Kategorie: Crypto Markets

The floor price of Bored Ape Yacht Club (BAYC) NFTs, one of the most popular and fast-growing NFT collections, has hit an all-time high (ATH) as its native token (APE) also continues to outpace other cryptocurrencies in the market.

In this article, we will focus on the rationale behind its fame and what has caused its NFT floor price to hit a new all-time high.

Bored Ape Yacht Club NFT collection

Before delving into the reasons why the floor price of BAYC NFTs has shot to an all-time high today, it is important to first explain what the BAYC is.

In a nutshell, Bored Ape Yacht Club is a collection of 10,000 Bored Ape NFTs each with unique digital collectibles that live on the Ethereum blockchain. They have different traits that range from accessories and outfits to moods and expressions.

The NFT owner is granted exclusive perks as well as creating a personal club of rich folks where only BAYC NFT holders are allowed.

Why did the BAYC NFTs’ floor price hit a new ATH?

There are two main factors propelling the floor price of BAYC NFTs upwards and they include the Bored Ape metaverse launch and the growing hype around ApeCoin.

Bored Ape metaverse launch

Yuga Labs said via Twitter, that the Bored Ape metaverse will be launched on April 30. Besides, there was a release of some more details in addition to the trailer teaser.

Meet you there.https://t.co/qgI5RM4aov

— Yuga Labs (@yugalabs) April 23, 2022

The metaverse will be able to support a couple of popular collections other than BAYC like CryptoPunks, World Of Women, Meebits, and spinoff Mutant Apes.

According to Yuga Labs, the NFTs will also play a major role in the upcoming metaverse, thanks to the Yuga Labs as all the NFT collections included skyrocketed in their trading activities, however Bored Ape bit all odds to be the largest NFT collection by market value.

There are also ongoing rumors that the project will be opening sales for digital land soon priced in APE.

The growing hype around ApeCoin

The other main factor is the growing hype around ApeCoin (APE) (the native token for the Bored Ape NFT collection), whose price has been a bullish trend in the past few weeks. 

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The crypto market as a whole is very bearish with almost each top 100 coin in the red at the time of writing. 

Top cryptos

Bitcoin is down around 3% in the last 24 hours, trading at $38,500. Ethereum and Binance Coin are each down by around 5%. The biggest loser in the top 20 is NEAR Protocol, which slid 10%. 

XRP leads the pack with the biggest losses over the past 7 days: over 11%. Terra’s LUNA shed 3% of its value today, but it remains the only top 20 crypto in the green in terms of gains in the last 7 days (+16%).  

Top movers

Most top 100 coins lost 4-6% of their value today. Notable standouts are Cosmos, Neo, Theta Network, and Holo, each down 9%; UniSwap, Chiliz, Loopring, and Secret, each of which suffered a loss of 10%, and Aave with 11%. 

The Waves coin, created by Ukrainian-born Alexander Ivanov, shed 12% of its value despite support for the David in the uneven battle. Zilliqa and Audius, both of which rallied recently, have lost 13% each. 

The biggest top 100 loser is Moonbeam, which slid 16%. About ten days ago, Moonbeam gained 15% after taking part in a series of leading international crypto events and reaching an important milestone in terms of total value locked on the platform.

At the other end, there are just two modest gainers. Amp and ApeCoin each added around 1%.  

Trending

There are two new hot tokens today. The token of Bend DAO (BEND) is up 866% in the last 24 hours. Bend is a decentralized non-custodial NFT-backed borrowing and lending protocol where users can participate as depositors or borrowers. 

Whenever there’s a big event related to the crypto industry, there emerges a coin for it. This brings us to the second hot token, ELON BUYS TWITTER. After Elon Musk announced he had found the money to buy the social media giant, this token was created. It gained 564% in the last 24 hours. 

ELON BUYS TWITTER will give meme creators a chance to earn and allow them to gain stipulated revenue for their work. It will help aspiring meme creators showcase their talent to the world. 

 

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Ripple’s battle to defeat the US Securities and Exchange Commission (SEC) in a case that has dragged since December 2020 is set to go into early 2023, according to an update shared by Stuart Alderoty, General Counsel at Ripple.

The case revolves around XRP, a cryptocurrency launched by Ripple Labs.

On December 22, the SEC announced it had charged Ripple Labs Inc. and two top executives over the sale of $1.3 billion worth of unregistered securities. The regulator said the securities offering was “ongoing,” allegedly referring to Ripple’s sales of XRP.

Essentially, the SEC was saying that XRP was a security. Ripple and its top executives have maintained that the securities watchdog’s accusations are outright false. So much more has come to the fore, including comments from former SEC officials.

It’s hurting XRP holders

Saturday’s update from Alderoty, and defense lawyer James K. Filan, means it’s going to be a whole two years of waiting for the case’s resolution.  

“It now looks like a resolution will come in 2023 – and each day that passes is hurting US citizens who were essentially the victims of a rug pull by the SEC,” Alderoty said in a Twitter thread.

Filan pointed to this same likelihood, stating in a tweet that both the SEC and Ripple had filed a joint scheduling letter seeking a resolution to the case. According to him, the parties have proposed that opening briefs for summary judgment start in August.

The timeline also caters to any expert challenges, with closing briefs then expected “a few days before Christmas.”

SEC’s delay tactics

SEC’s apparent delay tactics over the course of the case ostensibly played a role in Ripple’s decision to agree to a joint filing. It’s the reason why XRP holders will have to endure the long wait for a potential resolution. 

Alderoty said:

“To those asking if this is a joint filing – yes it is. But, based on the SEC’s track record, if we didn’t agree to this, the next iteration would have very likely been even longer.”

To all that have been following the case thus far – thank you. Know that Ripple is pushing hard (and the Court is working hard) to resolve the case as soon as possible, despite the SEC time and again doing everything they can to delay. https://t.co/bP0shaNBOa

— Stuart Alderoty (@s_alderoty) April 22, 2022

So the XRP community goes on waiting. As noted earlier, it’s the investors who are ‘hurting.’

XRP price today

XRP was trading around $0.71, nearly 2% down in the past 24 hours and close to 40% off the highs reached in April 2021. That run to highs near $2.00 on 14 April was the altcoin’s best since the surge to the all-time high of $3.40 in January 2018.

The cryptocurrencies market cap has also shrunk, pushing XRP from third behind Bitcoin and Ethereum down to sixth at the time of writing with $34.3 billion.

The post Ripple vs. SEC case will likely be decided in early 2023, says lawyer appeared first on Coin Journal.

ApeCoin (APE), the native governance token in the Bored Ape Yacht Club (BAYC) ecosystem, has soared to a new all-time high above $18 after another huge rally on Saturday.

The price of APE rose more than 24% in intraday trades as bulls pushed higher, buoyed by positivity around further ecosystem growth. 

In early afternoon deals Saturday, APE/USD hit $18.44 on Binance to record its highest ever price. The aggregate price across major exchanges was $18.05, according to data from CoinGecko.

APE/USD currently trades around $17.36, about 17% up in the past 24 hours.

Chart showing APE-USD price movement on the 4-hour chart. Source: TradingView

According to data from CoinGecko, APE/USD has surged nearly 50% in the past seven days. It’s up more than 64% in the past two weeks.

The upside, most of it coming in the last four days, has propelled ApeCoin to a market cap of $5.06 billion, pushing it to 31st among the largest cryptocurrencies by market capitalisation.

ApeCoin surpasses Decentraland (MANA)

The broader crypto market has struggled with bearish pressure over the past several days, with Bitcoin (BTC) dipping below $40,000 as most other digital assets mirrored the performance.

ApeCoin’s rally has thus seen it overtake Decentraland (MANA) in terms of market cap.

 Decentraland, which has been the top metaverse-linked token by market value, is down by 5.3% in the past week and by more than 10% in the red over the past two weeks.

MANA/USD currently trades around $2.04, down over 1% in the past 24 hours. Data on CoinGecko shows MANA’s market cap is $3.1 billion and ranks 45th in terms of market capitalisation.

Why is ApeCoin surging?

Buying pressure around ApeCoin is likely centered on the upcoming land sale in BAYC creator Yuga Labs’ “Otherside” metaverse project.

While the project is yet to officially go live, the developer has over the past several weeks teased its rollout. The excitement amongst investors is down to a potential announcement of the use of APE in the land sale.

The sale of 100,000 land plots out of 200,000 is expected to see 30% go to BAYC and MAYC (Mutant Ape Yacht Club) holders. The rest, 70%, will be a public sale.

Whale activity has soared as a result, with data from analytics site CoinCarp showing that the top 100 APE holders account for 52.39% of the token’s circulating supply. The data shows there are currently 49, 057 ApeCoin (APE) wallets.

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Tron’s USDD will be more like Terra’s UST, and targets $10 billion in reserves, founder Justin Sun said.

Tron will launch its decentralized algorithmic stablecoin called USDD (Decentralized USD) on May 5, 2022. Tron founder Justin Sun announced the development in an open letter.

The new stablecoin will also be available on Ethereum and the BNB Chain, with this possible via Tron’s BTTC cross-chain solution.

USDD as an algorithmic stablecoin is unlike the traditional stablecoin such as Tether (USDT) or USD Coin (USDC). As such, it’s not backed by cash or other financial assets, but by cryptocurrencies.

The USDD stablecoin will be pegged to TRX as the underlying asset and will feature the “mint-and-burn” mechanism similar to that used by Terra’s UST. The mechanism should see TRX burned to allow for the minting of USDD.

Terra CEO Do Kwon has commented on the ‘mint-and-burn’ functionality and Tron’s move to launch USDD as a signal of what’s ahead in terms of the future of decentralised economies. And it’s a scenario critics fail to understand, he added.

“Decentralized economies deserve decentralized money – every blockchain will run on dect stables soon”

Algorithmic stablecoins are fast becoming the norm – protocol-issued dollars coming to every blockchain.

Detractors cannot see – currencies are ultimately backed by the economies that use them, and the future is clearly opting to use decentralized and self sovereign stablecoin💰

— Do Kwon 🌕 (@stablekwon) April 22, 2022

 “As the most decentralized stablecoin in human history, USDD will make finance accessible to all by applying mathematics and algorithms. It will exist permanently without relying on any centralized entity,” TRON DAO tweeted.

$10 billion worth of reserves

Support for USDD falls initially on TRON DAO Reserve, a decentralised autonomous organisation that is set to handle custody service of a massive $10 billion worth of reserve. The reserve, according to Sun, will comprise “highly liquid assets raised from initiators of the blockchain industry.”

The stablecoin’s early management will also involve major blockchain institutions, which together with TRON DAO, will manage the collateral and ensure full convertibility.

Terra’s UST reserves include a Bitcoin (BTC)-denominated holding set to grow to $10 billion. Currently, the reserves amount to about $1.63 billion worth of BTC. Terra also recently bought $100 million worth of Avalanche (AVAX).

TRX price

Sun’s announcement stirred interest among investors, with the price of the native TRX jumping more than 7% on Friday as the news hit the market.

The TRX/USD pair, which hit its all-time high of $0.23 on 5 January 2018, rose to an intraday high of $0.074. However, with widespread weakness across the market, it has since pared some of the gains to currently trade around $0.067.

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