TronWeekly

Crypto World News

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

Altcoin News

XRP Shows Flip-Flop Price Pattern as Value Picks up The Pace

by

The cryptocurrency market has been showing multiple behavioural changes over the past couple of weeks with price action shifting on a dynamic basis. From being bullish, to bearish, to bullish again, the market has definitely turned the heads of several users and investors.

Since December 29, XRP has gone through multiple changes in value to settle at what it is currently trading at today. The rice shift has been a hotch-potch of bearish dips and bullish corrections. On the first day of the trend, the change to XRP in range was negative 0.561 percent, which was followed by a 9.6 percent decrease on the bearish scale. The next two checks showed that the price had corrected itself a bit, clocking a positive change of 5.275 percent and 0.5799 percent respectively.

The total number of accounts exclusive of escrows amounted to 50.125 million while the total number of coins was still stacked at 99.991 billion. Since December 29th, the total new accounts formed were calculated to be 3,192. The average number of accounts with more than 20 XRP as holdings amounted to 29,953.

At press time, XRP was trading for $0.204 with a total market cap of $8.852 billion. The 24-hour market volume for the third-largest cryptocurrency was $1.303 billion, after a 4.73 percent hike on the daily chart. The number of accounts in the XRP range has also been increasing, starting from seven in number to peaking at 1.269 million accounts. The percentage of accounts per US population clocked at 0.56 percent while the percentage of accounts per world population touched a minuscule 0.02 percent.

The last trading week witnessed a massive increase in turnover, causing the total market cap to hit the $196 billion target. Analysts stated that the rollercoaster price ride could stem from external factors such as the influence of bigger banks. The Central Bank of South Korea recently announced plans to create a group that will assess digital currencies of multiple banks around the world.

Ripple’s Series C Funding Round Elevation Allows it to Beat Top Performing NASDAQ, S&P 500 stocks

by

The company became hugely popular due to its belief in cross border transactions and a faster settlements time period. Apart from this Ripple has maintained a strong stance to give back to its investors in handsome dividends. 

Ripple and their diverse range of partnerships have sparked numerous investments for the company’s endeavours. The end of last year saw a flurry of activity in Ripple’s inner sanctum with its CEO Brad Garlinghouse revealing that the company had received a $200 million boost during its latest Series C funding round. This new capital raised the company’s valuation to a whopping $10 billion, outstripping the marks set by previous FinTech organization.

Turns out Ripple’s funding round was so good, it beat the values of approximately 93 percent of the 2691 stocks in the Nasdaq Composite Index. Not just that, it was also above 16 percent of all S&P 500 stocks. The companies that lost to Ripple were household names like Whirlpool, Under Armour, Xerox including others.

Brad Garlinghouse had earlier stated:

“We are in a strong financial position to execute against our vision. As others in the blockchain space have slowed their growth or even shut down, we have accelerated our momentum and industry leadership throughout 2019.”

Companies like Akamai, Alliant Energy and Amdocs failed to meet the target set by Ripple, individually clocking $2.83 billion, $3.46 billion and $4.09 billion. The stock markets have always been considered as a key metric in measuring the success of an organization, and given that Ripple is still in its startup phase, there are still a lot of things to be considered. The finicky nature of the industry has prompted many to wait and watch the progress from a distance before they can jump into the pool again.

Ripple, on their part, have been quite varied when it comes to public listings. The growing number of rules and regulations with the added scrutiny levied by governments, the company would rather wait for a more concrete law book. Ripple and it’s native token XRP have been at two ends of the spectrum in terms of success rate with the latter’s value diminishing in the bear market. That, however, did not stop Ripple CTO David Schwartz from claiming that XRP was similar to the iPhone in terms of a technological leap. Schwartz leapt at the chance to defend XRP and tweeted:

“The truth is though that nobody really cares that much who else they create value for. They care what features and advantages something can provide for them. I don’t avoid an iPhone because I don’t want Apple stockholders to make money. Why do I much care who makes money?”

European Nations Proposing Plans for Libra Competitor

by

The German Central Bank called out on banks across Europe to come up with a cheaper competitor for Facebook’s Libra Coin. 

Jens Weidmann who serves as an official of the European Central Bank and the President of the German Central Bank announced the suggestion earlier today. The financial expert who seems against the idea of digital Euro believes that European nations have the ability to create a faster and cheaper Libra alternative.

Despite having a hard time the previous year, Mark Zuckerberg and Facebook are putting up work to win regulatory approval. Following the announcement of China’s digital stablecoin posing as succinct competitors to Libra coin, other nations are head-on heels to launch their own CBDC.

Libra’s many wars seem to be as a result of the power it might hold. Most people believe allowing Facebook’s inclusion into financial data; in addition to the personal data it currently poses -; gives it better traction to outshine the United States Dollar. 

Cheap, Fast & Transparent Libra Alternative

Several nations, as well as technologists, have been scrutinizing the pieces of the puzzle. For instance how the social media giant has been working around the clock to win regulatory frameworks. Hence, these nations are also working tirelessly to find a better option for Libra. Meanwhile, Jens Weidmann called out on other banks in the region to develop a better alternative for Libra, that will be cheaper, faster and transparent. 

Weidmann stated that smaller banks are in a better position to provide such a solution to customer requests. In fact, he noted that he didn’t believe in creating an immediate solution’; but a corresponding offer to carter for customer requests. 

Dr Jens Weidmann
Credit: Wikipedia

Mark Zuckerberg lastly noted that Libra would serve the world as a standalone entity from Facebook. Furthermore, since Facebook seems to be the key reason that Libra is still lagging with compliance -; Separating both entities seemed the best way forward for Libra. Meanwhile, Ripple Chief Executive Officer Brad Garlinghouse said that the project will only launch until 2023.

Lack of Concrete Plan to Launch Libra in 2020

For instance blockchain analyst Bello Perez believes that Libra lacks a concrete plan to see it launch in 2020. A board member Patrick Ellis had previously told Reuters that the Libra Association didn’t have plans to determine its launch this year. 

“At this stage, there is no strategy set in stone for the markets or the product, or how it will actually get rolled out,” 

However, After reaching out to Ellis on whether Libra would actually launch in 2020, he simply said “Yes.”

Initially, the social media giant sent the world into a frenzy when it drafted plans to launch a digital coin. Facebook announced that it had garnered support from at least 28 companies such as PayPal, Mastercard and Visa. 

However, it wasn’t long before global regulators began showing concern and issuing warning. A situation that scared several Libra backers including Paypal and Mastercard. Libra’s story turned gaga spiralling into a congress questioning of Facebook President Mark Zuckerberg. 

The barrel of regulatory scrutiny is believed to have been among the reasons for several members of the Libra Association exiting. For instance, the European Union antitrust began probing Facebook Inc back in August. 

Moreover, the European Commission began to investigate Libra’s potential anti-competitive mannerism, amid rising concern that the payment system had the capability to cut off rivals. 

Swiss Concerns With Libra

Recently, shortly before the end of 2019. Switzerland President noted that Libra had failed and required reworking to win approval. For instance, he raised concern about the type of currencies underpinning the stablecoin. He said:

“I don’t think (Libra has a chance in its current form), because central banks will not accept the basket of currencies underpinning it,” 

Bitcoin Loses Out to Surprise Entrants on ROI List as Analyst Lists Out 2019’s Best Performers

by

Twenty nineteen was a long and arduous year for the cryptocurrency industry with various events occurring in different parts of the space. One of the main occurrences over the past year was that the prices had failed to close at a high towards the end, prompting users to HODL and wait it out in 2020. Despite the bear market and its effect on the face value prices of many cryptocurrencies, their Return on Investment [ROI] has been significant.

Charlie Bilello, the Founder and CEO of Compound Capital Advisors recently pointed out that the assets with the biggest gains and holder benefits were some of the uncommon ones. The cryptocurrency that came out on top with the maximum returns was Chainlink at a whopping 506 percent positive dividend.

At press time, Chainlink was trading for $1.81 after a 0.15 percent after a 0.15 percent hike in the 24-hour spectrum. In 2019, the highest that Chainlink traded for was $4.12 after which the cryptocurrency never saw such zeniths again. The 18th ranked cryptocurrency was linked with several projects as the talisman mode of payment but that has yet to come to fruition.

Tezos was the asset that gave the second most returns in the last calendar year, with holders receiving a 192 percent increase on their initial investments. Tezos peaked at $1.77 in 2019, a figure that was almost beaten in December when the cryptocurrency traded for $1.69. This climb came on the back of a 27 percent price hike at a time when Bitcoin was trying to breach the $7500 barrier. Currently, the 11th ranked cryptocurrency which had surprisingly beaten the likes of Tron was trading for $1.3 after a 3.52 percent depreciation in value.

The Changpeng Zhao led Binance Coin was the last cryptocurrency on the podium after providing returns of 124 percent in 2019. The figures hardly came as a surprise to members of the cryptocurrency industry as the cryptocurrency had remained one of the best performers throughout the annual year. CZ even claimed that over 180 fiat currencies were ready to be launched in 2020 as the company debuted its Euro pairs on January 3. Binance users will be able to trade EU against Bitcoin, Ethereum, XRP and Binance Coin.

Bitcoin rounded up the top 4 of the list with a 92 percent return rate in 2019. The world’s largest cryptocurrency had recorded a high rate thanks to its stellar performance at the start of the year. Since Bitcoin had almost hit the $13,000 mark last year, the asset has struggled to get back up to its former glory. Bitcoin’s return rate was still enough to beat those of Litecoin, Bitcoin Cash and Bitcoin SV.

In the Cryptocurrency industry cryptocurrencies such as Tron, XRP and Stellar were the worst performers in the top 10 club, recording negative ROIs of 27 percent, 46 percent and 59 percent respectively.

 

DigiByte Continues to Move Forward in the Industry as Community Holds Strong

by

Cryptocurrency organizations consider several factors in their mission to come out on top. The Digibyte community is one of the more popular user bases that has worked in tandem with the official company to create on-ground movements. A recent report by LunarCRUSH pointed out that the Digibyte community in 2019 had created a new social volume record on Christmas Day.

On December 25, 2019, the community created 6128 unique social posts within the Digibyte ecosystem with the bullish sentiment hitting an all-time high three days later on December 28. Some users within the ecosystem have claimed that users were in for a massive surprise in the 3rd or 4th quarter of 2020, although there was no mention of any specifics.

The DGB token was trading for $0.0056 at press time with a volatility of 0.015. The 2.86 percent hike in price over a 24-hour spectrum had also increased the market cap to $68.68 million and a daily market volume of $310.07k. The social scores were calculated on the ‘Galaxy Score’ meter with the points standing at 56 during press time. According to the metrics, the higher the score the better. The score is important for DigiByte because it is a modification of the Bitcoin protocol design that adjusts confirmation speeds and security assurances when transacting on the base layer.

LunarCRUSH had earlier reported on DigiBytes; performance in the first week of December where the social volume hit an ATH of 7902 posts. The shared links list also hit an ATH of 867 on December 8 with the bullish sentiment peaking on the same day.

DigiByte was also in the news recently when its Founder Jared Tate spoke about the problems related to its listing on Binance as well as the limiters that people put on cryptocurrency organizations. An earlier tweet of his read:

“I’m disgusted by all these #TRON trolls/bots attacking me and hyping a 100% premined and completely centralized network like its the most decentralized gift from god. Now #Poloniex has turned into a $TRX shill factory after making off w/ US customers sensitive data.”

 

Justin Sun Speaks About Latest DLive Partnership and its Path Towards a ‘Blockchain World Revolution’

by

The Tron Foundation and Justin Sun have been in the news multiple times for umpteen releases from the company’s roster. In a recent video uploaded by the Tron Foundation, the Chief Executive Officer [CEO] of the company spoke about its latest partner DLive and how it aims to transform the entire blockchain industry.

Sun was confident that the partnership with DLive was the start of creating a new and improved decentralized ecosystem with added benefits for users and token holders. The CEO claimed that any user or content creator can come and create on the platform with the added advantage of being able to control their uploads and belongings.

DLive had partnered with Tron on December 30 with the blockchain-based content sharing platform aiming to utilize the features provided by Tron’s BitTorrent. An official statement from the company had said:

” DLive and its blockchain development team will collaborate with the BitTorrent team to bolster its products and services. BLive, the live streaming platform introduced by BitTorrent in early 2019, will be merged into the DLive platform, and their team will join the DLive team. DLive will begin utilizing the BitTorrent File-Sharing System (BTFS), a distributed file sharing and storage system, to allow all content living on DLive to truly move towards decentralization.”

The Tron official added that content on the platform cannot be tampered by anyone, not even the CEO himself. According to him, the proposed platform will be in direct competition with honchos such as YouTube, Periscope and Facebook. The services are built to be top-notch with the focus always being on creating a system where data and content can be streamed seamlessly and quickly.

The company also has plans to rope in several cryptocurrency influencers to spread the message of decentralization across sectors and that work will begin in the first quarter of 2019. Sources close to the company have stated that there will be no compromise on the storage level and the new year is intended to provide a more clear cut focus on what is important.

Sun also pointed out the shifts in the number of Android clients in the BitTorrent department, clocking an average of 10 million users monthly. The partnership between DLive and Tron further promised a “best real-world example of what is possible when you combine blockchain and digital media”.

Crypto Exchange that Warned About Data Leaks Denies its Claim Now

by

Poloniex exchange recently warned its users to reset passwords for some users to protect their accounts from possible data leak –however, the exchange today states that the information on social media didn’t originate from the crypto exchange.

Poloniex on Data Leak

Initially, the email was reportedly sent across its users on December 30, stating that “someone” posted a list of account credentials (email address and passwords) on Twitter and enforced a password rest on a group of users”. While it stated that not all the email addresses listed belong to Poloniex exchange, it claimed that the leak data could be used to log in to Poloniex accounts.

However, the exchange on Jan 03 posted an official detail blog post, noting that “no information or data leak was originating from Poloniex”. While elaborating the further stance, the exchange added;

Our immediate priority was to ensure that our customers’ accounts were safe. As a result, we reset the passwords of potentially impacted customers, as users often reuse passwords or minor variants of the same password. Our second priority was to determine the source of the leak and we can now confirm that neither this list nor the information contained, originated from Poloniex.

As part of concluding the matter, Poloniex details that “approximately 90% of the passwords listed already appear in the haveibeenpwned.com list of exploited passwords”. More so, it quickly assures users that they do not store user’s data in plain text. For those whose email Id wasn’t on the list, Poloniex said, ‘their data is secure’, by continuing…

 “Less than 5% of the email addresses on the posted list were associated with Poloniex accounts”. 

Since the exchange has been marked with the hacking incident in a history of the crypto industry, traders and users are still sceptical about the company’s rickety announcements quite often. Echoing the similar concern, a Twitter user, “Joshua Thomas” mocked by tweeting;

India’s Crypto Critic Subash Chandra Garg Says “Cryptocurrencies Will Not Survive”

by

Subhash Chandra Garg, the Indian official who resigned the interministerial committee after releasing the report on crypto to which the Indian crypto community calls “flawed” published another statement regarding virtual currencies.

Mr.Garg on Cryptocurrency

Mr.Garg published a new blog post, entitling “Currencies will be digital; crypto-currencies will not survive”. He details volatility of Bitcoin as the major blotch of digital currencies and elaborated that the Indian government hasn’t officially permitted the Indian payment system to allow trading and dealing in cryptocurrencies. He mentioned that the supply of Bitcoin is limited henceforth demand for Bitcoin is more “born out of expectations of speculative gains”. Concerning about the volatility, Garg wrote;

There has been some use of crypto-currencies in payments, including international transfers, but it is not gaining any traction as there is no fixed/stable value, which is the most essential condition for any currency to be a currency.

Bitcoin

However, he also stressed that “all operating cryptocurrencies in the world are created by private entrepreneurs/speculators using blockchain technology is decentralized, non-permissioned mode”.

Besides, Mr.Garg emphasized that few countries have initiated their plans to launch digital currency which might be using permissioned blockchain technology. More so, without naming the particular company and cryptocurrency, Mr.Garg concurred that “few private crypto-entrepreneurs are looking forward to reducing the cost of international cross-border payment transfers and remittances. He went on to say;

Presently existing modes of international payments, transfers, and remittances involving conversion in different sovereign currencies and the use of international banking and non-banking channels are indeed quite costly.

2020 Might See the End of Paper Currency and Bank Notes

He further argued that the “paper currency or bank notes” are the most prevalent form of currency today in the world. These notes or paper currencies are issued as well as allowed by the central banks of the countries which undertake the task to maintain the value of the currency in order to discard inflation.

Mr Garg explains that the cryptocurrencies built on top of Blockchain technology allow every individual and holder of a piece of crypto-currency to be part of a decentralized ledger. He further asserted that the miners or computer programmers are getting paid in cryptocurrency to perform mining operation. In his long blog post, he quietly embraced the inherent technology and said the deficiencies lie in this technology can possibly improve in the future. He went on to add;

What, however, has gone crazy is that the currency issuance function has been taken over by the private entrepreneurs and that too mostly in secretive, manipulative and cryptic manner….The crypto-currency private entrepreneurs do not have any ability to maintain the value of the currency. In fact, they mostly destroy the value by expanding supply, which can be limitless

This being said, many cryptocurrencies, barring a few, have failed to exist as payment method. “This is what is reflected in the demise of many crypto-currencies or almost total loss thereof.”said Mr.Garg. Conclusively he believes that 2020 might witness the decline of paper currencies all over the world and in many countries.

Finally, it is possible to conceptualize the dematerialization of currency and money and make the final move to say good-bye to paper money and move over to digital money, concluded Mr.Garg.

Tron Dominates DApp Rankings as Justin Sun Promises More Developments

by

One asset that has made surges of late was Tron, and its CEO Justin Sun wasted no time in informing the world about his upcoming plans and goals. 

The Tron Foundation is known for announcing multiple developments and updates from its roster but the past few weeks has seen a lull from the Justin Sun led the department. This notion was blown away when the Chief Executive Officer [CEO] took to Twitter to reveal that it had added another feather to its cap when it came to Decentralized Applications (DApps)

Dapp.com, the popular data aggregator on DApps stated that out of the top 5 applications on the ranking list, four were built on the Tron blockchain. The list is speculated to pave the way for asserting Tron’s dominance in the application space, with rivals Ethereum and EOS hot on its tail. According to Dapp.com, DLive was the most used application with a 24-hour volume of 1.02 million LINO. DLive was the only application in the top 5 list that was not built on the Tron blockchain but rather on the LINO blockchain.

WINk came in second on the list and was the most used gambling DApp in the industry. The application had witnessed a resurgence in its market volume after being built on the Tron platform. The number of users on the 24-hour spectrum has always stayed above the 1k mark with the developers claiming that the number would only shoot up in 2020.

The third dApp on the rankings was Betfury, a popular Tron partner. Despite the fall in Tron’s prices over the last quarter, Betfury has consistently released updates to ramp up its mainstream application usage. The 24-hour volume on Betfury was clocked at 179.27K USD, a far cry from its hold in the lower thousands when it first launched.  Justin Sun’s original tweet had read:

“According to @dapp_com, on the #Dapps overall ranking list, 4 out of the top 5 Dapps are built on #TRON network. Besides, @NewdexOfficial also launched on #TRON network in September & #TRC20–#USDT is supported on Newdex exchange as well.”

The announcement was met with mixed reactions from the Tron community or ‘TRONics’. Some were of the opinion that Tron should focus on quality and not quantity as that would impede its growth in the long term. Another sector of the fanbase urged the Justin Sun led the organization to carry on their rampage and ‘destroy’ the monopoly held by Ethereum and EOS.

Tron received another boost recently when Samsung announced that they were adding support for three new Tron dApps. The report released by a Korean outlet stated that the tech behemoth will add blockchain-based games such as Super Player and Blockchain Cuties to its flagship mobile releases.

Tron [TRX] Price Anlaysis: Justin Sun’s Baby Tries to Ramp up Price as Bear Lurks in The Corner

by

The cryptocurrency market has primarily been in a state of bearish shock since the last quarter of 2019 and despite multiple recoveries, the prices have not completely bounced back yet. Tron [TRX], the 12th largest cryptocurrency on the planet was one of the few assets affected badly by the bear and dwindling Tron TRX price has also caused its holders to run helter-skelter.

1 hour:

trx 1 hr

On the hourly spectrum, the graph for Tron was mostly flat after a stagnant couple of weeks. The immediate support was at $0.0129 while TRX was trading for $0.0131.

Bollinger bands– The upper band and the lower band were moving parallel to each other after an earlier bearish price breakout. This was signified by the size of the Bollinger cloud formed. The lack of convergence or divergence in the bands stated that the asset was heading towards more flatter price points.

Relative Strength Index– The RSI was closer to the oversold zone after fluctuating in the middle of the graph. The hold near the bottom meant that the selling pressure for TRX was much more than the buying pressure.

Chaikin Money Flow– The CMF was right above the zero line which clearly indicated that the money coming into the Tron TRX price market for various projects and applications was more than the money that was flowing out.

1 day:

trx 1 day

The daily chart presented a more brazen picture for Tron’s price movement as 2019 came to an end. The immediate support was at $0.01238 while the resistance had not broken in months.

Bollinger bands– Even in the daily spectrum the Bollinger bands were running parallel to each other. The last major price breakout had happened in the period between November and December after which Tron’s value had more or less capitulated.

Relative Strength Index– The RSI was flat and close to the oversold zone. Tron holders have placed great trust in the Justin Sun led cryptocurrency organization but the recent bear crunch seems to have tipped the scales.

Chaikin Money Flow indicator- The CMF was barely below the zero line after staying flat above it for a week. The overturn of the finance leaving the Tron market was responsible for this.