From a Bitcoin bull battle to the push for decentralized app supremacy between Ethereum, EOS, and Tron, here’s a look at some of the stories breaking in the world of crypto.
Bitcoin
Former Bear Stearns risk analyst, Tone Vays, says predictions that BTC will hit $250,000 within the next three years are reckless.
Vays, who is himself bullish on Bitcoin in the long run, tells BlockTV that his prediction of BTC hitting $50,000 is high enough.
“And here are my long-term projections: I was expecting Bitcoin to break going up to $50,000 somewhere in the year 2023. [Tim Draper] is looking for $250,000 by the end of 2022.
And I think [$50,000] is a way more responsible prediction. It is still pretty damn bullish. Bitcoin going up to $50,000 by 2023 is just more responsible as an adult to say. If it beats it, then it beats it. And I just feel what Tim Draper does and what a lot of people do when they go on these national televisions talking about these ridiculous prices of Bitcoin, it’s just grossly irresponsible.”
In the near term, fellow analyst Josh Rager says Bitcoin remains in a downtrend despite its recovery to about $7,600 at time of publishing.
He says bulls will have to push BTC past $8,000 to shift the momentum.
“Feeling bullish after that $1k move? Zoom out and you’ll see price is still very much in a downtrend Needs to break/hold above $7950/$8k for any talk of a potential reversal.
Break previous low and likely head under $6k where $5,300 area is a promising place for buyers.”
Ethereum, EOS, Tron
DappReview, a company that tracks the performance of blockchain-based decentralized applications, says Ethereum remains the king of decentralized apps.
“Ethereum remains the most significant smart contract blockchain. It grew the daily user base of its dapp ecosystem 118% in 2019, with daily value up 166%.
Ethereum is also the only blockchain to-date to successfully grow dapps across the four main categories: DeFi, Exchanges, Games, and Gambling and High-Risk.”
The company’s year-end review also highlights spam on the EOS network, which “resulted in daily user activity declining 48%.”
As for Tron, DappReview says the network’s decentralized app ecosystem grew significantly in the first six months of the year and declined for the remainder of the year. Overall, Tron’s user base grew 93% but “remains heavily concentrated in the Gambling and High-Risk categories.”
Ripple and XRP
The head of compliance and operations at Euro Exim Bank is revealing new details on the company’s use of Ripple and XRP.
In an interview with The Silicon Review, Graham Bright confirms Euro Exim’s use of XRP for cross-border payments, and says the company is also using Ripple’s payment messaging system to send Swift messages.
“For example, we are pioneering use of XRP cryptocurrency for payments and liquidity settlement, and working to radically optimize trade by embedding Swift messages inside Ripple real-time instructions.”
Back in January, Graham said Euro Exim was testing a new trade finance system that utilizes Ripple’s messaging system formerly known as xCurrent.
“While Ripple has so far focused its xCurrent product on payments messaging only, Bright says the two parties are now preparing to pilot a capability that embeds trade finance instructions into an xCurrent message.
This is similar to what Swift offers today, but on a blockchain-based network that allows for real-time exchange without a middleman. ‘The idea is – apart from just the payment instruction – what if we use the message to transmit a trade finance instruction directly to a counterparty? It could be a letter of credit or a performance bond. Technically you are able to transmit the whole of that message via xCurrent,’ says Bright.”
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