Connect with us

Altcoins

The Dark Web Is Embracing Litecoin at the Expense of More Costly Bitcoin

Published

on

Elements of the dark web are disavowing bitcoin in favor of Litecoin and even Dash, a sign that slow transaction speeds and higher fees are driving users away from the original blockchain.

// -- Discuss and ask questions in our community on Workplace.

Criminals Embrace Litecoin

A new report by Recorded Future found that cyber criminals are increasingly turning to Litecoin as their preferred unit of transaction, surpassing all other digital currencies except bitcoin. The intelligence firm, which analyzed 150 online market places, indicated that bitcoin’s stock among dark web users has been slowly declining since 2016.

Although the researchers concluded that uptake of Dash was smaller than hypothesized, the coin was still third most popular on the dark web. Bitcoin cash was another digital currency being adopted in larger numbers.

“Bitcoin remains the gold standard in the dark web, with all vendors accepting it as a payment, and Litecoin emerged as the second most popular currency, with 30 percent of all vendors who implemented alternative payment methods willing to accept it,” researchers Andrei Barysevich and Alexandr Solad wrote.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

With a market cap of $7.8 billion, Litecoin is the world’s sixth-largest cryptocurrency. It is widely considered the silver to bitcoin’s gold because it is much cheaper than the original blockchain while still offering many of the same benefits.

Dash is ranked 12th on the crypto leader board with a market cap of $4.6 billion.

The Rise of the Privacy Coins

This isn’t the first time we’ve caught wind that criminals are ditching bitcoin. Hacked reported last month that criminal networks were dropping bitcoin for Zcash and Monero – the so-called privacy coins that provide better encryption and anonymity. Europol, the law enforcement branch of the European Union (EU), has already identified these and other cryptocurrencies as the next to replace bitcoin for illicit transactions.

When it comes to privacy coins, Zcash is often considered the best from the perspective of anonymity. However, a newer token by the name of Particl is giving the more established privacy coins a run for their money. The platform uses a Proof-of-Stake algorithm to deliver many of the same benefits as Zcash with the added benefits of atomic swaps and encrypted messaging services.

Although privacy coins provide obvious benefits to cyber criminals, their utility extends far beyond those circles. It can be argued that privacy coins do a better job of sticking to the ideological roots of bitcoin. After all, privacy and confidentiality are among the major draws of decentralized blockchain.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
11 votes, average: 4.91 out of 511 votes, average: 4.91 out of 511 votes, average: 4.91 out of 511 votes, average: 4.91 out of 511 votes, average: 4.91 out of 5 (11 votes, average: 4.91 out of 5)
You need to be a registered member to rate this.
Loading...

4.5 stars on average, based on 343 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




Feedback or Requests?

Altcoins

EOS Remains Fifth-Largest Cryptocurrency Following Airdrop

Published

on

EOS continues to hold the fifth spot on the cryptocurrency world rankings, as the coin overcame post-airdrop fatigue en route to steady gains. The cryptocurrency has even gone as far as outshining many of its peers over the last two weeks, giving rise to further optimism about the upcoming eos.ios platform.

// -- Discuss and ask questions in our community on Workplace.

EOS Price Levels

The value of EOS rose 5% on Sunday to $11.39, where it remained the world’s largest cryptocurrency by market cap. The total EOS market is valued at $9.3 billion, which is roughly $900 million higher than Litecoin, the No. 6 coin.

Trading at nearly three-month highs, EOS has rebounded 177% from its bear market low Mar. 18. Unlike other major cryptocurrencies, EOS overcame the recent swing low culminating on Apr. 6. Nevertheless, the coin has gained more than 95% since that date.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

Nearly $1 billion in EOS tokens exchanged hands on Sunday, according to data provider CoinMarketCap. That made EOS the fourth most actively traded currency worldwide, with Asian exchanges Huobi, OKEx and Bithumb processing the largest share of transactions.

Interestingly, EOS was on one side of roughly 13% of USDT trades. USDT is the native token of Tether, the so-called stablecoin that claims to be backed by U.S. dollars.

EOS, which also trades against other major cryptocurrencies, was last valued at 0.001297 BTC (-0.2%) and 0.018146 ETH (-2.8%).

Democratizing Blockchain

As an operating system, EOS is being designed to give developers the tools to build decentralized applications (DAPPs) through the delegated proof-of-stake mechanism. This system seeks to democratize the development process using a voting system that is equivalent to the number of coins each party retains. Only voted block producers can participate in the production of blocks and be rewarded by the network.

Given its proof-of-stake mechanism, EOS generated significant buzz earlier this month when it announced a lucrative airdrop event for Apr. 15. The terms of the airdrop stipulated that each EOS holder with 100 or more units would receive an equivalent number of eosDAC tokens.

eosDAC is an ERC-20 token that will migrate to the EOS platform once it is launched in early June. In time, it is probably that eosDAC tokens will also provide DAPP- and utility-based services that can be used by network members. A full ICO review of the eosDAC project can be found here.

Anticipation for the Apr. 15 event triggered a huge spike in the value of EOS, which is not uncommon when airdrops are deployed. The sustainability of the rally post-airdrop suggests EOS is generating significant interest ahead of the platform’s launch.

Brought to life by Dan Larrimer, EOS is widely considered to be Ethereum’s next big challenger. Both platforms will compete in DAPPs and infrastructure development, potentially bringing blockchain further into mainstream discourse.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock. 

 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
4 votes, average: 3.25 out of 54 votes, average: 3.25 out of 54 votes, average: 3.25 out of 54 votes, average: 3.25 out of 54 votes, average: 3.25 out of 5 (4 votes, average: 3.25 out of 5)
You need to be a registered member to rate this.
Loading...

4.5 stars on average, based on 343 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




Feedback or Requests?

Continue Reading

Altcoins

Cryptocurrency Market Approaching $400 Billion as Bitcoin Tests $9,000

Published

on

The cryptocurrency market extended its bullish rally on Sunday, as bitcoin and the major altcoins continued to test multi-month highs. Buy orders accounted for the overwhelming majority of transactions, giving rise to expectations of a more sustained upswing in prices.

// -- Discuss and ask questions in our community on Workplace.

Cryptocurrency Rally Continues

The combined value of all cryptocurrencies peaked at $397.2 billion on Sunday, the highest since Mar. 8. At press time, the market was valued just below $394 billion.

Transaction volumes ebbed on Sunday, with daily turnover amounting to $20.8 billion. Volumes were up around $25 billion on Saturday.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

In terms of individual currencies, bitcoin crossed the $9,000 mark for the second time in as many days. The digital currency was last seen trading at $8,932, having gained 4.8%. However, its share of the total market decline to around 38%.

All major altcoins contributed positively to the rally, with Ethereum gaining nearly 5% to $632. The value of Ripple XRP rose 2.6% to $0.886. Bitcoin cash also extended its bullish rally, climbing nearly 7% to $1,226.

Since bottoming at $249 billion on Apr. 6, the cryptocurrency market has added nearly $150 billion in value. Since the market crash of early February, coins have crossed the $500 billion mark on only one occasion, and that was roughly two weeks later. The total market has been capped below $400 billion since early March.

Bulls in Firm Control

The dramatic recovery in cryptocurrency prices can be summed up in one vital statistic: nine out of every ten trades have been buy orders. That figure was as high as 92.9% on Thursday, according to TurtleBTC.

Cryptocurrency trading is largely governed by investor sentiment, especially among speculators entering the market for a quick profit. This environment, when combined with thin volumes, often generates sporadic trading conditions that are characterized by extreme volatility.

Sentiment has been overwhelmingly positive over the last two weeks as investors looked to capitalize on extreme oversold conditions. Traders have seemingly shrugged off negative news headlines concerning India’s crackdown on cryptocurrency trading as well as the state of New York’s inquiry into exchanges.

There’s strong reason to believe that South Korean traders are playing a major role in the price recovery. According to the most recent volume rankings, three South Korean exchanges are among the top-five in total trading volumes.  They are: OKEx ($1.8 billion in daily volume), Upbit ($965 million) and Bithumb ($751 million).

With the recent spike in volume, cryptocurrencies are once again trading at a large premium in South Korea. This is generally the norm during bull cycles due to high demand and supply constraints. These premiums drew negative attention to exchanges last year as government officials began equating cryptocurrency trading with gambling.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
5 votes, average: 4.80 out of 55 votes, average: 4.80 out of 55 votes, average: 4.80 out of 55 votes, average: 4.80 out of 55 votes, average: 4.80 out of 5 (5 votes, average: 4.80 out of 5)
You need to be a registered member to rate this.
Loading...

4.5 stars on average, based on 343 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




Feedback or Requests?

Continue Reading

Altcoins

Buyers Control the Cryptocurrency Market More Than Any Time Since March 2017

Published

on

The percentage of cryptocurrency traders ‘in the buy’ has reached the highest level in over a year, a strong sign that the market’s two-week recovery has more room to grow.

// -- Discuss and ask questions in our community on Workplace.

Cryptocurrency Buy Markets Surge

Cryptocurrency buy orders now comprise nearly 93% of total market activity, according to data from TurtleBC. That’s the highest percentage since March 2017, when more than 96% of the market was in buy mode. At this time last month, only about 5% of the market was long cryptocurrency.

Interestingly, every major surge in buy orders in the last two years has come after a sharp decline in long positions. As TurtleBC indicates, when the buy market is less than 10%, it likely means that conditions have bottomed and traders are getting ready to purchase again.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

The upsurge in buy orders coincides with a more than $130 billion recovery in cryptocurrency prices since Apr. 6, when the market bottomed near $249 billion. The recovery puts cryptocurrencies in bull market territory, based on the traditional definition of the term. Crypto assets were valued as high as $395.1 billion on Friday, according to CoinMarketCap. The total market cap has since fallen to around $382.2 billion.

The recent uptrend in prices has also been accompanied by a surge in trading volumes, with total market turnover more than doubling from earlier in the month. By Saturday, nearly $25 billion in cryptocurrency exchanged hands. The top-five exchanges – Binance, OKEx, Upbit, Huobi and Bitfinex – accounted for more than one-third of the daily turnover.

Markets Oversold

Gauging the intrinsic value of cryptocurrencies is a contentious subject that usually divides people along political, economic and philosophical lines. However, for most technical strategists, the market was extremely oversold following the first-quarter downturn. For example, bitcoin bottomed below $6,000 after hitting a record high near $20,000 just a few months earlier. A similar trend was observed across most major digital assets.

Advocates of fundamental analysis have been commenting for months that the underlying conditions in the market hadn’t changed very much from the peak of early January. If anything, fundamentals have improved with Lightning Network, new ICO protocols and more governments coming on board to support the blockchain industry.

Most knowledgeable observers of the cryptocurrency market, including Thomas Lee and Dan Morehead, believe now is a good time to buy.

In a recent interview with CNBC, Morehead explained that bitcoin had grown at a rate of 165% annually over the past five years. Gains of this magnitude mean that bitcoin rarely gets below its 200-day moving average. When it does, as was the case recently, now is a good time to buy.

Morehead believes bitcoin will reach $25,000 by year’s end. It currently accounts for roughly 38% of the total market, a figure that usually declines with the bull market.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
10 votes, average: 4.90 out of 510 votes, average: 4.90 out of 510 votes, average: 4.90 out of 510 votes, average: 4.90 out of 510 votes, average: 4.90 out of 5 (10 votes, average: 4.90 out of 5)
You need to be a registered member to rate this.
Loading...

4.5 stars on average, based on 343 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




Feedback or Requests?

Continue Reading

Recent Comments

Recent Posts

A part of CCN

Hacked.com is Neutral and Unbiased

Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

Trending