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Chainlink Is Exploding in Price as of Late

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It looks like Chainlink (LINK) is today’s big gainer. Despite mediocre activity amongst some of the leading cryptocurrency assets – i.e. bitcoin, Ethereum, Ripple, etc. – the asset has shot up by more than 1,000 percent since May of last year.

Chainlink Is on a Serious Roll

Many of the primary cryptocurrencies within the space have been hit hard by the coronavirus-induced global market crash, which ultimately caused assets like bitcoin to temporarily lose as much as 70 percent of their values from one month to the next. To be fair, many of these assets have since recovered. Bitcoin is back to trading well above $9,000 and has remained there since May, but this is small beans when compared to the massive gains experienced by Chainlink.

At the time of writing, the currency has hit an all-time high of nearly $6.50 per token, of which 60 percent has been added to its price over just the last month alone. Chainlink serves as a bridge builder between blockchains, allowing multiple distributed ledgers to work in tandem with each other.

Vance Spencer – co-founder of Framework Ventures – explained in a statement:

We’re seeing this spike as the Chainlink network is getting scaled usage powering DeFi, connecting on-chain DeFi smart contracts to off-chain data feeds like commodities and crypto price data. Firms outside of crypto are also starting to realize the power of enterprise smart contracts powered by robust oracle networks, and the decision of the Chinese government to integrate Chainlink oracles into their national blockchain services network is a legitimately huge deal… Chainlink’s adoption has created incredible community momentum.

As it stands, Chainlink has established partnerships with many notable banking and tech firms over the past few years. These partnerships have been formed with the likes of Google, SWIFT, and Oracle to name a few. Spencer says:

The link rally is being driven by a multitude of factors, the most important of which is its sheer potential to unlock all the promise that smart contract platforms have so far failed to deliver on. We’re essentially witnessing the ‘uberization of data.’ Holders of the LINK token will eventually be able to participate in the crowdsourcing process and will earn money for doing so. For a certain class of investors, the right to provide data for smart contracts is a potentially incredible opportunity to develop steady passive income streams based on the data economy.

Many People Are Jumping On Board

Over the past several months, it appears that many new investors have hopped onto the Chainlink train, primarily out of fear. They’re worried they’re going to miss out on the currency’s massive gains. Spencer explained:

We believe that the winner of the smart contract platform war will eventually be worth several factors greater than Ethereum’s current market cap… If that is the case, then it is only natural that the security layer of that winner, Chainlink, will also grow significantly in value.

Tags: , , Source: https://www.livebitcoinnews.com/chainlink-is-exploding-as-of-late/

Blockchain

Ethereum Rebounds Following Recent Nosedive; What Analysts are Expecting

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  • Ethereum has been taking a beating throughout the past few days as all eyes closely watch Bitcoin
  • The crypto has been severely underperforming BTC as of late, with the benchmark digital asset seeing a sharp rise in market dominance as altcoins stagnate
  • This could be due to ETH and other alts lagging, which would indicate that a sharp move higher is imminent in the near-term
  • One analyst is noting that a reclaim of $410 is likely imminent and could be enough to help spark a shift back into ETH bulls’ favor

Ethereum has been sliding lower throughout the past day, but its buyers have been able to guard against it seeing any serious downside.

Yesterday, it dipped as low as $380 before seeing an influx of buying pressure that helped it rebound slightly.

This choppy price action comes as Bitcoin shows signs of strength and pushes to fresh 2020 highs.

This underperformance isn’t a new trend, as Ethereum has been struggling to keep up with Bitcoin ever since the crypto’s rebound first began a couple of weeks ago.

So long as BTC continues gaining dominance over the market, it is likely that this trend will persist.

One analyst is noting that a reclaim of $410 could help Ethereum gain some ground against BTC.

Ethereum Underperforms Bitcoin as Selling Pressure Ramps Up

At the time of writing, Ethereum is trading up roughly 3% its current price of $405.

Although this marks a serious decline from its multi-day highs of $420, it also marks a rebound from its 24-hour lows of $380 that were set during yesterday’s intense selloff.

This selloff came about in tandem with that seen by BTC, but while the benchmark crypto has rebounded to fresh 2020 highs, ETH is still lagging far behind.

Analyst Claims ETH Likely to Rally Higher in Coming Days 

There is one analyst who believes that this trend of severe underperformance will soon come to an end.

While sharing his thoughts on Ethereum, he explained that a reclaim of $410 is likely to come about in the next few days, which could spark a sharp upside movement.

“ETH / USD: Seems as though BTC is back above $13,000 now and honestly ETH wicked into support and got bought up pretty nicely as previously mentioned, back into full longs now. Expect $410 to be reclaimed before the week is over…”

Ethereum

Image Courtesy of Cactus. Source: ETHUSD on TradingView.

The next few hours and days should shine a light on Ethereum’s technical outlook against Bitcoin.

Featured image from Unsplash.
Charts from TradingView.

Source: https://bitcoinist.com/ethereum-rebounds-following-recent-nosedive-what-analysts-are-expecting/?utm_source=rss&utm_medium=rss&utm_campaign=ethereum-rebounds-following-recent-nosedive-what-analysts-are-expecting

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Cryptocurrency could revive Latin America

Cryptocurrency trends suggest that within 10-years Latin America’s economy could completely transform. Latin America’s crypto trading scene is booming with Brazil yards ahead of everyone else, followed by Venezuela, Argentina, Mexico and Colombia. Many Latin Americans depend on DAI and USDC stable coins to save and in Mexico, 5% of the U.S. remittances came from […]

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  • Cryptocurrency trends suggest that within 10-years Latin America’s economy could completely transform.
  • Latin America’s crypto trading scene is booming with Brazil yards ahead of everyone else, followed by Venezuela, Argentina, Mexico and Colombia.
  • Many Latin Americans depend on DAI and USDC stable coins to save and in Mexico, 5% of the U.S. remittances came from Bitcoins.

Cryptocurrency could revive Latin America

Cryptocurrency could revive the Latin American community. Current trends from digital payments such as Bitcoin in the case of Latin America suggest that within 10-years Latin America’s economy could completely transform.

Chain analysis released data showing cryptocurrency usage increasing in Latin America. Latin America’s crypto trading scene is booming with Brazil yards ahead of everyone else, followed by Venezuela, Argentina, Mexico and Colombia.

Many Latin Americans depend on DAI and USDC stable coins to put away their savings and in Mexico’s case, 5% of the U.S. remittances came from families sending over Bitcoins.

Latin Americans Turn to Bitcoin as Local Fiat Currencies Plunge

The figures here show how P2P trading has risen in contrast to the depreciation home currency.

One key factor contributing to cryptocurrencies popularity is the lack of access to financial services. The permissionless payments and reputation based digital identities are filling the financial service whole.

Digital services make it easier for people to transact both regionally and globally and use a QR code or online signature to prove their identity.

What the future of Latin America could look like

The potential growth of the online world in Latin America could help serve the underserved community in multiple ways. The innovation could also inspire innovators to host their classes online and allow people to pay from anywhere in the world using Bitcoin.

Such out of the box thinking would be nothing new as Latin America is leading the world in mobile phone usage and development so, are more likely to operate online.

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Grayscale: 55% of US Investors Are Interested in Bitcoin

If it seems like more investors are jumping on the bitcoin train with the price now trading above $13,000,  it’s probably because they are. The BTC price touched a new high for the year at $13,500 on Oct. 27, and the fundamentals appear only to be getting stronger. Digital currency asset manager Grayscale Investments published its […]

The post Grayscale: 55% of US Investors Are Interested in Bitcoin appeared first on BeInCrypto.

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If it seems like more investors are jumping on the bitcoin train with the price now trading above $13,000,  it’s probably because they are. The BTC price touched a new high for the year at $13,500 on Oct. 27, and the fundamentals appear only to be getting stronger.

Digital currency asset manager Grayscale Investments published its 2020 survey on bitcoin sentiment, and the results are bullish. Grayscale, via 8 Acre Perspective, canvassed 1,000 consumers across the United States between 25 and 64.

According to Grayscale, investor interest in Bitcoin has been piqued, with more than half, or 55% of those polled expressing a desire to invest in the leading cryptocurrency. This compares to slightly over one-third of respondents in the 2019 survey.

Bitcoin also has momentum on its side, as more than 80% of survey respondents said they added exposure to bitcoin within the last year. More than one-third of that subset invested in the past four months alone.

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Grayscale also acknowledged the headwinds that prevent people from taking the plunge into digital assets. Some of the biggest hurdles include a “need to access investment income” for retirement, volatility, and risk.

As fate would have it, the risk pendulum could be beginning to swing in the opposite direction. Even JPMorgan has come full circle, reportedly saying in a recent report that bitcoin offers “considerable upside” as an alternative investment to gold.

Follow the Signs

In addition to Grayscale, there are other signs that bitcoin interest is on the rise. According to Google Trends, there has been an upswing in searches for the term “bitcoin” in recent weeks though searches remain below their peak for the year, which occurred in May.

Source: Google Trends

Bitcoin Less Risky

It could also be because bitcoin as an asset class is getting more mature. Mike Novogratz, CEO of Galaxy Digital, seems to think so, saying in a tweet that bitcoin on a risk-adjusted basis “is an easier bet today than it has ever been,” adding that it is “being de-risked daily.”

Raoul Pal, economist, co-founder, and CEO of Real Vision Group, couldn’t agree more.

Source: Twitter

Trader Luke Martin also cheered this dynamic, saying that with investing, there will be ups and downs while explaining,

“The floor is higher for Bitcoin than it’s ever been.”

Crypto market leaders have also been touting the fact the bitcoin has been trading independently from stocks of late, with Gemini’s Cameron Winklevoss saying “the decoupling is upon us.” This theory appears to be happening in fits and starts.

Source: https://beincrypto.com/grayscale-55-of-us-investors-are-interested-in-bitcoin/

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