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The Crypto Market Is Replicating The 2017 Bullrun

The Crypto Market Is Replicating The 2017 Bullrun

Even though the third quarter of every year has been historically bearish for Bitcoin, the entire cryptocurrency market seems to be replicating the same bullish momentum witnessed in 2017. The massive altcoin rally, the boom in smart contract-enabled token sales or ICO, and the latest DeFi boom.

Just like the 2017 ICO rally, the DeFi FOMO is leading the influx of fresh money into the cryptocurrency industry. Most Altcoins have done close to 20x to 50x since the March 12 black Thursday selloff. 

With an inflow of institutional investors especially hedge fund managers looking at hedging against inflation and the falling dollar, the number of Bitcoin addresses has increased astronomically since this year. Cointelegraph had reported that the number of Bitcoin wallets holding at least 1 BTC set to hit 800k all-time highs. 

While institutional involvement keeps crawling, the rise of interest around cryptocurrencies keeps surging massively. With no end in sight, the euphoria has spread far and wide across the industry.

DeFi Has Been Explosive

With the increase in the popularity of decentralized products, DeFi has taken the world by storm as the financial product pushes for mainstream adoption. As decentralized finance (DeFi) competes with centralized financial products, we can agree that every major technological revolution in human society has brought about a significant increase in production efficiency and a reduction in cost. 

As DeFi proposes to solve most of the challenges plaguing the banking industry and centralized lending space, the decentralized model has been welcomed with massive enthusiasm. This is evident in the total value locked (TVL) in the protocol growing by over 9x since February.

The TVL in the DeFi protocols hit an all-time high to reach a staggering $9.6 billion on September 2nd, against the $1 billion locked in the protocol as of February 7. While this looks impressive, DeFi tokens have also witnessed astronomical rallies since this year, with a growing interest among ERC20 DeFi tokens as well.

This surge in DeFi activities has contributed largely to network congestion being experienced in the Ethereum blockchain, leading to high gas fees that run into hundreds and thousands of dollars and higher confirmation time.  Since ETH constitutes more than 70% of tokens locked in the protocol, ETH has witnessed a significant price increase close to the $500 mark.

Unarguably, The DeFi boom has contributed largely to the increased momentum seen across the entire crypto market and the influx of new money. 

ICO Has Also Had A Fair Share Of The Bullish Momentum 

You can argue that ICO lost steam after the longest bear market witnessed in 2018, but a close look at the model reveals that ICO is still very viable, however investors are becoming more discerning in making an intelligent financial decision. This is a testament to the most successful ICOs in 2020, maybe the market is beginning to find fresh fate in blockchain fundraising but the development looks entirely good.

Among the successful ICOs witnessed in 2020, SaTT advertising Token and Orion Protocol looks impressive. SaTT, an innovative blockchain-based advertising solution has had an outstanding year since the launch of its blockchain platform at the beginning of the year. 

SaTT completed the third stage of its token sales with a bang, raising over $1 million within 48 hours to close its soft cap. The project had revealed the completion of an important milestone as they breach the soft cap, raising about $3,360,000 a few days after the resumption of its token sales. 

By adopting influencer marketing, SaTT enables everyone on social media to become an influencer within their circle, recommend a product they consider to be fit for their friends or followers and get paid for making such recommendations. People are likely to trust recommendations from their close buddies, instead of doing this for free, connect with the SaTT, and get paid for it. 

The advertising platform eliminates the barriers of entry for publishers, creates affordable advertising campaigns for advertisers, enables adequate compensation for publishers,  incorporates fast and convenient payment methods, and finally deploys decentralized servers to ensure the system is never broken at any time. 

The landslide success that accompanied the token sale of SaTT ICO was overwhelming, a feat that hasn't been witnessed since the 2017 ICO rush. Ahead of schedule, SaTT has announced the listing of its token on major exchanges on September 24. 

Final Thoughts

There has been a surging interest in crypto-financial products, with each sector of the industry having a ripple or snowball effect on the entire ecosystem. The interest in DeFi and most blockchain fundraising conducted this year has been massive. Maybe we could be seeing a replay of the 2017 scenario and this could potentially mean a total renewed interest in ICO and other blockchain fundraising model

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“PayString” trademark filed by Ripple in the United States - what could it be?

“PayString” trademark filed by Ripple in the United States - what could it be?

Quick take

1 minute read

  • Another new trademark has been filed with the United States patent and trademark office by the San Francisco blockchain company Ripple.
  • Filed earlier this month, the filing for the trademark doesn’t give much away in regards to what kind of business or product will be marketed under its name. 

Another new trademark has been filed with the United States patent and trademark office by the San Francisco blockchain company Ripple.

Filed earlier this month on the 6th of November, the filing for the trademark doesn’t give much away in regards to what kind of business or product will be marketed under its name. Known as PayString, this trademark registration is very similar to that of the Ripplenet filing earlier in 2020.

The description indicates that PayString would cover a variety of different categories of electronic financial services.

Furthermore, this could be used for Fiat currency and digital currencies for omittance and gifts.

Earlier this year in August, the company failed to more trademark applications with the patent and trademark office in the US. This included the same application descriptions of PayString and Ripplenet.

You can see the filing here.

This year has been somewhat lacklustre for the XRP token. The price action for the currency has been slow to say the least but some believe that it could be getting ready for some further excitement before the end of the year.

It will also be interesting to see where the PayString trademark goes and what kind of product it will end up becoming.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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CNBC’s Brian Kelly predicts bullish YEAR for bitcoin

CNBC’s Brian Kelly predicts bullish YEAR for bitcoin

Quick take

1 minute read

  • Brian Kelly predicts a bullish future for bitcoin.
  • Bitcoin surpasses $16,000.

Brian Kelly, a well-known advocate for bitcoin recently said on the Fast money show for CNBC that the gains that bitcoin is currently making could be extended to a full year following the halving.

In an interview earlier this week on the 12th of November on the show, Brian said that the spike in high-profile and institutional investors that are moving towards cryptocurrency and specifically, bitcoin, could indicate an exciting and bullish future for the king coin.

“There's a lot of scope for upside. Most of the gains that come are the year after the halving, and we’re seven months into that year after the halving, and Bitcoin’s doing what it should do.”

The host, Melissa Lee said:

“So there could be five more months here of pretty good upside.”

Bitcoin has had a very exciting week this week after it surpassed the $16,000 key resistance level following what was a very exciting time during the United States presidential election. Bitcoin has seemingly come out on top with many people now predicting big things in the short and long-term for bitcoin.

You can see his interview here:

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

 

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How Ethereum 2.0 good see strong recovery for ETH

How Ethereum 2.0 good see strong recovery for ETH

Quick Take

1 minute read

  • As we come to the end of the year, there are numerous things occurring in the crypto space that no one could have predicted. 
  • With bitcoin jumping in value over the past few weeks/month, the alternative crypto market is quietly making gains simultaneously.

As we come to the end of the year, there are numerous things occurring in the crypto space that no one could have predicted. With bitcoin jumping in value over the past few weeks/month, the alternative crypto market is quietly making gains simultaneously.

Joseph Young, an analyst on Twitter has said that the second biggest cryptocurrency in the space, Ethereum has been performing extremely well over the past two months.

The upcoming Ethereum 2.0 deposit contract announced that the network upgrade would go live on the 1st of December. This has more than likely had a big impact on that open and how it has flourished in value over the past few months.

With the release of Ethereum 2.0, it would remove minors as the proof of work model is substituted for the proof of stake protocol. From here, users will be able to collectively verify transactions on the network without any need for a third-party to get involved.

You can see the tweet here from Joseph below:

Experience for users on the platform is more than likely going to change following the increase of the transaction capacity across the overall network.

The co-founder of Ethereum, Vitalik Buterin has confirmed that what was once a 15 transaction per second on chain processing speed could be increased to somewhere up to 5000 transactions per second on the blockchain upgrade.

The stagnation for Ethereum has technically allowed for the network to consolidate above significant moving averages and will be good for the future of the project.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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How South Africa's scam history has made its investors stronger

How South Africa's scam history has made its investors stronger

South Africa is a country with great diversity and has a rich history which attracts about 2.5 million tourists into the country every year. But what’s more appealing about South Africa is its gold mining industry which is one of the aspects of the country that makes it very attractive to foreign investors. And it comes as no doubt that South Africa has the most industrialized economy in the continent as a whole. Besides natural endowments history and tourism, South Africa is one of the countries in Africa where the activities of the financial market are widespread. Due to its attractiveness, many individuals have fallen victim to scammers in the country in an attempt to make a decent investment. 

According to numerous reports, many investors and visitors have been scammed by South African citizens or even scammers who are established in South Africa because it is a hub for foreign investment. Scammers go a long way to defraud people and it is always almost genuine, which makes it difficult for the investors to notice. Some examples of these activities involve scammers posing as airport staff, engaging in unexpected chats, stealing from backpacks or carry-on bags, or even fake taxi drivers that take passengers to unknown destinations to defraud them. These scammers go as far as telling passengers to get a receipt for some kind of taxi voucher, bus card, or airport receipt, take them to the ATM to get that non-existent voucher, and then try to see you type your PIN before creating a distraction to snatch and run with your card. 

It does not only end at that the height of this was when several South African investors lost over $13 million to a bitcoin scammer. This is one of the most thought out scams in the history of forex scams in South Africa and there are several more of this magnitude or even worse. 

In this case, the mastermind of the bitcoin scam, Willi Breedt who was the CEO of Vaultage Solutions now defunct, allegedly scammed several investors of over 227 million rands ($13.35 million) and escaped to another country when things got messy. It all started when the scammer abruptly severed all connection and communication between his clients and going on vacation. After several reports from his investors to the authorities, he was under criminal investigation, during which he closed shop, it is alleged that he went into hiding as the investigations went on. Reports by local news outlets indicated that Breedt claims that his troubles started in 2019 when the crypto market slumped. However, the truth of the matter is that the markets immediately recovered sufficient enough for him to recover all his losses. Because the slump was short-lived as it occurred only between one day and recovered the next so all losses were recovered. But Breedt claims to have been bankrupt by the slump and went into hiding to avoid his clients. Investigations on his bank account uncovered fraud as some of his investors stated that they had about $3.15 million in their account and the next day there was nothing and Breedt was nowhere to be found.

The members of the crypto community in South Africa have not been amused by Breedt’s actions because it reflects back to them as untrustworthy. But what’s more, is that it has been so common in the country that investors are becoming more accustomed to it. Although scamming is still prevalent in the country, investors are becoming more cautious when investing in South Africa. They have been scammed so much so that they are now stronger and more aware of scamming activities in the country, making it an even harder task for scammers to cook up any story because they’ve seen all and heard all.

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