Search results for - tether

China on Friday reiterated its crackdown on cryptocurrencies in the world’s second largest economy and the latest statement from the People’s Bank of China has put pressure on the broader digital-asset complex. CNBCCNBCCNBCCNBCCNBCCNBCCNBCCNBCCNBCCNBCCNBCCNBCCNBCCNBCCNBCCNBC

However, notable in this round of tough talk by the PBOC is its specific reference of bitcoin the world’s No. 1 crypto by market value, as well as Ether on the Ethereum blockchain, which ranks No. 2. Stablecoin Tether the asset that is pegged to a traditional currency such as the dollar or euro and is considered a gateway from the fiat world to digital assets.

In a report stating that virtual currency doesn’t have the same legal status as legal currency, the PBOC calls out the three digital assets, according to a translated version of the statement.

Virtual currency doesn’t have the same legal status as legal currency. Virtual currencies such as Bitcoin, Ether, and Tether have the main characteristics of being issued by non-monetary authorities, using encryption technology and distributed accounts or similar technologies, and exist in digital form. They are not legal and should not and cannot be used as currency in the market.

The Chinese government said that it will “resolutely clamp down on virtual currency speculation, and related financial activities and misbehavior in order to safeguard people’s properties and maintain economic, financial and social order,” intensifying China’s ongoing clampdown, including on mining bitcoin, which has weighed on crypto sentiment.

Crypto bulls pointed out that this may be one of the few times that Tether has been mentioned in China’s comments.

Tether is designed to trade one-for-one with the U.S. dollar and is one of the most popular crypto, ranking No. 4 on CoinMarketCap.com, with a market value of about $69 billion, just behind Cardano Ether and bitcoin.

Tether, however, is not without controversy and settled a nearly two-year investigation by the New York attorney general’s office into it and the operator of the Bitfinex cryptocurrency exchange, paying a $18.5 million settlement earlier this year.

Stablecoins, broadly have drawn more scrutiny by regulators. Digital assets like Tether are seen as potential risks not just to crypto, especially if there is a run on digital assets, but also to traditional markets, a point that U.S. Treasury Secretary Janet Yellen has been exploring.

Some market participants see the latest China statements as repetitive and unlikely to leave a lasting impact on crypto.

“We’ve also seen this before from China where news of bans have been reported over the years, but it has not prevented adoption of Bitcoin and digital assets from continuing their upward trend,” wrote Freddie Williams, sales trader at the U.K. based digital-asset broker GlobalBlock, in an emailed note.

Some researchers suggest that the Chinese government is aiming to quash decentralized digital assets while it promotes the government-backed digital yuan, which was kicked off recently.

Read: Why China’s digital yuan is ‘largest threat to the West’ in past 30 or 40 years, according to Kyle Bass

China’s digital yuan is controlled by the PBOC, which issues the new electronic money. The digitized currency is expected to give China’s government new tools to monitor both its economy and its people.

“The motives for the crypto ban are also not clear cut. Strategically, the People’s Bank of China’s pilot project of issuing a digital currency will face threats of competition from the private cryptocurrency market. By forcing a ban, it is ensuring significant adoption of the central bank’s digital currency,” wrote Ganesh Viswanath Natraj, an assistant professor of finance at Warwick Business School in the U.K.

In the summer, China announced a broad-based ban on mining bitcoin and also restricted the trading of crypto.

At last check, bitcoin was changing hands at 41,037.61, down 6%, Ether was trading down 9.4% at 2,783.38, on CoinDesk.

BITCOIN slumped slightly following an error by a data provider run by Wall Street big-hitters, which showed a 90 per cent plunge in Bitcoin.

Pyth, which provides financial data to a number of major investment firms, confirmed in a tweet on Monday that a glitch was behind the issue.

The blunder did not turn up on other platforms, meaning only Plyth customers were affected.

It's hard to tell if the glitch had an impact on Bitcoin's market price, or whether it impacted investors.

As of Thursday, Bitcoin's value was sitting at around $43,000.

CoinBase may soon eclipse Bitcoin in the crypto space.

"Coinbase brings a different level of credibility to the space, being the only publicly listed company in the cryptocurrency industry," AMBCrypto reported.

Read our cryptocurrency live blog for the latest news and updates...

: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.Product complexity: The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks. There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back to cash depends on demand and supply existing in the market. Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.  Marketing materials: Firms may overstate the returns of products or understate the risks involved.

Cryptocurrencies saw a slow start this year, mainly due to a Reserve Bank of India (RBI) order to banks telling them not to deal in crypto. The cryptocurrency trade accelerated after the Supreme Court in March reversed the RBI ban and allowed trading in coins such as Bitcoin, Ethereum, Dogecoin, and others. Since then, several online exchanges such as CoinSwitch Kuber and CoinDCX have flourished. But investing in these virtual assets require due diligence, given the extreme volatility of most cryptocurrencies. One way to do that is by looking at historical data of these coins.

How cryptocurrencies have behaved in the past few weeks and months can give an idea of their potential in the near future and whether a person should invest now or wait.

Here's how the top 5 digital coins have behaved so far since the start of this financial year (stating April 1):

Bitcoin

Bitcoin is the oldest cryptocurrency in the world. Since its launch in 2009, it has remained an undisputed leader of the cryptocurrency market. On April 1 this year, it was trading around Rs. 42 lakhs but by May-end, around the time the market crashed massively because of a Chinese crackdown on mining operations, it hit a low of Rs. 22 lakhs. Bitcoin has, however, recovered. On September 17, it was trading around Rs. 37 lakhs.

Ethereum

Experts say this is the only virtual currency that has any chance of challenging Bitcoin's dominance, but it is far from realising its true potential. At the beginning of this financial year, Ethereum was trading at Rs. 1.40 lakhs. By early August, it breached the Rs. 2-lakh barrier. This was the time when the Ethereum blockchain had the major London upgrade. Since then, it has continued to gain in value. On September 17, at the time of writing, it was trading at Rs. 2.76 lakhs.

Cardano

Launched in 2017, Cardano is a relatively new cryptocurrency coin that has jumped the queue to find its place in the top five. Billed as a third-generation blockchain (Bitcoin and Ethereum being the first and second generations, respectively), Cardano gave returns of almost 150 percent in just one month. On July 20, it was trading at Rs. 79.71 but by August it had reached a high of Rs. 191.41. It registered more gains in the next few weeks, reaching an all-time high of Rs. 227 at the start of this month. But the gains have started to taper off since then. On September 17, at the time of writing, it was trading at Rs. 187.82.

Tether is a stablecoin pegged to the US dollar. Being the first one, it is the most popular stablecoin. Since it is pegged to the dollar, meaning every Tether coin should be backed by actual dollars in the reserves of Tether Limited, it is highly stable in comparison to other cryptocurrencies. If this stability is predictable, it also curbs the possibility of boosting wealth quickly. It has remained within the Rs. 73–75 range this financial year. It was trading around Rs. 77 on September 17.

Ripple

It's the fifth-placed cryptocurrency in terms of market capitalisation. Technically speaking, Ripple is not a cryptocurrency. It facilitates open-source payments and XRP is the cryptocurrency that runs on this network. Its price has doubled since April 1, from Rs. 41 to Rs. 80 now. But it has not seen a rally similar to that in late 2017 took it to its all-time high of Rs 242 in early January 2018. At the time of writing, it was trading around Rs. 84.

Related Stories

Did you Know?

What’s the world’s most widely used cryptocurrency? If you think it’s Bitcoin, which accounts for about 70% of all the digital-asset world’s market value, you’re probably wrong. It's Tether!

Stablecoins are a type of cryptocurrency linked to an asset like the US dollar. Their prices remain stable and are not volatile like other cryptos. Stablecoins stay pegged to the same value as that is their function, said Ishan Arora, Partner, Tykhe Block Venture, a crypto hedge fund. They were primarily used to buy other cryptocurrencies, like bitcoin, because many cryptocurrency exchanges didn’t have access to traditional banking. Initially, stablecoins were used as a hedge against the bear market, said Hitesh Malviya, founder, itsblockchain.com. "You can convert your positions into stable coins whenever you want to book profits or to wait to enter into a new position. Traders and investors also use stable coins for investing in DeFi, NFTs, token sales and trading altcoins." USD Coin and Tether are backed by the US dollar. Tether is one of the oldest stablecoin. It was launched by American cryptocurrency exchange bitfinex. USD Coin was launched and operated by Coinbase and others. Both cryptos hold more than 70 per cent share in the global stablecoin trading market. VISA started using USD Coin for transaction settlement in April this year. The majority of the stablecoins use the US dollar as their benchmark asset, but many are also pegged to other fiat currencies like the euro and yen. "Since fiat currencies are pegged to an underlying asset, such as gold or forex reserves which act as collateral, their valuations remain free from wild swings of crypto currency markets," said Darshan Bathija, Co-founder & CEO, Vauld. The value of stablecoins is pegged against the US dollar and other foreign currencies, and it remains stable most of the time. "But there are some algorithm stable coins like frax share which derive its value based on reserved assets such as the US dollar, gold, or any other foreign currency," added Malviya. Should you invest in stablecoins? According to market experts, stablecoins are one of the safest investments in crypto, and there are some staking pools that offer over 10 per cent annual interest when you stake your stablecoin in their pool. "Some stablecoins also employ algorithms to manage supply and demand of the coin so what is in circulation matches what’s held in reserve," added Bathija of Vauld. Arora of Tykhe said countries might have their own digital currencies based on the stablecoin system. "Stablecoins are not an investment option. They are used to hedge your investment," he added.

There are more than a thousand cryptocurrencies in the market, at the moment, and the most popular one out of the lot is Bitcoin. With frequent market volatility, choosing the right cryptocurrency, apart from the ever-expensive Bitcoin, for investment becomes an overwhelming task. To help you make smart investments, here are the best cryptocurrencies with the most growth potential in September. 

Cardano is touted for its proof-of-stake validation, which reduces transaction time and uses less energy. Because environmentally friendly coins have become the latest hot topic, Cardano serves the purpose. It also has many use cases as it enables smart contracts and decentralized applications. Compared to other cryptos of its kind, Cardano sees less market volatility. 

XRP is a token created by Ripple, a digital technology and payments processing company. To enable the exchange of other cryptocurrencies on the network, XRP can be traded for traditional currencies as well. XRP has seen massive growth over the years and now several banks are using this blockchain network for their modern banking functions. 

Binance Coin is used to trade other cryptocurrencies and pay fees on Binance, one of the biggest cryptocurrency exchanges in the world. It was launched in 2017 and can now be used for many functions like even booking travel arrangements. If you are going to invest in cryptocurrencies for the first time, it’s best to invest in Binance first and then trade it for other cryptocurrencies. 

While there is not much hype around Dogecoin at the moment, this digital coin still attracts many investors. Cryptocurrencies like Bitcoin come with a limited coin supply, but Dogecoin has no limit. What was started as a joke in 2013 is now seeing a myriad of supporters, from billionaires to celebrities? 

Tether is a unique cryptocurrency as it is a stable coin. Stable coins are backed by fiat currencies like the US dollar or the Euro, which means anyone who buys 1 Tether coin will be guaranteed the value of one fiat currency. Theoretically, this means Tether’s value will be more stable than other cryptocurrencies amidst market volatility.

USD Coin is also a stable coin with its value pegged to the US dollar. For every USD Coin bought, the investor will be assured the value of US$1. This coin is powered by Ethereum which means it can complete transactions on a global scale. 

Landshare is created to leverage the real estate industry. Based on the Binance Smart Chain and DeFi principles, users can use Landshare for house flipping projects, and make passive income via rents. Launched in August this year, Landshare is gradually getting traction. Initially, it was priced at US$3.6, and at the time of writing, it is trading at US$2.67. 

There are more than 7000 cryptocurrencies in the market that use various blockchain networks. Polkadot’s aim is to integrate them all by creating a cryptocurrency network that connects all the blockchains to work in sync. This ambitious mission has attracted many experienced investors, booming Polkadot’s growth. 

Ethereum is the network that powers the token Ether. Ethereum is a developer’s favorite platform as it supports smart contracts that allow them to create apps based on the network. Ethereum has also seen massive growth over the years. Second to Bitcoin in market cap, it is now receiving more attention as the network announced its new upgrade Ethereum 2.0 that brings changes to this blockchain network and makes the token more environmentally friendly. 

Uniswap runs on the Ethereum network and powers Uniswap crypto exchange. This exchange works on an automated liquidity model for trading, with no involvement of a bank or a broker. Uniswap is also an open-source platform, so anyone can use the code to create new exchange platforms. This token was launched in 2020, and in one year grew to become the 10th largest cryptocurrency.

As more blockchain projects embrace non-fungible tokens (NFTs), Litecoin is joining the fray with the introduction of OmniLite.

Created as a fork of Bitcoin back in 2011, Litecoin’s token litecoin was once described as “the silver to bitcoin’s gold.” Since then, it has iterated on many of Bitcoin’s technical developments, including the early adoption of Segregated Witness (SegWit) in 2017.

Now, in a move to keep up with the times, it is offering Litecoin users the opportunity to create decentralized tokens and smart contracts, along with NFTs and stablecoins.

Read more: What Are NFTs and How Do They Work?

OmniLite is based on the earlier Omni protocol (originally known as Mastercoin), which acted as a secondary layer on the Bitcoin blockchain. Powered by the OMNI token, Bitcoin users could create custom tokens and early precursors to NFTs.

Tether tokens first launched on Omni in October 2014, and the protocol remained the only one to support tether for over three years until the stablecoin launched as an ERC-20 token on Ethereum in November 2017. In less than two years, however, Ethereum’s share of tether’s total circulating supply eclipsed Omni’s. Since then, Omni’s popularity has steadily declined.

Developed by Omni and Litecoin developer Loshan with assistance from the Omni Foundation, OmniLite is an effort from the Litecoin Foundation to let users to create and manage assets on the Litecoin blockchain.

According to the announcement, “The tokens created via OmniLite can be considered to be an extension of litecoin and as a result, the transactions from these tokens are recorded on its blockchain.”

Just as Omni utilizes the Bitcoin network, OmniLite will use OP_RETURN to record token transactions on the Litecoin blockchain.

Currently, OmniLite supports a wallet mode via Litecoin Omni and is available for Windows, Linux and MacOS. The application programming interface (API) is available here.

Scalability

At least for the moment, Litecoin isn’t seeing the constant pressure that higher volume blockchains like Bitcoin and Ethereum experience. Consequently, its transaction speeds are faster, and fees are lower. But should OmniLite grow in popularity, the ability of the blockchain to scale will be key to maintaining these performance metrics.

And since all of OmniLite’s transactions will be recorded on Litecoin, the blockchain would need to address those issues of scalability.

Litecoin Foundation representative Jay Milla said, “Litecoin has the capacity to handle higher transactions per second (tps) at lower fees compared to Bitcoin or Ethereum. So currently we don’t expect any issues. In the meanwhile, there is ongoing research and work going [toward] enabling the assets created on the Omni layer to be transactable on the Lightning Network.”

The Lightning Network is a second-layer payment protocol built on top of the Bitcoin base layer that offers a way to shift transactions off the main chain, thereby offering a scalable, low-cost, nearly instantaneous way to transact with Bitcoin.

Subscribe to Valid Points, our weekly newsletter about Ethereum 2.0.

Ether held a price of $3,095.64 on Friday and was trading green at 0.40 per cent over the last 24 hours. (Image: ShutterStock)

The global crypto market cap stood at $1.99 trillion at the time of this article. This indicated that the market cap surged by 1.62 per cent over the last day.

The price of Bitcoin on Friday was underwhelming and found itself below the $45,000-mark. However, the Cryptocurrency market appeared to be on the upswing and even the top cryptocurrencies such as Bitcoin, Ethereum, Cardano and so on seem to be doing well as data indicated that they were trading green over the past 24 hours. Notably, Bitcoin had a price of $44,369.38 on Friday. The cryptocurrency was trading green at 1.48 per cent over the course of the last 24 hours. However, contrary to this positive trend, the performance of this coin over the duration of the last seven days was anything but. Bitcoin slumped by 7.10 per cent over the last seven days according to data from CoinMarketCap. It should also be noted that Bitcoin maintained a market dominance of 42.14 per cent, which is an indication of a surge of around 0.19 per cent over the day.

Coming to the performance of the overall crypto market, the global crypto market cap stood at $1.99 trillion at the time of this article. This indicated that the market cap surged by 1.62 per cent over the last day. Additionally, the total crypto market volume over the last 24 hours was $100.90 billion, which pointed to a slump of 11.28 per cent.

In terms of the performance of the top altcoins, they were, as mentioned above, trading green over the last 24 hours. The top four altcoins, apart from the number-one-ranking Bitcoin, are Ethereum, Cardano, Tether and Binance Coin in that order. Ether held a price of $3,095.64 on Friday, which pointed to the cryptocurrency trading green at 0.40 per cent over the course of the last day. Similar to the majority of the cryptocurrencies, it was also trading red over the course of the past seven days at 13.01 per cent. Similarly, Cardano had a price of $2.29 and surged 2.05 per cent over the 24-hour period, while also displaying a slump of 5.04 per cent over the course of the week. The cryptocurrency Tether was holding a price of $1.00 at the time of this article and was trading green at 0.01 per cent. It was also the only coin amongst the top 10 currencies to be trading green over the course of the last seven days 0.01 per cent.

Speaking on the matter of Ether and the altcoins, Siddharth Menon, COO of WazirX said, “Ether has formed a classic cup pattern, it is now forming the handle between the price range of 2700 and 4000 levels for 2 weeks. Once it breaks out of the handle towards the upside, we may see buying momentum picking up and the Funds moving to Altcoins.”

RELATED NEWS

He went on to add, “Total crypto mcap is trading around $2 trillion, all eyes on the dollar index. Weakness in the dollar index would strengthen the Crypto markets. After the recent 15-20% sell-off on the cryptocurrency market, which has affected both the Bitcoin and altcoin markets, most assets have recovered back above key values like $3,000 on Ethereum.”

Here are the top 10 cryptocurrencies and their prices on September 24, 2021 (data from coinmarketcap.com while publishing the article)

Bitcoin $44,369.38 or (+1.48 per cent) change in 24 hours

Ethereum $3,095.64 or (+0.40 per cent) change in 24 hours

Cardano $2.29 or (+2.05 per cent) change in 24 hours

Tether $1.00 or (+0.01 per cent) change in 24 hours

Binance Coin $375.75 or (-0.37 per cent) change in 24 hours

XRP $0.9876 or (-1.11 per cent) change in 24 hours

Solana $145.70 or (-1.44 per cent) change in 24 hours

Polkadot $32.11 or (+2.04 per cent) change in 24 hours

USD Coin $1.00 or (+0.01 per cent) change in last 24 hours

Dogecoin $0.2231 or (-0.42 per cent) change in 24 hours

Read all the Latest News, Breaking News and Coronavirus News here

Tagsbitcoincryptocurrencyfirst published:September 24, 2021, 08:55 ISTMore NewsPhotogallery

The cryptocurrency market is filled with over ten thousand cryptocurrencies. However, Indian crypto investors still have a soft corner for bitcoin. They constantly rely on bitcoin with the hope to ride the price wave. Fortunately, bitcoin never fails to live up to its expectations. Although price plummets are also very common, in many cases, bitcoin has gained more profits than those plunges. Besides, its price, market capitalization, and volume have kept it at the top for a long time. Bitcoin still represents over 40% of the cryptocurrency market capitalization.

According to experts, ethereum has every potential to overtake bitcoin in the coming years. So far, ethereum has kept a low-key in the market. But after bitcoin’s price challenged the digital currency sphere, ethereum emerged as a hope for many crypto investors. At the beginning of 2021, ethereum was trading at INR1.40 lakh and has breached the INR2 lakh barrier by August end. After its recent London upgrade, the digital token is confidently heading to breach INR3 lakh in the coming days.

Many believe that Dogecoin is the most promising cryptocurrency of 2021. After becoming Elon Musk’s favorite cryptocurrency, Dogecoin has stolen many other top crypto investors’ attention. Experts believe that Dogecoin’s value will produce nearly 50% returns by 2021 end if it keeps up the good pace. Elon Musk’s constant boosting also helps Dogecoin’s price goes up. However, that doesn’t always work since Musk has varied opinions on all cryptocurrencies.

Launched in 2017, Cardono became one of the few cryptocurrencies that made it to the top 10 digital currency list in a very short span. Cardano functions on the famous blockchain network that powers bitcoin and ethereum. The digital token has given enormous growth to the investors in the past months with a rise of 150%. However, Cardano is also facing a volatile situation now with its price going down drastically. Fortunately, crypto enthusiasts suggest that this could be a brief plummet and Cardano will be back on the track soon.

Binance Coin was one of the few cryptocurrencies that reached its peak in 2017 during the bull market. Unfortunately, it later plateaued and decreased in value. In 2021, Binance Coin is being rallied at a moderate price. Although the pierce growth is comparatively low, Binance Coin still manages to keep its upward graph going. Many Indians see Binance Coin as a stable form of investment.

Whether you believe it or not, Ripple has a large investment base in India. Many Indian local investors and agents suggest their customers invest in XRP to maintain stable growth over their potential investment. Ripple gained its popularity in 2017 and was also chosen by global baking corporations as their preferred cryptocurrency. It became a silent method for the bank to send and receive payments.

Although pegged to the US dollar, Tether has many people in India who are interested in cryptocurrency. Tether is famous in the digital currency circle for its unique functioning. Unlike bitcoin that is valued based on its market capitalization and investments, Tether is backed by a fiat currency that is admired across the globe. Besides, it maintains a stable and consistent value for the digital token.

After breaking from ethereum, a few people in the leadership team created Polkadot with a better network. Polkadot works on several lanes of the transaction to make it fast and easy. The digital token rewards genuine investors and picks out others who trade just to make money fast. Unfortunately, Polkadot’s short history makes it critical for comparison. Therefore, even Indians give a second thought when they plan to invest in Polkadot.

Cryptocurrencies are growing to become stronger investment options as months go by. In August, Bitcoin reached closer to its all-time high of US$60,000 by reaching US$50,000. Keeping an eye on the crypto trends and headlines, the bullish run is giving several traders the confidence to buy more cryptocurrencies. For that, Analytics Insight has made this of the best cryptocurrencies to invest in this weekend. 

The first half of 2021 saw the crypto market crash and Bitcoin becoming half of its all-time high to US$30,000. In August, the price bounced back and now Bitcoin is trading at the value of US$47,000. This price drop is a good sign for new crypto investors who want to buy Bitcoins and reap the profits.  

Next to Bitcoin, Ethereum is the second biggest cryptocurrency. Its blockchain network revolutionized the DeFi sector and made way for decentralized apps. Recently, Ethereum launched its much-awaited new update that will improve the transaction fees and reduce Ether’s inflation. This change makes it easy for investors to decipher the value of investing in Ether and give miners a fair fee.

XRP is one of the most popular utility tokens in the market. Created by Ripple, XRP’s blockchain platform aims to set up cross-border currencies without any friction. Since its launch, many banks have realized the capabilities of this token and the volume of transactions on this network has increased since then. One of the top 10 cryptocurrencies to buy, XRP has a bright future in the crypto market.

As a stable coin, Tether is unlike most cryptocurrencies in the market. A stable coin is a digital token that has a fixed value and is pegged to a fiat currency, like the Euro or the Dollar. Similarly, Tether has a fixed value of US$1 or equivalent and maintains US$1 in reserve for each Tether issued.

USD Coin is a more popular stable coin as its value is only pegged to the US dollar. Stable coins withstand market volatility better and offer a more risk-free investment option. This is apt for new investors who want to make their first move in the market. 

Cardano is known for its proof-of-stake network. Its open blockchain platform is open-source and decentralized. It can facilitate peer-to-peer transactions with its native token, Ada. Founded by Ethereum co-founder Charles Hoskinson, Cardano is one of the most reliable cryptocurrencies to invest in.

Dogecoin, originally made as a meme, has become a legit cryptocurrency with high potential. It has made enough headlines, thanks to Elon Musk’s obsession with making cryptocurrencies trending. All the hype played in favor of this coin and its value that grew more than 50% since its inception. It’s also one of the cheapest cryptocurrencies to invest in.

Binance Coin is a token native to the Binance exchange, one of the largest cryptocurrency exchanges in the world. As long as there is activity on the Binance exchange, Binance coin will continue to steadily grow. Ranked among the top six cryptocurrencies in the world, Binance coin can be used to trade other cryptocurrencies as well.

Litecoin is a rival for Bitcoin’s blockchain network. Litecoin aims to pay for everyday goods and services with transactions faster than Bitcoin. Litecoin has been recognized for its practical purpose by market experts and trade merchants. This means Litecoin is a crypto that can suddenly take on a bull run.

Similar to Ethereum, NEO is a platform for smart contracts. Launched in 2014, NEO’s mission is to improve Ethereum’s network by offering the same utility functions via a more sophisticated blockchain. While NEOs network is superior to Ethereum, it will only reach its full potential in a couple of years. The wait will be worth it for investors.

Bitcoin ( BTC)- US$45,275.90 (up by 1.39%)

Ethereum (ETH)- US$3,296.61 (up by 0.61%) 

Cardano (ADA)- US$2.40 (down by 1.28%)

Tether (USDT)- US$1.00 (up by 0.07%)

Binance Coin (BNB)- US$401.33 (up by 0.57%)

XRP (XRP)- US$1.07 (up by 0.63%)

Solana (SOL)- US$166.18 (up by 3.72%)

Polkadot (DOT)- US$35.70 (down by 0.54%)

Dogecoin (DOGE)- US$0.2376 (down by 1.27%)

USD Coin (USDC)- US$1.00 (up by 0.05%)

The cryptocurrency prices here are according to the CoinMarketCap, which is a global cryptocurrency market cap with US $2.07T with a volume of US $2,068,063,077,095 billion over the past 24hrs with an increase of 1.46% over the last day.

EOS developer Block.one is in more regulatory jeopardy after a report detailed suspected wash trading during the token’s controversial initial coin offering (ICO).

Last week, forensic financial analysis firm Integra FEC issued a report authored by University of Texas professor John M. Griffin featuring the provocative title, “Were ETH and EOS Repeatedly Recycled during the EOS Initial Coin Offering?,” EOS’s ICO ranks as the biggest ever, raising $4.36 billion during the unusually long 12-month period in which Block.one held its EOS crowdsale.

It’s been anything but smooth sailing for Block.one since. Less than a year after the ICO concluded in July 2018, Block.one agreed to pay a $24 million civil penalty to satisfy charges brought by the U.S. Securities and Exchange Commission (SEC), which accused the company of failing to register its token as a securities offering.

Last year, token holders launched a class action suit against Block.one, accusing the company of “making materially false and misleading statements about EOS, which artificially inflated the prices for the EOS securities and damaged unsuspecting investors.” Block.one settled the suit this summer by paying out $27.5 million, despite claiming that the plaintiffs’ allegations were “without merit.”

Griffin’s new report pours further fuel on the Block.one dumpster fire, just as the company is preparing to launch a new cryptocurrency exchange called Bullish. The exchange, which plans to go public this year via a special purpose acquisition company, will be funded in part with some of the billions Block.one generated via its problematic ICO.

The old in-out

Griffin claims to have identified 21 suspicious investor wallet addresses, each of which conducted a minimum of $15 million worth of crypto trading during the EOS ICO. By the tail end of the ICO, these suspect accounts were accounting for 23.4% of all EOS purchases.

Griffin alleges that these accounts “created legitimacy and the perception of widescale interest in EOS,” which in turn helped pump the token’s price to unwarranted heights. By April 2018, EOS was worth $21.54, only to fall below $8 by the end of June before sinking below $2 that December.

The alleged subterfuge went something like this: the wallets spotlighted in Griffin’s report received millions’ worth of Ether (ETH) tokens sent from digital currency exchanges (primarily those paragons of crypto virtue Bitfinex and Binance). A total of 1.2m ETH tokens—worth around $815 million at the time—passed through these wallets to buy EOS from Block.one (although Griffin suspects the actual volume involved in the apparent scheme could be much higher).

From the start, these wallets appeared to operate on a distinctly different pattern from others involved in the ICO. For instance, they did very little transacting that didn’t involve the ICO and they tended to buy and sell similar amounts of ETH on a daily and weekly basis. The purchased EOS—occasionally acquired in $15 million chunks—was sent to an exchange generally within 40 minutes of purchase from Block.one.

After arriving at Bitfinex and Binance, the EOS would be sold for ETH, despite the price paid for this EOS from Block.one being higher than what EOS was worth on the exchanges. Griffin says the net result was that the owners of these wallets were generally operating at a -1.4% loss, apparently disinterested in the 126% profit they could have garnered if they simply held onto their EOS as the token’s value bubbled upward.

Based on the sheer scale of the investment made by these 21 accounts—five of which used common deposit addresses at Bitfinex and Binance—Griffin says it’s “unlikely” that these accounts didn’t share some connection. Griffin adds that the patterns of odd trading behavior offers “clear evidence of a sophisticated and extended recycling scheme perpetuated by potential EOS-connected associates.”

Griffin also found that Block.one took the unusual step of transferring nearly 3 million ETH worth over $1.7 billion from its crowdsale wallet—representing over 39% of the ICO’s overall proceeds—while the ICO was ongoing. This vast sum of ETH was transferred to (surprise!) Bitfinex.

Even more suspect, the EOS sent from the crowdsale wallet appeared to take a needlessly circuitous route on its way to Bitfinex, making four ‘hops’ to overlapping deposit addresses. Griffin calls this pattern “consistent with obfuscating deposits to common accounts at Bitfinex.”

Our mom says we’re innocent

Block.one attempted to blunt the force of Griffin’s report by reminding everyone of a report the company commissioned in 2019 from the law firm of Clifford Chance LLP, which was tasked with digging into the growing allegations of insider dealing during the ICO.

However, while Clifford Chance says it found “no evidence” of dodgy activity, the lawyers cautioned that the only Block.one-owned wallets they examined were those provided to the firm by Block.one itself. Clifford Chance also didn’t investigate whether individuals associated with Block.one may have bought and sold EOS via personal wallets. 

An alternative theory behind the sketchy trading patterns is that these wallets were engaged in arbitrage, but Griffin told Bloomberg that the wallets cited in his report “consistently lost money on their trades,” a questionable long-term strategy unless those doing the trading “have an offsetting profit source or motive.”

Piercing the corporate veil

Block.one never really did much with its EOS.IO protocol post-IPO, undermining the technology’s original selling point: eliminating blockchain transaction fees based on massive volume. EOS-based DApps did earn the dubious distinction of being the primary targets of crypto hackers, so, um, huzzah?

Block.one was co-founded by none other than Brock Pierce, who bailed on the company a couple months before the ICO’s conclusion in order to focus more attention on ‘independent community building’ and plotting his bid to become president of the United States. (Spoiler alert: he didn’t win.)

Pierce previously co-founded the coin that became the Tether stablecoin. Tether is owned by iFinex, the parent company of Bitfinex. In 2018, Griffin co-authored a report on Tether’s role in suspected wash trading—primarily via Bitfinex and other Tether-reliant exchanges—intended to artificially pump up the price of the BTC token.

I suppose there’s a small chance that Pierce is Griffin’s next-door neighbor and Pierce has a habit of dumping his leaves over Griffin’s fence, leading Griffin to launch an analytic vendetta. That, or maybe the likes of Pierce, Tether, Bitfinex and Binance just happen to be routinely found at the intersection of most crypto-related pileups.

Betonjail

This year has witnessed a ‘great awakening’ of financial regulators finally deciding to rein in digital currency excesses and impose some badly needed adult supervision on the regulatory-averse sector. These efforts have so far consisted primarily of jurisdictions restricting market access and warning the general public, shots across the bow that some exchanges and token-issuers have chosen to ignore.

But law enforcement agencies are also taking a greater interest in the legions of crypto scofflaws who believe they can continue to lie, cheat and steal with impunity. At some point, these authorities will choose to make an example of someone in this space to intimidate the rest into knocking off the truly egregious antics.

I have some experience in the online gambling sector, and the story of BetOnSports CEO David Carruthers may prove illustrative for crypto crooks who believe they’re above the law. It’s one thing to pay a few million in penalties for flouting financial regulations; being deprived of one’s liberty for five years or more is something else entirely.

If there’s some online gambling site willing to put up a prop betting market on which unlucky fool will earn themselves a lengthy stint behind bars and thus earn a place in history as a crypto cautionary tale, my wallet is at the ready. Can I pay in EOS?

Follow CoinGeek’s Crypto Crime Cartel series, which delves into the stream of groups—a em>, Coinbase, Ripple and Ethereum—who have co-opted the digital asset revolution and turned the industry into a minefield for naïve (and even experienced) players in the market.

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.

New research has shed more light on the crypto industry’s largest-ever token sale, alleging that foul play may have been afoot during EOS’ initial coin offering (ICO) four years ago.

Researchers from the University of Texas have raised fresh concerns regarding Block.one’s record $4.362-billion ICO for the EOS blockchain in 2017 and 2018. The highly-anticipated project was backed by industry heavyweights, including PayPal co-founder Peter Thiel, alongside billionaire hedge fund managers Alan Howard and Louis Bacon. The research does not accuse Block.one itself of any wrongdoing, and the company has cited a report stating there was no evidence it was involved.

On Tuesday, professor John Griffin of the Austin McCombs School of Business and financial analysis firm Integra FEC published their findings in a paper titled “Were ETH and EOS Repeatedly Recycled during the EOS Initial Coin Offering?” — alleging that wash-trading played a key role in EOS’ price discovery.

According to the paper and outlined in an investigation by Bloomberg, EOS was allegedly wash-traded on the Binance and Bitfinex cryptocurrency exchanges in an effort to artificially inflate the prices. Wash-trading describes the process where an entity simultaneously acts as the buyer and seller for the same asset to artificially bolster volume or manipulate prices.

Griffin wrote that artificial demand from suspect accounts created the illusion of demand for the token and pushed prices up:

“First, it directly manipulated EOS’s offering price upward through the extra buying and inflated the market value of the token. Second, it created the false impression of value of the token which enticed others to want to purchase the ICO token.”

The research allegedly identified 21 accounts that recycled EOS tokens during the ICO. Funds identified as suspect amounted to 1.2 million Ether (ETH) worth around $815 million at the time. Ether was the sole cryptocurrency used to buy EOS during the year-long ICO.

The analysis claims that Ethereum accounts were created in order to repeatedly purchase EOS over time. It claims that a “significant portion” of the Ether raised during the token sale appears to have been “recycled by transferring the ICO contributions through a series of obfuscating intermediary accounts and finally arriving at Bitfinex.”

“2.895 million Ether ($1.721 billion USD), or 39% of the Ether raised in the crowdsale, are also traced from the ICO crowdsale wallet back to Bitfinex.”

Griffin did not identify the owners of the accounts or point the finger at Block.one regarding the alleged wash-trading but noted, “These suspicious accounts accounted for almost a quarter of EOS purchases by the end of the crowdsale.”

Robert C. Hockett, professor of law at Cornell Law School, said that he worked for more than one month on the story alongside media outlet Bloomberg, which published its findings on Thursday.

According to Bloomberg, Block.one responded to the paper by referencing a July document authored by law firm Clifford Chance LLP that asserted there was “no evidence that Block.one purchased tokens on the primary up Darling EOS Cashes In Millions Of ETH As ICO Scorn Continues

The same John Griffin published a paper in October 2019 titled “Is Bitcoin Really Un-Tethered?” that claimed the leading stablecoin Tether (USDT) was wash-traded to influence Bitcoin (BTC) prices during the 2017 bull market. Speaking to Cointelegraph in February 2020, the firm behind Tether, iFinex, labeled the claims “reckless and false.”

Manipulation or otherwise, EOS has largely fallen out of favor with crypto traders and investors. Since ranking among the top five crypto assets by market capitalization in mid-2018, EOS has since tumbled to rank 35th.

The token is currently trading for $5, down 77% from its April 2018 all-time high of $22.70.

ForeverFOMO, which clocked in at a price of $0.00001453 and had surged to 655.60 per cent, was the top gainer. (representative image)

CAPITAL X CELL was the top loser cryptocurrency which had a price of $0.04075 and had slumped by 98.73 per cent over the last 24 hours.

The global crypto market cap on Friday stood at $1.90 trillion with signs of an overall market slump that clocked in at 1.91 per cent on the decline over the course of the last day, according to CoinMarketCap. Inverse to this, the total crypto market volume over the last 24 hours stood at $132.89 billion which indicated that there was an increase of 36.44 per cent. Data also suggested that the total volume in DeFi was, at the time of this article, around $20.84 billion or 15.68 per cent of the total crypto market 24-hour volume. The volume of all the stable crypto coins on the market at the time of this article was $106.79 billion or 80.35 per cent of the total crypto market’s 24-hour volume.

With that in mind, it would also serve to note the rise and fall of some of the top gainers and losers in the cryptocurrency market over the last 24 hours.

In terms of the top gainers, the number one gainer on Saturday was an altcoin by the name of ForeverFOMO, which clocked in at a price of $0.00001453 and had surged to 655.60 per cent according to data from CoinMarketCap. Coming in at second place was VATICAN FINANCE with a price of $0.00009493. This altcoin had surged up by the same amount. Following that was Black Diamon. This cryptocurrency carried a price of $0.000001179 and was trading green at 273.66 per cent over the last 24 hours, data suggested. The last two altcoins that made the top five were Kwikswap Protocol and Teddy Cash with a price of $0.07871 and $3.05 respectively. Kwikswap Protocol had surged up by 266.50 per cent over the last day, whereas Teddy Cash was gained by 140.91 per cent over the same time frame.

Coming to the top five losers, the number one spot went to altcoin, CAPITAL X CELL, which had a price of $0.04075 and had slumped by 98.73 per cent over the course of the last 24 hours. Coming in at second place was MiniSports Token with a price of $0.000000000279. This cryptocurrency was trading red at a rate of 59.01 per cent over the last day.

RELATED NEWS

Top 5 Cryptocurrency Gainers (According to data from CoinMarketCap)

1) ForeverFOMO - $0.00001453 – 655.60 per cent change over the last 24 hours

2) VATICAN FINANCE - $0.00009493 – 655.60 per cent change over the last 24 hours

3) Black Diamond - $0.000001179 – 273.66 per cent change over the last 24 hour

4) Kwikswap Protocol - $0.07871 – 266.50 per cent change over the last 24 hours

5) Teddy Cash - $3.05 – 140.91 per cent change over the last 24 hours

Top 5 Cryptocurrency Losers (According to data from CoinMarketCap)

1) CAPITAL X CELL- $0.04075 – Traded 98.73 per down cent over the last 24 hours

2) MiniSports Token - $0.000000000279 – Traded 59.01 per cent over down the last 24 hours

3) Ether Matrix - $0.0002129 – Traded 48.85 per cent down over the last 24 hour

4) KangarooCake - $0.000002677 – Traded 48.37 per cent down over the last 24 hours

5) Astro Gold - $0.0005378 – Traded 47.18 per cent down over the last 24 hours

On the other end of the spectrum, we have the more notorious cryptocurrencies such as Bitcoin, Ethereum, Cardano and Tether. The top cryptocurrencies were trading mixed on Friday as Bitcoin was trading downwards at 0.17 per cent over the course of the last day with a price of $42,727.53. It was also trading red over the course of the week at 12.06 per cent. Ether was also trading red at 0.40 per cent with a price of $2,916.67. Over the last seven days the coin slumped by 17.01 per cent. Cardano and Tether were trading green over the last 24 hours at a rate of 5.55 per cent and 0.05 per cent respectively. Cardano was, however, trading red over the course of the week at 3.00 per cent, while Tether was surging by 0.09 per cent for the same time frame.

Read all the Latest News, Breaking News and Coronavirus News here

Tagsbitcoincryptocurrencyfirst published:September 25, 2021, 15:35 ISTMore NewsPhotogallery

Cryptocurrency prices keep changing every now and then as it is highly volatile. To help investors in investing in the right cryptocurrency. Analytics Insight comes up with the top 10 cryptocurrencies prices to invest in on September 3rd, 2021. 

Bitcoin ( BTC)- US$49,535.50 (up by 0.17%)

Ethereum (ETH)- US$3,821.25 (up 1.69%) 

Cardano (ADA)- US$2.96 (down by 1.93%)

Binance Coin (BNB)- US$487.46 (down by 0.77%)

Tether (USDT)- US$1.00 (down by 0.00%)

XRP (XRP)- US$1.28 (up by 3.66%)

Solana (SOL)- US$133.63 (up by 17.71%)

Dogecoin (DOGE)- US$0.2967 (down by 0.74%)

Polkadot (DOT)- US$33.46 (up by 4.09%)

USD Coin (USDC)- US$1.00 (up by 0.02%)

The cryptocurrency prices here are according to the CoinMarketCap, a global cryptocurrency market cap with US $2.23T and with a volume of US $128,195,883,139 billion over the past 24hrs with an increase of 0.37% over the last day.

Analytics Insight lists the top 10 current cryptocurrency prices on September 06, 2021

Bitcoin (BTC)- US$51,732.66 (up by 3.70%)

Ethereum (ETH)- US$3,918.89 (up by 1.28%)

Cardano (ADA)- US$2.89 (up by 0.64%)

Binance Coin (BNB)- US$499.55 (up by 1.12%)

Tether (USDT)- US$1.00 (down by 0.00%)

XRP (XRP)- US$1.32 (up by 5.78%)

Solana (SOL)- US$140.17 (down by 1.14%)

Dogecoin (DOGE)- US$0.3112 (up by 3.39%)

Polkadot (DOT)- US$34.05 (up by 5.43%)

USD Coin (USDC)- US$0.9998 (downby 0.02%)

According to CoinMarketCap, the global crypto-market cap is US$2.33Twith a volume of US$120.17 billion over the last 24 hours with adecrease of 4.12%.

Did you Know?

What’s the world’s most widely used cryptocurrency? If you think it’s Bitcoin, which accounts for about 70% of all the digital-asset world’s market value, you’re probably wrong. It's Tether!

"The past 24 hours were relatively quiet for the cryptocurrency market. As institutional investors become more active progressing into the new week, we would likely witness more volatility. Crypto bluechips faced minor profit booking over the weekend," said Edul Patel, CEO and Co-founder of Mudrex. In the meantime, US officials are examining possible insider trading and market manipulation at Binance, Bloomberg News reported, potentially adding more heat to the cryptocurrency exchange that has become a target of regulatory scrutiny in many countries.

China’s central bank said all cryptocurrency-related transactions are illegal and must be banned, sending the strongest signal yet on its determination to crack down on the industry.

All crypto currencies, including bitcoin and tether, are not fiat currency and cannot be circulated on the market, the People’s Bank of China said on its website. All crypto-related transactions, including services provided by offshore exchanges to domestic residents, are illicit financial activities, the PBOC said in the statement.

Bitcoin dropped as much as 4.5% on Friday. Ether also tumbled, along with other crypto-related stocks.

Meanwhile, the nation’s economic planning agency said it is an urgent task for China to root out crypto mining and the crackdown is important to meet carbon goals.

—Additional reporting by Jun Luo.

Get The Brief. Sign up to receive the top stories you need to know right now.

Did you Know?

What’s the world’s most widely used cryptocurrency? If you think it’s Bitcoin, which accounts for about 70% of all the digital-asset world’s market value, you’re probably wrong. It's Tether!

Meanwhile, the US Federal Reserve said I would "soon" release research examining the costs and benefits of a central bank digital currency, or CBDC, Fed Chair Jerome Powell said on Wednesday. Crypto enthusiasts and members of the financial industry are eagerly awaiting the Fed's research, which was initially slated to be released over the summer, for hints on where policymakers stand on whether the United States should issue a CBDC. Crypto Cart: Quick Glance Bitcoin: $44,108, up 4.60 per cent Ethereum: $3,105.19, up 8.20 per cent Cardano: $2.28, up 11.26 per cent Tether: $1, down 0.01 per cent Binance Coin: $378.54, up 7.02 per cent XRP: $1, up 9.09 per cent Solana: $148.21, up 13.99 per cent Polkadot: $31.90, up 16.26 per cent USD Coin: $0.99, down 0.03 per cent Dogecoin: $0.22, up 10 per cent (Note: Price change in last 24 hours) (Source: coinmarketcap.com, data as of 09.51 hours (IST) on September 23, 2021) Tech View by Giottus Cryptocurrency Exchange Bitcoin (BTC) has had a bumpy week, dropping from a high of $47,000 to a low of $39,600 in between. The move was not surprising, given BTC’s slippage from the key $52,000 level earlier in the month. Previously BTC bounced off $42,600 to trade rangebound for the week, before dropping to $40,000 and then $39,600 level in successive nights. BTC may be in Wave 4 of the 5-Wave Elliot structure, indicating a lower high to the $45,000-46,000 range before dropping below the $40,000 level as part of Wave 5. BTC is also forming a head & shoulders pattern on the daily charts, strengthening the chances of a further downside in the short term. Should the pattern continue to play out, BTC will trade below the neckline to $36,000-38,000 levels, which also aligns with its key support levels. On the upside, it will have to battle the resistance at $45,400 before it can rally forward. Investors should approach with caution and should wait on the sidelines before BTC begins to signal a clear direction. Major Levels Support: $42,400, $39,600, $38,000 Resistance: $45,400, $48,600 (Time is in UTC and the daily time frame is 12:00 AM - 12:00 PM UTC) (Views and recommendations given in this section are the analysts' own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)

1 Bitcoin (BTC)

Bitcoin prices have always been on the top list. But the prices have been experiencing ups and downs but when we look at the whole week, then the prices are up by 0.24%. The market cap is about US $889.75 Billion. Bitcoin has a great potential to yield good returns to investors.

2 Ethereum (ETH)

Ethereum has been the next biggest cryptocurrency. Its blockchain network transformed the DeFi sector making way for decentralized apps. Ethereum has experienced a fall of about 3.47% over the past week. The cryptocurrency has a market cap of about US $366.28 Billion.

3 Cardano (ADA)

Cardano is known for its proof-of-stake network. It is an open blockchain platform that is open-source and decentralized. This cryptocurrency has witnessed a rise of about 6.83% over the past week. It has a market cap value of about US $ 83.31 Billion. Cardano is one of the most reliable cryptocurrencies to invest in.

4 Binance Coin (BNB)

Binance coin is a token that is native to the Binance exchange, which is one of the largest cryptocurrency exchanges in the world. This cryptocurrency is ranked among the six top cryptocurrencies in the world that can be used to trade other cryptocurrencies too. It has been on rising up to 11.63% with a market cap of about US $ 81.34 Billion.

5 Tether (USDT)

Tether is a stable coin in the crypto market. Being a digital token, it has a fixed value pegged to fiat currency like the Dollar and Euro. The cryptocurrency is also running in profit by 0.02% with a market cap of about US $ 65.53 Billion.

6 XRP (XRP)

XRP is a dedicated utility token that is created by Ripple. The platform aims to set up cross-border currencies hustle-free. XRP is one of the top 10 cryptocurrencies to buy and invest in the future in the crypto market. The coin has been experiencing a heavy fall of nearly 10.70% with a market cap of about US $ 50.87 Billion.

7 Dogecoin (DOGE)

Dogecoin has been making headlines constantly. It is considered to be one of the cheapest cryptocurrencies to invest in. It has also been downed by 14.43% with a market cap of about US $ 35.75 Billion.

8 USD Coin (USDC)

USD coin is also another stable coin that’s valued is highly pegged to the US dollar. It has been down by just 0.01% over the weekend and has a market cap of about US $ 27.03 Billion. Stable coins are always better to invest in for their risk-free nature.

9 Polkadot (DOT)

Polkadot enables cross-blockchain transfers of any type of data or asset, not only the tokens. The cryptocurrency has been down by 8.20% over the past week having a market cap of about US $ 24.49 Billion.

10 Solana (SOL)

Solana is the fastest blockchain in the world and is also a fast-growing ecosystem in the crypto market with over 400 projects spanning DeFi, NFTs, Web3, and more. The cryptocurrency has been on a rise of about 13.71% with a market cap of about US $ 24.15 Billion.

In the domain of cryptocurrencies, the term “crypto” denotes the complicated cryptography that permits the creation and processing of digital currencies, and also their transactions through decentralized networks. Although this essential aspect of the sector has come under assault as it has grown in popularity, cryptocurrencies are nearly always meant to be impervious to government exploitation and regulation. In this post, you will learn about the top 10 cryptocurrencies which are worth it for long-term investments.

Best Cryptocurrencies for Long-term Investment

Bitcoin (BTC) is a cryptocurrency that was established in 2008 by Satoshi Nakamoto, an unknown individual or group of individuals. Bitcoin is a decentralized digital money that may be transmitted directly from one user to another on the peer-to-peer bitcoin network. Cryptography is used by network nodes to validate transactions, which are subsequently recorded in a blockchain, a public distributed ledger.

Regardless of whether its price increases or decreases, bitcoin will remain dominant in the cryptocurrency market. Strong liquidity will benefit traders as long as it persists, regardless of market volatility.

Ethereum is a decentralised digital platform that enables the creation and execution of Smart Contracts and DApps without any need for third-party downtime, fraud, control, or interference. Ethereum is a permissionless, non-hierarchical collection of servers (nodes) that produce and reach consensus on an ever-growing network of “blocks,” or bunches of transactions, known as the blockchain.

Tether, formerly known as Realcoin, was among the first cryptocurrencies to be linked to the US dollar when it was established in 2014. Tether is a cryptocurrency whose crypto tokens are insured by an equal number of traditional fiat currencies kept in a separate bank account, such as the dollar, pound, or Japanese yen. Tether is a stablecoin, a form of cryptocurrency that aims to keep cryptocurrency prices consistent, as opposed to the large price swings seen in other prominent cryptocurrencies like Bitcoin and Ethereum.

Ripple was originally introduced in 2012 as a cryptocurrency and a digital payment system for financial transactions. XRP was established by Ripple Labs as a payment currency for their decentralized payment system. Because the firm originated with a blockchain-based system, XRP is utilised with a network of verification nodes instead of a blockchain. Ripple XRP has a market value of $26,8 B as of April 2nd, and oneXRP is currently trading for $0.5926.

The Uniswap protocol is a decentralized crypto exchange mechanism. Uniswap is the name of the business that invented the protocol. The protocol enables for automatic transactions between cryptocurrency tokens on the Ethereum blockchain by the use of smart contracts. It has a market value of $15.2 B as of April 2nd, and one UNI is worth $29.21.

Dogecoin is a cryptocurrency that was created as a joke by software developers Billy Markus and Jackson Palmer to mock the booming cryptocurrency market at the time. On May 9, 2021, SpaceX launched the first cryptocurrency-funded space mission, a Dogecoin-funded ridesharing flight to the Moon.

Cardano is a cryptocurrency system and open-sourced project aiming to build an open public blockchain for payment systems. Cardano’s internal coin is called Ada.

Charles Hoskinson, one of Ethereum’s five original founders, was a co-founder of the company. He departed Ethereum after significant disputes with its direction, subsequently assisting in the creation of Cardano.

Polkadot is a one-of-a-kind cryptocurrency that aims to make blockchain interoperability accessible to the general public. Its protocol connects permissioned and permissionless blockchains, and also oracles, enabling systems to communicate in a single environment. Gavin Wood is a co-founder and former CEO of the Ethereum Project. As of March 2021, Polkadot is valued at $30.3 billion, and one DOT is worth $32.83. Polkadot is a decentralized internet that allows different blockchains to share data and information in a trustless manner via the Polkadot relay chain.

BNB is an ERC20 token based on Ethereum that was developed by Binance, a major cryptocurrency exchange. This currency can be used to pay a commission for purchases on the exchange. A total of 200 million tokens were manufactured for the currency. As per the Whitepaper, Binance plans to use 20% of earnings each quarter to purchase back and burn BNB until 50% of the total BNB supply (100 M) has been burned.

BCH is a cryptocurrency that was created in 2017 as a fork of Bitcoin. Bitcoin Cash was created with the intention of having a bigger block size than Bitcoin, enabling for more transactions to be recorded in a single block. Aside from their differences, Bitcoin Cash and Bitcoin have certain technological similarities, such as the usage of the same consensus process and a 21 million coin supply cap. As of April 2, it has a market capitalization of $10.8 billion, and 1 Bitcoin Cash is worth $575.17.

Cryptocurrency is no longer considered a speculative investment. Digital assets are being taken seriously by both retail and institutional investors. With so much buzz surrounding the digital currency, investors are seeing it as a viable option for both short-term profit and long-term investment. The rise of cryptocurrencies necessitates extreme care while investing in them. Before investing in crypto, investors must properly assess its potential. Its amazing popularity, market domination, and ongoing relevance in the cryptocurrency ecosystem cannot be denied.