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You are here: Home / Archives for News / Altcoin News

Altcoin News

New Cryptojacking Malware Vivin Mining Hundreds of Thousands of Monero Coins

January 23, 2020 by Richard M Adrian

Cisco Talos cybersecurity experts are tracking down a 2-year old malware that has been conducting an active crypto mining campaign of Monero coins. 

Cybersecurity methods of preventing data breaches have evolved tremendously and so have cyber criminal mechanisms. Researchers at Cisco identified the cryptojacking malware as Vivin and indicated it had been active as early as 2017. A 2018 report from the Cyber Threat Alliance (CTA) revealed a 459% increase on the rate of illicit cryptojacking that year. This trend continued to grow for the better part of 2018 with McAfee Labs reporting a 659% increase by the end of Q1. 

Meanwhile, McAfee Labs research found out that increasing cryptocurrency prices fueled the rise of cryptojacking malware. However during a Threatpost podcast,  Cisco Talos cybersecurity researcher Nick Biasini pointed out that hackers did not require huge amounts of money so as to drive these operations. As long as the illegal ventures generate any amount of revenue, as long as money is the guarantee; cyber attacks are here to stay. His suggestion was to drive the point that Monero crypto mining malware was still on the rise, despite the coin’s diminishing price. 

For a malware campaign that has been in existence since November 2017, they must have mined thousands of dollars of Monero coins from unsuspecting host computers. 

Note that cryptojacking involves hijacking user computers and exploiting their computing power to mine digital currencies. The activities usually take place without the owner’s knowledge. Eventually, the malware sends the mined funds to the criminals controlling the software.

Talos discovered that the Vivin malware was rotating multiple amounts of wallet addresses and corrupting payload delivery chains. Activities which took place across different timelines. However, the first actor to infecting computers with Vivin involved installation of pirated software. The software opened up the infected computer to a backdoor as the initial attack vector; upon which the code executed an XMrig mining software installation. 

Nevertheless, the perpetrators of the attack did little to nothing in hiding their activity. A host of poor security decisions like posting similar Monero wallet addresses revealed their track. However, as Talon came to establish – the poor operation decision were a well thought generalization pattern for massive targeting of general user behavior. 

Vivin Cryptojacking Malware Prevention

Vivin attack point of attacks however offers computer users numerous tactics, techniques and procedures (TTP) for mitigating risks. To prevent the threat of cryptojacking malware and especially in this case Vivin attacks, observe the following: 

  1. Avoid pirated software usage on endpoints
  2. Ensure perfect event logging and monitoring
  3. Observe proper system resource monitoring
  4. Block mining pools URLs
  5. Implement detection signatures

Biasini noted that he wasn’t surprised that cryptojacking malware were still currently present. The researcher said that cybersecurity and TTP attack prevention might have mitigated the first phase of cryptojacking. However, there was a second wave of cyber criminal behavior occasioned by sketchy data phishing and brute force. The initial wave, he noted, characterized spam campaigns and infected mail documents. 

During press time, Vivin attacks are active and still mining hundreds of thousands of dollars from unsuspecting computer users. It is therefore essential that people observe good cybersecurity hygiene before they have their computer resources milked dry. 

 

Filed Under: Altcoin News, Industry, News Tagged With: cisco talos, Crypto Mining, Cryptocurrencies, Cryptojacking, cryptojacking malware, Hacks, Monero (XMR), Vivin

Ripple Focuses on 2020 Developments And Key Areas Of Focus In Latest Market Report

January 23, 2020 by Ketaki Dixit

Major cryptocurrency companies have always taken it upon themselves to ensure that their users know all about their workings and achievements. This has enabled companies like Ripple to create an ecosystem for growth and the fans are loving it.

Just recently, Ripple released its XRP Markets reports for Q4 2019 which talked about all the developments, partnerships and updates conducted by the company. 

The Brad Garlinghouse led company has repeatedly stated that the report was a way to voluntarily provide transparency and regular updates on the company’s progress. One of the areas touched upon in the report was about XRP’s movements on the ledger.

As of December 31, 2019, the number of closed ledgers on the XRPL had exceeded 51 million. The number of known validators on the RippleNet has also risen to 150.

The validators ensure that no single entity can decide which transactions succeed or fail on the XRP ledger. According to the company, this has been the reason why no transactions on the XRP Ledger has ever been discriminated against or censored.

Ripple further talked about how the last quarter of 2019 was highly beneficial to the XRP community, netting net sales of $13.08 million. Although it was lesser than the 66.2 million generated in the third quarter, the figure was still healthy in the face of the bear market.

Ripple claimed that the total sales at the close of the quarter were at 8bps of CCTT while the previous quarter was 46 bps of CCTT. This was a 78 percent drop in the quarter over the quarter time frame. One factor that Ripple might want to take care of in the first quarter of 2020 will be its programmatic sales. While the company oversaw 16.12 million in programmatic sales in Q3 2019, it had none in the final quarter.

Due to the bear market. the total XRP volume had also fallen in the final quarter. XRP’s volume in Q4 2019 was 17.24 while it was $900,000 more in Q3. There was a drop in terms of daily returns also compared to the previous quarter. While the volatility of return rates in Q3 was 3.6, the same figure in Q4 was 3.1 percent.

One thing to note is that XRP’s volatility over the quarter was similar to that of Bitcoin and Ethereum. The top two cryptocurrencies held volatility of 3 percent and 3.1 percent respectively,

The report also talked about Ripple’s escrow market. According to Ripple:

“In Q4 2019, three billion XRP were again released out of escrow (one billion each month). Of note, in December of this quarter, Ripple returned a full one billion back to escrow, for the first time ever. In total across the quarter, 2.7 billion XRP were returned and subsequently put into new escrow contracts.”

One key area of focus for Ripple in 2020 will be the derivatives markets. XRP derivatives are available on Binance, Huobi and FTX, amongst several others. Ripple believes that a growing derivatives market is essential in the maturation of assets and in turn the industry.

Filed Under: Altcoin News Tagged With: Market Report, Ripple (XRP)

Ethereum’s Blockchain in Limelight as JP Morgan Portfolio Company Partners With Blockchain Startup

January 22, 2020 by Ketaki Dixit

Blockchain startups have been booming across the spectrum with many of them being headed by former mainstream players or bankers. This further sheds light on the growing dominance of the digital assets space.

To keep this surge going, Smartac, a JP Morgan portfolio company dealing in the product designation space has partnered with blockchain startup Citizens Reserve.

According to reports, Citizens Reserve is a supply chain platform built on the blockchain. This enables it to conduct transactions and process code much faster than conventional methods. The startup is slated to use its blockchain-based SUKU supply chain platform to integrate with the JP Morgan affiliate.

Addressing the latest partnership, Dinesh Dhamija, the CTO of Citizens Reserve stated:

“The combination of Smartrac’s digital enablement capabilities along with Citizen’s Reserves’ SUKU platform will provide a unique identity for each physical product with a transparent and accessible supply chain solution.”

Dhmaija also mentioned that the partnership will allow Smartac to bring its technology into the blockchain world. This is not the first time that the supply chain industry has dabbled in blockchain technology. Industries such as shipping and transportation have already taken the leap into the world of digital assets earlier.

JP Morgan had tasked Smartac with creating a more immutable ecosystem for industries such as food and the latest move is a step in that direction. The company utilizes RFID technology as well as the much-hyped Internet of Things [IoT].

With the latest partnership, Smartac will be able to use Citizens Reserve’s resources on the Ethereum blockchain. At the same time, it will also be able to tap into JP Morgan’s native Quorum blockchain.

Both the companies have clarified that utilizing blockchain technology in sectors such as the food and beverage marketplace gives it more credibility. Eric Piscini, the chief executive of Citizens Reserve added:

“RFID tags are critical when you think about supply chain and what we do, we do supply chain on blockchain, and when you need to track an item using the supply chain, whether it’s components or it’s a final product, you need RFID tags, and the partnership is really for us to be able to provide a complete solution to our clients.”

The specific RFID technology used by Smartac is aimed to solve real-world problems faced by customers. This includes increasing traceability of products, prevention of data tampering and the transport of illegal commodities. Using the Ethereum blockchain provided by Citizens Reserve, customers will be able to track physical goods from the pickup to drop point.

Piscini earlier worked in the blockchain department at Deloitte, making it one of the first mainstream companies to enter the decentralized sectors. Since his exit, the Citizens Reserve CEO has made it his mission to include blockchain tech in a variety of sectors.

He revealed that the first application will be in the meat industry and will not rest until its dominated. Citizens Reserve also has long term plans to carry this blockchain technology into several other institutionalized sectors.

 

Source: Forbes

Filed Under: Altcoin News Tagged With: Blockchain, JP Morgan

Tron CEO Justin Sun Meets With Apple Co-founder Steve Wozniak; Community Tries To Gather More Information On ‘Partnership’

January 22, 2020 by Akash Anand

The cryptocurrency market has always seen tie-ups with mainstream companies and individuals as a marker for adoption. Tron, the cryptocurrency known for its multitude of announcements recently broke the news of a significant jump in popularity.

Justin Sun, the Chief Executive Officer [CEO] of the Tron Foundation recently announced that he had met Steve Wozniak, the co-founder of Apple.

During a time when everyone was running helter-skleter for partnerships, Tron seems to be enjoying its moment in the limelight. The news about the meeting was first shared by Wozniak on Twitter when he tweeted:

Lunch with Justin Sun for free! (He paid for lunch with Warren Buffett) (@ Mandarin Gourmet in Cupertino, CA) https://t.co/xap3BR7Aro

— Steve Wozniak (@stevewoz) January 20, 2020

Sun went on to retweet this news, claiming that he was looking forward to their ‘partnership’. It’s still unsure as to what they may have discussed, but a majority of the Tronics become already on-board with the Tron CEO

Some have speculated that the discussion may have surrounded adding TRX tokens to upcoming iPhones. The chances of that happening may be slim as most of the executive decisions for Apple was taken by its CEO, Tim Cook. The reason why some believed that Tron may be added to future Apple tech was that the former did that with Samsung.

Back in October 2019, the Korean tech giant had decided to integrate Tron and Mobile-compatible dApp building tools to its fold. According to a release by Samsung, the Samsung Blockchain Keystore SD v1.2.0 contained APIs that would allow TRX transactions. This was a huge win for Tron as it was the first time that a cryptocurrency had been fully integrated with a mainstream component, let alone with Samsung.

A few members in the cryptoverse joked that Sun’s meeting with Wozniak would have gone the same way as the lunch with Warren Buffett. These critics were referring to the charity lunch that Justin Sun missed after talking about it for weeks on end.

The latest meeting between the two public figures has prompted some cryptocurrency enthusiasts to believe that digital assets were finally breaking into the mainstream fore. Steve Wozniak has also been a popular player in the crypto industry by commenting on its regulatory issues as well as advantages.

Just a few months back, Wozniak had claimed that he liked the concept of cryptocurrencies but some countries did not know how to handle it. He was afraid that countries only wanted control, thereby beating the essence of digital assets. Wozniak asserted that developers need to invent effective solutions using blockchain and crypto as that would allow other industries to sit up and take notice.

The Apple c-founder’s interest in crypto was solidified in late 2018 when he co-founded EQUI Global. The venture capital firm works by issuing investors a digital currency called EquiTokens, which can later be traded.

 

Filed Under: Altcoin News Tagged With: Apple, Justin Sun, TRON (TRX)

Ripple CTO Confident That Lawyers Will Be Able To Quash Securities Lawsuit

January 22, 2020 by Ketaki Dixit

The digital assets industry is no stranger to controversies and sometimes the sensational cases make up a majority of the headlines. One such scandal has come to the forefront again, this time involving Ripple. 

The Brad Garlinghouse led organization had been accused of running an illegal ICO earlier and now Ripple has taken the stance to go on the offense.

Ripple had first filed the notice for motion on January 15, which tells the other side about the company’s earlier motion to dismiss the lawsuit. The feud got so public that even Ripple Chief Technology Officer [CTO] David Schwartz gave his two cents on the issue. The popular computer scientist claimed that Ripple’s high profile lawyers will take care of the lawsuit with “their strong words”.

Ripple has chosen Kathleen R. Hartnett and Damien J. Marshall to head their case. Both the lawyers work at Boies Schiller Flexner LLP, the law firm founded by David Boies. David Boies has been involved in several high profile cases before and last made the limelight when he represented the US government in an anti-trust lawsuit against Microsoft.

Although both Ripple and its officials remain confident about tackling the lawsuit, the fact remains that the case may be tied up in paperwork for months to come. The lawsuit was first filed by Bradley Sostack on August 5 of last year. Sostack claimed that he had lost a lot of his savings because of Ripple’s founders.

In his original statement, he had said that had lost almost $118,100 worth of XRP assets. The reason why the lawsuit has been stuck in such a rut is because of the lack of clarity surrounding XRP: is it a security or a commodity. Heath Tarbert, the Chairman at the Securities and Exchange Commission [SEC] had said during an interview:

“Part of the issue is that our jurisdiction we share with the SEC. If it’s a security, it falls under their jurisdiction. If it’s a commodity, it falls under ours. So we’ve been working closely with the SEC over the last year or so to think about which falls in what box.”

One of the major concerns if Ripple fails is the avalanche effect it will have on XRP. The cryptocurrency has already been struggling to climb up on the price charts and news of this magnitude is sure to shake up the value even more. The value of XRP depends on its volume and market sentiment and at the moment neither are too stable.

At press time, XRP was trading for $0.26  with a total market cap of $10.33 billion. XRP’s 24-hour market volume was $1.667 billion after a 2.54 percent increase on the daily chart.

Filed Under: Altcoin News Tagged With: Ripple (XRP)

Taxing Bitcoin And Other Cryptocurrencies in Russia in Mikhail Mishustin’s Sights; Community Split

January 22, 2020 by Ketaki Dixit

Several regions across the globe have their own rules and regulations about cryptocurrencies: some love it, some hate it and some are still on the fence. The latest focus point was on Russia, a country known to be in two minds about Bitcoin.

The last few weeks have been chaotic in the Kremlin due to a massive cabinet reshuffle. This also resulted in former Prime Minister Dmitry Medvedev being replaced by Mikhail Mishustin. The new PM is a former tax man and has made some strong comments about Bitcoin.

Mishustin’s appointment was seen as a step taken by Vladimir Putin to ensure an airtight economy. This was the reason why Bitcoin and the cryptocurrency market was of such key importance to Mishustin. He had earlier served as the director of the Russian Internal Revenue Services with a keen eye to stop financial fraud.

In a bid to make cryptocurrency transactions safer, the new Prime Minister wants all crypto-related operations to be taxed. This step was proposed to keep a close watch on the ways in which digital assets are spent. Mishustin claimed that it was imperative such taxation laws were implemented in regions where cryptocurrencies were used.

He believed that such a step would make it easier to access any economic consequences using digital assets. The government official made these comments just a day after he replaced his former titleholder.

Cracking down on Bitcoin has always been difficult because of its decentralized nature but taxing it has been one of the few ways to keep tabs on it. Even France imposed taxes on Bitcoin and other cryptocurrency expenditures. Officials involved in the cryptocurrency field in Russia were still doubtful about how the new rules will affect the industry. Anti Danilevski, the founder of the Kick Ecosystem stated:

“I think the arrival of new Prime Minister Mikhail Mishustin increases the likelihood of Russia putting further protections in place for crypto (investors) and enterprises. What they do now is critical.”

The Kick founder believed that taxing digital assets makes it more legitimate as it invites the confidence of institutional investors. The barrier for mainstream players has always been regulatory uncertainty and Russia seems to be on the verge of removing that.

Die-hard fans of crypto will take the latest news with a pinch of salt because of the government’s involvement. According to them, the government was scared of assets that did not require a central bank and flew right above them.

The new Russia Prime Minister had a different set of thought processes. Mishustin claimed that the underlying blockchain technology was useful but it still threatened the working fabric of several other industries. Speaking during a recent interview he said:

“These digital platforms offer a new efficiency, but this is a threat to entire sectors of the economy. Airbnb is great, but it is a threat to hotels. What will happen to the automotive market due to the emergence of platforms and unmanned vehicles, for instance…nobody knows.”

As per other reports, South Korea has also joined the ‘crypto tax’ bandwagon with Russia. The Korean Finance Ministry is reportedly on the verge of creating a plan that would see cryptocurrency being taxed like regular assets. Some have speculated that the rate would be about 20 percent, but nothing has been confirmed as of yet.

At a time when political bodies of countries were considering cryptocurrencies as assets, followers of the industry are in awe of how far it has come. From being a niche product to being discussed in parliament halls, the crypto community was confident that they were here to stay.

Filed Under: Altcoin News Tagged With: Crypto Adoption, tax

Electroneum [ETN] Continues To Target Developing Countries By Launching Free and Affordable Services

January 22, 2020 by Ketaki Dixit

The financial markets across the world are not uniformly distributed: some regions have access to 24 x 7 banking while other regions have millions of unbanked citizens. Electroneum, the popular cryptocurrency organization has decided that the asset will be sued to bring a better financial structure to the poor countries of Africa.

Electroneum has launched its own ‘AnyTask’ feature for developing countries to give the power back to the people. The selected countries include citizens who are not able to conduct basic tasks like paying bills because of the sheer effort required to do so. 

The cryptocurrency company recently stated that ‘AnyTask’ wanted to solve conventional day-to-day problems faced by people. The main aim of ETN is to bring the burgeoning digital economy to those who are less fortunate.

AnyTask works as a freelance platform where people can post their skills which can be used to hire them. The buyer has the option to pay using a debit or credit card while the seller receives the payment in Electroneum. This is a big boon to the unbanked sectors within developing economies across the globe.

Payments are processed by the crypto company itself and converted into Electroneum (ETN) by one of their partners. This makes the entire process simple for both buyer and seller. To make the online process easier, Electroneum has ensured that they have Partnerships with third-party airtime and data providers.

Electroneum had taken significant strides to ensure that citizens in Africa can use their phone to conduct payments and that led its launch in Uganda, Tanzania and Nigeria. During the launch, Electroneum CEO Richard Ells had said:

“We are pleased to announce the launch in these three African nations, where we see a clear opportunity to enable Electroneum users to top-up mobile airtime through a third-party provider of the major mobile network operators.”

Out of the 25 million mobile subscribers in Uganda, 99 percent of them can top-up their phone using ETN now. This mobile reach allows them to access services such as TaskSchool. This service provided by Electroneum aims to educate people on various skills that they might need. Due to the steps taken by Electroneum and cell providers such as Africell and Airtel, millions of people are able to access such services.

Financial inclusion is the need of the hour and cryptocurrencies such as ETN are right in the thick of it. Electroneum officials are out to prove that the asset can provide real-time solutions and is not just a whitepaper. According to reports, companies such as Electroneum target large unbanked populations because they also tend to have the fastest-growing economies.

The untapped markets in developing regions are not just a social issue but also an economic one. Electroneum’s early entry into the African market is expected to earn them massive dividends soon because of projected growth rates.  According to some estimates, the addition of developing countries into the digital fold will open up another $3.7 trillion in terms of Gross Domestic Product [GDP].

Filed Under: Altcoin News Tagged With: Electroneum, Electroneum (ETN)

Ripple CEO Urges US Treasury Secretary to Act On His Positive Words About ‘Cross-Border Payment Systems’

January 21, 2020 by Akash Anand

Cryptocurrency organizations have tried long and hard to enter the mainstream fore but one of the biggest challenges has been governmental regulations. The United States, especially, has been ground zero for digital asset companies but even there they have faced difficulties.

In a new turn of events, Steve Mnuchin, one of President Trump’s most trusted men, spoke about how cryptocurrencies can be beneficial to the overall community. This even caught the eye of Ripple CEO Brad Garlinghouse.

Speaking at the World Economic Forum 20, the Treasury Secretary of the United States claimed that digital assets may actually be good in some regards. Steve Mnuchin was asked several questions about the growing demand of cryptocurrencies and blockchain technology, some of which he deflected.

However, Mnuchin spoke well about one sector of the cryptocurrency market: the cross border transactions department. Cross border transactions have been growing in numbers over the past few years and companies like Ripple have been trying to make it faster and better. The Chief Executive of Ripple commented on how such a powerful political figure had praised a certain part of the fintech industry.

Answering a question about cryptocurrencies, Mnuchin had stated:

“There are benefits to cross-border payment systems in lowering costs for consumers and businesses. We absolutely support companies working on this.”

Garlinghouse opined that such a positive stance must be taken into consideration as Mnuchin was basically a part of the government. The Ripple CEO stated that this kind of discussion and structure must be applied to regulatory bodies that decide the fate of fintech companies. The US Treasury Secretary’s comments on cross border transactions sent the entire ‘XRP Army’ into a tizzy.

It is a well-known fact that Ripple led the way in terms of cross border transactions, especially using partnerships with companies such as MoneyGram and SBI Holdings. The company has also used its native technology as well as cryptocurrency, XRP, to conduct large volume transactions across countries. Some parts of the community believed that such a positive push will drive Ripple’s stocks upwards and even that of XRP.

What makes Mnuchin’s recent comments so sensational was the fact that it was a complete one-eighty to his earlier stance on cryptocurrencies. Last year in July while addressing concerns about Facebook’s Libra, Mnuchin had slandered Bitcoin and the crypto community. He had then said that he will not be loading up on “Bitcoin in 10 years”. He further added:

““I would bet even in five to six years I won’t even be talking about bitcoin as Treasury Secretary.”

Mnuchin’s latest statements may not have mentioned any specific company but it was pretty clear if one took away all the hype. US Government officials are generally wary when they talk about crypto and that is exactly what Mnuchin reflected.

The Trump administration has seen several holds on cryptocurrency regulations and that is likely to continue. While countries like Russia are taking steps to bring cryptocurrencies into their fold, the US was primarily focussed on the upcoming 2020 elections.

Filed Under: Altcoin News Tagged With: Brad Garlinghouse, Ripple (XRP), US

XRP [XRP/USD] Price Analysis: Has The Cryptocurrency Finally Escaped From the Bear?

January 21, 2020 by Akash Anand

The cryptocurrency market was back to its sideways movement patterns after weeks of sustained bullish runs. Major cryptocurrencies like Bitcoin, Ethereum and XRP were all affected by this and analysts are now predicting when the next climb will be.

XRP, the third-largest digital asset has been holding steady to its third position for quite some time now. Despite the price hike atmosphere, XRP struggled to reach its former glory days. At press time, XRP was trading for $0.236 with a total market cap of $10.314 billion. The 24-hour market volume was at $1.773 billion after witnessing weekly gains of 8.21 percent.

1 hour:

XRP price
Tradingview.com

The one-hour chart showed a major dip in price since the 19th of this month. The perpendicular drop was slightly improved by a price overturn that occurred towards the end of the last day. XRP’s immediate support on the hourly chart was at $0.227 while the immediate resistance was at 0.25. A trend line drawn on the short term chart showed that the bull was still around the XRP territory.

The Parabolic SAR was below the price candles which meant that XRP was going through a bullish revival. Looking at the charts, it is evident that there was a bear hold before.

The Relative Strength Index for XRP was near the overbought zone and dipping. According to the RSI, the buying pressure was more than the selling pressure but the tables may be turning soon. This may be because of fear surrounding the price movement among the investors.

The Chaikin Money Flow indicator had crashed below the zero line for XRP. The zero line depicts the split between investor sentiment and capital flow. For XRP, the capital leaving the market had surpassed that of the capital coming into the market.

1 day:

XRP Price
Tradingview.com

 

XRP’s daily chart painted a picture of a cryptocurrency bouncing along with its immediate supports. The candle formation was indicative of the price stagnating but recovering sporadically. The current immediate support was at $0.187 which was formed just below the start of the new year.

The Chaikin Money Flow for XRP in the long term blinked positive. The graph was above the zero line after capital flow into the XRP market increased due to an increase in volume. This was also the first time since November that the CMF stayed above for this long.

The Relative Strength Index was close to the overbought zone. This was also a positive reversal for XRP just like the CMF. Supporters of the cryptocurrency had a reason to rejoice as the RSI showed a renewed buy-in confidence.

The Parabolic SAR recently moved above the price candles. This came in the wake of the price stagnating this week. However, analysis shows that there is a chance for it to blink green again.

Conclusion:

The above-mentioned indicators majorly pointed to a bullish route for XRP. Although the climb may not be significant it was still enough to keep it above the 20 cent mark. Some believe that XRP will only shoot up if Bitcoin starts climbing but that is not the case. XRP has mostly relied on use cases to build its reputation and the price will only increase if there is a significant volume increase.

Filed Under: Altcoin News, Market Analysis Tagged With: Ripple (XRP)

IOTA’s Value Expected to Hit $700 Billion by 2035, Claims Fundstrat’s Latest Report

January 20, 2020 by Ketaki Dixit

Twenty-twenty has been seen as the year when altcoins will surge and grow at substantial reports, according to analysts. At a time when Bitcoin has been holding near the $9000 mark, Fundstrat has come out with a report pointing at another unlikely hero.

Fundstrat’s latest report stated that IOTA, the cryptocurrency based on the concept of the Internet of Things can grow to become the global standard for machine to machine payments. 

The company’s report claimed that the 22nd ranked cryptocurrency’s market cap had the potential to rise to $700 billion. This comes at a time when the BTC market cap was near $155 billion mark. Over the past year, IOTA has been trying to break into the distributed ledger technology [DLT] network, competing with bigwigs such as XRP. The DLT market is estimated to climb towards a whopping $3.3 billion and IOTA is expected to grab a healthy 20 percent of the total.

According to Fundstrat:

“IOTA is in the process of establishing standards and contributing its open-source code to a contributor network in partnership with the standards body Object Management Group (adoption process expected to be completed by late 2020). We believe the winning standard will have dominant market share.”

Fundstrat has taken multiple strides in the cryptocurrency space and Tom Lee’s comments on the industry have also popularized it. The market strategy organization stated that IOTA possessed several key features that were hallmarks of a seamless cryptocurrency.

One major factor was IOTA’s feeless and permissionless payment methods. This allowed several users to conduct a large number of secure, encrypted, low value and no-value transactions. The IOTA ecosystem enables users to proceed with micropayments for data sharing between users and devices. Several cryptocurrencies consider micropayments as the next potential growth sector, including Bitcoin’s Lightning Network.

Fundstrat believed that IOTA would grow significantly only on the back of standard adoption and partnerships, a key aspect within the industry nowadays. The Internet of Things gave a major boost to IOTA, especially after the interest taken by institutional investors. The report stated that the solutions provided by IOTA would boost eight-core verticles.

These verticals included retail, health, energy, mobility, cities, manufacturing, public services and others. All the aforementioned sectors fell in the ‘business-facing’ category while IOTA also targetted the ‘consumer-facing’ department. As per the new report, the total value of the global data and payments market is projected to hit $684 billion in 2035. Out of this, IOTA has the opportunity to revel in the $68 billion DLT market with a projected revenue share of $3.3 billion.

IOTA has been one of the few cryptocurrency organizations that have created partnerships with several mainstream companies, including the EDAG Group and Jaguar Land Rover. These tie-ups have also been included in the projections conducted by Fundstrat. The predictions for IOTA are based on its performance on the charts and the cryptocurrency will need more bull runs to sustain the growth.

At press time, IOTA was trading for $0.24 with a total market cap of $667.96 billion. The cryptocurrency’s 24-hour market volume was $14.6 million after taking a 3.84 percent hit in the daily timeframe.

Source:https://www.ccn.com/

Filed Under: Altcoin News Tagged With: IOTA (MIOTA)

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