As Bitcoin Declines, Altcoins Hedera Hashgraph & Reef Rallies
The price of Bitcoin plummeted over 10% today to record a low of about $31000. It seems that the downtrend will likely continue further. In its weekly report, CoinShares has stated that a section of cryptocurrency investors are booking profits.
Analysts also highlight the strengthening of the US dollar, which seems to have an inverse correlation with Bitcoin.
The decline in “Coinbase Premium” is yet another indication that professionals are selling Bitcoin. As market declines, rising number of cryptocurrency investors may enter to liquidate the open positions with the aim of buying again at better prices.
CIO of Guggenheim Partners, Scott Minerd, has changed his views on Bitcoin to bearish for 2021. While speaking to CNBC, Minerd stated that the numero uno cryptocurrency may have peaked and could retrace to $20,000 level.
In case Bitcoin plummets, altcoins will be next on the line to face selling pressure. As it happened several times in the past, at the time of heavy sell- offs, cryptocurrencies based on a robust fundamentals may still shine in the market.
Three crypto tokens are currently holding their forte in spite of heavy sell off.
The enterprise-level distributed ledger, continuous to collaborate in an effort to capitalize on blockchain technology and facilitate real-world use in multiple sectors. In case the foremost ventures turn triumphant, it will lead to a series of path-breaking projects across the globe. Some of the notable partnerships are detailed below.
Hedera in partnership with Hyland, content services provider, has submitted a proof of concept in recent times to the Texas secretary soft 82 to safeguard and validate government-issued documents utilizing electronic Apostilles that will be recognized across the globe.
Fighting against money laundering and combating terrorism financing are critical regulatory requirements for every financial institution and these obligations are closely monitored by governments. TRM Labs has integrated with the Hedera public ledger to provide robust compliance and risk management solutions to the developers building on Hedera.
The Core Team is collaborating with Wveryware to track the cold storage hardware utilized to store vaccines for covid-19 infection at Stratford Upon Avon and Warwick hospitals.
Similarly, AVC Global and its associate firm MVC’s track and trace platform have selected to partner with Hedera to build artificial intelligence-powered supply chains to minimize threats and frauds, while paving way for the needed goods to reach the destination without delay.
The robustness of Hedera can be understood from its diversified associate firms and institutions that form the Hedera Governing Council. As the protocol records a rising number of use cases there is a possibility for its native Crypto HBAR to perform very well.
From an intraday low of $0.04151 a week back, HBAR has rallied over 200% in a short span of time to reach $0.12467. The stunning rally on January 29 enabled the crypto to Breach the resistance at $0.083.
There seems to be no decline in the popularity of the decentralized finance domain. Almost on a daily basis, many new platforms continue to commit innovative solutions and that are standard more and more difficult to monitor all the latest developments.
Reef (REEF), which is an artificial intelligence and machine learning-based algorithm, aims to resolve the issue by collating liquidity from multiple sources in an attempt to provide the best profitable option to its users.
To attain the goal, Reef has inked multiple partnership agreements in the last few weeks. The blockchain platform has integrated support to Avalanche, paving way for its clients to straightforwardly gain access to the products that are made available on Avalanche without a need to exit the Reef platform.
In the same manner, collaboration with bZX Protocol has resulted in offering multiple lending and trading opportunities. The inclusion of bZX farming pool to the artificial intelligence and machine learning analytics engine of Reef will open up additional opportunities to the clients of Reef.
The partnership of Reef with OpenDeFi facilitates users to have exposure in synthetic variants of real-world products that are possessed by a custodian. Investment in physical assets, for example, Silver Gold or real estate is possible for traders and even those can be tokenized to obtain loans.
Of late, Reef finance got listed on Binance Launchpool, booting accessibility. Furthermore, a code audit conducted by Halborn could improve the confidence of investors in the venture.
On January 13, Reef token appreciated from an intraday low of $0.006516 to an intraday high of $0.023, reflecting a 252% gain in a short span of time.