Cryptocurrency
Why this unknown crypto with over 600% gain in 3 months, might still explode
Elrond eGold (EGLD), the fast-rising token traded at around $180 after an impressive bullish rally from around $30 this January.
A highly revered crypto strategist with the pseudo name Guy recently revealed that a pretty unpopular crypto asset that had already posted over 600% since January could be the next outstanding smart contract platform.
The expert further explained his bias via YouTube to his 640,000 subscribers that the blockchain network Elrond (EGLD) has the unique attributes of the flagship crypto, Ethereum, and other new decentralized platforms in creating a one-of-kind crypto network.
He said, “It has managed to combine the best features of many leading cryptocurrencies in the space and even improve them.
Elrond’s adaptive state sharding is like the sharding we will see in Ethereum 2.0, but better.
Elrond’s secured proof of stake is like Harmony’s (ONE) effective proof of stake, but better. Elrond’s Arwen virtual machine is like Cosmos’ CosmWasm virtual machine, but better.
READ: Cardano drops, but investors remain upbeat
Elrond eGold (EGLD), the fast-rising token at the time of writing this report, traded at around $180 after an impressive bullish rally from around $30 this January. Still, the crypto expert anticipates further upsides in the future.
“Elrond’s growth has been exponential since its mainnet launch last summer. From where I’m standing, this growth has been well deserved and there is much more on the horizon. Besides the expansion of staking participation and rewards with phases 3 and 4, Elrond’s decentralized finance (DeFi) ecosystem will likely drive some serious demand for EGLD.”
READ: 1 billion worth of XRP worth $576 million released to public
What you should know
The crypto asset is a type of blockchain architecture, designed to support a 1000-fold cumulative improvement in the execution of speed. Elrond architecture combines a Secure Proof of Stake (PoS) algorithm facilitating unlimited scalability.
It was originally designed to facilitate the process of over 10,000 transactions per second at a cheap cost and with 5-second latency, attempting to become the backbone of a borderless, permissionless, and globally accessible internet economy.
Cryptocurrency
Bloody Sunday: Over 1 million investors liquidated, altcoins crash by 20%
For the day, about 1,018,638 investors had their account worth about $10 billion liquidated.
A significant number of investors in the crypto market have had their accounts liquidated amid the sudden drop seen in a number of altcoin assets.
For the day, about 1,018,638 investors had their account worth about $10 billion liquidated. The largest single liquidation order happened on Binance-BTC valued at $68.73 million.
The flagship altcoin is under high selling pressure with Ethereum trading at $1,952 at the time of writing this report, down 21.46% for the day. It is the biggest daily drop since March 12, 2020.
Such a fall pushed Ethereum’s market value to $247.15 billion, or 12.16% of the total cryptocurrency market value. At its highest, Ethereum’s market value was close to $300 billion.
On the altcoins side, the sudden crash at the time of writing this report could not be fully assessed, but market sentiments point to rumours that the U.S. Treasury is planning to charge several financial institutions for money laundering using crypto.
Top cryptos such as XRP lost as much as 21.17%, Polkadot and Litecoin were down by 20%, bitcoin cash down 20% for the day, while dogecoin has lost about 15% in value.
Many weeks ago, leading United Kingdom financial regulator, the Financial Conduct Authority, issued a piece of stern advice on crypto investments. The statement highlighted the risks associated with investing in Bitcoin and other crypto assets and warned the public that there were high chances that all their funds could be lost.
“The FCA is aware that some firms are offering investments in crypto assets or lending or investments linked to crypto assets, that promise high returns.
“Investing in crypto assets, or investments and lending linked to them generally involves taking very high risks with investors’ money. If consumers invest in these types of products, they should be prepared to lose all their money,” said the FCA.
That said, a significant number of crypto investors appear to be shrugging off the huge fall as another typical bump on the crypto path, and one which, no doubt, will likely see crypto trading volume return as crypto investors look to buy what many are viewing as a bargain, to buy into what is still very much a bullish run.
Cryptocurrency
Crypto Armageddon: Over $200 billion wiped off in the Crypto market
The global crypto market value was put at $2.03 trillion, a 10.42% plunge for the day.
The Crypto is under intense selling pressure amid the recent sell-offs in the cryptoverse, as the fast ever-changing Crypto market lost over $200 billion in value within a few hours.
The flagship crypto was down by more than 5,000 dollars pulling back below $60,000.
At the time of writing this report, the global crypto market value was put at $2.03 trillion, a 10.42% plunge for the day.
The crypto market has shed much of its stellar gains earlier recorded, as significant selling pressure from crypto investors pushed the value of cryptos lower across the market spectrum amid profit-taking.
Other Crypto assets like XRP, Bitcoin Cash EOS, lost as much as 20% within a twinkle of the eyes.
Market pundits argue that a likely factor for such intense drop was the relatively high funding rates for taking long positions on Bitcoin alongside a strong dark cloud built around the $64,000-$65,000 price level.
Adding credence to such bias is Cantering Clark, a popular crypto strategist, who added that recent data points to the market cooling off arbitrarily.
“50k and 80k strikes highest contract/notional for $BTC I think these writers will be happy and I am still in the same opinion that the end of April – May begins the shift that makes Bitcoin a less favourable long. No breakout, just range and rotation.”
50k and 80k strikes highest contract/notional for $BTC
I think these writers will be happy and I am still in the same opinion that the end of April – May begins the shift that makes Bitcoin a less favorable long.
No breakout, just range and rotation. pic.twitter.com/zWXurtIr2q
— Cantering Clark (@CanteringClark) April 17, 2021
Crypto pundits anonymously interviewed by Nairametrics are saying that a market correction was long overdue after the sudden bullish move.
The bearish trend prevailing at the bitcoin market is largely attributed to a significant amount of profit-taking in play, on the account that Bitcoin’s realized profits are at record highs.
