Schlagwort: crypto business

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Top 3 altcoins to never buy even when crypto prices rebound

Altcoins have had a difficult time during the ongoing crypto winter. In total, Bitcoin and all altcoins have shed over $2 trillion worth of value in the past few months. While this trend will likely continue, there is a likelihood that most altcoins will rebound together with stocks. Here are some of the top altcoins to never buy.

EOS (EOS)

EOS is a blockchain project that came out of Block.one Initial Coin Offering (ICO) that raised over $4 billion. Today, it it is overseen by EOS Foundation, which is partially independent from Block. It is one of the biggest altcoins that has a total market cap of almost $1 billion. 

EOS has built an operating system known as EOSIO, which is a smart contract platform that seeks to compete with the likes of Ethereum and Solana. It claims to be fast and efficient, highly configurable, and highly secure.

While EOS has been funded well, the reality is that it has not succeeded in the industry. For one, there has been no major or well-known application that has been built using the technology. 

Also, the total volume of those available apps has been in a strong downward trend in the past few months. Most importantly, its association with Block, a company that was fined by the SEC makes it a bad altcoin to buy.

Read our complete KuCoin review.

IOTA (MIOTA)

IOTA is another altcoins to never buy. For starters, IOTA is not a blockchain project. Its developers describe it as a tangle network that connects IOT with secure data and value exchange. It also protects the integrity and verifiability of data. Over the years, the developers have partnered with leading organizations that are implementing its technology.

IOTA also launched a new smart contract platform known as Shimmer. However, its reception has been relatively weak in the past few months. Some of the top projects in the ecosystem are Accumulator, ApeDAO, Camels DAO, and Deposy. However, these products are all relatively small and signal that the coin is struggling.

Axie Infinity (AXS)

Axie Infinity is a leading blockchain project in the gaming industry. The platform enables people to play games and win tokens that they can exchange for cash. Gamers win a cryptocurrency known as the Smooth Love Potion (SLP) that has seen its price crash in the past few months. They can also win the AXS token in several leagues.

Axie Infinity has seen the number of active users drop sharply in the past few months. They have dropped from over 6 million to less than 500k. It also seems like its developers are giving up on the project. Therefore, you should avoid AXS token at all costs.

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Best three blue-chip DeFi crypto tokens to buy and hold

Decentralized Finance (DeFi) has come under fire in the past few months following the collapse of Terra and its ecosystem. The total value locked (TVL) in its ecosystem has crashed from over $250 billion to about $72 billion. Recently, however, blue-chip DeFi tokens have gone on a strong rally as investors buy the dip. Here are the best DeFi tokens to buy.

Aave (AAVE)

Aave is a leading DeFi platform that enables people to invest and borrow money through several steps. It is a popular platform that is available in several chains, including Ethereum, Polygon, Arbitrum, Harmony, and Avalanche. 

Aave has also grown to incorporate other features in its ecosystem. For example, the developers have created a smart contract platform that enable people to build applications on top of it. They are even working towards a stablecoin. Aave has a total value locked (TVL) of over $5.58 billion. 

Aave price has more than doubled from its lowest point in June and is trading at the highest point in more than a month. It is a good investment because of its strong market share and the fact that it has a long track record in the industry.

Learn more about how to invest in crypto.

Uniswap (UNI)

Uniswap is another popular blue-chip DeFi token to invest in for the long term. It is a pioneering Automated Market Maker (AMM) platform that enables people to swap, earn, and build decentralized apps. Uniswap is found in Ethereum, Polygon, Optimism, and Arbitrum. In the past few years, it has handled transactions worth over $1.1 trillion.

Uniswap has been in a strong growth path, which has seen the network launch a platform for building its ecosystem. Some of the most popular apps in its ecosystem are Universe Finance, Brink Trade, Burner Wallet, and Rainbow Wallet.

Uniswap has seen its total value locked (TVL) of over $5 billion, which is lower than its all-time high. The UNI token price has risen by more than 80% in the past few days and there is a likelihood it will continue rising.

Maker (MKR)

Maker is the biggest DeFi platform in the world with a total value locked (TVL) of over $7.7 billion. It is a well-known protocol that helps people access capital. It uses its own stablecoin which is known as Dai, which is an algorithmic coin. Maker is also the second-biggest oracle network in the world after Chainlink. 

The MKR price has jumped by 40% in the past few days and there is a likelihood that it will keep rising in the coming months.

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Bitcoin ends the week trading above $20k once again

The cryptocurrency market has performed well this week, with the total market cap now above $900 billion.

The cryptocurrency had a net positive week this time around. The market added nearly $50 billion to its value in the last seven days, with the total market cap now over $920 billion.

Bitcoin continues to maintain its position as the world’s leading cryptocurrency in terms of market cap. The leading cryptocurrency has lost more than 65% of its value since reaching an all-time high of $69k in November 2021. 

Bitcoin has been able to maintain its value above $20k per coin despite losing nearly 5% of its value in the last seven days. At press time, Bitcoin is trading above the $20,500 mark.

Key levels to watch

The BTC/USD 4-hour chart remains positive despite Bitcoin performing poorly over the last few days. The technical indicators show that Bitcoin could surge higher over the coming days.

The MACD line stands above the neutral zone, indicating positive momentum. The 14-day relative strength index of 54 shows that BTC is no longer in the oversold region and could rally higher soon.

If the bulls regain control of the market, BTC could surge past the $21,661 resistance level over the next two days. Further bullish movement could push BTC above the $22,544 resistance level for the first time this month.

However, the bears are still lurking around and could drag Bitcoin lower during the weekend. Bitcoin could lose its support level above $19,768 over the next few hours or days.

So far this month, Bitcoin has maintained its price above $19k, and the bulls could look to maintain the same momentum over the weekend. Unless there is a massive sell-off in the market, Bitcoin should comfortably stay above the $18,800 support level in the coming days.

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Voyager Digital asks the bankruptcy court to honour withdrawal requests

Voyager Digital filed for bankruptcy earlier this month and is now looking to settle its clients soon.

Struggling cryptocurrency broker Voyager Digital has asked the federal bankruptcy court to honour withdrawal requests from its clients.

According to the company’s filings, there are customer withdrawals worth over $350 million currently held by Metropolitan Commercial Bank. 

Voyager Digital pointed out that it has around $1.3 billion worth of cryptocurrencies on its platform. However, it also held more than $350 million in a For Benefit of Customers (FBO) account at Metropolitan Commercial Bank.

The cryptocurrency broker added that it has claims against Three Arrows Capital exceeding $650 million.

Voyager Digital’s July 14 filing with the US Bankruptcy Court for the Southern District of New York said;

“The debtors have determined, in their business judgment, that failure by the debtors to honor withdrawals any longer could materially harm customer morale during these Chapter 11 cases. Reinstating access to withdrawals will alleviate customer concerns that access to their cash held in the [Metropolitan Commercial Bank] accounts, and the integrity of the platform, is restored.”

In its court filing, the cryptocurrency broker asked the bankruptcy court to allow it to conduct other financial actions. 

Some of these actions include liquidating assets from customer accounts with negative balances, “sweep cash” held in third-party platforms and exchanges, conducting “ordinary course reconciliation” of the customer accounts, continuing cryptocurrency staking and “granting related relief.”

The bankruptcy court has scheduled a hearing for August 4 at 11:00 a.m. Eastern Time. 

Voyager Digital was one of the leading cryptocurrency brokerage platforms prior to its bankruptcy. The bear market has affected the performance of numerous cryptocurrency companies, including the likes of Celsius and Babel Finance.

The total cryptocurrency market cap stands below $1 trillion, down from the all-time high of $3 trillion recorded in November 2021. 

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COTI to become a multi-token layer after the hard fork

The hard fork testnet will take place on August 2nd, and the mainnet launch will be a month later.

The COTI team has announced in a Medium post that it is gearing up for its biggest upgrade yet. The network will undergo a hard fork testnet in three weeks, with the mainnet launch scheduled for a month after that.

According to the COTI team, the hard fork will transition COTI from a single currency infrastructure to a multi-token layer. The team added that during this hard fork, COTI is launching MultiDAG 2.0. With this change, also comes a new token standard: CMD (COTI MultiDAG).

COTI said it has been working hard to make its solution fit the enterprises’ needs, and the launch of MultiDAG 2.0 will enable it to do so. 

The MultiDAG 2.0 protocol will permit branded enterprise tokens to be generated and minted in seconds on top of COTI’s Trustchain. The tokens will come with Trustchain features like scalability, high throughput, lower costs, and seamless payment applications.

According to its roadmap, COTI said after MultiDAG 2.0 goes through its Testnet, and Mainnet trial periods, MultiDAG 2.0 will be officially initiated by creating a hard fork transaction that will be attached to DAG and confirmed by network consensus. 

The change will be followed by the launch of a new token standard: CMD (COTI MultiDAG).

Once this happens, new tokens can be generated, transferred, and burned on the Trustchain as long as the utilized Full Node supports MultiDAG 2.0 protocol, the team added. 

While commenting on this latest development, Shahaf Bar-Geffen, COTI’s CEO, said: 

“CMD, the New Token Standard for COTI, represents the MultiDAG 2.0 launch and is the most significant milestone for COTI. By Supporting the issuance of tokens on top of our protocol, we are accomplishing our vision in becoming the enterprise layer 1. Years of hard work have culminated in this game-changing event, and I can’t wait to see more enterprises using COTI’s technology”.

Ahead of the hard fork, COTI nodes are required to update their nodes in the next 15 days, until August 2nd. The hard fork MultiDAG 2.0 testnet deployment will be on August 2nd, while the hard fork MultiDAG 2.0 mainnet deployment will happen approximately one month later.

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