Bitcoin is flirting with $10,000 and there is a huge amount of speculative attention flowing into the space right now. This is translating into plenty of volatility across the various tokens and cryptocurrencies available on the crypto exchanges and, in turn, we are seeing many of these tokens rise and fall sharply.
Here is a look at two of the biggest gainers in the space over the last 24 hours with a discussion of what’s driving each.
The two tokens we are looking at for the session today Iota (IOTA) and Storj (STORJ).
First on the list, then, is IOTA.
There is a good chance that many reading this report will already be familiar with IOTA. The token is representative of its eponymous company and said company is responsible for the creation of what’s called the Tangle. A Tangle is defined as a directed acyclic graph (DAG), which is a generalization of the block chain protocol (a blockchain is a special case of a DAG).
Basically, instead of requiring miners to process transactions, through using a Tangle like system, people who are actually making the transactions verify other pending transactions as they process their own. Specifically, each new transaction requires two random transaction verifications before it takes place.
Anyway, the system that Iota has put in place is widely regarded as likely being the most applicable system to the Internet of Things (IoT) and the reason that the token is running today is that the company has just announced what it calls its IoT Data Marketplace – one of the first real world marketplaces of its type and a platform that, many believe, could firmly establish Iota (and, by proxy, it’s token) as a real player in this space.
Many of the major news media outlets have picked up on the news, including Venture Beat, and this is driving positive sentiment right now.
Over the last 24 hours, IOTA is up 27%, currently trading for $1.251. Since this time last month, the token is up just shy of 250%.
Assuming the wider space doesn’t suffer a near-term correction, there is a good chance IOTA will continue to appreciate heading to the close of this week.
Next up, STORJ.
Again, this is something of a heavy hitter in the space and there is a good chance that most reading will be familiar with the STORJ token and the company behind it. For those new to Storj, however, it’s a network storage company that was set up to link anybody with storage requirements to anyone with free space on their hard drive. Basically, the company’s customers pay computer users to rent out space to them and they use the STORJ token as the method of payment in the source transactions.
Just as with IOTA, STORJ currently trades at a 27% premium to its price 24 hours ago but, unlike the former, is actually down 53% over the last 30 days. What we are likely seeing here is a longer-term reversal of a correction that saw the company giveaway much of its strength over the last couple of months and, in line with this statement, it looks as though STORJ could be set for some near-term strength going forward.
From an ICO price of $0.009, STORJ currently trades for $0.336 – a more than 3600% appreciation across the period.
Again, keep in mind that bitcoin is making fresh highs and this makes the ICO space a little bit more dangerous than normal given the increasing likelihood of a near-term correction in the underlying asset.
It’s not prohibitive to picking up an exposure to these two above discussed coins right now, but it should be considered in line with any risk management strategy.
We will be updating our subscribers as soon as we know more. For the latest updates on STORJ and IOTA, sign up below!
Blockchain technology outshines Bitcoin and Gold during global pandemic
As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.
However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world.
Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.
What is blockchain technology?
Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see.
Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).
Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…
Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.
The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.
Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…