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In 2 Months the Top Smart Contract Tokens Gained 44% Against the Greenback Ahead of Ethereum’s Merge

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In 2 Months the Top Smart Contract Tokens Gained 44% Against the Greenback Ahead of Ethereum’s Merge

In 2 Months the Top Smart Contract Tokens Gained 44% Against the Greenback Ahead of Ethereum's Merge

With The Merge coming next week and Cardano’s Vasil hard fork commencing soon after, the market capitalization of the top smart contract tokens by valuation increased 1.19% during the past 24 hours to $316 billion on September 11, 2022. Moreover, the market capitalization of the top smart contract crypto assets today has increased 44.35% against the U.S. dollar since the end of June.

Top Smart Contracts Tokens by Market Capitalization Gain More Than 44% in 80 Days

The top smart contract tokens by market capitalization have increased a great deal during the last two months ahead of Ethereum’s highly anticipated Merge. When The Merge takes place, the second largest crypto asset by market capitalization, and the largest smart contract token by valuation, Ethereum (ETH), will transition from proof-of-work (PoW) to proof-of-stake (PoS).

Ethereum has gained a decent amount of value leading up to The Merge which is scheduled to happen in just over two days or around September 14, 2022. In addition to The Merge, the Cardano blockchain network is expected to upgrade on September 22. At the time of writing on September 11, 2022, the aggregate USD value of the top smart contract tokens by valuation is up 1.19% today.

In 2 Months the Top Smart Contract Tokens Gained 44% Against the Greenback Ahead of Ethereum's Merge
The top five smart contract tokens by market cap on September 11, 2022.

There’s $316 billion in collective value among the top smart contract crypto assets according to coinmarketcap.com data. The top five smart contract tokens in terms of valuation include ethereum (ETH), bnb (BNB), cardano (ADA), avalanche (AVAX), and ethereum classic (ETC) respectively.

During the last week ETH increased by ​​12.52%, BNB jumped by 6.05%, ADA swelled by 2.67%, AVAX gained 8.15%, and ETC increased by 19.34%. Smart contract token prices are a lot higher than they were 80 days ago when the aggregate total value of all of them was $218.9 billion on June 23, 2022.

In 2 Months the Top Smart Contract Tokens Gained 44% Against the Greenback Ahead of Ethereum's Merge
The top five smart contract tokens by market cap on June 23, 2022, according to archive.org data.

On that day, ETH was exchanging hands for $1,132 per unit after it tapped a low of 877 per ether on June 17. BNB was trading for $228 on June 23 and ADA was $0.47 per unit. 80 days ago, AVAX was trading for $17.92 and chainlink (LINK) was $6.97. LINK was ahead of ETC on that day but chainlink is now below ethereum classic since ETC’s recent rise.

The total value locked in decentralized finance (defi) protocols jumped as well since June 23 as the TVL was around $55.29 billion. Today, defillama.com stats show the TVL is around $60.26 billion or an increase of around 8.98% since then.

The biggest smart contract token gainers this week include liquidapps (DAPP), up 124.05%, aergo (AERGO), up 118.57%, and enecuum (ENQ), which gained 112.86%. The week’s biggest losers in terms of smart contract coin losses during the past week include salt (SALT), down 35.82%, edgeware (EDG), down 13.28%, and aurora (AOA), down 10% this week.

What do you think about the gains smart contract tokens have seen leading up to The Merge and Cardano’s Vasil hard fork? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: 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 of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Grayscale Launches New Investment Product While Bitcoin Trust Crashes to 35%

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Grayscale Launches New Investment Product While Bitcoin Trust Crashes to 35%

Grayscale Investments is offering investors an opportunity to invest in Bitcoin mining hardware in the bear market.

The new investment opportunity, called the Grayscale Digital Infrastructure Opportunities LLC (GDIO), is now open to qualified individual and institutional investors, even as the asset manager allows ETF-related court proceedings to run their course.

Grayscale putting capital to work

Grayscale will use investor capital from the GDIO to buy mining hardware for a minimum of three years. It will use the hardware to mine and subsequently sell bitcoin. Mining is the energy-intensive process undertaken by a computer network to create a new transaction block and verify it. The node in the network that creates the block is known as a miner. A miner is rewarded in bitcoin for his effort, which typically requires large amounts of cheap electricity and computing power.

Part of the proceeds Grayscale will earn from its efforts will be paid out quarterly to GDIO investors.

“Grayscale’s unique position at the center of the crypto ecosystem enables us to create offerings that allow investors to put capital to work through differing market cycles,” stated Michael Sonnenshein, Grayscale’s chief executive.

GDIO represents another way the company has sought to provide investors with exposure to bitcoin without directly holding the asset.

Investors can also purchase shares from its GBTC trust and gain exposure to bitcoin through Grayscale’s legally regulated business in the U.S.

But Grayscale has a problem. Because investors cannot redeem shares in the trust for bitcoin, the price per share has dropped drastically, trading at a discount of 35% to its Net Asset Value. 

At the close of the trading day on Oct. 5, shares were trading at a shade over $12, despite being backed by $18.45 worth of bitcoin.

To mitigate this discount, Grayscale has pursued the conversion of GBTC into a spot bitcoin exchange-traded fund, which has so far been unsuccessful. The U.S. Securities and Exchange Commission denied the company’s latest application in June 2022, prompting Grayscale to pursue legal action against the federal agency. 

Nic Carter of Castle Island Ventures, a venture capital firm focused on early-stage public blockchain startups, said that Grayscale could wind down the ETF:

watching the GBTC discount. looks like ATL at -35%. on top of discounted spot BTC. paths to breaking open the piggy bank: SEC can approve ETF conversion, or Grayscale can wind down the trust themselves if they so choose.

— nic carter (@nic__carter) June 17, 2022

The SEC maintains that spot bitcoin ETFs are prone to underlying market manipulation.

Grayscale undeterred by SEC rejection

Despite consistent resistance from U.S. regulators, Grayscale launched its first European ETF in May 2022, which tracks the Bloomberg Grayscale Future of Finance Index, offering customers exposure to institutions at the crossroads of finance, technology, and cryptocurrencies.

Grayscale raised investors’ eyebrows recently when it announced that it had applied with the SEC to distribute 3 million ETHPoW tokens that were distributed to all Ethereum (ETH) holders after the controversial proof-of-work fork went live. 

At the time, Grayscale said it was seeking the rights to sell the tokens and pay out shareholders. 

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Colorado is accepting crypto for tax payments — it could be a mess or a shining example

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Colorado is accepting crypto for tax payments —  it could be a mess or a shining example

Colorado is now accepting crypto for tax payments — but if you choose to use that option, it could change the amount you owe…
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BNB Chain confirms BSC halt due to ‘potential exploit’

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Rumors of a significant hack on the BNB Chain were confirmed by the blockchain’s team, with all deposits and withdrawals suspended on the network…
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