The Petro Coin Will Be Used for Global Trade in Venezuela Come October

Petro Coin

Venezuela’s president, Nicolas Maduro, just made a bold statement regarding his oil-backed cryptocurrency, the Petro Coin.

The Petro Coin

Maduro appeared on the national VTV channel today and delivered a speech about his country’s latest economic issues. According to VTV’s official website, Maduro said:

“The Petro enters the street, as a currency of exchange, purchase and convertible currencies for the world.”

However, the Venezuelan president didn’t specify the areas where the Petro will be used. Maduro also didn’t name any countries willing to accept the Petro Coin.

This oil-backed cryptocurrency …

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Ripple (XRP) Temporarily Passes Ethereum (ETH) but ETH Reclaims #2 Spot

Ripple (XRP)

Ripple (XRP) just passed Ethereum (ETH) this morning to take the second-largest cryptocurrency spot. Except, a few hours later Ethereum enthusiasts shot back and Ethereum re-gained its #2 spot.

Ripple (XRP) Comeback

XRP is among the group of worst performing cryptocurrencies this year, but it seems to be making a comeback. In the summer, it was down more than 90 percent from its high in January.

XRP and Ripple are often confused, and people intertwine them. Ripple Labs is a fintech company that focuses specifically on global payments and hold the majority of XRP. …

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Bitcoin Price: BTC is Bullish, are Altcoins the Reason?

Bitcoin Price

Bitcoin price is on a bull-run right now. In fact, the entire crypto market seems to be making a bullish turn as sharp gains can also be seen across a number of altcoins.

At the time of writing, Bitcoin is up 4.6% on the 24-hour basis and is currently trading at $6,733 according to coinmarketcap.com

Earlier in the day, Bitcoin price hit its 16-day high of $6,745, but it could easily hit that high again by the looks of things.

Bitcoin Price Recovery

Bitcoin is recovering from a five-week low of $6,100 …

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Electroneum (ETN) rises by 32% amid the mobile remittance app beta launch

It’s been more than ten months since the bear’s hug has crushed the cryptocurrency markets. That’s why it’s refreshing to report on a blockchain project that is currently increasing in value. Ironically it’s not only one of the big boys (Bitcoin, Ethereum, etc.) that are suddenly doing well. It’s Electroneum (ETN).

Electroneum is a blockchain technology project which includes a digital asset called ETN. It’s based on the idea of harnessing the power of mobility and combining it with the cryptographic technology that lies behind cryptocurrencies. In fact, mobility is so crucial in Electroneum that users mine coins using their mobile phones instead of computers or dedicated hardware, as it happens with other minable tokens.

Mobile micropayments are also at the heart of Electoneum’s goals, and the project recently released its mobile payment application, in a beta-testing stage. And it seems to be working very well as testers report good news from all over the world about the way the app works and delivers the service it’s supposed to do. All those good news are driving ETN’s price up.

Just in the last 24 hours, ETN rose 32.38 percent in price – that much in a single day for a coin that’s not even in the top 50 cryptocurrencies list, is a thing worth appreciating. It went from $0.005203 to $0.008962 in fewer than forty-eight hours. This coin is having a bullish run in a market in which most other assets have been going steadily down since last December (the scenario is different for them now too, though).

As I write this article, not only the token’s price is rising but also the trading volume, and very dramatically at that. Interest in ETN has risen in such a way that volume has gone up by 216% (from 180k to 570k USD). The rise in both price and volume has happened over two days, which is a fantastic run and it came about as the app was released and the world began to notice it.

ETN, like most other tokens, is mainly pegged to Bitcoin as means of exchange. More than four-fifths of this asset’s trade happen in Kucoin and Cryptopia. This could represent a change of status for ETN which up until now had been a marginal crypto coin that gathered little or no interest from most people in the community. 

This year, for instance, it lost 85% in value from the second to the third quarter. If you’re interested in acquiring some ETN tokens, you don’t even need to buy them; you can just install the app in your cell phone and mine them yourself.

April was the worse month for ETN. That’s when it hit its lowest historical prices, but the rest of the year has not been that good as the token’s value has kept fluctuating around its lowest known values. 

Some bad news prompted the market behavior as the Electroneum system experienced a DDoS (Distributed Denial of Service) attack in that month that caused the project to freeze the accounts of users and to withhold access to their funds while the team dealt with the offense. All those bad news are behind now, but the crypto market is not quick to forgive or forget this kind of event.

As Electroneum released the app’s beta-version this very week, the project’s Twitter feed became flooded with good comments from both individual and institutional users attesting the product’s usefulness. 

Among all those tweets, an Egyptian merchant showed how to set the app up and use it to transact in the real world. Other testers in Reddit were able to transact between the US and Japan in only a few seconds. This is very impressive even by current fintech standards. And it’s all done on mobile phones.

Richard Ells, the project’s founder, and CEO had this to say in his blog about the launch: 

“Easy access for users was the first step and we’ve now had over 1m app installs and we’re proud to say the Electroneum app has the same retention level as Instagram (®)!”

Electroneum boasts 1.6 (and increasingly every day) million users. If that’s the case, it’s already among the most-adopted cryptocurrency technologies in the world. By comparison, Steemit, which is a blockchain social media and content website has slightly more than a million users, but it’s been on the market for much longer.

So keep an eye on Electroneum and ETN. It’s showing promise and usefulness in real-world terms, and you’d be very hard-pressed to find any other coin that went up by 30% in a single day this year (except Ripple’s XRP, of course).

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. The author is long Bitcoin. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Key factors why we may see a big Tron (TRX) boost shortly

Tron is a decentralized platform that makes use of a Peer-to-peer system for its network. The platform aims to decentralize the web and also change the content (entertainment) industry.

Talking about the blockchain project’s history, Tron was created by Justin Sun – a protégé of Jack Ma. At the moment, lots of contents are managed by middlemen such as Facebook, YouTube, and the likes. But Sun aims to create a system that helps content creators have full ownership of their contents (and of course earn more as there won’t be any middlemen).

Subsequently, Tron aims to liberate the entertainment industry and the contents that are shared in it and also by making sure that there is a system where data can’t be controlled (the true decentralization and security).

It is important to know that Tron (TRX) is also a platform that permits the distribution of digital assets exchange and market forecasts.

What are the advantages that Tron (TRX) brings to the table?

Tron has lots of advantages. Its team of developers is top-notch, and it also has a futuristic leader: Justin Sun. Tron is a platform that helps content creators; its users are eligible for gains distributed by the platform.

Clearly, this blockchain platform was created for people with a great interest in the entertainment world. It is worth keeping in mind that Tron has launched a series of projects that benefit not only the platform but also its users and even developers alike. The most recent example of that is Tron’s latest development tool.

Why the price of Tron will increase greatly

There have been lots of price predictions in the past concerning Tron; these price forecasts come from notable companies such as Investingpr.com, WalletInvestor, PayPal, etc. Calculating from what many trusted sources have to say about Tron, it is possible we may see these predictions come to live and here are some reasons why.

  • Fundamentals

Tron recently migrated from Ethereum’s protocol to be on its own. With that, it succeeded in its very own MainNet launch. Ever since that happened, the blockchain protocol has attracted lots of Exchanges.

Some of which had stated their support right from the time when the migration hadn’t even started – which indicates that Tron might be successful very soon as the ones who know the crypto business trust the project. Without much doubts, probably now is the right time for investors to invest in TRX to reap its benefits soon.

  • A Platform For Dapps Developers

Tron is also a platform that encourages Dapp’s (decentralized applications) developers worldwide. Tron’s team have been striving hard to attract lots of Dapps Developers on Ethereum’s blockchain – and the younger blockchain from two, Tron, seems to be all set to win.

Tron has created a project known as SeedGerminator – an accelerator designed for developers who aim at creating different products including Dapps, tokens, and technology on the Tron network. Due to the fact that Tron is attracting lots of Dapp’s developers today, it is possible that the price of Tron will increase massively as more and more developers turn to it.

  • Tron’s Price Strength

Lots of investors have begun to join Tron train lately, and this has seen TRX movement to over $200 million daily. More importantly, the trade of fiat currencies hasn’t been represented, thus, enabling the crash of fiat trading, while the price of TRX increases.

Tron has been steady – even when the market was bearish. The strength of the blockchain project makes its price to move steadily in the market; this is yet another reason why the price of Tron might increase significantly in the coming months.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. The author is long Bitcoin. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins soaring: Cardano, Tron, and Stellar (XLM) surge up to 18%

The crypto market has been green today, and in past seven days, the price of Bitcoin and the altcoins has increased rather nicely. Altcoins are leading the market by significant percentages. Out of the top 10 altcoins in the market today, XRP, Tron (XLM), Stellar Lumens (XLM), and Cardano (ADA) lead the growth chart.

After Ripple, at the time of press, Stellar Lumens (XLM) leads, followed by Cardano (ADA), and then Tron (TRX) – the rest of the altcoins follow. On the other hand, the total market capitalization of cryptocurrencies has increased considerably to $223 Billionfollowing the recent bullish trend of the market. Let’s take an in-depth look at Cardano (ADA), Stellar Lumens (XLM), and Tron (TRX).

Cardano (ADA)

The price of Cardano (ADA) has increased by 13.31% in the last 24 hours, following the bear runs that occurred during the previous seven days. It is important to know that ADA is trading at $0.08459 at the time of writing with a market cap of $2,193,166,519.

There have been lots of developments with Cardano (ADA) in the past two months. The cryptocurrency launched ‘Project Prometheus,’ a project that will make sure the properties of the platform get migrated to digital devices and wallets.

Additionally, the founder of Cardano (ADA) – also the CEO of IOHK have earlier addressed investors about another project known as ‘Project Plutus,’ a project that makes use of complex programming language to improve Cardano.

Lots of ADA trades have occurred on UpBit exchange – taking more than 34% volume there. Cardano surge comes at the time when it got featured on Okcoin together with Ripple and Stellar.

Tron (TRX)

Another cryptocurrency making some bullish runs in the crypto market is Tron. TRX has increased by a significant percentage – before the current bull run, its price was low.

On top of market trend, much of Tron’s price surge has been relatively due to the unveiling of TronWeb – a front-end Javascript API. It is important to know that TronWeb will help to connect people using the Tron protocol.

The announcement was made on the official Twitter page of Tron Foundation:

Today we are releasing TRONWEB, a front-end javascript API that connects your project to the #TRON blockchain, equivalent to Etheurem Web3.js.”

Subsequently, Tron Foundation seems to be not slowing down on this, and it has stated that there are more upcoming projects to aid Tron’s network very soon.

At the time writing, TRX is trading at $0.02236, thus, increasing by 8.53% if we talk about valuation in the last 24 hours. The total market capitalization of cryptocurrency stands at $1,470,361,529. Tron has recently been listed on BitBay, Binance, KuCoin, and Bittrex.

Stellar (XLM)

Stellar (XLM) has been creating lots of thrills around it, especially when it earlier announced that IBM will be launching a new stable coin, using Stellar’s technology.

Stellar is back again, and as stated above, it just got listed on Okcoin. The blockchain project is expected to launch Lightyear soon – a ledger that helps in managing digital assets.

At the time of writing, XLM is priced at $0.2513, representing a growth of 18.65% in the last 24 hours only. This digital asset has a market capitalization of $4,730,782,855.

In the recent times, the bulk of the trading volume of XLM has been on Binance: XLM/BTC pair was 27.35%; XLM/USDT was 16.31%.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. The author is long Bitcoin. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Ripple jumps 50% again today, 3 reasons behind current XRP rally

In the last 24 hours, lots of digital assets in the crypto space have experienced a surge at the rangebound of 2-10%. Nevertheless, the cryptocurrency that is leading in the current wave is Ripple (XRP). Ripple is driving with almost 10% more gains than the others, even the Bitcoin.

Right from Tuesday this week, the price of XRP has increased by 40%. Considering that, Ripple has undisputedly been the growth leader on the daily price trend in the recent ‘nice-little-rally’ this time. It is important to know that its volatility has reached maximum heights since the beginning of this year.

As a result of the rangebound surges that are experienced in the crypto market currently, the total market capitalization totals to $2 billion. More importantly, the market cap of Ripple also reached $22 Billion – almost equivalent to Ethereum’s current market cap of $23 Billion.

Today, XRP even took Eth spot on coinmarketcap for a while as it became the second largest crypto, which the cryptocurrency couldn’t hold for long (on the third spot yet). At the time of press, Ripple (XRP) trades at $0.5663 after increasing by 53.01% in the last 24 hours.

The reasons behind extraordinary Ripple (XRP) price rally

Ripple has increased by a considerable percentage, which has left everyone in curiosity as to what are those factors that have made the crypto to rise so quickly. There indeed are certain reasons. It is essential to keep in mind that the current rally is not like the previous ones that have been experienced in the past.

A series of positive events have helped with Ripple’s rally. Recently, Ripple settled its clash with Blockchain Consortium. Also, its adoption has intensified since XRP can now be accepted on YouTube and Twitch, through an initiative by a technical startup, known as Coil. Let’s not forget that just recently, SBI also unveiled a platform called MoneyTap, which will run on Ripple’s network.

Recently, the Head of regulatory relations for Asia-Pacific and the Middle East at Ripple, Sagar Sarbhai, revealed that one of Ripple’s product –xRapid, will be launched next month. Later on, an announcement from Ripple, through its spokesperson stated that there isn’t any official date yet, but meanwhile, lots of crypto enthusiasts have already hyped the speculations.

Marcus Treacher, the global head of strategic accounts of Ripple, said Ripple is growing in different countries around the world rapidly. She said,

RippleNet’s newest corridors have a combined potential market that totals over $2 Billion in inflows over the last year.”

Ripple’s strategic accounts global head added,

“InstaReM and RationalFX opened up new corridors from the United Kingdom to Malaysia, Vietnam, Indonesia, Sri Lanka, and Bangladesh. Remitr and FlitterWave established a RippleNet corridor to Nigeria from Canada, the first connection on RippleNet in Africa. BeeTech and InstaRem creators from Brazil to Spain, Italy, Germany, France, and Portugal.”

Another reason for Ripple rally is FOMO (Fear Of Missing Out). Lots of investors are anxious to invest in Ripple’s XRP before it’s too late. It is seen that this may be detrimental as repeated sell-off in the market may be fierce as the rally itself.

The Status of the Cryptocurrency Market Currently

The 24-hour volume of BTC will have to maintain its position – if it is to keep its rally going in the next few weeks. At the time of writing, the price of Bitcoin has grown by 4.2% with a 24-hour volume of $6.4 Billion. On the other hand, the total volume of cryptocurrencies in the market is now at $23 Billion, after increasing from $12 Billion in the last 48 hours.

The market seems to be bullish at the moment as prices continue to soar. Not just for Ripple XRP or Bitcoin, a significant recovery is expected for all of the top cryptos throughout this month. Still, no one cannot (and shouldn’t) vouch for the crypto market by 100%, only the time will tell.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. The author is long Bitcoin. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Ripple XRP Mega Breakout: What’s Next?

The Ripple XRP mega breakout that we were calling for happened and happened much quicker than anyone expected. As we said yesterday:

Nonetheless, IF, Ripple is capable of going ‘topside’ of the .38 figure at any point in the days/weeks ahead, such development, should it occur, would likely trigger its next advance into the .42 – .47 zone, representing a 30-40% move from present levels. On the flip-side, the .25 – .26 area should offer short-term potential support.

XRP is now sitting at .51704  as we write this article this morning, representing gains of 61% since we alerted our readers and our Global Elite email newsletter members.

Ripple XRP Mega Breakout

The Ripple XRP mega breakout is significant because it’s the first time XRP has been above its 50-day moving average since May. Right now, the RSI is approaching 80, so we are in overbought territory and we expect the price to consolidate around the .42 to .47 level before resuming its uptrend.

While some are looking at this as an opportunity to short XRP, we are not of that camp. While some can book some profits and use a trailing stop, any integration of XRP with xRapid has the ability to create a tremendous move in XRP. As Travis Kling said this week on the Off the Chain podcast with Anthony Pompliano, XRP could be the quickest five-bagger investors could see in today’s crypto markets.

The reversal is real

As my colleague Ali Qamar said yesterday:

Unlike other cryptocurrency projects, Ripple has some concrete partnerships with real financial institutions, but this sustained price action indicates that market confidence has indeed returned to the project, as this price action is not continuing because of any one specific catalyst.

XRP spillover effect

The rally in XRP has spilled over into other markets and has lifted Bitcoin and Ethereum. Bitcoin has now broken through its 50-day moving average as well and is trading at 6720 at the time of this writing. It’s 50-day is positioned around the 6600 level, which was serious resistance. Many were shorting 6400 to 6500 and have now been forced to cover. With XRP continuing to build momentum, we look set to test the next major resistance level of 6950 to 7000. Furthermore, the RSI is still neutral at just above 50, signaling that there’s a lot more room to run before getting into overbought territory.

From the chart above, you can see that Bitcoin has made higher lows than the last time we tested the 6000 level. A break above 7600 would be a clear signal that the crypto bear market would indeed be over. Bitcoin would then be above the 200-day moving average and many investors that have been on the sidelines will come in and we would have a new bull run.

Ethereum

Ethereum is still trading below its 50-day moving average as seen in the chart below.

I still think Ethereum is going to lag behind Bitcoin as there still hasn’t been much of a move higher in the ETHBTC pairing. ETHBTC still has a long way to go to get above its 50-day and 200-day moving averages.

Bottom line

XRP and Bitcoin look set to continue their treks higher. It shall certainly be an interesting weekend and one which we will be watching.

Happy Trading!

~iBC

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. The author is long Bitcoin. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pexels

Charts courtesy of Trading View

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