Schlagwort: crypto business

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Filecoin v Tezos, which one is a better buy?

Key points:

  •  Both are undervalued and could rally as the market turns bullish.

  • Tezos has more potential due to its growth in the NFTs market.

  •  Tezos is also a major player in DeFi, a fast-growing aspect of crypto.

Filecoin (FIL)

In its simplest form, Filecoin is a distributed storage system that allows users to rent unused hard drive space. The project was created by Protocol Labs and built on top of the Interplanetary File System. It allows for easy access from anywhere in the world without any additional cost or waits time during delays because it’s an open-source effort with no single point failure like other companies have had before them.

Tezos (XTZ)

Tezos is a next-generation blockchain that has been designed from the ground up to be scalable, secure, and flexible. This means it can execute peer2peer transactions with high speed while also serving as an excellent platform for deploying smart contracts – all without sacrificing any of its core features or principles.

Which one is a better buy?

Both Tezos and File coin are good investments in February. Both of them have the fundamentals to rally and test new highs in 2022.

However, on a comparative basis, Tezos has more potential. Tezos has seen its share of the NFTs market grow, and this is a big deal because NFTs are on a growth path at the moment, a factor that could help drive up the demand for platforms like Tezos.

For instance, in late 2021, Formula 1 team, McLaren Racing, introduced a non-fungible tokens (NFTs) platform where digital art collectors can buy F1 collectibles. This is built on top of the Tezos blockchain protocol which is preferred by many in this industry because it provides greater security than other similar networks.

Tezos has also been gaining traction as a DeFi platform, another growth area in crypto that could take crypto to new lengths.

All these factors make Tezos a top cryptocurrency to watch, even though file coin too has good odds of profitability.

The post Filecoin v Tezos, which one is a better buy? appeared first on Coin Journal.

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Here is why Vulcan Forged (PYR) price is skyrocketing

Vulcan Forged (PYR) price is skyrocketing. At the time of writing, had gone up 17.14% to trade at $13.80 up 17.14% with a daily high of $14.30 and a daily low of $11.84 in the last 24 hours.

PYR currently has a trading volume of $90,542,432, a market cap of $329,857,824, a circulating supply of 23,897,700 PYR coins, and a max. Supply of 50 million PYR coins.

In this article, we shall delve into what is making the PYR coin price rally.

What is Forged (PYR)?

Before we look into the current bullish, it’s important we first explain what Vulcan Forged is.

In a nutshell, Vulcan Forged is a blockchain NFT marketplace and game studio that is in the process of developing its metaverse ecosystem called VulcanVerse. PYR is its native utility token.

So, why is the price of PYR on the rise?

This week the PYR token has been on the top while a majority of the metaverse and NFTs related project tokens recover from the recent bear market.

There are three main reasons behind the current Vulcan Forged (PYR) price surge. These include the launching of the Elysium testnet, listing of 100 plots of land for sale within the VulcanVerse ecosystem, and launching of a PYR bridge between Polygon and Ethereum.

1. Launching of the Elysium testnet

The high gas fees related to the Ethereum Network has pushed many projects to launch solutions aimed at lowering the cost of deploying metaverse and NFT related project. That is why Vulcan Forged decided to launch the Elysium blockchain that it refers to as the blockchain for Metaverse.

Elysium will become the first carbon-neutral blockchain in the world and it shall work in collaboration with the Netherlands-based decentralized carbon credit exchange Coorest. Coorest will be responsible for offsetting the CO2 emitted by the Elysium blockchain using tokenized trees and gas fees from transactions.

The environmentally-friendly approach has caught the attention of other protocols and other metaverse projects have started showing interest in Elysium.

2. Listing of 100 plots of land for sale within the VulcanVerse ecosystem

The plots of land available for purchase have led to an increase in token price and demand since the traders need to accumulate PYR tokens to purchase the plots of lands.

The limited listing of 100 plots was the main contributor to last week’s bullish momentum.

Apart from the plot holders earning 35 PYR coins per month in the next four years, the plots of land can also be used to earn through rent or gameplay.

3. Launching of a PYR bridge between Polygon and Ethereum

The success of VulcanDex, a decentralized exchange protocol that operates on Ethereum and Polygon Networks, is also seen as a major contributor towards the current PYR bullish trend.

As of 29th January, VulcanDEX had a total value locked of more than $10 million and the protocol is in the process of integrating a cross-chain bridge between Polygon and Ethereum to enable the simple transfer of PYR tokens between them.

The post Here is why Vulcan Forged (PYR) price is skyrocketing appeared first on Coin Journal.

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Taxes don’t mean crypto trading automatically becomes legal, Indian tax official says

  • India’s Finance Minister had announced a 30% tax on all crypto income, including NFTs

  • Tax chief JB Mohapatra says the step doesn’t equate to legalizing crypto trading in the country.

Tuesday’s budget speech by India’s Finance Minister Nirmala Sitharaman included a provision for a 30% tax on crypto income, prompting reactions from across the crypto community that the country had signaled recognition for crypto assets.

But in a statement made after the budget speech, Central Board of Direct Taxes (CBDT) chairman JB Mohapatra looked to clarify that this view could be wrong.

According to the CBDT boss, the finance ministry’s move to tax cryptocurrencies should not be taken to mean that trading in these digital assets is officially legal.

He said that taxing crypto trades under the new laws has no connection whatsoever with their legality.

Crypto “do not ipso facto become legal or regular just because you have paid taxes on that,” Mohapatra noted in the interview.

He added that while the move to introduce the taxes widens the tax bracket and gives the taxman an extra net to target potential cheats and other illegal activities.

Despite this obvious benefit, he explained, only a proper regulatory framework on cryptocurrencies could spell the legality or otherwise of trading of the asset class.

India will launch its central bank digital currency in the next one or two years, even as it looks to bring private cryptocurrencies under government regulation.

The post Taxes don’t mean crypto trading automatically becomes legal, Indian tax official says appeared first on Coin Journal.

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Market highlights February 2: Cryptos mostly in the green, cruise stocks push US indices up

The crypto markets were in the green this morning, with the majority of the top 10 cryptos registering gains over the past 24 hours.

US indices put a poor January behind them to finish higher yesterday. Cruise stocks Carnival Corp (+5.51%), Norwegian Cruise Line Holdings (+3.7%), and Royal Caribbean (+4.24%) made waves amid changing investor sentiment towards the sector.

The UK100 (+0.35%) finished up yesterday as sentiment turned bullish ahead of the Bank of England’s latest interest rate decision on Thursday.

Top cryptos

Bitcoin remained flat, trading above $38,000 at time of writing. Ethereum and XRP were up around 1% each, and Cardano registered gains of around 2%. Solana and Polkadot were also higher, climbing around 3% and 4%, respectively.

Top movers

Most cryptos outside the top 20 gained or lost 2-4% in the last 24 h. Notable gainers include Internet Computer, which is rallying again, Ethereum Classic, and UNUS SED LEO. Each added 8% to its value today. Render token also continues its rally. It gained 9% in the last 24 h.

Quant is easily the biggest winner of the day. The network launched in June 2018 with the goal of connecting blockchains and networks on a global scale without reducing the efficiency and interoperability of the network. Its native token is up 23% today.

Trending

The cryptocurrency Adventure Gold is rallying today, riding the success of the NFT market and metaverse tokens like MANA and SAND. The native ERC-20 token of the Loot non-fungible token (NFT) project gained 112% in 24 hours.

Another popular coin today is IDEX, which describes itself as the first hybrid liquidity DEX that combines an order book model with an automated market maker. It added around 33% to its value.

The post Market highlights February 2: Cryptos mostly in the green, cruise stocks push US indices up appeared first on Coin Journal.

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Here is the reason why QuickSwap (QUICK) has been rallying for the last two days

QuickSwap price has been rallying for the last two days. This bullish trend is a good start for the month and it is still green.

On January 31, the QUICK price jumped 50%. Yesterday (February 1) it went ahead to register another surge of 168% from $166.40 to a daily high of $250.

At the time of writing, QuickSwap is trading at $194.50 and is up 10.73%. It has hit a high of $231.92 and a low of $175.56 in the last 24 hours; after a slight retracement from yesterday’s high.

But why is the QuickSwap rallying? Let’s see what the rally is all about.

What is QuickSwap (QUICK)?

Before we take a deep dive into the current QuickSwap price movement, it’s important to first explain what it is for those who are coming across it for the first time.

QuickSwap is a decentralized exchange that runs on the Polygon Network to provide cheaper and fast transactions. Its native token is referred to as QUICK.

Why is QuickSwap rallying?

The huge QUICK price surge started immediately after QuickSwap’s partnership with CelsiusX.

The partnership aimed at bridging the gap between centralized finance (CeFi) and decentralized finance (DeFi). It will enable users to have control over their assets in the cryptocurrency ecosystem.

CelsiusX and QuickSwap partnership

The announcement of this partnership was the most significant on the recent development on QuickSwap. The CelciusX banking and financial service platform will help QuickSwap in bridging DeFi and CeFi.

The partnership will also allow for the creation of wrapped versions of the Dogecoin (DOGE) and Cardano’s ADA together with well-funded liquidity pools for assets for users, institutions, arbitrageurs, and bots to easily access the tokens.

ADA and DOGE holders will also be able to use their assets in DeFi to earn yields.

New high yield liquidity pools and NFT projects

The launch of new liquidity pools is also another factor attributed to the surge in QUICK’s price.

The high yield liquidity pools come after several integrated bridges and projects were launched in January on the Polygon Network.

Besides the additional high yield liquidity pools, QuickSwap has also seen additional support for NFT projects which have been gaining momentum amid the weak crypto market.

Some of the newly supported NFTs are OneRare, UniArts, Blockchain Monsters Hunt, and Dogira.

The post Here is the reason why QuickSwap (QUICK) has been rallying for the last two days appeared first on Coin Journal.