Crypto
Crypto firms say thousands of digital currencies will collapse, compare market to early dotcom days
With greater than 19,000 digital currencies in existence, the cryptocurrency business has likened the present state of the market to the early years of the web. Business gamers mentioned nonetheless that the majority of those cash will collapse.
Nurphoto | Getty Photographs
A number of cryptocurrency business gamers have advised CNBC that hundreds of digital tokens are prone to collapse whereas the variety of blockchains in existence can even fall over the approaching years.
There are greater than 19,000 cryptocurrencies in existence and dozens of blockchain platforms that exist. A blockchain platform, akin to Ethereum, is the underlying know-how that many of those completely different cryptocurrencies are constructed upon.
The current collapse of so-called algorithmic stablecoin terraUSD and its related digital token luna, which despatched shockwaves by means of the market, has thrust a highlight on the hundreds of cryptocurrencies in existence and whether or not they’ll all survive.
“One of many results of what we have seen final week with the Terra difficulty is we’re on the stage the place principally there are far too many blockchains on the market, too many tokens. And that is complicated customers. And that is additionally bringing some dangers for the customers,” Bertrand Perez, CEO of the Web3 Basis, advised CNBC on the World Financial Discussion board in Davos, Switzerland, final week.
“Like at the start of the web, you have been having numerous dotcom corporations and many them have been scams, and weren’t bringing any worth and all that acquired cleared. And now we now have very helpful and legit corporations.”
Brad Garlinghouse, CEO of cross-border blockchain funds firm Ripple, mentioned there may be prone to be “scores” of cryptocurrencies that stay sooner or later.
“I believe there is a query about whether or not or not we want 19,000 new currencies immediately. Within the fiat world, there’s possibly 180 currencies,” Garlinghouse mentioned.
Guggenheim Chief Funding Officer Scott Minerd added additional pessimism final week when he mentioned that the majority crypto is “junk” however that bitcoin and ethereum would survive.
The feedback from the business come because the cryptocurrency market continues to really feel stress. Bitcoin is off greater than 50% from its file excessive it hit in November, with many different digital tokens sharply decrease from their all-time highs.
Many alternative blockchain platforms from Ethereum to Solana are vying for a management place within the business. However Brett Harrison, CEO of cryptocurrency change FTX U.S., mentioned the a whole lot presently in existence won’t all survive.
“When you consider the blockchains … there most likely will not be a whole lot of various blockchains in 10 years, I believe there will be a few clear winners for various sorts of functions,” Harrison mentioned.
“And we’ll see the market … type that out over time,” he added.
Comply with CNBC Worldwide on Twitter and Fb.
Crypto
[Analysis] “Cryptocurrency Holders Surge Over the Past Two Years”
Image=Santiment
It has been observed that the number of cryptocurrency holders has surged over the past two years.
On the 23rd (local time), the on-chain analysis platform Santiment reported on X (formerly Twitter) that “the number of cryptocurrency holders has significantly increased over the past two years. The number of non-empty wallets for the top 4 cryptocurrencies by market capitalization has generally increased.”
Specifically, Bitcoin (BTC) has 54.7 million wallets (a 27% increase), Ethereum (ETH) 134.9 million wallets (a 47% increase), Tether (USDT) 657 million wallets (a 66% increase), and Ripple 575 million wallets (a 28% increase).
Crypto
Blockchain Revolution: How Cryptocurrency is Transforming Global Logistics – theafricalogistics.com
– Advertisement –
The global logistics industry is undergoing a seismic shift, driven by the integration of blockchain technology and cryptocurrency.
These innovations promise to enhance transparency, efficiency, and security across the supply chain. From tracking shipments to streamlining cross-border payments, the synergy between blockchain and cryptocurrency is setting new benchmarks for the logistics sector.
1. Blockchain’s Role in Logistics
Blockchain technology, essentially a decentralized ledger system, enables secure and transparent recording of transactions. For logistics, this translates into the ability to track goods in real-time, authenticate the origin of products, and mitigate fraud. Key benefits include:
- Enhanced Traceability: Every transaction, from the manufacturing stage to delivery, is recorded on an immutable ledger. This ensures that stakeholders have a comprehensive view of the supply chain.
- Reduced Paperwork: By digitizing documents such as bills of lading and certificates of origin, blockchain eliminates the inefficiencies of manual processes.
- Improved Trust: Smart contracts, self-executing agreements coded on the blockchain, reduce disputes and enhance trust between parties.
2. Cryptocurrency in Cross-Border Transactions
Traditional cross-border payments in logistics are often marred by high fees, long processing times, and currency exchange risks. Cryptocurrencies, like Bitcoin and stablecoins, are addressing these challenges by:
- Lowering Transaction Costs: Cryptocurrency transactions bypass intermediaries, significantly reducing fees.
- Speeding Up Payments: Transactions settle in minutes, eliminating delays common with traditional banking systems.
- Enhancing Financial Inclusion: For businesses in emerging markets, cryptocurrencies provide access to global trade without reliance on conventional banking infrastructure.
3. Use Cases Transforming the Sector
Several real-world applications highlight the impact of blockchain and cryptocurrency in logistics:
- Walmart’s Blockchain Initiative: Walmart leverages blockchain to track the origin of produce, ensuring food safety and traceability within its supply chain.
- Maersk’s TradeLens Platform: Developed in collaboration with IBM, TradeLens uses blockchain to digitize and streamline global shipping documentation, reducing inefficiencies.
- Cryptocurrency-Powered Freight Payments: Startups like Slync.io enable shippers to pay carriers using digital currencies, enhancing payment speed and reliability.
4. Challenges to Adoption
Despite its potential, the adoption of blockchain and cryptocurrency in logistics is not without hurdles:
- Regulatory Ambiguities: The legal status of cryptocurrencies varies across countries, complicating implementation.
- Scalability Concerns: Processing thousands of transactions per second remains a challenge for blockchain networks.
- Skill Gaps: The logistics workforce often lacks the technical expertise to deploy and manage blockchain systems.
5. The Road Ahead
The integration of blockchain and cryptocurrency in logistics is still in its nascent stages but holds immense promise.
Industry players are investing in pilot projects to explore scalability and operational viability. The convergence of these technologies with artificial intelligence and IoT will further revolutionize the sector, enabling predictive analytics, autonomous supply chains, and more.
Conclusion
Blockchain and cryptocurrency are not just buzzwords but transformative tools reshaping the logistics landscape.
By fostering transparency, reducing costs, and expediting processes, these technologies are addressing long-standing inefficiencies in the supply chain.
As adoption accelerates, businesses that embrace this revolution stand to gain a significant competitive edge in an increasingly digital and globalized economy.
Also Read
How cryptocurrency works: A step by step guide
Exploring the potential use cases of Pi Coins post-launch
– Advertisement –
Crypto
My Top Cryptocurrency to Buy Right Now (Hint: It's Not Bitcoin) | The Motley Fool
The performance of Bitcoin (BTC -0.53%) this year has been nothing short of extraordinary. It’s now up about 46% since the election on Nov. 5, and 146% year to date. Best of all, Bitcoin recently broke through the $100,000 price level to hit another all-time high just north of $108,000.
But what if I told you that there is another top cryptocurrency that is up more than 120% since the election, and 430% year to date? And that this cryptocurrency also just set a new all-time high? That cryptocurrency is Sui (SUI -3.69%), which now ranks 14th among all cryptocurrencies with a $13 billion market cap.
What is Sui and why haven’t I heard of it before?
If you’ve never heard of Sui, that’s understandable. The cryptocurrency only launched in May 2023, just as the market was emerging from the crypto winter of 2022. So, in many ways, its launch flew under the radar of investors. There were bigger issues to consider. The industry was still coping with the aftermath of the collapse and scandal of crypto exchange FTX in November 2022, and nobody was very interested in hearing about another new cryptocurrency launch.
But fast-forward to August 2024. That’s when 21Shares — the company that partnered with Cathie Wood’s Ark Invest on the launch of spot exchange-traded funds (ETFs) for Bitcoin and Ethereum (ETH -0.79%) — released a research report on Sui, detailing all of its unique characteristics. For example, it described how a new technical upgrade suddenly made Sui faster than any other top blockchain by a substantial margin. It pointed out how Sui was rapidly growing in terms of total value locked (TVL), which is a key metric showing the relative strength of a particular blockchain.
The title of the report (“Is Sui a Solana (SOL -0.00%) Killer?”) was very provocative, at least for crypto investors. It suggested that Sui had the technological chops to take on Solana, which now ranks as the fifth-largest cryptocurrency. For several years now, Solana has been positioned as the next Ethereum, so Sui being tabbed as a potential Solana killer is a big deal. In fact, 21Shares suggested that there might be a $68 billion market opportunity for Sui if it was able to take on Solana and win.
How high can Sui go in 2025?
My primary concern right now with Sui is that it may be overheating. Just like Bitcoin, it is smashing through all-time high after all-time high. Right now, Sui is trading at about $4.50 after briefly testing the $5 price level. From the perspective of crypto traders, $5 presents the same psychological price barrier for Sui that $100,000 did for Bitcoin. It took Bitcoin a while to break through the $100,000 level, so Sui may not be able to break through the $5 price level by the end of this year.
But, in 2025, watch out. Just take a look at this comparison chart of Bitcoin and Sui since the presidential election. That leads me to think that the market is very bullish on Sui’s prospects under the Trump administration.
Moreover, consider the trading volume that Sui is now seeing on Coinbase Global (COIN 1.75%). Sui has become one of the 10 most popular cryptocurrencies on the platform in terms of 24-hour trading activity. Granted, the trading volume in Sui is nowhere near that of Bitcoin or Ethereum. But there’s more activity in Sui than in popular cryptocurrencies such as Chainlink, Litecoin, Cardano, Shiba Inu, and Avalanche.
Best of all, Sui has a major new product launch coming in 2025. It’s a $599 handheld gaming device that is currently available for pre-order online. If that product launch is a success, then it could be off to the races for Sui. It could easily double in price to hit the $10 price level.
This cryptocurrency could soar even higher if it ever realizes its full potential as the next Ethereum. Imagine if you had invested in Ethereum just 18 months after its launch. Most likely, you’d be a crypto millionaire by now. In December 2016, Ethereum was trading around $5, which is roughly where Sui is trading right now. Today, Ethereum trades for about $3,400.
That said, I can’t emphasize enough how speculative Sui is. It is still a baby in crypto terms. It has only been around for 18 months, and it can be difficult to get good data and reliable information about it. So, do your due diligence before investing in Sui, and keep your expectations in check. An investment opportunity like Ethereum might only come around once in a lifetime, so it’s asking a lot for it to happen with Sui as well.
Dominic Basulto has positions in Bitcoin, Ethereum, SUI, and Solana. The Motley Fool has positions in and recommends Bitcoin, Coinbase Global, Ethereum, SUI, and Solana. The Motley Fool has a disclosure policy.
-
Politics1 week ago
Canadian premier threatens to cut off energy imports to US if Trump imposes tariff on country
-
Technology1 week ago
OpenAI cofounder Ilya Sutskever says the way AI is built is about to change
-
Politics1 week ago
U.S. Supreme Court will decide if oil industry may sue to block California's zero-emissions goal
-
Technology1 week ago
Meta asks the US government to block OpenAI’s switch to a for-profit
-
Business1 week ago
Freddie Freeman's World Series walk-off grand slam baseball sells at auction for $1.56 million
-
Technology1 week ago
Meta’s Instagram boss: who posted something matters more in the AI age
-
News1 week ago
East’s wintry mix could make travel dicey. And yes, that was a tornado in Calif.
-
Technology2 days ago
Google’s counteroffer to the government trying to break it up is unbundling Android apps