Crypto Guides, Knowledge & Insights

What Are The Chances Of Dogecoin Being Above $5 By End Of 2021?

Dogecoin has taken this year by storm. The digital asset has also come a long way from being tagged as a meme coin to being one of the hottest sensations in the crypto space. DOGE has seen a whopping 6000% rise in its value this year alone and is looking to continue its sensational form.　　The asset gained by 47% last week and briefly became the fourth most valuable coin on the crypto ladder, overtaking coins such as XRP, Litecoin, Bitcoin Cash, Tether, Cardano, all of which were household names in the crypto market back when Dogecoin was deemed nothing more than a joke.　　Dogecoin was trading above $0.60 in the early stages of Thursday, taking its market cap to $78 billion, almost $4 billion more than SpaceX‘s, Elon Musk’s privately held Rocket Company. Dogecoins impressive performance has thrown the crypto space into a frenzy zone as interest in the digital asset has seen an unprecedented rise.　　Dogecoin is now battling some of the crypto markets finest assets and many believe that this hot streak will propel the coin to greater heights. At press time, Dogecoin was trading at $0.40, an 11.4% loss in the last 24 hours, however, many experts believe that

2021-05-14Deep Dive

Elon Musk Just Handed the Best “Ad Campaign” to Ripple and XRP: Attorney John Deaton

Tesla CEO Elon Musk has just handed “the best ad campaign” to the Ripple-affiliated XRP cryptocurrency, according to attorney John Deaton.　　As reported by U.Today, the e-car manufacturer dropped Bitcoin payments due to environmental concerns, making the price of the flagship coin tank to just $45,700 before seeing a relief bounce.　　Deaton—who‘s spearheading the effort to insert XRP holders into Ripple’s legal battle with the U.S. Securities and Exchange Commission—believes that more mainstream coverage will now be devoted to sustainable currencies.　　Ripple CEO Brad Garlinghouse and other high-ranking executives have been very vocal about XRPs green cred. In a recent interview, Garlinghouse claimed that the token was 10,000 times more energy-efficient than Bitcoin.　　In the meantime, Ripple co-founder Chris Larsen suggested that the number one cryptocurrency should ditch the power-hungry proof-of-work consensus mechanism to remain the dominant coin.　　Last month, Ripple also joined the Crypto Climate Accord to decarbonize all blockchains.　　The “green” race　　In his bombshell announcement, Tesla CEO Elon Musk said that his company was looking into other cryptocurrency alternatives that consume less than one percent of Bitcoins electricity.　　XRP is, of course, far from being the only “green” contender. Elrond Network CEO Beniamin Mincu said that Elrond is “the solution”:　　Stellar, Algorand, Cardano, IOTA, and Nano

2021-05-13Deep Dive

Binance Suspends ETH and ERC-20 Withdrawals for Customers

Just now, major crypto trader Binance has tweeted that withdrawals of Ethereum and all tokens based on its ERC-20 standard will be suspended during temporary wallet maintenance.　　This will happen starting at 8 a.m. UTC and extending until 9 a.m. UTC.　　The exchange assures users that trading and deposits will continue operating during this period.　　This is the third time that Binance has shut down crypto withdrawals temporarily. Earlier this week, users were temporarily unable to withdraw their XLM and ETH. After that, the exchange suspended all withdrawals completely, but they were later restored.

2021-05-13Deep Dive

Diem parters with Silvergate bank to launch stablecoin in the US

Facebook-backed digital currency project, the Diem Association, has partnered with cryptocurrency-friendly bank Silvergate to launch a stablecoin pegged to the United States dollar.　　Diem announced Wednesday a new model of its upcoming stablecoin, relocating its main operations from Switzerland to the United States and withdrawing its application for a payment system license from the Swiss Financial Markets Authority.　　The association, which comprises of 26 financial firms including Nasdaq-listed cryptocurrency exchange Coinbase, is now planning to move forward with its USD stablecoin plans through Silvergate bank, which is set to be the issuer of the Diem USD and will manage the Diem USD reserve.　　Diem Networks U.S., Diems wholly-owned subsidiary, will run the Diem Payment Network, a permissioned blockchain-based payment system facilitating Diem stablecoin transactions.　　While Silvergate is a California state-chartered bank and a member of the Federal Reserve, Diem Networks U.S. is seeking to register as a money services business with the U.S. Department of the Treasurys Financial Crimes Enforcement Network, the announcement notes.　　“We believe in the future of U.S. dollar backed stablecoins and their potential to transform existing payment systems,” Silvergate CEO Alan Lane said. “Were inspired by Diems technology and commitment to building a regulatory compliant payment system that offers a safe

2021-05-13Deep Dive

Crypto Market Cap Lost $500B in a Day as Bitcoin Slid to a 2-Month Low (Market Watch)

The announcement from Elon Musk and Tesla resulted in massive price slumps in the crypto market as bitcoin lost more than $12,000 of value in a day to a low beneath $46,000.　　All altcoins followed suit, with Ethereum dipping to $3,600, and the market cap had lost roughly $500 billion at one point.　　Bitcoins Massive Nosedive　　Although bitcoin has failed to overcome $60,000 for weeks, the cryptocurrency was actually performing rather well lately. Just yesterday, BTC had reached a high of $58,000.　　However, it all changed after Tesla and Elon Musk said they will cease receiving bitcoin payments for their products and services. Somewhat immediately, the asset price slumped by $3,000, but that was just the start of it.　　In the following hours, the primary cryptocurrency kept falling to a low beneath $46,000. In other words, BTC nosedived by more than $12,000 in a day and plummeted to its lowest price level since late February.　　According to Bybt, the liquidations in the past 24 hours alone are worth almost $4 billion. Somewhat expectedly, over 90% of them came from long positions.　　Despite recovering some ground and currently sitting above $51,000, bitcoin‘s market cap dived well below the coveted $1 trillion line. Furthermore, BTC’s market dominance also keeps

2021-05-13Deep Dive

Rise of YFI & Woofy May Be a Bellwether for Rotation From Ethereum To DeFi

The rise of Yearn Finances governance token YFI could be a bellwether for another decentralized finance (DeFi) season, according to market players.　　A discussion is currently being led on whether “soonish, money is likely to flow down the [ethereum] risk curve back into DeFi,” as BlockTower Capital founder Ari Paul opined.　　Spartan Capitals Jason Choi seems to agree, stating that the ethereum (ETH) to DeFi rotation may be “one of the most important trades” of the year, adding that gamified finance might be whats needed to “kick this off.”　　Ethereums market capitalization today hit USD 500bn, before correcting lower. One month ago, it was USD 247bn, and one year ago USD 21bn.　　DeFi seems to be readying for another hot summer. YFI recently rallied and surpassed bitcoin (BTC) as the most expensive cryptoasset on the market again. It has today moved beyond the USD 90,000 level, correcting lower since.　　At 11:19 UTC, YFI, ranked 57th by market capitalization, is standing at USD 82,054. In the past day its gone up 21%, as well as 63% in the week, and 82% in a month. Its all-time high is recorded by CoinGecko to be USD 90,786, reached earlier today.　　The projects 24h trading volume continues rising as well,

2021-05-13Deep Dive

Oddz Finance Integrates With Polygon (Formerly Matic Network) To Bring Options Trading To The Masses

Multi-chain options trading platform – Oddz Finance has now integrated with Polygon (formerly Matic Network) to make DeFi accessible to all users. The DeFi craze that started in the summer of 2020 has led to a significant jump in the number of DeFi protocols being developed on the Ethereum blockchain. As more and more users started using these protocols, we saw a rise in the number of pending transactions on the network.　　As shown in the image above, there has been a significant increase in gas fees over the months, which has prevented many newbies to enter this niche space, but Oddz Finance thinks differently.　　They have developed different instruments like Easy Options and Customised Options on their platform, which will help beginners trade options for low quantities of Bitcoin and Ethereum. Their zero gas fee model has been powered by their partnership with Biconomy. Moreover, they are developing Oddz Finance on Ethereum, Polkadot, Binance Smart Chain (BSC) to ensure users have access to multiple blockchain networks.　　This integration of Polygon on Oddz Finance can be summarized in the following points:　　Oddz Finance integrates with Polygon to improve the user experience on the platform by reducing the gas fees and increasing the transactions per

2021-05-13Deep Dive

Which 'green' cryptocurrency is Tesla likely to add for payments?

Elon Musk revealed that Tesla will halt all BTC transactions due to environmental concerns, with the firm set to look at more energy-efficient cryptocurrencies.　　On May 13, Elon Musk sent shockwaves across the crypto markets by revealing that Tesla will no longer accept any BTC payments for cars until Bitcoin mining becomes more environmentally sustainable.　　Musk notes that while Tesla waits for Bitcoin to move to renewable energy, the firm will be looking at “other cryptocurrencies” that use less than 1% of Bitcoins energy per transaction.　　The tweet sent much of the crypto community into a frenzy of speculation as to what other crypto assets Tesla may be exploring.　　Social influencer “The Cryptic Poet,” told his 45,000 Twitter followers that he predicts Tesla will “either use ETH or XRP,” however user “Massimo” pointed out that if Tesla uses ETH in its current state — which uses Proof-of-Work just like Bitcoin does — it might as well be “staying with BTC.”　　According to an analysis by TRG data centers, Bitcoin is estimated to average around 700 kilowatt-hours, or KWh, per transaction. While it uses around as much power each year as the Netherlands, its annual carbon footprint is closer to Singapores according to Digiconomist, presumably due

2021-05-13Deep Dive

Bitcoin's mining difficulty is set to reach a new high with the biggest increase since 2018

Bitcoins mining difficulty, a measure of the networks security and how hard it is to compete for block rewards, is poised to adjust to a new high.　　The average bitcoin block production interval since the last adjustment on May 2 is around 8.25 minutes, which is more than 17% faster than the intended 10-minute-per-block interval.　　Bitcoins mining difficulty is designed to adjust itself every 2,016 blocks based on the average block production intervals throughout the period, which typically lasts for 14 days.　　If the average interval is shorter than 10 minutes, which means more hash rate during the period has been plugged in, the network will increase the difficulty in reaction to the rising level of competition on the network. Similarly, if the average block interval is longer than 10 minutes, the network difficulty will fall.　　Data sources from BTC.com and Poolin currently estimate that the upcoming difficulty epoch is about to jump by over 20%, which is due at block height 683,424, or around 10:00 UTC time on Thursday.　　The last time a single bitcoin mining difficulty adjustment above 20% took place in October 2017. The expected largest difficulty jump in 42 months comes after a speedy recovery of the networks hash rate from

2021-05-13Deep Dive

How New NFT Markets Are Challenging Ethereum

As long as Ethereum gas prices continue to be prohibitively expensive, the masses will continue their search for more affordable blockchains for minting and trading non-fungible tokens (NFTs). Ethereums Berlin hard fork reduced gas prices considerably, but the optional access lists added in the update are not a gas costs reduction tool and, if misused, will increase fees.　　As proof-of-stake gains popularity with the rise of versatile blockchains such as Tezos, Cardano, Polkadot, Polygon, and Solana, NFT-lovers are moving away from Ethereum-based marketplaces. While we wait for Ethereums great merger with proof-of-stake, these environmentally-friendly blockchains could take over a large share of the decentralized digital assets market.　　So what will these new and upcoming NFT marketplaces have to offer？　　Tezos　　Hic et Nunc (H=N) is a Tezos-based NFT marketplace that has more daily active users (DAU) than OpenSeas largest NFT marketplace. Just recently, the NFT platform H=N launched the World Art Day fundraiser, which is centered on a theme of “#NFTsforall.” It will feature work from “200+ artists from 40+ countries.” Many creative minds are flocking to Tezos for minting their AI-generated art and other types of generated or digital art.　　Solana　　The non-fungible token marketplace Solible launched late last year on the Solana blockchain in

2021-05-13Deep Dive

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