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Our Top Two Social Cryptos Right Now Are Steem (STEEM) And ReddCoin (RDD)

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This week, Facebook reported that it was set to ban cryptocurrency advertisements. The move reportedly comes as a response to the large number of so-called scam-coins and malicious ICOs being promoted through the platform. While there is no doubt plenty of the sort of activity that Facebook doesn’t want to allow happening through its platform, the move seems a little over-reactive.

Anyway, in the wake of the development, we thought we’d take the opportunity to pick out our two favorite social coins on the market.

So, here goes.

First up, Steem (STEEM).

This one is one that many reading will likely already be familiar with but, for those that aren’t, STEEM is the coin that underpins the Steemit ecosystem. Steemit is a social media platform/network through which users can create and share content (usually rooted in the cryptocurrency space, but that’s more through industry and user interest bias than it is anything to do with the platform’s policy or anything) and other users can reward the content creators using cryptocurrency.

STEEM Daily Chart

STEEM Daily Chart

Steemit has expanded it one of the most popular social networks in the space over the last twelve months and it’s becoming the network of choice for people in all areas of crypto and the wider tech space but, in the wake of the wider industry decline that’s hit the markets over the last couple of weeks, STEEM tokens have failed to match the growth of the underlying platform.

And that’s the primary reason for STEEM’s addition to this list – the coin is down while the platform is booming, suggesting there’s a divergence play between price and fundamentals on offer as things stand.

Right now, STEEM trades for bang on $5.00 a piece, securing a ranking of number 25 by market cap (which sits at $1.23 billion at that price). The coin is down a little over 2% during the last twenty-four hours (which, in the grand scheme of things, isn’t that bad) and logged volume of more than $89 million since this time yesterday (which illustrates the fact that this one is being used on the platform, even though the market is down).

The next major target for STEEM, once things start to pick up again in the space, is early January highs in and around $7.28.

Next up, ReddCoin (RDD).

This one is sort of the opposite of STEEM in that it’s a coin designed for utility as a value transaction token on social media platforms but it’s not limited to just one – it’s set up to cover pretty much any type of platform or network that could benefit from peer to peer value transfer.

RDD Daily Chart

RDD Daily Chart

The coin has a great staking mechanism which incentivizes holding and, while it’s not yet as widespread as something like STEEM, it’s got the potential to be much larger if and when it takes a hold of the market it’s going after.

Right now, RDD goes for just $0.008 a piece, way down on the $0.026 per coin that RDD was trading at during the early January market highs.

In this regard, there’s probably more of a near-term upside potential on the coin as compares to STEEM (market cap sits at $257 million using current metrics, down from $765 million on January 7) but, given the current growth of Steemit as a platform, there’s considerably more risk tied into a ReddCoin position right now.

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

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. 


Image courtesy of Jason Howie via Flickr

 

Bitcoin

Blockchain technology outshines Bitcoin and Gold during global pandemic

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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…

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

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.

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…

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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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…

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