As we progress through Q4 2020, several projects are moving ahead with continued development. May it be a just recently launched coin, an already established exchange-issued token or the world’s first cryptocurrency – this week’s selection of top 3 coins to watch has them all.
1. Filecoin (FIL)
Filecoin is a decentralized file storage platform that rewards users who offer data storage space to be rewarded in FIL. On the other hand, users can also purchase decentralized storage space at selected provides, depending on their specific storage needs. Filecoin utilizes IPFS (InterPlanetary File System), a protocol that enables the distributed data storage and sharing.
FIL Gets Listed at several Exchanges Following Mainnet Launch
The Filecoin project conduced an ICO in 2017 and raised more than $257 million for the development of the decentralized data storage platform. The highly anticipated mainnet launch finally took place at block 148,888, which got mined on October 15. Following the mainnet launch, Filecoin’s native FIL token got listed at several leading exchanges including Binance, Huobi, Bittrex, and Kraken, while FTX already opened the trading of FIL futures. In addition, the FIL token was also widely traded in IOU form. It is expected that the high trading volumes and speculation around FIL will continue over the coming weeks, so it is definitely worth keeping an eye on FIL.
2. Binance Coin (BNB)
Binance Coin (BNB) is a native token of the Binance Chain, a blockchain launched and operated by the established cryptocurrency exchange Binance. Users that utilize BNB to pay for exchange, withdrawal and listing fees they can enjoy a 25% discount. Initially the discount stood even higher, at 50%, but it gets halved every year.
Binance Completes 13th Quarterly Burn
The BNB team have confirmed the completion of their 13th quarterly BNB token burn which saw 2,253,888 BNB worth approximately $68,000,000 being destroyed and removed from circulation forever. While the number of tokens burned is just the fourth highest among the 13 conducted burns, their fiat denominated value is the highest ever. The leading exchange is moving forward with the continued development of the Binance Smart Chain (BSC) and the launch of the BSC Accelerator Fund, which offers $100 million worth of funding opportunities to DeFi and CeFi projects. The exchange also expanded its fiat gateway system, which now covers already 232 countries. The Binance environment continues to thrive and new features are getting added to the BNB on a weekly basis. You can follow the latest developments on the exchange’s official blog post.
3. Bitcoin (BTC)
Although we believe that Bitcoin does not need much introduction and that all eyes would be on it even if it were not featured on our list, here is a short summary of the history and key characteristics of the first truly decentralized digital currency. The world’s pioneer cryptocurrency was launched by pseudonymous figure named Satoshi Nakamoto in 2009 and has a capped supply of 21 million coins. The decreasing miner block rewards makes the cryptocurrency scarcer with time, ensuring a deflationary nature.
The demand for Bitcoin Could Increase as Investors seek Inflation Safe-Haven
According to a post from Anthony Pompliano, also known as ‘The Pomp’ we “sit at an unprecedented time in the macro-economy”, also due to the COVID-19 induced stimulus packages, which already total to more than $3 trillion, with another $2 trillion on the way. The fear that the uncontrolled money printing will cause an inflation has driven significant capital flows to inflation-hedge asses, such as gold, real estate and Bitcoin. With its supply capped at 21 million and the market capitalization of less than $220 billion, Pompliano believes that Bitcoin’s price growth is far from over. In his opinion, we will see a significant upward movement in the Bitcoin price by the end of 2021 due to the increased demand combined of this programmatically scarce digital asset. The fact that more than 60% of Bitcoin has not been moved in the last 12 months reinforces the bullish sentiment. Pompliano’s realistic prediction states that Bitcoin’s value will increase by a factor of 10 over the next 15 months, while in his bullish scenario features a new all-time high at around $250,000 per Bitcoin. Nevertheless, the Pomp warns that we will likely see many 15-30% dips along the way, as Bitcoin is a highly volatile asset.
Andrew is a writer that does most of his work on cryptocurrency-related topics. While he’s primarily interested in Bitcoin, he also follows major altcoins and the innovative ideas that new cryptocurrency and blockchain projects are bringing to the table.