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What Pantera Capital CEO Thinks Will Be The Best Performing Cryptocurrency in the Next 12 Months

In an interview with Raoul Pal, Dan Morehead, the CEO of Pantera Capital, revealed what he thinks will be the best performing digital asset a year from now.

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Dan Morehead, the CEO of Pantera Capital digital asset investment firm, revealed to Bitcoin bull Raoul Pal what he thinks will be the best performing cryptocurrency in the next 12 months.

crystal ball demonstrating stock market uncertainty

What may come as a surprise to many is that it was not Bitcoin that he predicted to be the most successful digital asset in the next twelve-month period.

Bitcoin’s bull run of 2020 praised

The Pantera Capital CEO did however praise Bitcoin (BTC) and Ripple (XRP) for different achievements they checked off for the cryptocurrency industry. He praised Bitcoin’s rally this year and compared it to the 2017 bull run. Morehead said that this time around, Bitcoin has really made headway and progressed, as it is now backed by huge corporations such as PayPal and Square, who have “made it instantaneous for people to get access to crypto.”

Morehead affirmed that previously, Pantera Capital had predicted great things for Bitcoin, but that views in the cryptocurrency industry are always changing. He said to Pal:

“It’s easy to be extremist in currencies, some people think it’s all one versus all another. We are invested in Bitcoin and XRP. We made a very strong call in our March investor letter that we want to go much longer Bitcoin relative to everything else. Bitcoin, we thought would do well in the aftermath of the pandemic’s economic shock.”

He affirmed that he thought that other cryptocurrencies would excel and perform better than BTC, but that it was normal, given that “smaller cap” altcoins had more fluctuations than Bitcoin. Morehead said:

“Now, I think the other currencies are going to outperform Bitcoin. This isn’t to inspire a bunch of hate or trolling. We are in a massive bull market, so the smaller cap things have high beta.”

For the crypto bull, Bitcoin is still a game-changer as it has come a long way, representing 62% of the total cryptocurrency market capitalization.

How XRP is making people’s lives better

The Pantera Capital CEO went on to praise XRP, which his firm is heavily invested in. He said that XRP has been revolutionary for cross-border payments and that it has made everyone’s lives better. Morehead said:

“XRP is fueling the cross-border money movement. Currently blockchain-enabled cross-border money movement from the United States to Mexico is getting close to 10% of all of that, very important, $25 out of billion remittance quarter.

He added that what XRP has accomplished so far represents “a huge success for an industry use case that that is really making people’s lives better.”

The winner for best digital currency performance is…

Although Morehead touted Bitcoin and Ripple’s XRP, neither of these digital assets were according to him going to be the best performer on the crypto market in the next twelve months.

According to him, the title for the best performing digital currency in the next twelve-month period would be attributed to Polkadot, because it is gaining so much traction on Ethereum, in comparison with other DeFi protocols that run on the chain. 10% of Ethereum’s total value is allocated to Polkadot, and Morehead called it “a viable competitor” in the long run. He said:

“I think all cryptocurrencies can go up a ton, but if you want to pick or trade this and have a call a year from now and check in, I will go with Polkadot.”

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Source: https://blockchain.news/news/what-pantera-capital-ceo-thinks-will-best-performing-cryptocurrency-next-12-months-btc-xrp

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Crypto Market Roundup: Top Earners and Losers for Today

Cardano and The Graph are the top gainers today, while the performance of Shiba Inu and IoTex hit the worst to become the biggest losers today.

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The selling pressure in the global crypto market was stumped on Friday as several coins began paring off their losses from the previous day.

Bitcoin’s market strides were visible as the largest cryptocurrency surged 1.72% to $46,146.24 at the time of writing. Ethereum (ETH) is also favoured by the bulls, inching a 3.04% gain to $3,237.66, according to CoinMarketCap.

Amidst the broader rise in price, here are the top gainers and losers for today, August 13.

Top Gainers

The Graph (GRT) is leading the altcoin surge today after the coin’s buyers pushed the price to $0.9413, atop an 18.30% gain. At this pace, The Graph is on track to break the $1 resistance level and journey down toward its 90-day high of $1.42. The Graph’s use case permits an increased embrace. It plays a role as an indexing protocol for querying data for networks like Ethereum and IPFS, supporting many applications in DeFi and the broader Web3 ecosystem.

Meanwhile, Cardano (ADA) has also shifted its price to its highest price gains of all time, surging above the $2 psychological level for the first time in 3 months. With several test nets deployed, the coin has enjoyed increased sentiment from buyers as the broader digital currency ecosystem prepares for the arrival of the Alonzo upgrade that will aid the emergence of smart contracts and DApps on the Cardano blockchain. The token has been tagged as undervalued. However, we may begin to see the coin’s true worth come to life with the new upgrade.

Top Losers

The majority of the tokens are paring off their losses. However, meme token Shiba Inu (SHIB) is the biggest loser amongst the altcoins topping the chart after inking a 0.50% slip in price to $0.00000795. IoTex (IOTX) was down 3.36% to $0.1102 during the intraday.

The momentum in the market may drive in such buying volatility that will stir these coins off the red zones. The global crypto market is currently on track to re-register a $2 trillion market cap to cover the weekend.

Image source: Shutterstock

The Graph (GRT) is leading the altcoin surge today after the coin’s buyers pushed the price to $0.9413, atop an 18.30% gain. At this pace, The Graph is on track to break the $1 resistance level and journey down toward its 90-day high of $1.42. The Graph’s use case permits an increased embrace. It plays a role as an indexing protocol for querying data for networks like Ethereum and IPFS, supporting many applications in DeFi and the broader Web3 ecosystem.

Source: https://blockchain.news/analysis/crypto-market-roundup-top-earners-and-losers-today

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Ethereum is Expected to Undergo a 90% Daily Emission Reduction Following ETH 2.0 Upgrade

Market analyst Lark Davis believes that Ethereum 2.0 upgrade will prompt a 90% daily emission reduction from 12,800 to 1,280.

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Ethereum (ETH) was up by 9.72% in the past week to breach the psychological price of $2K during intraday trading. ETH’s price stood at $2,056 as the second-largest cryptocurrency continues to gain momentum.

Market analyst Lark Davis believes that the upgrade of Ethereum 2.0 will prompt a 90% daily emission reduction from 12,800 to 1,280. He explained:

“The other wildly important aspect of The Merger is that ETH will undergo a 90% reduction in daily emission. Basically from 12,800 a day to 1,280 a day. Yearly inflation from 4.3% down to 0.43%. This is equivalent to 3 Bitcoin halvings, and is only months away.”

Ethereum 2.0, also known as the Beacon Chain, was launched in December 2020 and was regarded as a game-changer that seeks to transit the current proof-of-work (POW) consensus mechanism to a proof-of-stake (POS) framework.

Davis also noted that Ethereum would experience “Triple Halving” as part of the ETH 2.0 upgrade, a highly significant economic event for the asset’s price in the coming years.

Ethereum whales cumulatively hold 60.52 million ETH

According to on-chain metrics provider Santiment:

“Ethereum whales that hold between 10k and 1 million ETH in their respective wallets now own a cumulative total of 60.52m coins. This is the highest amount held by this tier since in 5 weeks, and represents a 1.65million ETH accumulation in the past 6 days.”

Image

Therefore, ETH whales continue investing in this asset, which indicates high confidence levels.

Ethereum has been making headlines based on its notable strides. For instance, ETH has had an impressive return on investment (ROI) of 171% this year compared to tech stocks like Microsoft, Facebook, and Apple. Furthermore, Davis had previously noted that Ethereum was settling three times more value on-chain than Bitcoin daily.

Image source: Shutterstock

“The other wildly important aspect of The Merger is that ETH will undergo a 90% reduction in daily emission. Basically from 12,800 a day to 1,280 a day. Yearly inflation from 4.3% down to 0.43%. This is equivalent to 3 Bitcoin halvings, and is only months away.”

Source: https://blockchain.news/analysis/ethereum-is-expected-undergo-a-90-percent-daily-emission-reduction-following-eth-2.0-upgrade

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South Korea Authorities Seizes $47M in Crypto from Tax Evaders

South Korean authorities have made the largest crypto seizures in the country’s history. $47 million in digital currencies have been confiscated.

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Authorities in the South Korean province of Gyeonggi have conducted the largest tax seizures ever, seizing $47 million in Bitcoin (BTC) and Ethereum (ETH).


According to the coverage reported by the Financial Times, the seizure involved about 12,000 tax evaders. The authority has called the action the largest “cryptocurrency seizure for back taxes in Korean history.”

Those “tax dodgers” committed the crime by connecting their trading or investment activities on trading platforms operating in the country with their phone numbers. The process, though rigorous, had to be done manually as crypto exchanges were unable to fully provide the Know-Your-Customer (KYC) details of the defaulting taxpayers. In addition, the FT report was unclear which digital currency trading platform was involved in the investigation.

South Korea has a robust cryptocurrency trading engagement amongst its citizens, and the country has been making moves to implement accomodating regulations. One of these is the law passed by the Korean National Assembly in March 2020. This law mandates cryptocurrency exchanges to take down customer’s details through KYC and obtain licenses to operate from banks.

While big exchanges such as UpBit have been able to comply, other smaller trading platforms have had their struggles in complying, a situation that was compounded by financial institutions dissociating from crypto exchanges. Besides these, South Korea has long been mulling enforcing a 20% capital gains tax on cryptocurrencies, all of which will be made easier with compliant crypto exchanges.

South Korea is one of the more receptive countries to blockchain and cryptocurrency-related innovations. While crypto has thrived in the country in the past decade, the government is taking bold steps to develop its own Central Bank Digital Currency, the Digital Won. Despite its soft stance, however, the nation has zero-tolerance for fraud amongst crypto entities, as showcased in the ongoing raid of Bithumb exchange amidst a broad fraud investigation.

Image source: Shutterstock

Source: https://blockchain.news/news/south-korea-authorities-seizes-47m-in-crypto-from-tax-evaders

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