Schlagwort: crypto markets

THORChain RUNE price has surged by more than 13% today to hit a daily high of $2.29 today.

At the time of writing, the coin has slightly pulled back to $2.28 although the bullish momentum seemed to be gathering momentum every minute.

Today’s price surge comes after a tough week that had seen THORChain RUNE price drop from a high of $2.0197 to a low of about $1.76.

Why is THORChain RUNE price rising?

The main reason for today’s surge in the price of RUNE, the native token of ThorChain, was the successful launch of THORChain’s mainnet on seven different networks.

In a nutshell, THORChain enables decentralized exchanges and its users to move crypto assets seamlessly, and launching its mainnet on different blockchains expands the DEX’s reach.

Currently, there is a little over $300 million in total value locked (TVL) on THORChian.

THORChain is currently the only blockchain network that is capable of facilitating decentralized swaps across multiple blockchain networks without using smart contracts. And according to the DEX, it is able to accomplish this without compromising the security of the users’ assets.

In a recent interview with a news outlet, the Technical Lead at THORChain, Chad Barraford, said that although cryptocurrencies are normally decentralized, the majority of trades take place in centralized exchanges and THORChain was out to ensure that cryptocurrencies are traded in a decentralized peer-to-peer manner.

How THORChain functions

Instead of using smart contracts for the swaps, THORChian runs liquidity pools between various blockchains thus avoiding using wrapped tokens, which are mainly associated with smart contracts and mostly expose users to hacking risks.

Currently, THORChain supports the swapping of tokens across Bitcoin, Bitcoin Cash, Ethereum, Dogecoin, Binance, Litecoin, and Itself.

Notably, despite the steps that THORChain has taken to ensure security, the network has been a victim of a number of hacks with the most recent being a hack that took place in July 2021 leading to a loss of about $8 million.

Moving to its own mainnet has not only impacted the THORChain RUNE price but will also enhance the security of the network and avoid future attacks.

The post THORChain RUNE price is up 10% today after this development appeared first on CoinJournal.

XRP price has surged by 13.26% to hit a daily high of $0.3847 today. Although the coin had pulled back from the daily high to trade at $0.3729 at the time of writing, all pointers showed that the bull pressure was still on.

Today’s price surge comes as a relief for Ripple cryptocurrency, which has been battling a prolonged court battle against the US Securities and Exchange Commission (SEC).

It is the first time XRP is trading above $0.35 for the past two weeks.

Why is the XRP price rising?

Yesterday, June 23, the XRP Labs, the team behind RippleNet and XRP cryptocurrency, announced the launch of the Pro Beta version of Ripple’s main wallet, Xumm.

Xumm Pro Beta is LIVE! 🚀🚨

You can now get access to the Xumm Pro Beta. Get early access to Pro features while supporting @XRPLLabs & @XummWallet #getxummpro

What you get right now? You’ll receive incoming push notifications for transactions & trades. pic.twitter.com/GSHZoy4l8j

— Xumm Wallet (@XummWallet) June 23, 2022

To start with, Xumm will only be available through paid subscription using Ripple’s native token XRP.

Once the Beta testing is completed, Ripple Labs is expected to launch Xumm Pro, which will have full functionality and subscribers will only have to switch to Xumm Pro from their wallet to use it.

Xumm Pro Beta features

Xumm Wallet features several innovations including the ability to split the wallet’s funds into two accounts: spending and saving, the opportunity to claim a free Tangem card, which is a kind of “cold” device for storing cryptocurrency, access to premium technical support, and the ability to buy XRP using Euros, through an on-ramp/off-ramp solution.

Ripple however clarifies that anyone wanting to use the Xumm Wallet will be required to go through a  know-your-customer (KYC) procedure, a requirement that is however optional in the Beta testing.

Rippe Labs innovations

Despite the hard times, Ripple Labs has been rolling various innovations including the XRP Ledger. However, the deployment of the Xuum Wallet is expected to drive the XRP price higher over the coming days.

The Xumm Wallet adds to the number of innovations that Ripple investors are expected to freely enjoy especially when the litigation by the US SEC comes to an end.

The post XRP price surges 14%: here’s why appeared first on CoinJournal.

The crypto market as a whole is bullish with most top 100 coins in the green at the time of writing. 

Top cryptos

All top 10 cryptos registered gains over the past 24 hours, with XRP leading the way, up more than 12% at time of writing. Bitcoin climbed more than 3.5%, trading above $21,000 this morning. 

Among cryptos outside the top 10, Polygon’s rally continued. Its gains amount to 18% today and 48% for the last 7 days. Other winners in this group are Avalanche and Shiba Inu. 

UNUS SED LEO started declining for the first time in a long bull run. The 17^th biggest coin by market cap is down around 3% today. 

Top movers

Outside the top 20, the tendency was equally bearish, with most coins adding 5-7% of their value. 

Notable standouts include Axie Infinity, BAT, and Zilliqa with 13% each and BTT and OKB with 10%. Axie Infinity’s price drifted upwards on Friday as investors reflect on the upcoming restart of the Ronin network.

THORChain gained 12% today, bringing its weekly gains to 28%. It has been rising as the launch of its Mainnet approaches. 

The biggest winner of the day is Storj with 33%. Yesterday, the dynamically growing decentralized storage company announced partnerships with three new NFT clients: Amuzed, Europa Labs, and Ultimate Division.  

The losers 

Harmony’s ONE is down almost 10% today, continuing its bearish trend after a major hack in the ecosystem. 

The ONE token is trading at $0.024, which is the lowest it has been since March last year. It also faces dropping out of the top 100, currently sitting at #100.  

Compound is down by less than 2%. It rose in the ranking (from 100^th to 98^th biggest coin by market cap) and its gains for the week stand at an impressive 35%. Finally, Synthetix is down 3%, reversing yesterday’s gains. 

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FTX U.S. President Brett Harrison told CNBC’s ‘Squawk Box’ on Thursday that the crypto industry is still seeing huge venture capital investments despite the tough times occasioned by the bear market.

According to the FTX US boss, while the industry continues to face the blunt force of the crypto winter, markets will eventually recover.

He notes more capital, as projects take the downturn as an opportunity to build, bringing in new talent and products, a bounce out of the hole could see more people adopt crypto and related services.  

Different methods of valuing Bitcoin

Talking specifically about Bitcoin, the world’s leading cryptocurrency, Harrison says there are different ways of looking at BTC’s value. He notes that different people look at this aspect differently.

“It’s difficult,” he told CNBC as he discussed some of the different methods of looking at Bitcoin.

“There are a lot of different proposed methods. Some of it has to do with the future flow of all the Bitcoin that could be mined in the system and of course the cost of mining that Bitcoin,” he added.

Another way of looking at it is what some people see as “a store of value, something that is independent of any particular government’s control. Monetary supply that’s safe and can be moved around the world, you know, safely and instantly.”

The post FTX’s Harrison on how to model Bitcoin price outlook: ‘a lot of different proposed methods’ appeared first on CoinJournal.

Over the past seven days, Polygon (MATIC) has experienced significant gains and it comes as a relief to Polygon traders and investors after a prolonged crypto market meltdown.

At the time of writing, MATIC was trading at $0.5116, up 23.65% over the past 24 hours. It has hit a daily high of $0.5145.

Although MATIC is still down by 82.67% from its all-time high of $2.92 that it had set last year on December 27, its trading volume has gained a whopping 114.45% to sit at $937.9 million in the last 24 hours.

But why is MATIC outpacing other cryptocurrencies in the bearish market? let’s dive into some of the reasons behind the MATIC price surge.

Carbon neutrality achievement

One of the main reasons for the rally is the achievement of Carbon neutrality after its recent partnership with KlimaDAO, an on-chain carbon market to achieve it. During their announcement yesterday, Polygon said that it has received $400,000 worth of carbon credits which is equivalent to 104,794 tons of greenhouse gases.

In an official blog post, the blockchain company said:

“Polygon has made a major first step toward becoming carbon negative with the retirement of $400,000 in carbon credits representing 104,794 tonnes of greenhouse gasses, or the entirety of the network’s CO2 debt since inception.”

Polygon co-founder Sandeep Nailwal also said:

“Reaching carbon neutrality is an important first step, but there is more work ahead. Polygon will lead the way as the whole industry moves toward becoming a net positive for the environment.” 

Whales’ accumulation of MATIC holdings

Another reason for the MATIC price surge is the increase in MATIC accumulation by whales.

According to a tweet posted today by Santiment, Wallets with between 10k and 10 million MATIC coins have purchased more MATIC coins, this has been happening since early May this year.

🦈🐳 $MATIC sharks and whales have been in a pretty big accumulation trend for about six weeks. The tiers of holders ranging from 10k to 10m coins held have collectively added 8.7% more to their bags in this timespan. 📈 https://t.co/oasCn72rxt pic.twitter.com/lm4au2fWkn

— Santiment (@santimentfeed) June 22, 2022

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