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Algorand Isn’t an Ethereum Killer Yet, but Keep an Eye on It

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If you’re looking for opportunities in altcoins that are under the radar, Algorand (CCC:SOMETHING-USD) could be interesting.

Algorand

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It may be a relative newcomer to the crypto world, but it has achieved quite a bit since its introduction in 2019.

It has secured hundreds of millions in funding for its development. Numerous third-party providers are now active in its ecosystem.

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Of course, it is still a long way from giving ether (CCC:ETH-USD) a race for his money or the “Ethereum killers” like Cardano (CCC:ADA-USD), by the way.

But with his Smart contract functions, solid transaction speeds, and focus on getting a Bridge between central and decentralized systems, it looks like it can quickly enter this category.

To top it off, as Tezcan Gecgil of InvestorPlace recently mentioned, it’s a carbon negative platform.

This alone cannot help make it one of the most widely used cryptos out there. But as proof-of-work cryptos like Bitcoin (CCC:BTC-USD) are named because of their environmental impact, this is another plus point for this proof-of-stake blockchain.

The outlook may look good, but keep in mind that this may not translate into higher prices for its native token immediately.

There is still uncertainty about the crypto market. It may have more room to fall before it finds its bottom. Keep this risk in mind as it trades for around 83 cents, which is well below its all-time high of $ 3.28.

Algorand and his initial success

In the two years since go-live, the blockchain of this token has been quickly adopted by a large number of third-party providers.

One current notable is numbers. The healthcare payment processor uses the network to enable payments of over $ 800 million for the Bermuda Health System.

With this first success Crypto funds have invested $ 500 million in projects running on the Algorand blockchain.

The story goes on

Given what it has achieved so far, it’s easy to see that usage will continue to increase in the years to come. Especially as it continues to roll out protocol upgrades, like one that was recently introduced improves intelligent contract development and dApp functionality.

It is clear that the technology has it. Now all that is needed is a critical mass. This can be a challenge with the larger “Ethereum killers” who offer similar benefits.

Assuming it attracts more capital for its development and its upgrades allow it to “move up” further, it looks like it would be a front runner like Cardano or Card Polygon (CCC:MATIC-USD).

Algorand’s best days could be ahead of us. A few years later it could be worth many times what it is being traded for today.

But that doesn’t mean that it’s only uphill from here. With uncertainty still looming in the crypto market, it could revert to its pre-bubble prices for now.

Despite strengths, ALGO could see another retreat from the lake

As of this writing, cryptos are trading sideways across the board. This could signal to some that we have hit the “bottom” after the sell-off in mid-May.

The water was calm. But maybe we haven’t seen the end of the sell-off yet. The market may still have leeway to retreat further before the dust really clears.

Algorand prices could see another double digit percentage decline. Or worse, a short trip back under 50 cents a token. It was there before the bubble in early 2021. If you buy it today, be aware of the potential for short-term volatility.

There could be a silver lining: a continuation of the crypto bear market could be short-lived. Once speculators who got into this area late in the game (i.e. earlier this year) start paying out but long-minded “HODLers” are stuck, things may bounce back sooner rather than later.

Granted, this doesn’t guarantee a quick trip for cryptos back to their respective high water marks. It could just end the decline with several years of mediocre performance.

That happened after the last crash in 2018. However, if you view this as a long-term crypto investment rather than a short-term trade, it might not be a huge problem.

Conclusion: A possible “Ethereum killer” in the making

Given its capabilities and functions, as well as its increasing use, this “new kid in the crypto block” will soon enter the territory of the “Ethereum killers”.

This can make it one of the better altcoin options you can get downstairs. However, consider the high risk and volatility that lies ahead of you.

Depending on how long today’s crypto bear market lasts, Algorand can go back to 50 cents before climbing back above $ 1 and prices seem worthwhile.

At the time of publication, Thomas Niel held long positions in Bitcoin and Ethereum. He has held positions (neither directly nor indirectly) in other securities mentioned in this article. The opinions expressed in this article are those of the author and are subject to InvestorPlace.com’s posting guidelines.

Thomas Niel, contributor for InvestorPlace.com, has been writing individual stock analyzes for web-based publications since 2016.

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Cryptocurrency

Crypto News: Ethereum bounces, Shiba Inu jumps, and HUH Token releases white paper

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Photo courtesy of HUH Token

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Ethereum continued its rise this week despite being under pressure from the announcement of a new strain of Covid-19 and negative comments from the Federal Reserve. Meanwhile, Shiba Inu is up over 30% and HUH Token has released its highly anticipated white paper.

Bitcoin plunged lower this week after Federal Reserve Chairman Jerome Powell warned that the risk of higher inflation was “increasing,” meaning the central bank will consider stepping up its buying policy to reduce risky asset markets has cranked.

On the flip side, Ethereum, the second largest cryptocurrency by market capitalization, posted its fifth consecutive profit day, trading above $ 4,600 according to data from CoinMarketCap.

Ethereum remains the most popular cryptocurrency bet for most traders, and it looks like it will make another run towards $ 5,000 once risk appetite returns.

Ethereum’s growing market dominance is also reflected in the Ether-Bitcoin (ETH / BTC) daily chart on the Binance cryptocurrency exchange, which is up more than 5.2 percent at the time of writing.

Bitcoin (BTC) buyers were unable to sustain the price rally on Monday, although support near $ 54,000- $ 56,000 could help stabilize the current decline.

The cryptocurrency has fallen about 2% in the past 24 hours and has remained relatively stable for the past week.

On the 4-hour chart, the downward sloping 100-day moving average is indicating a near-term downtrend. This suggests that buyers have benefited from rallies across the board over the past month.

Lately, despite oversold levels on the charts, the $ 60,000 resistance level has been a significant hurdle for buyers. So far, support levels have remained intact, implying the possibility of a tight trading range between $ 55,000 and $ 60,000.

Shiba Inu price is seeing a slight decline after a sharp surge in buying pressure that led to a rally. This correction gives sidelined buyers the opportunity to get in before the next higher leg.

Between November 28 and November 30, the price of Shiba Inu rose 50% from $ 0.0000362 to $ 0.0000543. This massive rally is currently retreating and trading near the middle of the $ 0.0000452 range.

Investors can expect SHIB to reverse course as soon as it re-enters the buy zone. This high probability reversal zone offers investors who missed the initial Shiba Inu price surge the opportunity to participate in the next bull market.

Market participants should wait for the 62 percent Fibonacci retracement level at $ 0.0000431 to be retested before entering a long position. That slump will create the conditions for a 25 percent rise in Shiba Inu price, causing a retest of the range high at $ 0.0000543.

Finally, HUH Token has released its highly anticipated white paper, which is preparing to launch on Monday December 6th.

According to the whitepaper, “The HUH Token dream is a decentralized metaverse where everyone benefits from the data they generate. The data generated through engagement, be it information, opinions, images, sound or any other form of self-expression, generated value for the influencer and the individual, because all data creates influence, and HUH believes

this influence is a currency that must be shared for the common good ”.

This “tokenization” of influence is certainly a new idea in the crypto space and could be a hit among creative and influencer communities. Musicians, artists and influencers could use this crypto and their social network called “MetHUH” to monetize their works or to “influence” them with the help of HUH tokens.

The makers of HUH Token say they built the world’s first “UTIMEME”

Cryptocurrency that combines the power of “meme” tokens with the usability of utility tokens. “Tokenomics will rapidly increase the value of the HUH token, which will be the basis for transactions and rewards through a major social network called ‘MetHUH’, where user data ownership is first taken seriously from a cryptocurrency perspective. With the social network of the HUH, MetHUH, everyone in the HUH can be rewarded for the exchange of content and commitment. ”

HUH Token will be available on PancakeSwap and Uniswap from Monday, and to promote long-term stability and growth, its creators tie up $ 1 million in liquidity for 2 years from launch.

Currently in the final days of the pre-sale, this could be the ideal time to buy HUH tokens. Follow HUH Token on their social networks before they start:
Telegram: https://t.me/HUHTOKEN
Website: https://huh.social
Twitter: https://twitter.com/HuhToken
Instagram: https://www.instagram.com/huhToken/

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Mukesh Ambani backs data privacy, cryptocurrency bills

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Billionaire Mukesh Ambani on Friday backed proposed privacy and cryptocurrency laws, saying India is implementing the most forward-looking policies and regulations.

Ambani, who was a voice of Indians who owns and controls its own data and the nation that has strict rules for storing and sharing digital information, said nations have the right to build and protect strategic digital infrastructure .

He stated that data was the “new oil” and said that every citizen’s right to privacy must be protected.

“India is introducing the most cutting-edge policies and regulations,” he said at the Infinity Forum hosted by the International Financial Services Centers Authority (IFSCA).

The country, he said, already has a great framework for digital identity – through Aadhaar, digital bank accounts and digital payments.

“We are about to introduce a data protection act and the cryptocurrency act. I think we are on the right track, ”he said.

The comments came as the government wanted to bring a new bill into parliament to treat cryptocurrencies as a financial asset while protecting retail investors. The legislature can prescribe a minimum amount for investments in digital currencies and prohibit their use as legal tender.

The legislative agenda for the current winter session of Parliament, which began on November 29, lists the submission of a bill aimed at banning all private cryptocurrencies with the exception of “certain exceptions to promote the underlying technology of cryptocurrency and its uses” . While the government is considering taxing cryptocurrency profits, the Reserve Bank of India wants a total ban on digital currencies as it believes it could hurt the country’s macroeconomic and financial stability.

“Data and digital infrastructure are of strategic importance to India and every other nation in the world. Every country has the right to build and protect this strategic digital infrastructure, ”he said, adding that a unified global standard is needed so that cross-border transactions, collaborations and partnerships are not obstructed.

He stated that every citizen’s right to privacy must be protected, saying that the right policies and regulatory framework must balance this with the country’s need to protect data and digital infrastructure.

Ambani, chairman and general manager of Reliance Industries Ltd, said he was a big believer in blockchain technology.

“I believe in blockchain technology and that is different from cryptocurrency,” he said, adding, “Blockchain is very important for a trust-based, fair society.” While the bill to regulate cryptocurrency is in the works, RBI- Governor Shaktikanta Das to those who believe that the blockchain technology underlying cryptocurrencies could also exist on their own without the currency.

“With blockchain, we can provide unparalleled security, trust, automation and efficiency for almost any type of transaction,” said Ambani. “It can be used to modernize our supply chains, which are the lifeblood of our economies.” India is now well on its way to becoming a leading digital society with the digital infrastructure and regulatory framework in place.

“Data is indeed the ‘new oil’. But the new oil is fundamentally different from the traditional oil. Traditional oil was only extracted in selected locations – so it only created wealth for a few countries. In contrast, the new oil – that is, data – can be produced and consumed anywhere and by anyone. It has the potential to deliver equitable value across sectors, regions and economic classes, ”he said.

His comments are against the backdrop of a debate on how India should balance user protection with supporting its digital economy in the world’s fastest growing major internet market. Foreign companies and hundreds of domestic startups thrived amid a lack of regulation.


Ambanis Jio has accelerated internet adoption and has contributed to the crash in data prices since launching in the retail market.

The country, he said, is switching completely from 2G to 4G. “We are in the process of creating an equally affordable ecosystem of devices to enable greater adoption, supported by faster adoption of fiber, cloud and data center infrastructure.

“The next step will be the connectivity of machines, devices and vehicles, in other words the Internet of Things. With the introduction of 5G in India next year, we are on our way to have one of the most advanced digital infrastructures in the world. ”Ambani said India is well on its way to becoming a leading digital society after digital infrastructure and the regulatory framework had been created.

“Finance is at the heart of everything, and I think we are in the very early stages of sporadic digitization, and with the advent of various new age technologies, there is an opportunity to adopt a decentralized financial model,” he said.

There will be centralized government and central bank policies, but there will be a path to decentralized technological solutions where funding is enabled and available to everyone, Ambani said.

Real-time technologies will help complete trades, not in days or hours, but in real time. Smart contracts are becoming a reality.

“The convergence of real-time technologies, distributed ledgers, blockchain, smart tokens, etc. with physical infrastructure using IoT will redefine the decentralized finance sector in ways we never imagined,” he added.

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‘Wolf of Wall Street’ Jordan Belfort Warns About Investing in Dogecoin and Shiba Inu Cryptocurrencies – News Bitcoin News

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Jordan Belfort, the former stockbroker whose memoir was made into a film with Leonardo DiCaprio, has warned against investing in meme cryptocurrencies like Dogecoin (DOGE) and Shiba Inu (SHIB). Belfort stated that “people are taking advantage of an unregulated market”, stressing that “the sooner governments step in, the better it is for crypto.”

The Wolf of Wall Street’s advice on Dogecoin and Shiba Inu cryptocurrencies

Jordan Belfort, also known as the Wolf of Wall Street, warned investors not to invest money in meme cryptocurrencies such as Dogecoin (DOGE) and Shiba Inu (SHIB) in an interview published Tuesday with The Sun.

“I’m a fan of blockchain, but there is a lot of nonsense out there, a lot of bullshit coins that serve no purpose and are only there to separate people from their money,” he said.

Belfort is a former stockbroker whose memoir was adapted in a film titled “The Wolf of Wall Street” starring Leonardo DiCaprio and directed by Martin Scorsese. Belfort founded Stratton Oakmont, which acted as a boiler room, marketing penny stocks and tricking investors with “pump-and-dump” stock sales. In 1999 he pleaded guilty to fraud and was jailed for 22 months; he is now a motivational speaker.

“I got greedy. … Greed is not good, ”he said in 2014 at a motivational interview in Dubai.

The writer of The Wolf of Wall Street told The Sun:

You hear crazy stories from people who make millions and billions, but for every such person there are 10,000 or 100,000 people who get their money in Shiba Inu … It’s not a real investment.

Belfort added, “People are taking advantage of an unregulated market and creating shit coins that have no value and no use.”

Both Dogecoin and Shiba Inu have grown in popularity tremendously in the past few months. At the time of writing, DOGE is the 10th largest cryptocurrency by market capitalization and SHIB is the 13th largest. The price of Dogecoin is $ 0.210057. It has grown by more than 6,154% in the past year. The price of Shiba Inu is $ 0.00004284. The meme coin gained 66,650,613.9% over the past year.

Belfort then proposed against crypto investment programs like MILF Coins and Yummy Coin, stating that “unscrupulous people start the coins and come into a chat room and say things that are obviously illegal”.

He stressed: “People should go to jail seriously – they are not legitimate. There is no way they will ever work … I suspect someone will be charged for this stuff. “

He pointed out, “What I hate most about it is this legitimate stuff – it gives these digital coins a bad name,” he said:

The sooner governments step in, the better it is for crypto, because when the authorities start regulating a dark market, it gets bigger and better.

What do you think of the advice from the Wolf of Wall Street? Let us know in the comment section below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement for any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on the content, goods or services mentioned in this article.

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