Best CryptoCurrency or Best CryptoCurrency to Invest
The 4th of March, 2020 proved to be an iconic day when the Supreme Court of India passed their judgment on a two-year-old banking ban on cryptocurrency trading. In April 2018, the Reserve Bank of India (RBI) had imposed a ban that barred any financial institutions from facilitating any virtual currencies related services. Now, the decision to lift the cryptocurrency ban by the Supreme Court of India could lead to tapping the potential Indian marketing, which could translate to notable growth in trading volumes.
This is the first step towards the adoption of best cryptocurrency in India, which has the potential of becoming one of the leading crypto markets in the world. Before the trading ban was lifted, the local traders in India had to use peer to peer trading platforms, where they could convert their currency and trade or invest in. But now, the Indian crypto users can directly trade with the INR as the currency, and buy cryptocurrencies, without having to fear regulations.
As India is home to around 1.3 billion people, cryptocurrency trading in India can really make the volumes spike up, considering at least 1/4th of the population showing interest or awareness about cryptocurrencies, and how it can remove any kind of dependencies on third parties like banks to control the money. Now people of India can utilise the cryptocurrency with its full potential.
Weiss Ratings places Ethereum as the top currency
- Weiss Ratings has dethroned Bitcoin to place Ethereum as the top cryptocurrency.
- Ethereum is followed by Bitcoin, Cardano, Litecoin and Stellar.
- The rating firm noted that Cardano has the best technology.
Weiss Ratings has dethroned Bitcoin to place Ethereum as the top cryptocurrency. The rating firm updated its overall digital asset rankings, which factors in adoption, technology, market momentum and investment risk.
Weiss has placed Ethereum in the first spot, followed by (BTC), Cardano (ADA), Litecoin (LTC), and Stellar (XLM). The rating firm singled out Cardano for having the best technology. Pointing to the fact that Shelley hard fork is a success, Weiss analyst Juan Villaverde said that the firm has already factored in Cardano’s highly-anticipated upgrade in the coin rankings.
Shelley is already reflected in our technology model because we had full confidence that it would come out with this (fork). We’re also reflecting on that same model that Cardano is capable of running smart contracts and dApps because we think these things will come out eventually so when Cardano pushes a code update, it doesn’t really reflect on our ratings unless it’s something new on the roadmap that wasn’t there before…As the fundamentals for the blockchain, that is Cardano, improve over time, it will be reflected in our ratings.
In terms of technology, Weiss also placed Cosmos (ATOM), Fantom (FTM), Tezos (XTZ) and Ethereum as the top coins.
Speaking of Ethereum, read up on how Grayscale is looking to register its Ethereum-based trust with the SEC right here.
ETH/USD bears remained in control for the second straight day after failing at the $400 resistance level. The price fell from $395 to $382.60 this Friday. The MACD shows decreasing bullish momentum.
Strong resistance lies at $400 and $387.10. On the downside, we have healthy support levels at $371.70 and $345.75.
Cryptocurrency Market News: Bitcoin’s dominance hits a 12-month low but could recover amid a market crash
BTC/USD has dropped to $11,500 but remains the strongest cryptocurrency while most major coins have seen significantly worse crashes.
ETH/USD had a notable drop towards $360 before quickly bouncing off the daily 12-EMA and it’s currently trading at around $370.
XRP/USD had the worst dip today with a 10% price rash to $0.27 losing the critical $0.30 support level.
Ocean Protocol is again, the best performing cryptocurrency with a 25% price increase ignoring the current bearish action in the market. Elrond, which we haven’t seen for some time has finally reawakened and it’s up 12% in the last 24 hours hitting $0.023 and aiming for a new all-time high.
Chart of the day: OCEAN/USD daily chart
Bitcoin’s market dominance has fallen to a year-low after slipping to 60% for the first time since June 2019. This event didn’t last for too long as most major cryptos had a notable 7-10% crash just hours ago while Bitcoin remained strong. Its current market dominance has risen again and its currently at 61.5%.
Something else is on the rise, Nigerian crypto activity has been going up significantly in the past few months. Many reports show that Nigeria is one of the best performing countries when it comes to the adoption and usage of Bitcoin. Recent statistics have shown a 60% increase in the usage of Blockchain.com’s web wallet.
Blockchain.com also released a few more statistics showing that Nigerians have been searching for Bitcoin the most on Google. According to the top-performing countries table by Blockchain.com, Nigeria is now ranked 5th while Peru and India remain first and second.
Good news from India after the recent rumors over a new possible ban on crypto. CoinDCX, a popular Indian exchange is the first to offer the ability to stake cryptocurrencies. According to the Mumbai-based exchange, users will be able to stake three cryptocurrencies, Harmony (ONE), qtum (QTUM), and Tron (TRX) starting today. The minimum number of coins to stake is 100 ONE coins, 1 QTUM token, and 5 TRON tokens.
We want to make staking very simple for our users, said Neeraj Khandelwal, co-founder of CoinDCX.
Quote of the day
We are seeing more managed money and, to an extent, institutional money entering the [crypto] space. Anecdotally speaking, I know of many people who are working at hedge funds or other investment managers who are trading cryptocurrency personally.