The crypto market is not without much surprises within the last 24 hours. Although bitcoin still remains static but showing signs of an inbound price revival, many alternate coins are taking alternate routes to either make massive gains or sink in the process.
The general crypto market is experiencing a second wave of alt season since the last one in 2017.
#1. OMG Network (OMG 13% Up):
After its popular rebranding from OmiseGo, OMG is taking a top spot in the free markets. The coin is up by 13% since the last day.
Around 90% of market respondents are bullish on OMG and it seems the top coin is en route accepting gains to cancel out its year loss.
Within the last one year, OMG gains roughly 117% and has recorded gains in some other time frames since last year. It records 53% loss since last month and 14% since last week. About 1% gain has also been recorded in the last hour.
The current price is $2.99 with an average market cap of $418 million. Also, over $326 million of volumes was recorded on the last day
- OMG breaks resistance at $2.90
- Next level of major resistance lies at $3.0
- Major support lies at $2.75 level.
#2. Synthetic Network Token (SNX 8% Up):
SNX takes the second place on our list today. The crypto gained around 8% since the last day.
Almost 80% of market respondents think SNX will accrue more gains into the ripe of the trading day.
The coin is one of the top gainers in a one-year timeline with about 732% gain since last year. SNX lost around 28% since last month and 10% since last week.
The gains accrued is in combination with Defi token rallying recently due to institutional interests in crypto expressed recently by Grayscale.
SNX currently trades at $4.04 with an average daily market cap of $492 million.
#3. Compound (COMP 4% up):
COMP attains the next spot on this list with approximately 4% 24-hour gain.
Although with alternate ups and downs, we see COMP thriving against its USD pair steadily. Finally, the 32nd crypto by market capitalization was able to stick the landing at $140.2 as the bulls charge upwards for further profits.
Market belief remains bullish as roughly 80% believe there is more bullish move inbound.
- Prices broke major resistance at $140
- Next key support level lies at $140.0
- Next major resistance waits at $145
The price of SBTC plunged by nearly 98% in just over an hour on September 21 as devs announced the dissolution of the token. The dissolution announcement came more than a month after the token reached an all-time high of $5.07. At the time of writing, the token was quoted at $0.007 down from $0.64.
In a short announcement issued via a Discord group, the SBTC team said they are no longer proceeding with the project while thanking those that stuck with the project until the end.
According to information on Coinmarketcap, creators of the SBTC aimed to peg the token price to 0.0001 BTC or 100,000 Satoshi by utilizing the built-in smart contract token contraction & expansion algorithm, variable staking policies, and SBTC Foundation reserves. This would then ensure that one SBTC will be mathematically guaranteed to be worth 0.0001 BTC in the short/medium term regardless of circumstances.
In order to receive the airdrop of ETH/ULU, you are required to hold SBTC in a wallet that you control the private key to or at an exchange that supports SBTC airdrop. Do not hold SBTC in any other form other than SBTC the very basic token, holding it via liquidity pool or via contracts will not receive the airdrop. You should have done the above before September 21st regardless of what time zone you are in.
At the time of the announcement, the SBTC team said the “best effort estimation of airdrop is still around 0.002 ETH + some ULU tokens per SBTC. You will only receive airdrop if you hold more than 30 SBTC.”
At the time of writing, the airdrop had been completed and another announcement in the discord then concludes that the “SBTC token is now useless, you should all sell it if it pays for gas and time.” The ULU airdrop “will not happen unless it becomes more worthy” adds the announcement.
What are your thoughts about the dissolution of SBTC? Tell us what you think in the comments section below.
The post SBTC Plummets by 99% as Devs Announce Dissolution of Token appeared first on Bitcoin News.
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Years ago when the Bitcoin network started suffering from higher fees and congestion, a number of bitcoiners advocated the use of sidechains in order to relieve the main chain’s duties. However, they didn’t realize that the Ethereum network would solidify its role as Bitcoin’s main sidechain during the last year.
Five years ago, bitcoiners relentlessly argued over scaling the Bitcoin (BTC) blockchain and a number of proponents said that sidechains and offchain solutions would help. Moreover, a number of solutions like Blockstream’s Liquid and the RSK network launched. Many supporters assumed those two sidechains combined with the Lightning Network would help alleviate the issues.
However, none of these bitcoin enthusiasts expected to see the Ethereum network take over as BTC’s main sidechain. The situation was discussed this week when the investment partner at Paradigm, Arjun Balaji, tweeted about Ethereum’s massive growth in this area.
“Over the last year, Ethereum has emerged as the first working Bitcoin sidechain, growing from ~0 to 91.8K BTC ($1B notional, 0.5% of circulating supply),” Balaji wrote on Twitter. “Users have choice across the trust spectrum, from centrally issued (WBTC), trust-minimized (tBTC) to purely synthetic (sBTC).”
Financial commentator and cryptocurrency lead at Cinnober, Eric Wall, responded to Balaji’s tweet and said it was more like 20 months, as opposed to a year. Wall also shared a tweet he sent back when the Wrapped Bitcoin (WBTC) project officially launched in January 2019. The cryptocurrency lead at Cinnober said: “Big day in crypto. Ethereum is now officially a Bitcoin sidechain.”
When Wall tweeted this statement in 2019, a number of people didn’t agree with his assessment, so Wall further described his perspective of the sidechain definition.
“A sidechain is a different chain that uses the same native asset as another chain, where that asset can be locked/unlocked on the respective chains via a 2-way peg,” Wall tweeted last year. “[RSK], [Paul Sztorc’s] Drivechain [and] Blockstream’s Liquid are examples of these. Now Ethereum is another example.”
Ethereum proponent, Anthony Sassano, at first did not agree with Wall’s definition and said: “Ethereum doesn’t rely on the security of the Bitcoin blockchain so it’s not a ‘sidechain to Bitcoin’. WBTC is simply a tokenized representation of BTC.”
Wall responded to Sassano by stating:
The Liquid sidechain doesn’t rely on the security of Bitcoin mainnet either, it just makes the assumption that the bitcoins that get locked on the mainchain (and gets converted to LBTC on Liquid) can be unlocked again when the Liquid functionaries redeems them.
When Wall tweeted those statements, WBTC had initially announced locking 65 BTC into the protocol, as the Wrapped Bitcoin team considered the first lock-in in to be a milestone. At the time of writing, there is approximately 107,101 tokenized BTC or $1.1 billion using today’s exchange rates circulating on the ETH chain.
WBTC’s meager 65 BTC start is nothing compared to the growth the project has seen to-date, as the Wrapped Bitcoin project is the largest issuer of tokenized bitcoins today. Wrapped Bitcoin captures over 72% of the tokenized bitcoin in existence with 77,161 WBTC to-date according to Dune Analytics data.
WBTC is followed by renBTC (20,525), hBTC (4,810), sBTC (3,528), imBTC (1,390), and pBTC (136). Additionally, crypto proponents are gearing up to witness the first trustless BTC-ETH bridge, as the tBTC project re-launched on Tuesday.
“Launched with unprecedented security measures in place and ready to be used at tbtc.network, tBTC is fully audited and open-source,” the project’s blog announcement reads.
The current number of BTC held on Ethereum, out of the 21 million that will be ever issued, is currently 0.510% of the capped supply.
Tokenized bitcoins are also traded on various decentralized exchanges (dex) like Curve.fi and Uniswap and centralized exchanges (cex) as well. With the re-introduction of the tbtc.network, the sum of bitcoins held on Ethereum will likely continue to grow.
The token tBTC will have a graduated supply cap and start at 100 BTC in the first week. “Each week, the contracts will loosen the deposit restriction based on a pre-committed schedule,” the project creators detail.
The other contenders who started developing sidechain solutions years before the massive tokenized BTC migration to Ethereum; RSK and Blockstream have a long way to go to catch up to the network effect the ETH chain currently holds.
The RSK sidechain has a circulating supply of 270 rBTC ($2.8M), while the Liquid Network has 2,594 BTC ($27M) in circulation. The supply of tokenized BTC on Ethereum, RSK, and Liquid combined is close to 110,000 BTC in total. Tokenized bitcoins on the Ethereum network eclipses these projects by 97.4% of all the tokens combined.
What do you think about Ethereum becoming Bitcoin’s main sidechain in 2020? Let us know what you think about this subject in the comments below.
The post Tokenized BTC Crosses $1B Notional: Ethereum Cements Role as Bitcoin’s Main Sidechain appeared first on Bitcoin News.
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