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Why bitcoin adoption will accelerate over the next decade

Quick take

1 minute read

Over the course of this year, mainstream adoption has been plentiful. Many people have looked towards the cryptocurrency industry as a result of the COVID-19 pandemic and the economic turmoil that came afterwards.

Over the course of this year, mainstream adoption has been plentiful. Many people have looked towards the cryptocurrency industry as a result of the COVID-19 pandemic and the economic turmoil that came afterwards.

With big mainstream financial players coming into the industry, the question must be asked as to how long it will take for bitcoin to become a day-to-day asset for everyone.

Brian Estes, the founder of the investment company known as Off The Chain Capital believes that there are about 10 years remaining until the leading cryptocurrency becomes “normal“ for everyone.

Speaking in an interview earlier this year with CT, Brian said:

“I think in 2029, 2030, when 90% of U.S. households and people in the United States use cryptocurrency and Bitcoin, then I think it becomes a stable part of the economy, and not just the U.S. economy, but I think the world economy.”

But where does he get his information from?

The reason behind Brian’s process is based on an analysis of the S-curve. For those that don’t know, this is a common graphical image that represents the acceleration and the overall process of adoption for new technologies such as blockchain or cryptocurrency. 

He further said:

“The amount of time it takes for a new technology to go from 0% adoption to 10% adoption is the same amount of time takes it to go from 10% adoption to 90% adoption.”

Interestingly, he highlighted that it took about one decade for the leading coin to go from 0 to 10% adoption. In hindsight, this makes a lot of sense as bitcoin is just over 11 years old at the time of writing and it was only in 2017 when it became mainstream after hitting $20,000.

 

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.

Title: Why bitcoin adoption will speed up over the next decade
Sourced From: cryptodaily.co.uk/2020/12/why-bitcoin-adoption-will-speed-up
Published Date: Mon, 28 Dec 2020 13:45:13 +0000

The development of Ethereum and how it has exceeded bitcoin as the biggest network

Quick Take

1 minute read

It seems that bitcoin is no longer the biggest network in the industry as Ethereum has been making a big name for itself in recent times growing its community and ecosystem.This is according to a recent report by Electric Capital. 

It seems that bitcoin is no longer the biggest network in the industry as Ethereum has been making a big name for itself in recent times growing its community and ecosystem.

This is according to a recent report by Electric Capital. The paper from the venture capital company was written by Maria Shen, a partner at the Business. More than 300 developers are getting ready to join the Ethereum network on a monthly basis and with such a large number of minds coming together on a project like this, it speaks volumes for the network and its future. Especially as many people are choosing ethereum over bitcoin and its own network.

Over the course of this year, it is good to see that the network has grown so massively during so much turmoil. Of course, with traditional markets taking a big hit following the coronavirus pandemic this year, crypto is an alternative that many have turned towards. Despite many people going towards this network, there are others who believe that bitcoin is still more active and the best ecosystem to be a part of. According to the venture capital company though, this couldn’t be any further from the truth.

The whole point of the report was to look into the results after looking at numerous blockchain-based cryptocurrency ecosystems. To be classed as actively contributing to the network, a developer would need to work on something related to the blockchain consistently. To that end, Ethereum is four times more active than the bitcoin network.

A big part of the Ethereum network is decentralised finance (DeFi) projects. These kinds of projects have been cropping up all over the mystery in recent times and as a result, activity on the network has increased massively.

Over the course of the next year, the network is expected to grow even more. Especially with the recent launch of the 2.0 upgrade.

 

 

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.

Title: The growth of Ethereum and how it has surpassed bitcoin as the biggest network
Sourced From: cryptodaily.co.uk/2020/12/growth-of-ethereum-how-it-surpassed-bitcoin-as-biggest-network
Published Date: Mon, 28 Dec 2020 13:45:10 +0000

Did you miss our previous article…
https://naminco.ca/altcoins-time-eth-soars-15-as-bitcoin-supremacy-drops-listed-below-70-market-watch/

Altcoins Time? ETH Soars 15% As Bitcoin Supremacy Drops Listed Below 70% (Market Watch).

After another highly volatile weekend trading day consisting of a new all-time high above $28,000 and a massive rejection, including a drop below $26K, BTC has calmed and as of now trading safely around $27,000.

Most altcoins have finally joined the party with some impressive double-digit gains, including Ethereum breaking north of $700, recording a current daily high at nearly $740, which is the highest of 2020.

Bitcoin’s New ATH And Subsequent Rejection

The primary cryptocurrency continued with its remarkable performance during this year’s Holiday season yesterday. After charting consecutive all-time highs above $26,000 and $27,000 on the days before, bitcoin headed towards another major milestone – $28,000.

It didn’t take long for the cryptocurrency to break above it. The run saw BTC painting the latest ATH at nearly $28,400 (on Bitstamp). Quite impressive considering the fact that BTC was trading around $10K during October.

However, as the community started speculating on the next major obstacle at $30,000, the bulls took charge. In the following hours, BTC dumped by more than $2,000 to a daily low beneath $26,000. Nevertheless, the asset has recovered some losses and currently hovers around $27,000.

From a technical perspective, the first support levels situated at $26,850, $26,500, and $25,700 (yesterday’s low) could assist in case of another price breakdown.

BTCUSD. Source: TradingView

ltcoins Rise: Ethereum Breaks Above $700

The altcoin market trailed behind BTC during the latest run. Consequently, bitcoin’s dominance surged to a yearly high of nearly 72%. However, most altcoins have awakened in the past 24 hours with serious gains, thus reducing BTC’s dominance beneath 70%.

Ethereum is among the most impressive performers with a 15% surge on a 24-hour scale, as recorded earlier today. As such, the second-largest cryptocurrency by market cap has overcome the $700 price tag and reached its highest level since early 2018 – $738 (Binance).

Chainlink has added a similar percentage to its price and trades above $12.5. Bitcoin Cash (4%), Binance Coin (3.5%), Polkadot (4.5%), Cardano (2.25%) are also in the green.

Litecoin and Ripple are the two coins from the top ten that have lost value. LTC (-3%) struggles with $130, while XRP (-5%) is down to $0.28.

Cryptocurrency Market Overview. Source: Quantify Crypto

Further gains are evident from Ocean Protocol (13%), THORChain (10%), Decred (10%), Aave (10%), Uniswap (9.5%), and Kusama (9%).

Title: Altcoins Time? ETH Soars 15% As Bitcoin Dominance Drops Below 70% (Market Watch)
Sourced From: cryptopotato.com/altcoins-time-eth-soars-15-as-bitcoin-dominance-drops-below-70-market-watch/
Published Date: Mon, 28 Dec 2020 13:44:45 +0000

Cover Protocol Exploited: The DeFi Token Plunged 80%.

There has reportedly been yet another DeFi exploit, which resulted in massive declines for its native token. This time, the victim was Cover protocol, and its COVER token crashed by almost 80% on Binance within minutes.

COVER has tanked by almost 80% before recovering to its current trading price. Regardless, the cryptocurrency is still down more than 50% from today’s high.

COVER/BUSD. Source: TradingView

 

The team behind the protocol has so far failed to provide any explanation for the crash, which seems untypical, to say the least.However, members of the cryptocurrency community, including influencer Ivan on Tech, have revealed that the protocol has been exploited.According to another user, what transpired was the following. Someone minted fake tokens, provided liquidity through Balancer, staked the resulting BPT token, and unstaked real COVER tokens. In essence, the hacker has managed to exploit an infinite minting bug on the incentives contract.This is far from the first exploit in recent months as more and more DeFi projects continue to fall victim to hackers.As CryptoPotato reported earlier this month, Warp Finance also got exploited through a flash loan attack where the perpetrator made away with $7.7 million.Additionally, Binance has announced that it will suspend COVER trading following the exploit.Title: Cover Protocol Exploited: The DeFi Token Plunged 80%
Sourced From: cryptopotato.com/cover-protocol-exploited-the-defi-token-plunged-80/
Published Date: Mon, 28 Dec 2020 13:44:38 +0000

Did you miss our previous article…
https://naminco.ca/ethereum-price-analysis-after-18-from-yesterdays-low-is-800-in-sight-for-eth/

Ethereum Price Analysis: After 18% From Yesterday’s Low, Is $800 In Sight For ETH?

ETH/USD – Ethereum Bulls Print Fresh 2020 Highs Above $700

Key Support Levels: $720, $700, $675.
Key Resistance Levels: $750, $762, $780.

Yesterday, Ethereum finally penetrated beyond the $675 resistance provided by a bearish .786 Fib Retracement. It managed to spike above $700, but the bears stepped in to cause the daily candle to close around $680.

Today, the ETH bulls continue to drive further higher as they penetrated beyond $700 again to reach as high as $738. It has since dropped slightly as the buyers battle to break the $733 resistance (1.414 Fib Extension). In any case, the cryptocurrency increased substantially from yesterday’s low at $625.

ETH/USD Daily Chart. Source: TradingView

ETH-USD Short Term Price Prediction

Looking ahead, if the bulls break $733, the first level of strong resistance lies at $750 (bearish .886 Fib Retracement). This is followed by $762, $780, $790 (1.272 Fib Extension), and $800.

On the other side, the first level of support lies at $720. After that, there’s $700, $675, $665, and $641 (.382 Fib).

The RSI is above the mid-line as the buyers dominate the market momentum and are still far from being overbought. Additionally, the Stochastic RSI produced a bullish crossover signal a few days ago and still has room to continue further before becoming overbought.

ETH/BTC – ETH Continues Rebound From 0.024 BTC.

Key Support Levels: 0.0262 BTC, 0.026 BTC, 0.025 BTC.
Key Resistance Levels: 0.027 BTC, 0.0275 BTC, 0.028 BTC.

Against Bitcoin, Ethereum had dropped into the 0.024 BTC support yesterday, where it managed to rebound higher. In fact, ETH briefly dropped beneath 0.023 BTC yesterday, but the buyers regrouped to allow the daily candle to close above 0.026 BTC.

Today, the bulls continued to drive ETH higher as they penetrated back above the November lows 0.0262 BTC to reach as high as 0.0275 BTC. The sellers have since dropped the price as ETH now trades near the 0.0269 BTC resistance (bearish .382 Fib Retracement).

ETH/BTC Daily Chart. Source: TradingView

ETH-BTC Short Term Price Prediction

Beyond 0.027 BTC, the first level of resistance is expected at 0.0275 BTC. This is followed by 0.028 BTC, 0.0282 BTC (bearish .5 Fib), and 0.0284 BTC (Feb 2020 highs). Added resistance lies at 0.0287 BTC and 0.0295 BTC.

On the other side, the first level of support lies at 0.0262 BTC. This is followed by 0.026 BTC, 0.025 BTC, and 0.0245 BTC (Jul 2020 lows). Added support lies at 0.024 BTC and 0.0237 BTC.

The RSI is at the mid-line as indecision looms within the market. It will need to cross this line for the bullish momentum to take control of the market movement. The Stochastic RSI recently produced a bullish crossover signal, which is a promising signal for ETH holders.

Title: Ethereum Price Analysis: After 18% From Yesterday’s Low, Is $800 In Sight For ETH?
Sourced From: cryptopotato.com/ethereum-price-analysis-after-18-from-yesterdays-low-is-800-in-sight-for-eth/
Published Date: Mon, 28 Dec 2020 13:44:31 +0000

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