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Stablecoin Demand in 2021 Skyrockets, Fiat-Pegged Token Economy Nears $100 Billion

While most cryptocurrency markets are down today in value, dollar-pegged stablecoins have seen significant demand during the last 24 hours. Currently, the entire market valuation of all the stablecoins in existence is roughly $96 billion. The Rise of Fiat-Pegged Stablecoins Crypto assets like bitcoin (BTC) and ethereum (ETH) can be volatile and this has caused demand for stablecoins in recent years. Since July 2017, the stablecoin market has swelled considerably but after April 2020, it skyrocketed. One of the main use cases for stablecoins is so people can hedge their funds when crypto prices become extremely volatile. Top ten stablecoins…

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Dogecoin imitator Shiba Inu pumps 146% on Binance listing

The DOGE imitator gained nearly 1,000% in the past 48 hours as Binance announces it’s making room for SHIB despite Vitalik Buterin owing 50% of the supply. Having emerged with the self-applied moniker of “Dogecoin Killer,” the latest cryptocurrency to succeed on laughs alone is making its way to Binance. Shiba Inu (SHIB) burst into CoinMarketCap’s top 20 rankings just two days ago, likely a response by traders to the hype surrounding Dogecoin (DOGE). Within 48 hours, the SHIB token went from a valuation of $0.000003 to $0.000032 — a 966% increase, which added to over 2,300,000% growth since the…

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NFTs Are the “Gateway Drug to Crypto,” Says CoinGecko

A new report from CoinGecko suggests that the popularity of NFTs during Q1 2021 has been a key driver in raising awareness for the broader crypto market. NFTs Become One of the Main Drivers for Crypto Adoption CoinGecko released its quarterly report, detailing the main factors that helped drive the adoption of blockchain technology. The data platform details how emerging institutional presence pushed the total crypto market capitalization higher with “no ceiling in sight.”  Still, most of the growth seen over the first quarter can be attributed to the NFT sector, says CoinGecko. The market slice became the “gateway drug…

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Where to Buy Precious Metal-Backed Cryptocurrency in 2021

Investors have had a variety of opinions on the volatility of cryptocurrencies. Some like the price swings as they create opportunities for huge profits. Others have found that this makes for an investment that is too risky. With differing solutions, stablecoins and, more specifically, precious-metal-backed cryptocurrencies were seen as the clear path forward. The concept of precious-metal-backed cryptocurrencies is not new. In fact, E-gold, a virtual coin backed by Gold, was around long before Bitcoin. Continue reading Where to Buy Precious Metal-Backed Cryptocurrency in 2021 at Smartereum.

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BTC Futures Open Interest Hits $23B, Binance Captures Lion’s Share, Signals Say 43% Chance of $64K Bitcoin by Month’s End

Bitcoin futures open interest on Monday has crossed $23 billion according to data recorded on April 5. The crypto asset exchange Binance has taken the lead as far as open interest in bitcoin futures is concerned with a massive $10.5 billion in open interest. Binance Captures the Bitcoin Futures Lead Not too long ago, Bitcoin.com’s newsdesk reported on CME Group capturing the lead as far as open interest in bitcoin futures. Today, that’s no longer the case, as Binance has jumped ahead of the pack as far as delivering futures derivatives products for BTC. Skew.com analytics indicates that Binance is…

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Stablecoin Supply Doubles in 3 Months as Combined Market Cap Surpasses $20B

2020 has been the year of stablecoins, as the token supply has doubled in the last three months. The aggregate market capitalization of 28 stablecoins captures over $20 billion on October 4, 2020. While tether still dominates the stablecoin ranks, USDC has been moving closer toward the top ten crypto coins. USDC is also the only stablecoin with market capitalization greater than $1 billion other than tether. This year quite a bit of money has flown into the stablecoin economy and just recently all the stablecoin tokens in existence captured a $20 billion market valuation. This means all the fiat-pegged…

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Survey: Large Number of Yield Farmers Can’t Read Smart Contracts Despite High Risk

A new Coingecko survey has found that a large number of yield farmers do not know how to read smart contracts despite claiming they understand the risks that come with such investments. According to the survey, which polled 1,347 people, around 40% of decentralized finance (defi) users cannot comprehend the smart contracts they use for farming. Some 33%, it says, have never heard of ‘impermanent loss’ – a temporary loss of funds that occurs when providing liquidity. This “implies that they (farmers) don’t know their real return on investment (ROI) and are extreme risk-takers for the sake of the high…

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Altseason or not, Ethereum, Chainlink & Polkadot are here to stay

Over the past few weeks, the hype around a supposed altseason seems to have died down. I mean, sure, DeFi is still what one would characterize a “booming space.” But, many of the market’s altcoins have fallen on the charts lately, especially since Bitcoin dipped under $11,000 a few days ago. Thus, the question arises – Is it too soon to say that the altseason has come to a grinding halt? Of course, it is. After all, it is just a pullback and it’s not like the market’s alts have crashed and burned on the charts. Why then are people…

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CoinGecko Highlights Discrepancies in Exchanges’ Traffic Volumes

Cryptocurrency exchanges have faced a significant amount of criticism for artificially inflating metrics on their websites. A new report argues that cryptocurrency exchanges might also be tweaking their visitor counts. Exchanges are Inflating Adjusted Web Traffic Crypto analysis firm CoinGecko released a bombshell report recently, claiming that several crypto exchanges have been inflating the number of visitors to their platforms. The report particularly highlights irregularities in the metrics posted on OKEx, which it claimed saw a 239 percent jump in website traffic in the second quarter of the year despite posting lower trading volumes. CoinGecko explained that this discrepancy particularly caught…

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