Digital Assets Beat Traditional Assets by a Wide Margin & Ethereum Outperforms Bitcoin

In 2020 to date, Bitcoin has seen a positive performance of 80% and Ethereum 217%.

With these gains, digital currencies are leading this year, with both the top digital assets outperforming traditional asset classes, that too by a wide margin.

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Source: TradeBlock

Clearly, Ether has enjoyed much higher performance than Bitcoin, just yesterday it also caught up with BTC’s latest move. ETH went to $420 and is currently trading around this level only.

The realized price of Ether, the average price for each ETH at the time it last moved on-chain, actually hit a 21-month high, at $246, a level not seen since January 2019. In the past six months, it has increased by 21%.

According to one quant trader, benign bearish on the network, which is the center of the fast-growing DeFi and stablecoin space, just doesn’t make sense.

“I get not being long ETH, but I don’t get why anyone would be short ETH against what is to me the single most important protocol upgrade and token incentives change since the beginning of Ethereum in 2014,” said Qiao Wang.

Outperforming Bitcoin

It has been because of DeFi and stablecoins crazy growth this year, which saw Ethereum beating Bitcoin not just in terms of price but also in transaction volume as it transacted two times more value than BTC daily.

“Ethereum’s progress has been so incredible that it will likely becomes the first public blockchain ever to settle $1 trillion in a year,” said Ryan Watkins, a researcher at Messari.

ETH vs BTC Daily Transactions
Source: Messari

Much of this growing activity has been because of stablecoins, especially ERC-20 USDT, with Tether alone doing more volume daily, nearly double, than Bitcoin.

When it comes to DeFi, Yield farming phenomena and decentralized exchanges (DEX) play a big part. DEXs now comprise 13.6% of total volumes from all exchanges (CEX+DEX). Uniswap and Curve did more than $20 billion in combined volume last month, resulting in a boom in on-chain liquidity on Ethereum.

However, as Ethereum becomes the “epicenter of crypto finance,” it comes at the cost of extremely high fees pricing out retail users and pushing some apps out too.

And this allows alternative platforms to gain attention and adoption. According to Messari, 5 layer 1 alternatives raised a combined $138 million over the quarter.

“The next 12 months could come to define the smart contract market as almost every high-profile Ethereum competitor will be live by year-end. And these networks are barrelling towards a head-to-head battle with Ethereum’s bevy Layer-2 scaling solutions,” said Wilson Withiam of Messari.

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Author: AnTy

Kyber Network to Roll Out Katalyst Upgrade on July 7th; Launching KyberDAO & Liquidity for DeFi

Kyber, an on-chain liquidity protocol, has announced July 7 as the date for the launch of its Katalyst upgrade, which would bring some significant changes to the in-house token, to attract more consumers.

The announcement suggests that the upgrade aims at lowering the friction liquidity contributions along with DApp integration to the Kyber network and the introduction of rebates for the high-performing reserves.

Another major upgrade would be the launch of KyberDAO, which would be a community platform allowing KNC holders to participate in the essential on-chain governance process. KNC holders can participate in this process by staking their tokens, which will enable them to vote on significant protocol parameters and changes along with the KyberDAO proposal.

Loi Luu – CEO of Kyber Network – talked about the upcoming major upgrade and believed the update would prove pivotal in their effort to offer on-chain liquidity for taker and maker. He said:

“Katalyst will harmonize our efforts towards providing a single on-chain liquidity endpoint for all takers and makers, and establish a long term virtuous loop where the success of the DeFi space, growth of the Kyber ecosystem, and value creation for KNC holders go hand in hand.

The Katalyst upgrade and KyberDAO support three key groups of Kyber stakeholders: reserves who provide liquidity to Kyber, DApps who connect takers to the Kyber protocol, and KNC holders who form the heart of the network.”

Luu further commented on the plans for the network, and how it aims to bring in more options for KNC token holders that can do more by staking their tokens. These plans also include integration to new wallets, which allow easy access to Kyber.org and its dapp ecosystem. The firm also plans to add more third-party staking options.

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Author: Hank Klinger

SEC Not Approving Bitcoin ETF for Price Manipulation Fears while Stock Market & Oil in Free Fall

To date the US Securities and Exchange Commission (SEC) has rejected several Bitcoin-based exchange-traded fund (ETF) proposals, the latest one was shot down just last month with no pending proposal left for approval anymore.

The primary reason behind these rejections has been “fraudulent and manipulative” acts in the industry.

However, as we have been seeing in the past few weeks, the stock market has been experiencing its worst fall since the 2008 financial crisis. Since the weekend, oil prices have been in free fall as well.

“3x Oil ETN dumps ~52% in a day. No regulator can ever again tell me that a Bitcoin ETF may be too volatile or manipulated. Oil, the single most traded commodity, tumbled 30% as a result of a weekend decision from a small non-sovereign/intergovernmental organization (OPEC),” said Gabor Gurbacs, digital asset strategist at VanEck.

A bitcoin ETF would allow investors to invest in the digital currency without having to purchase or store it.

Earlier this year, ShapeShift CEO Erik Voorhees also called for the need for a bitcoin ETF in the light of 41% premium on Grayscale Bitcoin Trust (GBTC).

“Is it fair to say that premium is the cost the SEC has imposed on investors by coercively preventing an ETF from coming to market? Which party is being helped by them, exactly?” said Voorhees at that time.

According to Nate Geraci, host of ETF Prime, in the absence of bitcoin ETF, institutional or accredited investors can “profit from this premium at the expense of retail investors.”

Impeding Innovation

In a recent conversation on CNBC, Chris Hempstead, the director of institutional business development at ETF and hedge fund provider IndexIQ said the Bitcoin ETF has a bigger chance of approval if the retail demand for the product grows.

“I doubt very heavily that it’s going to be the last straw. I think everyone will continue to listen to the feedback and the notes from the SEC, what their comments are, and they will continue to address it,” said Hempstead.

When investor and market demand will push, the SEC will have another look and have different considerations. However, he is not expecting any “significant changes” in SEC’s decisions in the near future at least.

Bitcoin enthusiast Hodl wave feels it’s good that the bitcoin ETF isn’t approved yet as there’s “code to write, infrastructure to build, and sats to stack.”

“Let the Hodler base and maturing market take us to $250k / BTC and let the boomers handle the next 10x,” said Hodl Wave.

In the light of the Wilshire Phoenix’s Bitcoin ETF rejection, SEC commissioner Hester Peirce also published a dissenting statement where she slammed the SEC for its biased treatment of the bitcoin-related products.

Hester whose term at SEC is expiring on June 5 said this conservative approach “impedes innovation in this country and threatens to drive entrepreneurs, and the opportunities they create, to other jurisdictions.”

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Author: AnTy

Nike Jumps in Feet First to Blockchain Tech With Patented CryptoKicks Using Ethereum

  • There is no launch date available for the new CryptoKicks by Nike yet.
  • The new technology is described as an Ethereum ERC721 or ERC1155 token on the Ethereum blockchain.

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Nike is one of the biggest names in footwear, and they have just pushed their way into the cryptocurrency industry with their newly patented shoes. According to the December 10th patent, the shoes have been tokenized into a non-fungible token (NFT), which are called CryptoKicks and can be found on the Ethereum blockchain, according to reports by The Next Web’s Hard Fork. The document described the technology as an Ethereum ERC721 or ERC1155 token, which is meant to both transact and authenticate an actual shoe.

To unlock the token, customers will have to buy the corresponding shoe in stores, as they connect the owner identification code with a 10-digit shoe identification code. The purpose of this system is to show the authenticity of the real-world purchase, according to the patent. The patent also states that the digital assets can be purchased and sold on the blockchain, as the digital assets are stored in an app that is similar to a cryptocurrency wallet called a “Digital Locker.”

As an example, the patent elaborates that a customer “may buy a new pair of highly sought-after sneakers from a verified vendor who may provide authenticated provenance records for the sneakers.” Upon receiving their shoes, the customer scans the UPC of the box with an app that they will need to download for the shoe. However, at least right now, there is no launch date specified.

Nike suggests that the creation of the tokens might ultimately be connected to the shoe sales, which would make it easy to demonstrate the rareness of their footwear presently available to consumers, reducing the risk of counterfeit purchases. The patent shows that the purchase of a genuine Nike-branded pair of shoes could generate a “digital representation” that would be “linked with the consumer and assigned a cryptographic token.” The token and the digital shoe would “collectively represent a ‘CryptoKick.’” The ownership of the digital token would be passed on to the next consumer, if and when the footwear is sold, creating a record of ownership on the blockchain.

With this new patent, which was originally filed in April 2019, there are clear nods to CryptoKitties, a collectible cats game that is also based on the blockchain, implying that there’s a way to breed the shoes. The patent specifically states that the buyer of this shoes have the ability to,

“securely trade or sell the tangible pair of shoes, trade or sell the digital shoe, store the digital shoe in a cryptocurrency wallet or other digital blockchain locker, intermingle or ‘breed’ the digital shoe with another digital shoe to create ‘shoe offspring.’”

The “offspring” would then essentially create a new pair of shoes.

As blockchain technology continues to grow, and as companies get more involved, the development of the industry is movement at a rapid pace. However, the United States is hardly at the forefront of innovation. China seems to be taking the lead primarily, surpassing patent applications of many countries, including the United States.

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Author: Krystle M

“Next ALTS Run Gonna Be Crazy” These Altcoins Have Already Surged 100 to 1000%

In 2019 to date, Bitcoin price has registered an increase of 145% as it trades near $9,300 BTC/USD level. Unlike the leading cryptocurrency, top cryptocurrencies like Ethereum (34.7%), EOS (28.8%), Tron (1.08%), Cardano (0.82%), and XMR (32.39) are only green in the lower percentages.

Here is how other popular crypto altcoins have been performing in the 2019 calendar year: XRP (-18.5%), IOTA (-23.11%), Dash (-9.91%), Ethereum Classic (-4.93%), Zcash (-34.74%), NEM (-35.55%), QTUM (-2.30%), OmiseGo (-30.60%), Lisk (43.51%), DigiByte (-30.91%), Waves (-74.13%), and many others are meanwhile deep in red in 2019.

Source

In 2019, despite going through a bull rally in Q2 and then seeing another bout of a surge in late October, the majority of the altcoins have failed to show any progress.

During the recent spike in crypto prices, Chinese altcoins registered significant gains but even that hasn’t been able to provide much relief to the digital assets that have been down 90 to 95% from their ATH.

Davos Cryptos, community building of mobile wallet Bolt believes the next bull run is going to be a “crazy” one.

However, a handful of cryptocurrencies have already recorded tremendous gains this year.

According to Coincodex’s top 100 cryptocurrencies, with more than 1,500% of gains, Synthetix, Seele, and EDUCare are at the top.

Source

One of the hottest cryptocurrencies of 2019 among the top cryptos is Link, the 15th largest cryptocurrency, which has seen a spike of 846% trading at $2.82. In July it was up over 2,000%.

Ravencoin is another digital asset that jumped 118% in 2019 to date currently trading at $0.03. However, in June it surged to $0.75.

A few other coins enjoying significant gains YTD are Matic Network (164.5%) and REN (114%).

However, exchange tokens are outshining the top top altcoins with OKB of OKEx exchange leading this pack with over 370% gains while it trades at $3.25.

BNB, the native token of the leading cryptocurrency exchange Binance is up 235% YTD as it trades at $20.15. Similarly, Huobi Token (HT) of exchange Huobi is up 261% at $3.94 and KuCoin Shares (KCS) of KuCoin exchange has jumped 153%.

Just remember there are bitcoin maximalists who believe bitcoin is the one and only so be careful where you get your information from as some have motives and some have no care to entertain the rest of the cryptocurrency market, which accounts for roughly $82 billion as of November 2, 2019.

Whether you take that insight with a grain of salt or not, the truth is alts are poised and positioned to do a big run should the bitcoin rally take place too.

Now, it remains to be seen if any digital asset from the top 10 cryptocurrencies would register any gains this time or stay dormant. By many expert estimations, we are just under 200 days before the bitcoin mining halving as many predict the next six months to be an extremely bullish trend to unfold as the crypto market cap looks to break its previous high of just over $830 billion back in January 2018.

Latest Bitcoin Price News and Crypto Market Updates

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Author: AnTy

TON Final Test Run To Be Released As Developers Say Network Is Compatible With Ethereum

Telegram’s blockchain and cryptocurrency projects, one of the most anticipated in the industry, is approaching its release date. Telegram is one of the biggest social media companies, and it is popular for its privacy and encryption functions. The social media giant’s crypto project is expected to be one of the most valuable in the crypto world when it goes public.

The mainnet launch for the blockchain project, named the Telegram Open Network (TON), is expected on the 31st of October. TON’s trial users expect to receive the node running code on the 1st of September as Telegram moves into the final phases of the project’s preparation.

Comparability with Ethereum

TON Labs has been tasked with developing the network and the tools that developers will need to build new systems of their own. The tech startup received considerable support from investors during Telegram’s token sales, and this has allowed the tech firm to develop more tools for developers.

Various tools have been announced, and each one of these will appeal to a different sector of the blockchain and crypto industry. TON Labs recently announced a Solidity compiler, which will allow Ethereum based applications to be built and run on TON.

Alexander Filatov, CEO of TON Labs, said that the Solidity compiler for Ethereum is one of the most challenging things they’ve had to build. The tool will allow developers in the Ethereum community to move everything they have written for Ethereum to TON. TON Labs has been testing Solidity compiler since July and TON trial users can expect to access this tool.

Final Pretest

The TON version being released to TON trial users on the 1st of September is expected to be the last in a series of tests run by TON Labs.

Filatov said that this test run might be the most important of all the ones they’ve run because they have limited time to fix any bugs that may be identified during the tests. There is little time between the release of this test run and the launch of TON’s mainnet.

According to the user agreement signed between Telegram and its investors, the social media company will have to refund all those who bought tokens if the mainnet does not launch on the 31st of October. This makes the trial run being released on the 1st of September even more important because if anything goes wrong, it puts Telegram in a predicament.

Through its token sales, Telegram raised about $1.7 billion as investors poured in to get a piece of the highly anticipated project.

Telegram’s tokens, named GRAM, are already trading on unauthorized markets where investors are already fetching high profits for the tokens before the network is launched officially. Telegram warned that these investors are in contravention of their user agreement and they risk losing their entire share of the GRAM token.

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Author: Ali Raza