Connect with us

Blockchain

Analyst: Watch Which Altcoins Hold Against Bitcoin For Surprising Springboard Recovery

Avatar

Published

on

The top two crypto asset by market cap Bitcoin and Ethereum pumping so hard has left the rest of the crypto market in its dust. Even DeFi tokens that had once been hot to trot have plummeted in the wake of this week’s rally.

But one crypto analyst claims its wise to pay close attention right now to how certain altcoins hold up to the rally in majors, as they may be the top-performing assets once the top two titans cool off.

Bitcoin, Ethereum, and XRP Break Out, Crushing Small-Cap Altcoins In Their Wake

Bitcoin and altcoins have an unusual relationship. Occasionally, the assets all rise together in the same tide, while other times they show an inverse relationship.

When major crypto assets all rally together, it can often be disastrous for riskier, smaller-cap, and mid-cap altcoins. That’s exactly what happened this week when Bitcoin, Ethereum, and XRP began soaring.

Bitcoin broke above $10,000 and is trading well above $11,000, and Ethereum rallied by almost 50% in a week.

Related Reading | Analyst: Bitcoin’s 20% Surge Ruptured DeFi Boom, Projects Dive 20% or More

XRP, which has been the crypto market’s worst performer two years running, is primed for a major rally and kicked it off with an over 13% return on the week. It even helped the altcoin regain the third-ranked spot in the top ten crypto assets by market cap from stablecoin Tether.

Together, these top three crypto assets absorbed a substantial amount of capital from the rest of the crypto market, fueling the pump. New money also came in, as investors flocked to hard assets like precious metals and crypto as a hedge against inflation.

Analyst: Altcoins Holding Up During Major Crypto Rally Highlight Most Promising Projects

Which altcoins hold up well against Bitcoin and Ethereum during the next few weeks, especially small-cap altcoins, will be the best performers in the new bull market, according to one crypto analyst.

The analyst claims that any altcoins that show exceptional strength and hold their valuations well while majors rally, will be the most likely assets to “springboard” back when Bitcoin, Ethereum, and XRP cool down.

Related Reading | Crypto Analyst Pitches a Case For XRP to Hit $30 By End of 2021

Any small or mid-cap altcoins holding strong against a massive rally in majors will be due to their holders seeing the true, long-term value in the projects or coins. This typically indicates that there’s real merit in the cryptocurrency, and are the likeliest to rise when the full bull market begins.

For example, Ethereum and XRP were once far less than their current valuations, and the initial Bitcoin boom helped propel these assets into the finance industry limelight.

They’ve since become top contenders of their own. And when they do finally pause their current momentum, the next round of top contenders will begin to stand out from the pack.

Source: https://www.newsbtc.com/2020/07/31/small-cap-altcoins-bitcoin-rally/?utm_source=rss&utm_medium=rss&utm_campaign=small-cap-altcoins-bitcoin-rally

Blockchain

A senior BOJ official says the digital yen needs public support for it to become a reality.

According to the Bloomberg report, a senior Bank of Japan’s official said that there is no final decision has been made yet even after the announcement of testing to start next year. The official revealed that a lot depends on the public support for it to go ahead with its central bank-backed digital currency. Kazushige […]

Avatar

Published

on


A senior BOJ official says the digital yen needs public support for it to become a reality. – Coinnounce




























The central bank of Japan’s move to launch a digital currency would be conditional on public support, according to a senior BOJ official.


Enable Notifications
  

Ok


No thanks


Source: https://coinnounce.com/bank-of-japan-official-says-cbdc-needs-public-support/

Continue Reading

Blockchain

Japanese soccer star Keisuke Honda launches his own crypto

Crypto and blockchain matter for the global soccer community.

Avatar

Published

on

A Japanese professional soccer player is launching his own cryptocurrency to boost fan engagement.

Keisuke Honda, former Japan midfielder and currently a captain of the Brazilian professional league team Botafogo, has launched his own token to build new connections with his fans, Cointelegraph Japan reported on Oct. 22.

The so-called “KSK Honda Coin” was launched on Thursday via Rally.io, a blockchain platform for creating video streaming and gaming applications. The new coin is intended to enable fans to interact with Honda.

Holders of KSK Honda token will be able to get exclusive content from Honda as well as interact with the player via private channels on Discord. “We decided to create a social token to build new connections with our most loyal fans,” Honda said.

The world-known soccer player said that the new token will allow him to connect with fans in a more open manner, providing a 100% transparency in knowing who holds coins in the fan community.

The global soccer community is moving deeper into the crypto and blockchain industry in search of new ways of connecting stars with their fans.

On Oct. 15, a top soccer club in Russia’s Premier League — Zenit St. Petersburg — signed on to the blockchain-based gaming platform Sorare to issue collectible and tradeable digital cards. In September 2020, Italian professional sports club SS Lazio signed a multiyear deal with crypto trading platform StormGain, enabling new fan engagement options through crypto.

Source: https://cointelegraph.com/news/japanese-soccer-star-keisuke-honda-launches-his-own-crypto

Continue Reading

Blockchain

Grayscale invests $300m in a day to grow its crypto portfolio

Grayscale Investments continues to grow its cryptocurrency portfolio by adding $300 million in assets…

The post Grayscale invests $300m in a day to grow its crypto portfolio appeared first on Coin Journal.

Avatar

Published

on

Grayscale Investments continues to grow its cryptocurrency portfolio by adding $300 million in assets under management (AUM) in a day

Grayscale Investments revealed that it had added $300 million worth of cryptocurrencies to its digital assets portfolio over the past 24 hours and over $1 billion in the last week. This information was relayed by Grayscale CEO Barry Silbert via a tweet yesterday.

The crypto fund manager noted that it had $6.3 billion in AUM as of October 15. However, it has added $1 billion in cryptocurrencies over the past week, and the company now controls $7.3 billion worth of digital assets.

Silbert stated that the company “Added a cool $300 million in assets under management in one day. The additional sum brings the total assets held under management to $7.3 billion”.

The funds are held in the company’s trust for Bitcoin (BTC) and Ethereum (ETH), in addition to Grayscale’s digital large-cap fund. This latest development comes less than 48 hours after PayPal announced its entry into the cryptocurrency market, with Bitcoin surpassing the $13,000 mark afterwards.

Each Grayscale report is delayed by 24 hours, which means that this data refers to the previous day’s figure.

The cryptocurrency funds manager reported that its Litecoin (LTC) Trust recorded the highest growth since the last report. Grayscale reported that its LTC Trust increased by 7.5%, while their Zcash (ZEC) Trust increased by more than 6% over the past 24 hours. Grayscale also has extensive holdings in other cryptocurrencies such as Ripple (XRP), Ethereum Classic (ETC), Bitcoin Cash (BCH), Horizen (ZEN) and Stellar Lumens (XLM).

Grayscale might be increasing its cryptocurrency holdings after raising massive funds in the third quarter of the year. Grayscale’s financial report for Q3 2020 revealed that it had bought over $1 billion in investment across all its cryptocurrency trusts. This year, Grayscale has raised $2.4 billion, which is more than twice the total amount they obtained for the years 2013 – 2019.

The investment firm revealed that 81% of investment in the third quarter came from institutional investors, while another 57% came from people investing in multiple products.

With the crypto fund manager now holding over $6 billion in AUM, it means that Grayscale controls around 2.5% of the total Bitcoin supply, currently above 18,000 BTC. The Bitcoin supply is capped at 21 million, which means that roughly 2.5 million bitcoins are left to be mined.

Grayscale isn’t the only company that is increasing its stakes in cryptocurrencies at the moment. MicroStrategy recently bought $425 million worth of Bitcoin, and Jack Dorsey’s Square Inc. invested $50 million in Bitcoin.

Source: https://coinjournal.net/news/grayscale-invests-300m-in-a-day-to-grow-its-crypto-portfolio/

Continue Reading
Energy46 mins ago

World’s Sole Owner of PERKLONE and TRIKLONE Now Supplying Saudi Arabia Oil & Petroleum Refineries; PERKLONE EXT; Catalyst grade, UOP Approved

Esports2 hours ago

Complexity Gaming Signs Jks From 100 Thieves

Energy6 hours ago

EV Charge Holding Limited sichert sich 15 Millionen Euro von GEM

Energy6 hours ago

Xinhua Silk Road: Chinas Solarindustrie soll angesichts der angestrebten Klimaneutralität schneller wachsen

Energy7 hours ago

Xinhua Silk Road: o setor solar da China deve concretizar um crescimento mais rápido em meio a um objetivo de neutralidade de carbono

Energy7 hours ago

Xinhua Silk Road: La industria solar de China adoptará un crecimiento más rápido en busca del objetivo de la neutralidad de carbono

Esports9 hours ago

jks: “I’m at the point in my career where I really just want to win a lot of things; this is the reason why I came to Complexity”

Energy9 hours ago

Insights on the Fermented Ingredients Global Market to 2027 – Strategic Recommendations for New Entrants

Energy10 hours ago

$6.9 Billion Worldwide Spandex Industry to 2027 – Impact of COVID-19 on the Market

Energy10 hours ago

Kimbell Royalty Partners Declares Third Quarter 2020 Distribution

Denmark
Esports10 hours ago

Vitality edge out Astralis to reach DreamHack Open Fall grand final

Energy10 hours ago

Turquoise Hill completes 10:1 share consolidation

Energy10 hours ago

Insights on the Rayon Fibers Global Market to 2027 – Featuring Grasim Industries, Kelheim Fibres and Lenzing Among Others

Esports10 hours ago

How to Make Excellent Throws in Pokémon GO

Esports10 hours ago

Professor Willow Spotted a Colorful Pokémon: Galarian Ponyta Teased in Pokémon GO

Esports10 hours ago

Adventure Together Pokémon GO: How to Make a Pokémon Your Buddy

Energy10 hours ago

Valvoline to Participate in Gabelli Annual Automotive Aftermarket Symposium on Nov. 3

Energy11 hours ago

$172 Million Worldwide Friction Stir Welding Equipment Industry to 2027 – Impact of COVID-19 on the Market

Energy11 hours ago

Three Verdant Power Tidal Turbines Deployed in New York City’s East River

Energy11 hours ago

Kennametal to Attend Baird 2020 Global Industrial Virtual Conference

Brazil
Esports11 hours ago

MIBR add stand-in trio for BLAST Premier Fall, Flashpoint

Energy11 hours ago

Worldwide Thermal Energy Storage Industry to 2025 – Featuring Abengoa, Baltimore Aircoil & Brightsource Energy Among Others

Esports11 hours ago

Apex Legends Shadowfall: Will it Come Back?

Esports11 hours ago

Cyberpunk 2077 Early Access: Is There One?

Esports11 hours ago

Cyberpunk 2077 Map Size: Denser Than You Might Think

Esports11 hours ago

Executing Zombies in Warzone Gives It a Walking Dead Type Feel

AR/VR12 hours ago

Competition: Win Either Angry Birds VR or Acron: Attack of the Squirrels! for Oculus Quest

Denmark
Esports12 hours ago

Complexity unveil jks

Cyber Security12 hours ago

How Comodo’s Auto-Containment Technology Is Helping an IT Company Provide Ransomware Protection to Clients

Esports12 hours ago

How to Get Logan Wolverine Skin in Fortnite

Energy12 hours ago

SkyWater Commissions Department of Defense-Funded Facility Expansion with Ribbon-Cutting Ceremony and Distinguished Speakers

Energy12 hours ago

Leading Edge Materials Updates on Norra Karr Exploration License

AR/VR12 hours ago

Beat Saber Multiplayer for PlayStation VR Arrives Early 2021

Esports12 hours ago

Eris Loris Among Us: The Hacker Frustrating Among Us Players

Energy13 hours ago

Global $2.25+ Billion Mobile Power Plant Markets to 2026

Energy13 hours ago

Global Environment Media (GEM) Announces the First-of-its-Kind Digital Media Network Dedicated to Positive Environmental Solutions

AR/VR14 hours ago

The VR Game Launch Roundup: A Horrifyingly Tasty Selection

Blockchain News14 hours ago

Microstrategy CEO Reveals BTC Purchase is Corporate Strategy to Adopt Bitcoin Standard

Brazil
Esports14 hours ago

BOOBIE joins Yeah

Energy14 hours ago

EPRI Joins International Consortium to Overcome Barriers to Renewable Energy Integration

Trending