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Top 3 DOT Tokens of the Week

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Top 3 DOT Tokens of the Week
  • Aleph.im is an open-source cross-chain network.
  • CELR is a well-constructed layer-2 scaling solution.

Today, every significant currency, including Bitcoin, Ethereum, and Binance Coin, started off trading for pennies on the dollar. Their high market caps prevent their prices from skyrocketing too quickly now that they’re popular. But, not so for altcoins, which are cryptocurrencies created after Bitcoin’s popularity.

Many of the 11,000+ altcoins are failing to acquire momentum. Although, not for a few rare gems that promise great risk and tremendous return. Here are the Top 3 DOT Tokens of the Week.

Celer Network (CELR)

As fascinating as blockchain is, transaction rates and throughput may be slow. CELR is a well-constructed layer-2 scaling solution that handles off-chain transactions. Moreover, the Celer platform enables quick, easy, and secure off-chain payments and smart contracts.

The Polkadot ecosystem project was one of the first to use the Substrate platform. Also, the network’s creators envisioned maximizing blockchain’s potential and transforming Dapps with more efficient and productive outputs.

According to CoinMarketCap, Celer Network price today is $0.116697 USD with $295,777,395 USD 24-hour trading volume.

PolkaDomain (NAME)

PolkaDomain is a decentralized domain and NFT marketplace based on Polkadot. Moreover, it is a decentralized domain secured by the Polkadot network. And provide people control over their data and resources.

According to CoinMarketCap, PolkaDomain price today is $0.343995 USD with $7,434.48 USD 24-hour trading volume.

Aleph.im (ALEPH)

Aleph.im is an open-source cross-chain network with a decentralized database, computation, and identity architecture. Furthermore, the primary goal of Aleph.im is to assist decentralized applications and protocols strip off the centralized parts of their stack. For example, Imagine a decentralized AWS or Firebase. Aleph. im aims to turbocharge the DeFi ecosystem.

According to CoinMarketCap, Aleph.im price today is $0.507474 USD with a 24-hour trading volume of $2,699,887 USD.

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Total Stablecoin Supply Surpasses $150 Billion in November

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Total Stablecoin Supply Surpasses $150 Billion in November
  • The most widely utilized stablecoins are dollar-pegged.
  • Stablecoins made it easy to transfer funds between crypto exchanges.

Stablecoins are crypto-equivalent to fiat currencies like the dollar or the rupee, and it had to be something that could consistently retain value over time and be readily transferred. For example, a system allows Bitcoin investors to convert their Bitcoin earnings to dollars immediately and subsequently invest or withdraw them to their bank accounts. So the stablecoin was created to overcome these difficulties.

Stablecoins are fantastic for trading since, unlike stock markets, crypto trades 24 hours a day, seven days a week. Suddenly, investors could ‘cash out’ and go to bed without worrying about their crypto investments. Stablecoins made it easy to transfer funds between crypto exchanges and avoid lengthy banking processes.

Stablecoins also allowed investors to maintain a portion of their crypto portfolio like cash, allowing them to buy whatever coin they wanted without relying on their banks’ servers, which were known to go down for maintenance.

Dollar-pegged Most Widely Used

Already valued at roughly $130 billion, the stablecoin market has doubled in the previous 20 months. Stablecoins are used in crypto trading and lending. Over 75% of all crypto trading platforms traded between stablecoins and other tokens in October while only making up 5% of all crypto assets. Stablecoin supply reached $150 billion in November, according to CryptoRank.io.

Because of the present financial system, the most widely utilized stablecoins are dollar-pegged. Many stablecoins are tied to other fiat currencies like the Euro, GBP, IMF’s SDR, commodities like gold, or even other cryptocurrencies such Wrapped Bitcoin.

Tether, for example, was created in 2014 as RealCoin. Tether’s supply is limited solely by declared dollar reserves.

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Elon Musk Joins To Alert Dogecoin Holders Regarding Leveraged Trading

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Elon Musk Joins To Alert Dogecoin Holders Regarding Leveraged Trading
  • Elon Musk warns Dogecoin holders regarding leveraged trading.
  • The newbies in the crypto industry should be aware of risks in trading.
  • The current price of DOGE is 72% lower than its ATH.

The whole crypto industry is fond of Elon Musk’s tweet on cryptocurrencies. Twitter users have a great talent for connecting tweets of Musk with the crypto space. Thus, if Musk tweets every trader will admit that he has posted regarding cryptocurrencies or meme-currencies. His support for meme-currencies was the trend for the past few days which significantly resulted in a huge gain for meme-tokens.

As a matter of fact, the crypto market faces many dangers and issues on leveraged trading. Likewise, Elon Musk, CEO of Tesla has warned the dogecoin holders by replying to a tweet posted by Mishaboar. The tweet mentions the hazards and disadvantages of leveraged Dogecoin trading, this has collected the attention of users.

After their margin accounts were liquidated, several meme cryptocurrency holders began seeking aid, according to Mishaboar. As a result, he emphasized the importance of educating individuals about high-risk leveraged trading, equating it to throwing gasoline on a fire.

Moreover, he also mentioned that early investors shouldn’t be fooled by their buddies to make them think that “gambling” is an integral part of crypto. Besides, only professional traders could take their turn at margin trading, according to the prolific member of the Dogecoin network. But the fact is, they are still left out to outperform major institutional players.

Dogecoin Is Dipping

At the time of writing, the trading price of DOGE is $0.20057 which is 72% lower than its highest price value at $0.7315 in mid-May. Since then, Dogecoin has been experiencing a sell-off which has resulted in a gradual price fall. As per Coingecko, Dogecoin has dropped to 3.8% within the last 24-hours and 14.5% down in a week. 

Furthermore, according to the data from Coinglass, in the past 24-hours, $1.88 million worth of Dogecoin yearns have been liquidated. The market experiences more regulatory scrutiny where Binance and FTX were compelled to drastically cut maximum leverage earlier this year. However, there is still a slew of trading platforms that allow clients to place incredibly dangerous trades. As a result, Musk urges his followers to be aware of risks in leveraged trading.

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Hackers Are Now Using Compromised Cloud Accounts To Mine Crypto

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Google cloud crypto hack

Attackers are exploiting poorly configured cloud accounts to mine crypto, Google warned users in a recent report.

Cryptocurrency mining is a computationally intensive activity. And Google Cloud customers can access it at a cost. However, miners are now hacking Google Cloud accounts for mining purposes.
In the report titled “Threat Horizons,” Google’s cybersecurity team assessed various threats to Cloud users, providing details of the breaches.

Related Reading | Data Shows Crypto Hacks And Fraud In 2021 Are On Track For A New Record

The report also provided cybersecurity threat intelligence to cloud users. The aim is to enable them “better configure their environments and defenses in manners most specific to their needs.”

Crypto Miners Hacking Google Accounts

In the report, the cybersecurity team analyzed 50 recently compromised Google Cloud accounts. And out of those, 86% were related to crypto mining. “Malicious actors were observed performing cryptocurrency mining within compromised Cloud instances,” Google wrote.

Related Reading | Ethereum Miner Revenue Outpaces Bitcoin In 2021

The report also stated that in the majority of these incidents, the hackers downloaded crypto mining software to the compromised accounts within 22 seconds. The attacks were scripted, and it would have been impossible to manually stop them. Additionally, in 10% of these incidents, the hackers scanned other publicly available resources on the Internet to identify vulnerable systems. While in 8% of the instances, they attacked other targets.

However, as reported by the cybersecurity team, the crypto mining hacks were not the only attacks.

“The cloud threat landscape in 2021 was more complex than just rogue cryptocurrency miners, of course,” wrote Bob Mechler, Google Cloud Director of the office of the Chief Information Security Officer, and Seth Rosenblatt, Google Cloud Security Editor, in a blog post.

Other Threats To Google Cloud Users

Another threat the team identified was a phishing attack by the Russian group called APT28, or Fancy Bear. The attackers targeted 12,000 Gmail accounts in a mass phishing attempt. They attempted to trick users into handing over their login details. Google, however, said it had blocked all the phishing emails, and no user was compromised.

The report also pointed out an attack by a North Korean government-backed group. This hacker group posed as Samsung recruiters, sending fake job opportunities to employees at South Korean information security companies. They attached a malicious link to malware stored in Google Drive. Google said it also blocked it.

Another threat to cloud users is ransomware attacks, whereby hackers encrypt users’ data until they pay. In the report, Google mentions the formidable Black Matter ransomware group. And although the group announced that it was shutting down earlier this month, Google is still cautious. “Google has received reports that the Black Matter ransomware group has announced it will shut down operations given outside pressure. Until this is confirmed, Black Matter still poses a risk.”

Total crypto market at $2.4 Trillion | Source: Crypto Total Market Cap from TradingView.com

Google attributes some of these attacks to users’ poor security practices. And also vulnerabilities in third-party software that the users install.

The report also recommends a few ways to prevent these attacks. One of which is enabling two-factor authentication.

Featured image by Dreamstime, Chart from TradingView.com
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