Coin market capitalization soared over the past 24 hours, touching US$450 Billion for the first time since early March. And with it, in an eerily familiar pattern reminiscent of the burgeoning market of late 2017, Ethereum (ETH) jumped over ten percent in value as the main beneficiary of investor cash.
With the onslaught of blockchain developments threatening to challenge Ethereum’s (ETH) crown, it is easy to forget that many of the most capable competitors to this smart contract ecosystem are still ERC 20 tokens themselves. With the likes of Cardano (ADA), Icon (ICX) and EOS (EOS) gearing toward the release of their ‘Ethereum killer’ blockchains, it may seem counter-intuitive that the aging infrastructure brought to you by Vitalik Buterin is still receiving the most attention from the common investor.
But if you remember the volatility of early 2018, you may also remember a key insight into why this is occurring, and what will likely follow. It isn’t too far of a stretch to expect the same coins that did amazingly well at the beginning of the year to again rise with this new influx of market wealth. Ripple (XRP) now looks ready to take full advantage of this very situation.
Ripple (XRP) has long been a favorite of the altcoin scene, having skyrocketed (and subsequently fallen) earlier this year on rumors of its inclusion onto Coinbase. Since falling back to earth, this giant of the banking industry has been steadily climbing alongside the market as a whole, dominating news cycle headlines while planning it’s next moves forward.
That next move is now clear. Ripple (XRP) has suddenly reignited its own smart contract platform known as Codius. This secretive and long-shelved project from the banking titan has seemingly been revived just in time to take advantage of the coming bull run. Now in its Beta phase, Codius promises an ecosystem for dapps and smart contracts outside of the realms held tight by Ethereum (ETH) and Bitcoin (BTC). And with Ripple’s speed and costs already challenging these top contenders, an independent and well coded smart contract ecosystem may send Ripple (XRP) skyrocketing back to its all-time highs before the end of summer.
Moving currencies from Coinbase and Bittrex, etc. to the variety of altcoin exchanges available to consumers has become the norm. Ethereum (ETH) with its speed and relatively low costs, has become the favored medium by which this movement occurs. For the typical investor, eager to reach out to the multitude of altcoins available on secondary exchanges, transferring his/her Ethereum (ETH) (or at least a portion of it) for reallocation into the altcoin world we all now live in has become commonplace. The Ethereum transferred to the likes of Binance et al. will be re-disbursed shortly, mark my words.
And the next currencies in line to benefit from the rise in Ethereum (ETH) will be the same coins that rose under similar conditions during the last market bull run. Leading this pack-of-wolves will be the savviest players, aware of the intricacies of market movements, thirsty for the fresh blood of a new investor class. And while a number of ERC 20 tokens will surely make gains as Ethereum (ETH) cools in the coming day(s), Ripple (XRP) stands ready to feast like an alpha male at this brand new market-banquet.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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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…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…