Cryptocurrency

Top Five Cryptos with the Biggest Price Jump in 2021

Published

3 years ago

September 29, 2021

After a rough start in the second quarter of the year, caused by the crypto price crash and regulatory concerns in China, the global crypto market recovered significantly in the second half of the year. The world’s leading crypto coins continued growing rapidly in the last three months, with some of them reaching record valuations.

According to data presented by BlockArabia, some digital coins witnessed almost thirty times bigger price growth than the world’s leading cryptos, Bitcoin or Ethereum. Here is the complete list of the cryptocurrencies with the most significant price increase since the beginning of 2021.

Solana, Dogecoin, and Cardano the Only Cryptos with a Four-Digit YTD Price Growth

The CoinMarketCap data showed Solana was the fastest growing digital coin in the crypto space this year. Between January and September, the price of the cryptocurrency soared by a staggering 9,087% to $147 this week, which is 28 times the growth rate of Ethereum or 185 times more than the growth of Bitcoin in this period. In the last three months only, the price of the Ethereum competitor surged by a massive 318%, ranking it as the seventh-largest crypto coin by market cap.

Dogecoin follows Solana when it comes to price increase in 2021. In January, a single Dogecoin was worth $0.0052. Since then, the value of the world’s tenth-largest crypto soared by 3,867%, reaching $0.2063. Although this is significantly less than its all-time high of $0.73 in May, Dogecoin still climbed high on the list of the most popular crypto investments, with an impressive investment return. For example, statistics show a $1,000 investment in Dogecoin a year ago would be worth nearly $78,000 today.

Cardano ranked third on the list of cryptos with the biggest YTD price growth. During the last nine months, the valuation of the digital coin soared by an impressive 1,127% to $2.23, driving its market cap to over $70bn and ranking it as the third-largest crypto globally. Also, Cardano was the seventh most-traded crypto in August, with a monthly trading volume of $166.4bn.

Binance Coin’s Price Jumped by 812% YTD, the Fourth-Largest Increase in Crypto Space

Compared to the leading cryptocurrencies, Binance Coin also has a significantly lower price. However, the world’s fifth-largest digital coin with a market cap of $58.5bn follows Cardano’s price growth. Statistics show Binance Coin’s valuation jumped by 812% year-to-date, reaching $350.5 this week.

Ethereum witnessed the fifth-largest price jump this year. After an outstanding performance throughout the last year, the price of the world’s second-largest crypto exploded in 2021. In the first five months only, it soared by nearly 485% and hit an all-time high of $4,300. Although this value more than halved after the crypto price crash in May, Ethereum quickly bounced back. Statistics show a single Ethereum coin was priced at $3,107 as of this week, showing a massive 322% jump since the beginning of the year.

The CoinMarketCap data showed the world’s most expensive digital currency, Bitcoin, witnessed the smallest price increase among the top ten cryptos. Bitcoin’s price rallied over 100% in five months of 2021, helping its market cap hit $1.1trn at the beginning of May. However, by the end of the month, the flagship cryptocurrency fell to more than three-month lows, dropping to about $30,000 at one point.

The unexpected pullback in Bitcoin and other cryptocurrencies came as a flurry of negative headlines and catalysts, from Tesla CEO Elon Musk to a new round of regulations by the Chinese government. Nevertheless, statistics show that Bitcoin’s price hit close to $44,000 this week, a 49% increase YTD.

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Samed Olukoya

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Cryptocurrency

SEC Director General Lauds KuCoin’s Action, Urges Compliance with National Guidelines

Published

1 day ago

May 17, 2024

Samed Olukoya

The Securities and Exchange Commission (SEC) Director General, Dr. Emomotimi Agama, has commended KuCoin, a prominent cryptocurrency exchange platform, for its proactive measures to delist the Nigerian naira (NGN) from its trading options.

This move aligns with recent directives aimed at safeguarding the nation’s economic interests and combating illicit financial activities.

In an official statement released by the SEC on Thursday, Dr. Agama expressed satisfaction with KuCoin’s decision to suspend peer-to-peer (P2P) transactions involving the Nigerian currency.

This decision comes as part of KuCoin’s ongoing efforts to adjust its platform to comply with regulatory directives issued by the Office of the National Security Adviser and the SEC.

The SEC’s stance underscores a broader initiative by Nigerian authorities to address concerns related to foreign exchange manipulation and safeguard the integrity of the nation’s financial system.

Dr. Agama emphasized the importance of adherence to established guidelines, emphasizing that regulatory compliance is essential for maintaining national security and economic stability.

The delisting of the naira by KuCoin follows similar actions taken by other cryptocurrency exchanges, including Binance, in response to regulatory scrutiny from Nigerian authorities. These measures signal a concerted effort within the crypto industry to cooperate with regulatory agencies and promote responsible trading practices.

Peer-to-peer cryptocurrency trading platforms have come under increased scrutiny due to their potential for facilitating illicit financial activities, including money laundering and fraud. By delisting the naira and suspending related trading activities, KuCoin demonstrates its commitment to upholding regulatory standards and fostering a secure trading environment for users.

Dr. Agama reiterated the SEC’s commitment to collaborating with stakeholders, including the Economic and Financial Crimes Commission (EFCC), to address challenges within the cryptocurrency space and combat financial crimes effectively.

He emphasized the importance of regulatory cooperation in tackling illicit trading practices and maintaining investor confidence in the market.

Furthermore, Dr. Agama highlighted the SEC’s ongoing efforts to implement the Revised Capital Market Master Plan, aimed at enhancing the resilience and competitiveness of Nigeria’s capital market.

He highlighted the potential of the capital market to drive economic growth and attract foreign investment, emphasizing the need for regulatory measures to protect investors and promote market integrity.

In response to Dr. Agama’s comments, the EFCC Chairman, Ola Olukoyede, reaffirmed the Commission’s commitment to combatting financial crimes and emphasized the importance of regulatory collaboration in addressing emerging challenges.

He commended the SEC’s efforts to enforce regulatory compliance within the cryptocurrency sector and pledged the EFCC’s support in safeguarding Nigeria’s financial interests.

Cryptocurrency

KuCoin Announces Temporary Pause on NGN Services to Prioritize Compliance

Published

3 days ago

May 15, 2024

Samed Olukoya

KuCoin, one of the leading cryptocurrency exchanges globally, has announced a temporary pause on its P2P Nigerian Naira (NGN) services and Fast Buy service via Naira cards.

This move, set to commence from 2024-05-15 08:00 (UTC), aims to prioritize compliance measures within the platform.

In a message addressed to its valued users, KuCoin expressed its dedication to providing a robust and secure trading environment.

The temporary suspension of NGN services is part of the exchange’s commitment to accelerating the compliance process.

During this period, ongoing orders will be completed normally, and all other services on the platform will remain available.

KuCoin assured its users that their assets are safe and secure on the exchange. While acknowledging that adjustments might be required in trading preferences, KuCoin explained that this decision is a step toward enhancing the overall trading experience for its users.

The exchange reiterated its focus on compliance and creating a secure environment for all users. KuCoin aims to resolve the compliance-related matters swiftly and efficiently to ensure a seamless transition back to full functionality of NGN services.

The decision to temporarily suspend NGN services underscores KuCoin’s proactive approach to regulatory compliance, reflecting its commitment to maintaining transparency and trust within the cryptocurrency ecosystem.

KuCoin expressed gratitude for the understanding and cooperation of its users during this period of change.

Cryptocurrency

Crypto Exchange Giant Coinbase Grinds to a Halt in System Meltdown

Published

4 days ago

May 14, 2024

Samed Olukoya

One of the world’s largest cryptocurrency exchanges, Coinbase, has been plunged into chaos as it experienced a catastrophic system-wide outage, leaving traders and investors stranded and unable to access their accounts.

The disruption, which commenced at 4:15 am UTC on May 14, has rendered both the desktop and mobile platforms of Coinbase completely unusable.

Users attempting to access the exchange are greeted with a frustrating “503 Service Temporarily Unavailable” error message, indicative of the severity of the situation.

Coinbase, known for its reliability and user-friendly interface, has been a cornerstone of the cryptocurrency market for years.

However, this unprecedented outage has shaken the confidence of countless traders who rely on the platform for their daily transactions and investments.

Coinbase swiftly notified its user base of the issue through its official status page, acknowledging the severity of the problem and assuring customers that their funds remain secure.

The exchange’s support team took to social media to disseminate updates, pledging to investigate the issue and work tirelessly to find a resolution.

This isn’t the first time Coinbase has faced technical difficulties during periods of heightened market activity.

Just months prior, on February 28, the exchange experienced temporary outages alongside several other platforms amidst a frenzy of trading activity during a Bitcoin flash crash. Such incidents highlight the strain that surges in traffic can place on even the most robust of systems.

While outages like these are undeniably frustrating for users, they often spark speculation within the crypto community.

Some enthusiasts view these disruptions as a bullish sign, interpreting the influx of traffic and subsequent downtime as indicators of growing interest and adoption in the cryptocurrency space.