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RaiBlocks (XRB) Could Quickly And Easily Outpace IOTA (IOTA)

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RaiBlocks (XRB) has crept up the crypto market ranking over the last four weeks and practically no one has noticed. Well, we say crept, exploded might be a more accurate description. This is a coin that was trading for $0.22 and a market cap of a little over $30 million as recently as late November.

Right now, it’s at $35 a share and a market capitalization of – wait for it – $4.6 billion.

Now, these sorts of price gains aren’t unusual at the lower end of the market. We see some of the million-dollar cap coins gain hundreds if not thousands of percentage points in a few days. For a coin like XRB, however, which is now firmly in the top 20 of the thousand or so coins that anyone takes even slightly seriously, it’s a real notable rise.

So what’s this one all about?

Much has been said about so-called third generation cryptocurrencies. These are cryptocurrencies that try to build on the inefficiencies and various other detrimental aspects of first and second generation coins like bitcoin and Ethereum in order to try and (for want of a better phrase) future-proof the technology that underpins them.

XRB Daily Chart

XRB Daily Chart

Perhaps the most well-known of these third generation cryptos is IOTA, which is the coin associated with the eponymous company that developed the tangle network. Iota is the coin that RaiBlocks is compared to the most.

Basically, the team behind RaiBlocks has designed an alternative transaction processing and ledger record system that negates the necessity for mining as a transaction verification process. If you don’t need miners to verify transactions, you don’t have the energy concerns that have been hanging over bitcoin and others in the wake of the recent scaling debate.

So, looking specifically at RaiBlocks, the company has developed an architecture that it calls block lattice. Block lattice is essentially a system through all individual users (or wallet holders, to be a bit more accurate) have their own blockchain, side by side. When one wallet wants to send to another, the sender side of a transaction creates two blocks: one send block on their personal blockchain and one receive block on the recipient’s blockchain. When the receiving party comes online and their blockchain connects to the network, it pockets the transaction and the transaction is complete.

For us, that’s an incredibly neat approach to the issue and it’s one that, in many ways, outperforms IOTA’s approach to the same problem.

So the company has developed an elegant and very scalable solution to an existing issue but this solution has been in place for a while now – why is XRB soaring over the last few weeks?

This one’s pretty easy.

The tokens are about to be listed on two major exchanges – Binance and Kucoin. Binance runs a coin of the month vote and – as is viewable here – XRB just destroyed all over candidates, closing out the voting period with more than 53% of the vote, twice that of its closest competitor, Experience Points (XP).

This means that we are about to see a huge influx of volume flow towards the coin as it becomes available on a major exchange for the first time. In turn, we should see this added volume translate to a boost in market capitalization (yes, even further than that which we have already seen in the markets over the last few weeks).

So it’s fair to say now that this coin is a heavy hitter in the market and – as far as competitors go – it’s become a heavy hitter in one of the shortest time periods we’ve seen to date.

Long term bias: strong bullish.

We will be updating our subscribers as soon as we know more. For the latest on XRB, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.


Image courtesy of RaiBlocks

Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

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Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

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Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

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Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

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Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

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Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…

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