The cryptocurrency markets continue to record dismal performances, with the market recording losses of over $8.5 billion US dollars over the last couple of days. Currently, the total virtual currency market cap stands at about $220 billion, a lousy figure compared to the roughly $231 billion US dollars verified a couple of days ago.
The crypto market also lost over $1 billion worth of trading volumes within last two days. Just a couple of days ago, the trading volume was $15.5 billion, but the crypto community is ending today’s trade volumes at $12 billion. There is a correlation between the markets trade volume downward movement with Bitcoin’s price drop. Even after a slight recovery yesterday, Bitcoin is currently trading at $6,461 US dollars.
Ripple (XRP) Price Analysis
For some time now, the prices of Ripple’s XRP have been fetching below one dollar (in fact, the coin is below 50 cents for quite some time now), a price that is far much lower than the digital coin’s all-time high price of $3 US dollars per token. As one of the top five virtual currencies as per market capitalization, Ripple (XRP) is still showing signs of resistance and progress even with the current market price dip.
Many companies and financial institutions are looking into partnering with the digital coin with some already closing exciting agreements. Such moves have managed to make Ripple become one of the top blockchain technologies in the market right now to be adopted and accepted enormously. For instance, Ripple’s xCurrent technology has been incorporated by many financial institutions in their operations around the world.
Over the past 24-hours, Ripple (XRP) prices fell by almost 3 percent (again). At a time like now yesterday, XRP was exchanging at $0.32 after depreciating from its previous price value of $0.37.
Today, Ripple (XRP) has further dropped to $0.33. Alongside the drop in price value, the virtual currency has recorded a fall in trade volume over the past one day. The trading volume yesterday was $360 million but today’s trade volume stands at $325 million.
According to a press release by Rosen Law Firm, a reputable investor law firm, Ripple Labs and its default virtual currency, XRP is under investigation for unusual market behavior. Rosen Law Firm is looking into Ripple’s activities to see whether they violated any federal regulations in regards to the sale of XRP coins. Despite the warnings from Rosen Law Firm, Ripple Labs continues to fight the ongoing market slump by trying to stabilize and avoid any further price depreciation.
Reasons Behind Ripple’s Market Slump
There are no substantial reasons why Ripple is performing the way it is performing. Neutral observers say that it’s going down because of the lawsuits the company has been facing one after another and the fact that XRP is utilized only in one product of Ripple. That mean even if Ripple rises as a company, it will have little effect on XRP price unless the adoption of the Ripple product that uses XRP (xRapid) increases.
Some other crypto observers claim Ripple’s dismal performance, and that of the entire market is highly influenced by the US Securities and Exchange Commission’s move to postpone the decision-making process on whether to incorporate another application to develop a Bitcoin ETF or exchange-traded fund.
This explanation explains Bitcoin’s fall in price and as we all know by now when Bitcoin takes a hit most of the other cryptocurrencies usually tend to follow suit. Today’s correction was nasty, Ripple (XRP) and Ethereum suffered brutally with a majority of other digital tokens recording heavy losses.
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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…