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Research: Cryptocurrencies Are The Leading Point of Entry for Retail Investors In Emerging Countries
The popular digital asset exchange Huobi Group has compiled a study exploring the investment profiles of cryptocurrency traders in emerging markets. It concluded that digital assets such as Bitcoin and Ethereum have become “the first point of entry to financial management for many individuals.”
The majority of the survey’s participants came from Europe, Asia, Africa, and South America. The study concluded that most of them are relatively new to investing.
78% answered that their investment experience is less than a year, while only 17% said they had been actively trading or investing for five or more years.
“considering 73% of respondents were of prime working age (26-50 years old), age was not a major contributor to the low levels of prior investing experience.” According to the report.
Furthermore, most participants reaffirmed that cryptocurrencies are their preferable investment instruments with a sizeable difference compared to other markets. Equity trading is next with 30%, while other traditional products such as bonds, real estate, investment funds, and forex received less than a quarter of the answers.
Longer-Term Holders Stick With Bitcoin And Ethereum
The research revealed that most investors maintain short-term views on cryptocurrencies. 55% indicated that their horizon is less than a year. Only 13% aim for a more extended period (more than four years).
However, when it comes down to specific digital assets, the situation was somewhat different. Bitcoin and Ethereum investors appeared “much more likely to hold” their coins for at least three years.
Interestingly, while most retail investors had answered that their annual income is relatively modest, their investment allocations in cryptocurrencies seemed quite significant.
“A majority (54%) report having an annual income of $10,000 or lower, and very few (13%) earn more than $50,000 per annum. Nearly half (49%) of the respondents plan to invest between 10 – 30% of their annual income in digital assets, and almost 25% plans to allocate more than 30% of their income in crypto.”
Vice President of Global Business at Huobi Group, Ciara Sun, commented that these findings:
“aren’t surprising. They do solidify our belief that digital assets will continue playing a significant role in the future borderless economy and help drive global financial inclusion. As crypto becomes more accessible, it will become a gateway to other financial products and services, helping set a path to financial wellbeing.”
Optimism For Ethereum as Layer 2 Testnet Gets Launched: What Does It Mean?
Layer 2 scaling developers at the Plasma Group have recently announced the launch of their Optimistic Ethereum testnet, which will be deployed on projects to test much needed scaling solutions.
Essentially, Layer 2 scaling involves taking work off the root chain to process data and transactions faster. The team has built a system called OVM, a fully-featured Ethereum Virtual Machine (EVM) compliant execution environment designed for L2 systems.
The OVM was first tested on Uniswap’s Unipig L2 decentralized exchange launched as a demo in late 2019.
At long last – light at the end of the tunnel. Welcome to the first phase of the Optimistic Ethereum Testnet ⛅️. https://t.co/cjfhB0WU98
— Optimism (@optimismPBC) September 25, 2020
Synthetix The First Guinea Pig
The Optimistic Ethereum testnet will be rolled out in several phases bringing early adopters on gradually so that the team can individually support each project.
On-chain synthetic assets DeFi protocol Synthetix will be the first to trial the scaling solutions offering 200,000 SNX in rewards to their users for participating. The team added that the testnet is currently open for public use, but not yet for public contract deployment as there will be bugs that need ironing out first.
Phase A of the testing will involve airdropped tokens that will allow participants to mint and burn sUSD, the Synthetix native stablecoin, and claim staking rewards. This will be done using the Görli Ethereum testnet.
Phase B will enable deposits and include an airdrop of Layer 1 Görli SNX tokens to participants who can increase their stakes if they perform a deposit. Phase C will allow withdrawals, and participants must complete a successful withdrawal to receive their testnet rewards on the mainnet.
Optimistic Ethereum is the only generalized L2 solution for Ethereum, which means that it does not require specific functionality to be built to support existing L1 protocols.
Synthetix posted a guide for users wanting to take part in the tests, stating;
“This is a huge milestone for Synthetix, Optimistic Ethereum, and indeed the entire Ethereum space.”
— Synthetix ⚔️ (@synthetix_io) September 25, 2020
Ethereum Fees Update
A week after the digital dust has settled from the Uniswap airdrop and UNI launch, gas fees have fallen back a little. From a high of almost $12 on September 17, the average transaction fee has fallen back to around $2.75, according to Bitinfocharts.
This is still way too high, though, and it is hoped that many more Layer 2 solutions will be deployed to DeFi protocols over the coming months so that they can remain on Ethereum. The ETH 2.0 scaling upgrade is still at least a year away, so efforts such as Optimistic Ethereum could become its savior until then.
Bitcoin Soon To $11,000? U.S. Market Futures Opened The Week In Green (Market Watch)
Bitcoin has continued to gradually increase in value and even came close to challenging $11,000 earlier today. Adding some impressive gains from altcoins and the total market cap has increased by $10 billion since yesterday’s dip.
Bitcoin Closing Down On $11K?
As reported yesterday, the primary cryptocurrency hovered mostly between $10,650 and $10,750. Shortly after, however, BTC dipped and marked an intraday low of below $10,600.
The price decrease was shortlived, and BTC started increasing. Firstly, the asset returned to its familiar ground of about $10,750 before exploding to its daily high of $10,950. Since then, Bitcoin has retraced slightly to where it trades as of writing these lines.
Moving on, $11,000 remains as the most critical resistance in BTC’s way up. If conquered successfully, the cryptocurrency could head towards $11,200, $11,360, and $11,530 as possible next resistance levels.
Bitcoin’s increase could be related once again to the events with the US stock futures. The futures contracts on the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average show about 0.3% gains in overnight futures trading.
Chainlink And Cardano On The Move
Ethereum and Ripple have remained relatively stagnant on a 24-hour scale, as both of them are slightly in the red. ETH trades at about $357, while XRP is at $0.243.
By increasing its value with 3.3%, Bitcoin Cash has widened the gap with Binance Coin (-0.3%) for settling in the 5th spot.
The most impressive gains from the top 10 come from Chainlink and Cardano. LINK has increased by 4.5% to nearly $11. ADA has surged by 7% to above $0,10. As a result, Cardano has overtaken Crypto.com Coin (0.7%) for the 9th position.
Double-digit price jumps are evident from a few lower-cap altcoins. Arweave leads with a 33% surge, Swipe SXP (27%), CyberVein (15%), and OMG Network (10%) follow.
In contrast, ABBC Coin has lost the most value (-18%). The Midas Touch Gold (-10%), Yearn.Finance (-9%), and DFI.Money (-9%) are next.
Nevertheless, the cryptocurrency market cap has increased to almost $350 billion after bottoming at $340 billion yesterday.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
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