As the bearish pressure remains prevalent in the cryptocurrency industry, this new week isn’t off to the best of starts. All top markets are still deep in the red, although the XRP price continues to note smaller deficits compared to both Bitcoin and Ethereum. Although this price momentum is rather promising, establishing an actual uptrend remains one of the bigger problems to date.
What Comes Next for the XRP Price?
If anyone could accurately predict future movements of any digital asset or cryptocurrency, they would literally make millions of dollars per day. Until that happens, speculating on XRP price will be the most commonly used alternative. It seems the value of this particular digital asset is less subject to volatility when compared to both Bitcoin and Ethereum, although that doesn’t necessarily mean there aren’t any price changes to take note of.
On social media, there are quite a few interesting developments to keep an eye on moving forward. Bitrue only recently added a few additional XRP-based trading markets, yet the company is intent on keeping that momentum going. Upcoming XRP pairs include EOS, POLY, XEM, and VET, which are expected to be integrated by the end of January of 2019. This further confirms the viability of using XRP as a base asset for crypto trading pairs.
2019: The 6 best altcoins performers in the top 50
Although the Bitcoin (BTC) price is still struggling to recover from a catastrophic 2018, a number of altcoins have seen some impressive gains this year, and some speculators are even predicting alt season. So with that said, let’s take a look at 2019’s top altcoin performers in the top 50…
6. VeChain (VET)
Current price: $0.005283
Jan 1, 2019 price: $0.003980
VET is the 23rd-largest crypto by total market cap, which currently stands at $293 million. It has seen gains of 33% for 2019 so far.
VET is now at its highest price level since the end of November. The most recent price spike, of around 17%, was on March 12. This corresponded with a peak trading volume of around $31.4 million.
The supply-chain focused crypto was launched back in 2015. Back in January, VeChain announced major partnerships with relevant companies including healthcare company Milly. VET has also been supported by leading storage solution Trust Wallet since February 28.
Current price: $3.78
Jan 1, 2019 price: $2.57
EOS is the 5th-largest crypto by total market cap, which is currently $3.4 billion. Since the start of the year, its price is up 47%.
The price has stabilized recently, but February saw some particularly big gains. After dipping throughout January, the price jumped by $1.23 over the course of the month. February 18 saw an increase of 22%, followed by another spike of around 15 percent on February 21 in the wake of news about a partnership with online forum platform Tapatalk.
4. Maker (MKR)
Current price: $705.24
Jan 1, 2019 price: $447.80
Ethereum-based token MKR is part of the DAI stablecoin eco-system. It is currently the 16th-largest crypto by total market cap ($705.8 million). 2019 so far has seen it increase in price by 57%.
February was a huge month for MKR, with the token peaking at $765.78, over double the price it was at the start of the month.
The success of MKR this year is primarily linked to that of DAI. MKR tokens are destroyed or created in order to maintain the stablecoin’s dollar peg, and they are also used to pay transaction fees on the network. Trade volume for DAI has surged throughout the year, peaking at $114.8 million back on February 28. 2 percent of all ETH tokens are currently being used as collateral for DAI loans.
3. Ontology (ONT)
Current price: $1.10
Jan 1, 2019 price: $0.59
ONT is the 18th-largest crypto by total market cap, which currently stands at $545.37 million. It has seen a 86 percent increase since the start of 2018.
Big fundamentals that could explain ONT’s price growth recently include a major distribution deal with MovieBloc, which corresponded with a 14% 24h increase, as well as a listing on the Bittrex exchange. Another major event was the release of its development platform on Google Cloud, which contributed to a 25 percent price increase for the 24h period.
2. Litecoin (LTC)
Current price: $59.48
Jan 1, 2019 price: $30.46
Litecoin (LTC) is currently placed 4th by total market cap, which stands at $3.63 billion. It has seen gains of 95% in the year so far.
A partnership with the UFC is one of the biggest fundamentals for LTC in 2019. It has also seen the implementation of MimbleWimble, a blockchain based privacy protocol with a focus on scalability along with support from the Spend mobile app. There is a mining reward halving coming up in August, which could also be playing a part in some of the price action.
1. Binance Coin (BNB)
Current price: $15.45
Jan 1, 2019 price: $6.19
Binance Coin (BNB) has been by far the biggest success story of the year so far, with gains of 150%. It is currently placed seventh by total market cap ($2.18 billion), leapfrogging both Tron (TRX) and Tether (USDT) in 2019.
The upcoming launch of Binance Chain and Binance’s DEX are significant factors contributing to the growth of the exchange’s native token. Even more significant is Binance Launchpad, a token sale platform that lets users trade BNB for newly-created tokens in new crypto projects, and prioritizes projects that integrate BNB into their eco-system. Binance has also had its scheduled quarterly coin burn, where it buys back BNB tokens in order to permanently remove them from circulation.
Facebook Crypto Coin is a ‘Red Alert’ for Remittance & Banking Industry
According to a recent report published by The New York Times, Facebook is planning to launch a cryptocurrency for its WhatsApp userbase. By doing so, the movement of money within a country and across the globe can be made easier for the general public. Besides Facebook, messaging giants Telegram and Signal are also reportedly targeting to launch their own cryptos. For banks, this news comes off as a huge “RED ALERT” and here’s everything you need to know how this will change the entire crypto image.
Straight off the bat, this move taken by Facebook targets the remittance industry. In the current frameworks provided by outlets like Western Union, the cost associated with sending money across borders is too slow and too expensive. Sending money across the globe even takes days through these traditional frameworks. If a global framework is provided by WhatsApp which is powered by cryptos, the entire remittance framework of the world can be changed. So, for the remittance industry, of which banks are an integral part, Facebook’s coin is a huge red alert.
When it comes to the banks, we recently saw the Venezuela fiasco took place as the Bank of England refused to give back the gold held by it in its custody, owned by Venezuela. If it was cryptos, things would not have been this difficult for Venezuela owing to the aspect of decentralization, with no single party being in control as seen in the case of banks, and they are much easy to liquidate.
SEE ALSO: Bitcoin is Not Harnessing, It’s Replacing Western Union & Remittance Industry
Cryptos have emerged poised against the traditional financial system of the world that has been put in place by the banks. The economic recession of 2008 created the ripple that resulted in the tide of cryptos. But since their eruption, the connotation attached with bitcoin, the world’s leading cryptocurrency, and other coins has largely been negative in the media and in the eyes of the general public. The bad image that is associated with cryptos is due to the illegal activities linked with them such as money laundering, usage by criminals, and usage in the dark web (an online marketplace for illegal activities like drug selling and buying, child pornography and much more dangerous things).
SEE ALSO: JPM Coin is a ‘Failed’ Attempt to Redefine the Ideology of Bitcoin & Cryptos
With Facebook’s crypto coin, the possibilities offered by cryptos apart from their negative usage will be put out in the open in front of everyone. The public which has not been able to get in touch with cryptos will get its first taste of the crypto world. Faster global transactions at much lower costs and ease of use in terms of money handling will help masses get aware of the ease offered by cryptos. With this, the shortcomings associated with the banking system, through which global transactions often take days to complete along with heavy transaction fees, will be exposed. People will get more aware of the overheads involved with banking in the form of taxes unnecessary heavy transaction fees. As promoted by the well-renowned crypto expert Anthony Pompliano, the movement “Long Bitcoin, Short the Bankers” will get stronger.
Estonia just ordered the Danske Bank branch to close that was involved in one of the largest money laundering schemes in history.
The majority of criminals aren’t using Bitcoin to launder money, they’re using US dollars.
Long Bitcoin, Short the Bankers!
But the coin being launched by WhatsApp will also have to deal with its regulatory framework. If exchanges are going to handle the transactions of WhatsApp coin and there is no filter put in place by the parent company, criminals will likely find their way to use this currency in order to perform illegal activities. Solving this puzzle will be a challenge for Facebook.
SEE ALSO: JPM Coin is a ‘Bargain Before Death’ of Financial Institutions
Overall, the wave of trust which has largely been on the banking side will shift towards cryptos after mainstream exposure of their capabilities. Seeing cryptos in the action will trigger more of its adoption and as a result, even more capital will be flowing into this space than ever before. The technology of blockchain which has been underlying the world bitcoin and cryptos will also get even more highlighted. This is also the exact technology lying behind the idea of decentralization, removing the control of a central controlling party from any framework. The wave of decentralization will get more intense as a by-product. Facebook, in this regard, is already looking into exploring the blockchain tech for improving its login mechanism through Facebook connect. The idea is to handle the privacy concerns linked to Facebook’s data handling.
SEE ALSO: Can Facebook Connect on Blockchain Save Zuckerberg?
As of now, the idea of Facebook’s coin is being kept limited to the WhatsApp user base only. But if Facebook, which is an advertisement-based platform, decides to incorporate a crypto framework in its economic model as well, things could change drastically for the content creators on the platform. Just like Brave, which uses the Basic Attention Token (BAT) for its economic workflow, if a crypto framework is established for the users, publishers, and advertisers, overheads costs caused by middlemen ad-exchanges can be taken out of the picture completely improving the experience of the platform for everyone. For now, we’ll have to wait and see if Facebook ever decides to do so.
Social media giant Facebook, which had 2.27 billion monthly active users in the third-quarter of 2018, adopting cryptos will be counted as one of the major milestones in the digital currency arena. If Facebook coin launches anytime soon providing efficient worldwide financial services, banks need to be afraid. Very afraid. A strong crypto wave is already on its way!
Top 3 Reasons Why You Should Invest in Cryptocurrencies
Top 3 Reasons Why You Should Invest in Cryptocurrencies
Do you still have cold feet when it comes to Bitcoin, cryptocurrency, digital currency, and virtual assets? Not to confuse you, they all mean the same thing. Another quick question: If you look back 5 years from now, will you applaud yourself for having been a spectator instead of jumping on the bandwagon? Let’s leave that to you while we show you the top 3 reasons why you should invest in cryptocurrency.
First off, cryptocurrency is a term used to describe Bitcoin, Ethereum, Litecoin, and the other altcoins. You cannot see them with your eyes, hence the term virtual currency. In the same vein, Cryptocurrencies are based on their own blockchain technology such as the Bitcoin Blockchain, Ethereum, EOS, Ripple, and soon to be launched Binance chain.
Why then should you invest in these assets asides from the obvious fact that they are the current hype of the 21st century? Here are 3 reasons that top the charts, giving you an insight into why you should buy bitcoin now.
Flexibility in Payments
Cryptocurrencies offer you flexibility where you can send money to any part of the world without limitations. It is also worthy to note that intermediaries such as banks are not needed for such transfers. Therefore, a value can be exchanged between you and the recipient with a small amount of fee levied. Payments can also be transmitted speedily thanks to the concept of the Bitcoin Lightning network.
In the same vein, imagine visiting a foreign country without their fiat currency such as the dollar, euro, or pounds, what will you do? Hit the closest bank for an exchange or trade your Bitcoin, Ethereum, Dash, and other virtual assets for food, jewelry, cars, or even a house? Keep in mind that each of these assets has been massively adopted in countries like Argentina, Turkey, and Venezuela.
Anonymity and Traceability
The innovation of the blockchain brings about anonymity in payments, while also aiding in traceability. While the latter feature has been abused by criminals, traceability ensures that every transaction carried out on the blockchain can always be tracked. This is also an immutable database whose content cannot be manipulated by a central authority.
Here’s what we’re getting at, you can send and receive payments securely on the blockchain and also be confident that such transactions will not be tampered with. As Tim Draper, a venture capitalist also stated on February 18, only criminals will use fiat in the next few years because blockchain’s traceability feature discourages their activity.
An investment of a Lifetime
The acceptance of Bitcoin and altcoins for payments by reputable companies around the world such as Microsoft, Chess, Overstocks, Wikipedia, Bob Moore and several others means these assets are here to stay. Therefore, these firms are not just merely there for the spike and dump in prices, but adopting the currency of the future and you too can be a part.
On the other hand, it is advisable to spend what you are willing to lose and never be cajoled into the market. Take your time to make findings which will help you to discover where the industry is headed. Most importantly, less priority should be given to the current market prices and more focus on the outcome of these digital currencies in the long run.