LINK hits ATH today with a 25% surge as BTC recovered $5000 and its market dominance reduced to 64% so let’s take a closer look at the chainlink price news today.
After a few consecutive days of price drops, BTC regained value and jumped to about $33,000 but most alternative coins outperformed their leader with some strong gains and reduced its dominance on the market to 64%. The past few days were quite harmful to other altcoins as the cumulative market capitalization lost about $200 billion to below $900 billion. However, most of the altcoins bounced back in the past 24hours with some strong gains.
Ethereum surged by 8.5% to $1270, Ripple increased by 4% and neared $0.28, Binance Coin increased by 4.6% while Bitcoin Cash increased by 4%. Litecoin is also in the green as it increased by 2.5%. Cardano and Polkadot increased by 10% to $0.35 and $18. However, Chainlink is the best performer on the market with a surge of 20%. LINK hits ATH and as of now, the price records stand above $24. More gains were evident from mid-cap altcoins like Decentraland which increased 42%, Curve DAO increased by 30%, Basic Attention Token by 23%, The Graph by 22%, and Tezos by 16%.
The main cryptocurrency was also slipping in value since it didn’t breach above $38,000 earlier this week so BTC even dropped below $30,000 for the first time since January. Some of the price losses could be explained with the FUD that emerged from the reports that there was double spending on the BTC network but these rumors were later debunked. The asset managed to reclaim ground in the past 24 hours and reached a new high of $34,000. BTC retraced slightly and now trades below $33,000. The increase in the price of altcoins reduced bitcoin’s dominance over the market and the metric comparing the BTC market cap with the alternative coins dropped to 64%. This marks a drop of 6% on a weekly basis.
As recently reported, The major move up means that chainlink gained about 37% over the past week and 65% over the past 30 days. The community under the name “Link Marines” is extremely bullish and even predicted that LINK will hit a top-three position by the end of March. In order for this to happen, LINK has to flip a few more assets and increase its market cap by over $15 billion. It looks impossible but in the crypto space, everything is possible. LINK has to flip Litecoin as it is just $300K behind in terms of a market cap according to CoinGecko.
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Bitcoin’s Compound Annual Growth Rate Is ‘Unmatched in Financial History’, Analysis Shows
Bitcoin’s 10-year compound annual growth rate (CAGR) is “unmatched in financial history,” according to analysis conducted by on-chain analytics firm CaseBitcoin, which posted its findings on social media. According to CaseBitcoin, BTC’s near 200% CAGR is an “unheard-of number” and means that BTC investors have “nearly tripled” their money every single year for the last […]
Bitcoin’s 10-year compound annual growth rate (CAGR) is “unmatched in financial history,” according to analysis conducted by on-chain analytics firm CaseBitcoin, which posted its findings on social media.
According to CaseBitcoin, BTC’s near 200% CAGR is an “unheard-of number” and means that BTC investors have “nearly tripled” their money every single year for the last decade, if the returns are being compounded. In terms of return on investment (ROI), this would translate to a 5.2 million percent return over said period.
CaseBitcoin, as Cointelegraph reports, compared BTC’s CAGR with that of popular stocks such as Tesla and Amazon, noting that Tesla’s CAGR is “off the charts” by normal standards at 63.8%, and is still dwarfed by bitcoin’s growth. Amazon’s CAGR, on the other hand, is 33.5%.
The researchers further defended their analysis by pointing out that even BTC’s last decade could be a “cherry-picked timeframe.” They found that “Bitcoin’s CAGR dwarfs other benchmarks over ANY multi-year period in the past decade.” Their data compared BTC’s returns against the S&P 500 index, gold, and more.
The price of bitcoin has grown exponentially over the last 10 years. In its 12-year existence, the flagship cryptocurrency went from essentially being worthless to at one point being worth over $58,000 per coin, before a correction saw BTC’s price drop to $48,900 at press time.
While initially the cryptocurrency was adopted by those agreeing with the libertarian ideology, soon more investors started seeing potential in it. Several publicly traded firms have now invested in bitcoin, with MicroStrategy putting in over $2 billion to buy 90,869 BTC.
Next to MicroStrategy comes Tesla, which invested $1.5 billion in the flagship cryptocurrency. Other companies like MassMutual, Ruffer Investment, Stone Ridge, and Square have also allocated funds to bitcoin. As reported, last month the oldest bank of the United States, Bank of New York Mellon (NYSE: BK), has revealed it will start financing bitcoin and other digital currencies through the rollout of a new cryptocurrency custody service.
Featured image via Pexels.
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Mainnet launch and NFT sale lift Aavegotchi (GHST) to a new all-time high
Nonfungible tokens (NFTs) have rapidly become the new hot topic in the cryptocurrency sector, as evidenced by Litecoin (LTC) creator Charlie Lee comparing the current spike in NFT interest to the ICO mania of 2017.
The recent pullback in the cryptocurrency market hit decentralized finance tokens (DeFi) pretty hard, but as Bitcoin’s (BTC) price recovered the $50,000, DeFi and NFT tokens bounced back rapidly.
One project that has successfully capitalized on the DeFi and NFT boom is Aavegotchi. The project benefits from its association with Aave, while also focusing on the creation of value-infused NFTs that are limited in minting.
Data from Cointelegraph Markets and TradingView shows that the price of GHST, Aavegotchi’s governance token, rose 35% from $1.36 on March 1 to a new all-time high of $1.86 on March 2 as the community conducted its first NFT sale.
Three reasons for the GHST breakout to a new all-time high include its recent migration to the Polygon network, the successful completion of its first NFT sale and excitement about the upcoming mainnet launch.
Users bridge to Polygon for lower fees
Transaction fees on the Ethereum network have been increasing since the beginning of 2021, and they show no signs of decreasing anytime soon.
In response to this, the team at Aavegotchi announced on Jan. 26 that the project would bridge to the Polygon network, an Ethereum layer-two solution Following the migration, users are able to conduct transactions, buy items in the store and stake their GHST tokens for the cost of .0001 MATIC, a significant price reduction from the current costs of transacting on Ethereum.
GHST price rose from $0.61 on Jan. 27, when the Polygon bridge was first released, to $1.25 on Feb. 14 as users began to be more active in the community due to lower transaction costs.
Optimism grows as the mainnet launch approaches
One of the biggest drivers of GHST was its official mainnet launch on March 2.
While most NFT projects are content to utilize Web 2.0 servers or the InterPlanetary File System, Aavegotchi has taken its project to the next level by creating its own blockchain. Doing this enables each GHST token to have its unique personality traits, staked cryptocurrencies and visual elements stored permanently on the blockchain, which may help to strengthen their collectability and long-term value.
This also creates the unique opportunity where DeFi can be combined with NFTs by locking one of Aave’s wide selection of interest-generating tokens directly into a particular Aavegotchi, making each one a rare, unique form of a digital piggy bank.
NFTs sell out in under a minute
As Aavegotchi launched its mainnet, the project also conducted its first “portal drop,” which allowed tokenholders to buy a portal that is capable of summoning a yield-bearing Aavegotchi NFT.
Each portal was on sale for 100 GHST, and the demand was so high that the 10,000 portals sold out in less than a minute.
Through an integration with Aave and its aTokens, NFTs on the Aavegotchi platform create unique interest-bearing representations of funds supplied to the Aave protocol, a first for the NFT space.
Aavegotchis are designed to combine elements of gaming and collecting in an effort to tie digital collectibles to real value. This adds a new level of functionality to NFTs and is likely to help each Aavegotchi increase in value over time. In order to extract the value of aTokens locked within an NFT, the Aavegotchi must be destroyed in the process.
Future portal drops, low transaction fees and an expanding NFT store demonstrate that there is a healthy demand for GHST, and this is bound to grow as the platform expands to offer new layers of gamification.
NFTs are changing the world of art and it is just getting started
TL;DR Breakdown Non-fungible tokens (NFTs) are changing the way art works in a crypto-related world. The subsector is bringing power back to the artists by ensuring authenticity and originality. The industry has seen a re-emergence in recent times as record sales are being recorded. If you mention the words “Bitcoin,” “Ethereum,” or “Cryptocurrency” next to […]
- Non-fungible tokens (NFTs) are changing the way art works in a crypto-related world.
- The subsector is bringing power back to the artists by ensuring authenticity and originality.
- The industry has seen a re-emergence in recent times as record sales are being recorded.
If you mention the words “Bitcoin,” “Ethereum,” or “Cryptocurrency” next to any digital savvy individual, they probably have an idea of what you’re talking about. But if you should mention NFT, only a few familiar with the cryptocurrency market and blockchain technology would actually be able to understand you. A non-fungible token (NFT) is a cryptographic token that represents something unique. They are ideal for unique digital items. While they are built on a blockchain network like cryptocurrencies, its difference lies in the fact that one token cannot be interchanged with another.
The crypto industry has been with us for close to a decade but NFTs did not start gaining public attention until the Crytptokitties project became popular around 2017. Cryptokitties is a game on the Ethereum network in which players buy, sell, and breed cats which are represented by unique tokens that are created by a smart contract. The game made many people aware of NFT and opened many to its potential, however this was short-lived. But towards the tail end of 2020, the crypto subsector began to re-emerge and today, news of how multimillion sales are being made dominates the headline.
One sector that has benefited most from NFT is the art world. For years, digital artists have struggled with protecting their copyrights and monetizing their works online. This has now changed with NFT. With these tokens, digital artists are able to create their works and sell them online, with the buyer getting a unique token which certifies authenticity.
NFTs and its Smart contract possess unique attributes like owner identity, accurate location of the artwork, web links, etc., which can be embedded in the work of art. Beyond this, Defi platforms and apps such as Raribles, Zora, Nifty Getaway, Foundation, and SuperRare have also emerged. All these platforms enable creatives of any kind, including digital artists, to monetize their creations.
What has spurred the growth of this space is the quest to own collectibles. For years, people have paid huge amounts of money to own physical collectibles like baseball cards, Pokémon Go cards, etc. This mania is now re-enacting itself in the digital space as well. Dapper Labs, the company that created CryptoKitties is leading the scene with NBA Top Shots.
The growth of the digital art space due to non-fungible tokens is unprecedented. In the opinion of some analysts, it is reminiscent of the Renaissance period in art. According to Ben Gentili, the digital artist whose work Block 21 sold for more than $130,000 back in 2020, “non-fungible tokens have created a paradigm shift in the art world with power returning to the hands of the artist.” He made reference to a similar scenario during the Renaissance.
What he forgot to mention is that the present phenomenon has more in common with the Renaissance than just giving the artists the power back. According to Art historian Alexander Nagel, concepts such as authenticity and forgery meant nothing in art until the Renaissance period. Today, it is that same concept of authenticity that NFT is bringing back to art. This is what made it possible for Chris Torres to sell his Nyan cat meme for $590,000 by adding an NFT, which distinguished that particular copy from the millions that are on the internet.
Recently, the musician Grimes collaborated with the digital artist Max Boucher to release the WarNymph collection that sold for a record $5.8 million. This is quite close to the record made by Beeple with his $6.6 million sale of CROSSROADS on Nifty Getaway. At present, the total value of NFTs sold is over $250 million.
The traditional art auctioneers are not missing out on the action either. As far back as October 2020, Christie’s auctioned Ben Gentili’s digital artwork, Block 21, which had 18 bidders and sold for more than $130,000. In its first purely digital art auction, a collection of Beeple artworks reached over $1 million in bids under 10 minutes of going up for sale. These further point to how in-demand NFT artworks are at present.
NFT and the crypto space
The crypto market stands to benefit a lot from the growing popularity of NFT. This boom also means that the adoption of crypto will increase substantially as the transactions for these non-fungible tokens are usually in cryptocurrencies. Even Christie’s is accepting ETH for its latest digital art collection auction.
With the ability of NFT to be applied across various industries such as art, gaming, ticketing and events, collectibles, and even in real estate, the growth of NFT will spur crypto adoption at an incredible rate.
Is NFT all glittering?
While NFT is already making waves and has a lot of uses and potential, it is important to understand that it is still in its early stages. Even the blockchain technology it is built on is still evolving. Thus, it is not without its challenges.
At present, the technicalities involved in using NFT platforms are a major challenge. The additional charges also represent a challenge, and the safety of the artwork, which is generally not stored on blockchain but a different website, remains questionable. However, it is too early to know how these challenges will be dealt with.
There is no doubt that NFTs have disrupted the paradigm of the art world, giving digital artists control over their works. While many critics have criticized the simplicity of the artworks that sell for so much, it is impossible to ignore the positive possibilities that this means for the industry as a whole.
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