Present day cryptos won’t last long – Bank of England
The most powerful British monetary policymaker, is not of the bias that the current generation of digital assets has the structure needed to ensure long-term regulatory survival
The most powerful British monetary policymaker, Andrew Bailey, is not of the bias that the current generation of digital assets has the structure needed to ensure long-term regulatory survival.
Speaking during the World Economic Forum yesterday on “Resetting Digital Currencies” the Bank of England governor reacted to a question on whether crypto is here to stay for the long term with skepticism:
“Are cryptocurrencies here to stay? Digital innovation in payments – yes. Have we landed on what I would call the design, governance, and arrangements for a lasting digital currency? No, I don’t think we’re there yet […] I don’t think cryptocurrencies as originally formulated are it.”
In a report credited to This is Money, a British-based financial newspaper, Andrew Bailey said that crypto-currencies in their current state were not likely to be the final settling point, as consumers, businesses, and regulators would look for digital currencies that are stable, safe, and well-designed before fully shifting away from traditional currencies like the pound and dollar.
What you should know: At the time of drafting this report, the crypto market was valued at $955 billion, a 2.23% drop over the last day.
- The total crypto market volume for the day stood at $128 billion, which makes a 2.15% increase.
- The total volume in DeFi is currently $15.65 billion, 12.19% of the total crypto market’s 24-hour volume.
- The volume of all stable coins is now $101.61 billion, which is 79.15% of the total crypto market 24-hour volume.
- Bitcoin’s price is currently $32,164.91.
- Bitcoin’s dominance is currently 62.86%, an increase of 0.65% over the day.
Cryptocurrency
List of Cryptos expected to outperform many financial assets in 2021
A list of cryptos expected to do very well in 2021 has been unveiled by a renowned crypto expert.
Widely respected crypto trader, Michaël van de Poppe recently unveiled the list of cryptos expected to do very well in 2021 amid the prevailing bullish run in the Crypto verse.
He started by mentioning Polkadot (DOT) and looking at levels where investors can buy on dips.
“We do see these retests at $15. That was one of the levels I discussed. Another one is this $13-level which is lower timeframes and then we’ve got this area around $10.50,” he said.
READ: Crypto experts reveal their favourite Cryptos
Polkadot protocol connects private and public chains, oracles future technologies, and permission-less networks allowing such independent networks to share information and transactions through the Polkadot relay chain,
Van de Poppe expects the next leg of the bull run to catapult DOT to his targets at $25, $29, and $45.
In addition to Polkadot, the analyst says he’s also bullish on smart contract platform Cardano (ADA), blockchain for enterprise solutions Zilliqa (ZIL), hybrid blockchain platform ICON (ICX), high throughput blockchain Elrond (EGLD), and interoperable blockchain network Cosmos (ATOM).
READ: DeFi crypto market value gains over 1000% from June
Cardano is a type of blockchain that permits people to receive and send funds.
- ADA coin is the name of the cryptocurrency.
- It uses the Cardano blockchain and it also allows people to design smart contracts just like Ethereum.
Elrond is a type of blockchain architecture, created to facilitate a 1000-fold cumulative improvement in the execution of speed.
Its architecture combines a secure Proof of Stake (PoS) algorithm facilitating unlimited scalability.
Zilliqa is a type of cryptocurrency that focuses on making blockchains more scalable and much faster; It uses sharding technology to simplify the consensus process so that blockchains like Ethereum can provide fast transaction processing successfully.
READ: Ethereum miners earning more than their Bitcoin rivals
Another solid crypto on the crypto expert’s radar is Celer Network (CELR). He says the layer-two scaling platform can potentially rise to $0.035, representing a potential return of 400% from its present value of $0.007.
Last but not least is chainlink on the bias it has more room for upsides as its still upcoming crypto and has a solid fundamental;
“Chainlink itself has a very big market share of the oracle niche. Other oracles are just starting up their first,” Poppe said.
READ: ChainLink, now most valuable DeFi Crypto by market value
Chainlink is a blockchain that is designed to bridge the space between blockchain technology-based smart contracts (created by ETH), and other user programs.
Cryptocurrency
Chainlink defying law of gravity, now more valuable than Litecoin
Chainlink traded at $25.31 with a daily trading volume of $3.9 billion and gained about 20,000 percent since its inception.
Chainlink (LINK) continued its bullish rally amid strong buying pressure in recent days, thereby setting a new all-time high at $25.50 and surpassing Litecoin (LTC) in terms of total market cap to become the seventh most valuable crypto.
READ: Nigeria leads the world in Bitcoin searches on Google
What you should know: At the time of drafting this report, Chainlink traded at $25.31 with a daily trading volume of $3.9 billion. It has gained about 20,000 percent since its inception.
- Chainlink is a blockchain that is designed to bridge the space between blockchain technology-based smart contracts (created by ETH), and other user programs.
- Since blockchains by principle can’t have access to data outside their paths or networks, a DeFi instrument is needed to facilitate data feeds in smart contracts, and Chainlink helps to solve such needs.
READ: 100% of Chainlink (LINK) wallets are now in profit
Recall some days back, a highly revered crypto strategist, Michaël van de Poppe, listed some crypto assets that might likely overtake XRP as Polkadot did. Michaël, via his Twitter handle, revealed the cryptos expected to surpass XRP.
“Polkadot takes over spot 4 over XRP by market capitalization. Just a matter of time before Cardano, Chainlink, and Litecoin surpass XRP too.”
READ: List of cryptos likely to overtake XRP
#Polkadot takes over spot 4 over #XRP by market capitalization.
Just a matter of time before #Cardano, #Chainlink and #Litecoin surpass #XRP too.
— Michaël van de Poppe (@CryptoMichNL) January 16, 2021
READ: Binance offers DeFi coders $100,000; DeFi market value hits $8 billion
For enterprises, Chainlink is an abstraction layer that securely connects smart contracts to existing backend systems, massively expanding the kinds of business use cases that are possible, from parametric weather insurance to supply chain tracking.
READ: CHAINLINK now sixth most valuable crypto, keeps setting new highs
Should you buy it now?
Many individuals have the impulse to enter a position when the price is soaring. But those support/resistance flips actually give the best entries. Specifically, the first area of concern for global investors is the $25 resistance level, on the bias that some crypto traders anticipate profit-taking amid its impressive run in recent days.
