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Ethereum Classic Labs launches Ethereum Classic (WETC)

Ethereum Classic Labs launch Ethereum Classic ( WETC). The new product allows Ethereum customers access to Decentralized finance protocols via the ETH blockchain. The power of WETC is that it can be extended to ERC-20 compatible wallet, which means that clients can partake in the expanding Ethereum DeFi ecosystem. Ethereum Classic Labs launches Ethereum Classic […]

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  • Ethereum Classic Labs launch Ethereum Classic ( WETC).
  • The new product allows Ethereum customers access to Decentralized finance protocols via the ETH blockchain.
  • The power of WETC is that it can be extended to ERC-20 compatible wallet, which means that clients can partake in the expanding Ethereum DeFi ecosystem.


Ethereum Classic Labs launches Ethereum Classic (WETC)

Ethereum Classic Labs launch Ethereum Classic (WETC). The new product allows Ethereum customers access to Decentralized finance protocols via the ETH blockchain.

The power of WETC is that it can be extended to ERC-20 compatible wallet, which means that clients can partake in the expanding Ethereum DeFi ecosystem.

What WETC brings to ETC is that it can make it interoperable on Ethereum. The Ethereum Classic Labs move came so that ETC users would have access to Ethereums DeFi pool.

The Labs have used ChainBridge to make room for DeFi access. ChainBridge mints and burns appropriate levels of WETC on to the ETH blockchain.

It is no surprise that this move came as the DAI-ETC bridge was also launched recently. The ETC bridge allowed clients also to use DAI, an ethereum based stablecoin.

The cross-chain bridging template that DAI-ETC uses is the same as what the ChainSafe system created. ChainBridge is being used to create the new Ethereum Classic (WETC) because it is a decentralized space by ChainSafe Systems.

ChainBridge is a platform for smart contracts that works via ETC and ETH blockchains. When the WETC tokens are minted and burnt onto the Ethereum blockchain, ETC is withdrawn and transferred from the smart contract.

The WETC tokens go well with the ERC-20 wallet in the same way the other ERC-20 coins fit. Other ERC-20 tokens, Ethereum DeFi centered exchanges, gaming platforms, betting platforms, and lending platforms work with WETC.

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Bitcoin shoots past $19,000 as new ATH awaits

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It would seem that there’s no stopping Bitcoin right now. A few days after the world’s largest cryptocurrency breached the much-anticipated $18,000-mark, BTC has crossed yet another milestone – $19,000. The latest development on Bitcoin’s price charts came on the back of a 6% surge in a matter of 3 hours with its current trading price at $19,060.

Source: TradingView

At the time of writing, Bitcoin was very close to its ATH of $19,665, a price level it last noted on 16 December 2017. Further, according to Messari, BTC was recording YTD returns of +158.70 percent, at press time.

Some in the community are expecting the cryptocurrency to be due for a correction soon, however, with TokenMetrics’ Ian Belina telling AMBCrypto,

“BTC is performing better than expected. While still bullish long-term due to macro-economic factors and large corporations getting into crypto, we expect BTC could correct back to around $14k by the first week of December.”

On the contrary, others are optimistic that the much-longed bull run is finally gaining steam. While the pace of BTC’s surge over the past few weeks has taken some by surprise, it should be noted that back in 2017, the world’s largest cryptocurrency took only 10 days to climb from $10,000 to near-$20,000.

The aforementioned optimism was highlighted by Fundstrat’s Tom Lee in a recent interview during which he argued,

“[BTC] It’s killing it this year, it’s just crushing all other hedges and asset classes this year [2020].”

That’s not all, however, as Lee went on to add that he expected fireworks in 2021, claiming that “the best is probably yet to come.”

Interestingly, Bitcoin isn’t the only crypto-asset surging on the charts. In fact, Ethereum, the world’s second-largest cryptocurrency, crossed the $500-mark a few days ago, with its own surge also fueled by the news that the United States’ Securities and Exchange Commission [SEC] had approved the Grayscale Ethereum Trust [ETHE] as the first public quoted ETH investment product in the country.

A few hours before Bitcoin’s $19k-breach, ETH had broken above $600 too.

Source: https://eng.ambcrypto.com/bitcoin-19000-new-ath

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XRP short-term Price Analysis: 24 November

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Disclaimer: The findings of the following article attempt to analyze the emerging patterns in XRP’s short-term market and its impact on the price

The XRP market has been grabbing all the attention in the market after being pronounced dead on multiple occasions. The cryptocurrency has reclaimed its third spot on the CoinMarketCap list, as its market cap reached $31.841 billion.

The current price of the digital asset was at $0.7704, and this point could prove a good level to open a short position.

XRP 1-hour chart

Source: XRP/USD on TradingView

The above hourly chart of XRP noted the sudden surge in the value of the asset. After being stuck under the $0.30 level for the longest time and just consolidating, XRP’s price has finally witnessed a sharp rise to the $0.7 level. However, this could also be a point of reversal for the digital asset.

Reasoning

The sudden buying of the digital asset has pushed its short-term bullishness to an extreme as indicated by the MACD indicator. The MACD line was trending higher than the signal line, noting the short-term bullishness was on the rise and has been reaching a value unseen in a long time.

Similarly, the Relative Strength Index has moved above in the overbought zone. The asset has been trending in this zone for quite some time now, and its time it noted a reversal to equalize the pressure in the market. Thus, a strong sign for the price to drop and a short position to make a profit.

Positions

Entry for Short Position: $0.7750
Take Profit: $0.4778
Stop Loss: $0.81
Risk/Reward Ratio: 9.74

Conclusion

The short-term market of XRP has been overbought and subsequently, an increase in the buying pressure is imminent. This would provide the traders with a good opportunity to short the token and benefit from the falling price of XRP. The fall may take the price till $0.4808, the visible immediate support.

Source: https://eng.ambcrypto.com/xrp-short-term-price-analysis-24-november

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XRP Price Surges to 2-Year High as Airdrop Frenzy Builds

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XRP has chalked up an impressive rally to two-year highs in the last few days, and an imminent airdrop may be driving the gains.

Trading around $0.70 at the time of writing, the world’s third-largest cryptocurrency by market value is up 130% from lows near $0.30 seen on Saturday. Prices reached a high of $0.79 earlier on Tuesday, the highest level since May 10, 2018, according to the CoinDesk 20.

On-chain activity has picked up the pace alongside the price rally, with the new account activations on the XRP Ledger rising more than 200% to a record high of 5,562 in the past five days, according to data source XRPScan.

Analysts are associating the surge in XRP’s price and other metrics with the smart contract platform Flare Network’s airdrop of “spark” tokens to XRP holders.

The free distribution of 45 billion spark tokens, scheduled to occur on Dec. 12, is supported by Ripple’s investment arm RippleX (formerly Xpring).

“The impending airdrop is supercharging the XRP bull market and whipping mindshare of one of the largest crypto communities into a frenzy,” according to Jehan Chu, a managing partner at Hong Kong-based blockchain investment firm Kenetic Capital. “With the imminent launch of Flare, a smart contract utility fork of XRP, the pair will attempt to challenge Ethereum’s dominance in decentralized finance and decentralized applications.”

Flare integrates with Ethereum’s Virtual Machine allowing existing Ethereum decentralized applications (dapps) to be ported over to Flare to serve the XRP ecosystem.

Exchange inflows of XRP have soared alongside the price rally, suggesting increased selling pressure in the market.

Nearly 2.3 billion XRP, worth nearly $1 billion, have been transferred to cryptocurrency exchanges since Saturday. That’s more than three times the average daily inflow seen in 2019, according to blockchain intelligence firm Chainalysis.

Investors typically transfer coins to exchange when they want to liquidate their holdings, boosting supply in the market and take direct custody of coins when prices are expected to rally.

According to Chainalysis economist Philip Gradwell, the inflow rise doesn’t necessarily imply an imminent sell-off.

“Demand has been strong so far, with median trade intensity twice the average,” Gradwell tweeted. Median trade intensity, which measures the number of times an inflowing coin is traded, stood at 14 on Monday – significantly higher than its 365-day average of 5.8.

Source: https://www.coindesk.com/xrp-price-surges-to-2-year-high-as-airdrop-frenzy-builds

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