Connect with us
iubh
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
british airways
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
app

Cryptocurrency

Reddit traders push XRP’s market value far past Polkadot

XRP now has a market value of about $22 billion, while Polkadot has a market value of $14.6 billion.

Published

on

XRP

XRP has just surpassed its arch-rival, Polkadot, amid strong buying pressure from an army of relatively young traders on Reddit.

XRP now has a market value of about $22 billion, while Polkadot, an open-source multichain protocol that enables the cross-chain transfer of any data or asset type, had a market value of $14.6 billion.

READ: Top 5 richest people gain over $200 billion in 365 days

XRP gained over 120% in two days, as the fourth-most valuable crypto by market value became the new coin of focus from a new brand of retail traders known as WallStreetBets.

  •  XRP traded at $0.483947 with a daily trading volume of $23,175,166,863. It is up 13.23% for the day.
  • Recall that XRP is facing a serious legal tussle with America’s leading financial regulator, and this has caused many crypto exchanges including Coinbase to delist XRP.
  • Such has led to its market value subsequently plummeting by 63%, in a crash that proved disastrous for many investors.

READ: List of Cryptos outperforming Bitcoin, with weekly gains of over 100%

Meanwhile, leading crypto-payment based company, Ripple, creator of the fourth most valuable cryptocurrency by market capitalization, recently unlocked 1 billion XRP, worth $477.7 million, from an escrow account in two tranches.

“500,000,000 XRP (238,886,002 USD) unlocked from escrow at Ripple Escrow wallet.”

Hotflex
Sigma Pensions

“500,000,000 XRP (238,886,002 USD) unlocked from escrow at Ripple Escrow wallet.”

READ: Ripple takes back 800 million XRP

Ripple owns more than half of the total supply of XRP. In late 2017, the company vowed not to sell all of its tokens (XRP) at once, keeping up to 55 billion XRP in protected escrow accounts.

Stanbic 728 x 90

It then set up a plan to release about 1,000,000,000 XRP monthly for sale to be used as funding for its operations, and to invest in startups of interest, with the rest kept back in the escrow accounts.

What this means: In simple terms, the implication of this is more liquidity in the Ripple network, as more investors will now have access to XRP.

Ripple (XRP) plays a dual role as a payment platform and a currency. It is an open-source platform that is created to allow quick and cheap transactions.

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.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Cryptocurrency

Bitcoin ETF in North America has reached $1 billion in assets

The first North American Bitcoin ETF has already reached $1 billion (C$1.25 billion) in assets less than two months after its launch.

Published

on

According to a statement from its issuer, the first North American Bitcoin ETF has already reached $1 billion (C$1.25 billion) in assets less than two months after its launch. What exchange-traded funds did to the conventional investing market for decades could happen to cryptocurrency players in a fraction of the time.

Investors are clamoring for crypto exposure, particularly in an exchange-traded fund wrapper, and the product from Toronto-based Purpose Investments, ticker BTCC, has seen a lot of interest. Although there are many crypto funds in Europe that work similarly to ETFs, this is the first ETF anywhere.

More than $165 million worth of shares were traded on the fund’s first trading day in February, a big start for a fund in the much smaller Canadian ETF market.

Its rapid cash accumulation reflects the high demand for Bitcoin products in the United States, as issuers compete for approval of the first Bitcoin ETF in the nation. Despite regulator resistance to accept the tactics, at least eight companies, including VanEck Associates Corp. and WisdomTree Investments, now have live applications with the Securities and Exchange Commission.

On Tuesday, Bitcoin surged to an all-time high of about $63,246 ahead of Coinbase Global Inc.’s upcoming IPO later this week.

There is an increasing expectation that a bitcoin ETF will be available in the United States in the not-too-distant future. Gary Gensler, the nominated chairman of the Securities and Exchange Commission, has taught cryptocurrency classes. The bitcoin market has exploded in popularity in recent months, attracting the attention of major financial institutions. Bitcoin ETFs are once again being sought by VanEck, Fidelity, and others.

One advantage of ETFs is that shares can be readily created and redeemed to arbitrage away any discount or premium, which could greatly broaden their appeal. ETFs are also cheaper, which will put pressure on fees across the bitcoin ecosystem. Hence market sentiment may push the ETF higher.

Sigma Pensions
Continue Reading

Cryptocurrency

Bitcoin is on fire, breaks above all-time high

The flagship crypto traded at $62,645.26 with a daily trading volume of about $60 billion.

Published

on

Bitcoin on high demand, hits 2-year high, trading $17,000

Bitcoin prices ascended to a record high on Tuesday, hitting another milestone at above $62,000, a move that many reaffirm to be a bullish trend in the cryptoverse and one that can make other digital assets surge.

At the time of writing this report, the flagship crypto traded at $62,645.26 with a daily trading volume of about $60 billion. Bitcoin is up 2.99% for the day. The world’s most popular crypto now has a market value of about $1.17 trillion.

Adding credence to the strong bullish run in play is data retrieved from Glassnode pointing to the fact that holders of the flagship crypto are selling less, as Bitcoin deposits on exchanges hit a 30-day low.

BTC Number of Exchange Deposits (7d MA) just reached a 1-month low of 2,837.702.

READ: Why Bitcoin might likely hit $100,000 soon

READ: Bitcoin produces 4 billionaires worth at least $3 billion each

More details later…

Sigma Pensions

Continue Reading

  





Nairametrics | Company Earnings

Access our Live Feed portal for the latest company earnings as they drop.