Although Bitcoin, Ethereum, and other top cryptocurrencies have surged over the past two months, not all blockchain projects are faring well.
One altcoin, once one of the most popular on Crypto Twitter, was just branded “dead” by a top developer in the space. This comes just two years after the project had a $400 million market capitalization at the peak of 2018’s bull market.
Ethereum-Based “Loom Network” Bites the Dust
You might not have heard of it but the market capitalization of the native cryptocurrency of Loom Network, LOOM, had a more than $400 million market capitalization in early-2018.
Yet, the cryptocurrency today has a market cap of less than $16 million, more than a 95% drop from the all-time high.
This stark drop comes as the project has been deemed “dead,” with Ethereum developer Bruno Skvorc publishing the below tweet on May 8th.
Rip $loom
– telegram shut down– reddit dead– blogs silent– core team gone
I'd call it an exit scam if there was anything left to exit with.
— Bruno Skvorc (@bitfalls) May 8, 2020
From Bitcoinist’s cursory glance of Loom Network’s social media channels, this is seemingly the case. The Twitter account of the startup has not posted a tweet in approximately 20 days while the Telegram channel is rife with messages indicating that “this channel is closed.”
Ethereum-centric fund Stake Capital echoed this in March, writing that the “project is dead,” noting that the “CEO, CTO and almost all key people have left Loom.”
The project promised to be a Platform as a Service startup focused on helping developers build and launch scalable decentralized applications, with it largely involving the Ethereum project over its lifetime. Loom’s premise was to allow Ethereum-based applications to run on side chains or other chains, according to Paradigm, and LOOM is also an Ethereum-based token.
Bitcoin’s the Only Game in Town
Although Loom Network is one of the only projects to have reportedly “died” recently, its collapse highlights a broader trend in crypto: Bitcoin is currently the only game in town.
As a prominent trader noted, the past week has seen a “marked decoupling between Bitcoin and altcoins.” This relative outperformance, he explained, is a sign that fiat “pours into it and participants cycle out” of altcoins like Ethereum for BTC.
Chart from @LightCrypto
This trend of altcoins underperforming is unlikely to change, especially as prominent investors like Paul Tudor Jones shill Bitcoin, and BTC only, while the on-chain metrics of other coins flip bearish.
Also, investors are largely disillusioned with the allure of a majority of altcoin projects, which, in 2017 and 2018, made optimistic promises that most have yet to fulfill.
As the head of technical analysis at crypto research firm Blockfyre wrote:
“The reason the alt pumps are unconvincing is because they have followed the same patterns. IEO’s, Interoperability, privacy coins moving together. It’s coordinated as it has been the last 3 years instead of all ships rising together.”
Touching on the technicals, the same analyst noted that Bitcoin dominance — the percentage of the cryptocurrency market made up of BTC — is printing signs it wants to head higher:
“A potentially very painful situation developing if dominance breaks out towards the next resistance. Each 1% rise in BTC.D roughly equates to a 6-12% drop against the BTC pairings for altcoins. Hard to imagine that no matter what BTC does that alts dont see a lot of pain,” he wrote in reference to the chart below.
Chart from @Pentosh1 (Twitter)
Photo by Ian Simmonds on Unsplash origin »
Bitcoin is once again attempting to establish a firm foothold within the five-figure price region following the slight rejection it saw overnight The cryptocurrency’s current upwards momentum is showing major signs of being far more sustainable than that seen during previous months and years One economist is now noting that the lack of leverage seen during this movement signals BTC has further room to run Bitcoin is once again attempting to establish a firm footing […]
Bitcoin has been able to maintain the bulk of the gains that came about during yesterday’s intense upswing Buyers are still struggling to firmly surmount the key $10,000 region, however, as it appears that bears have established heavy resistance here The cryptocurrency could still be on the cusp of entering a macro bull-cycle, and one analyst is noting that the key level that needs to be shattered exists just above BTC’s current price Bitcoin has […]
Ripple’s XRP has once again stolen the spotlight in the cryptocurrency market. This time around it has nothing to do with the millions of tokens dumped by one its co-founder, Jed McCaleb, or the legal cases it is facing in court.
Once recognized as the model nation for its coronavirus response, Singapore now represents a cautionary tale as tackles the region's largest coronavirus outbreak.
The post Singapore Coronavirus Fears Remain Due to One Unavoidable Reality appeared first on CCN.com
One of the most popular gold supporters and economists in the world, Peter Schiff, has once again attacked Bitcoin, this time stating that its price can never be too low, implying that it can easily go down to $0.
To most, Bitcoin’s rally from literal irrelevance to being one of the most valuable assets in the world is hard to explain. After all, a digital coin that was once given away for free through “faucets” is now worth over $7,000 a pop.
With Bitcoin (BTC) failing once again to conquer the bears' stronghold at $7,500, CT is captured by negative sentiment. Trader Joel Birch has posted unusual forecast.
Many are celebrating the gains in the stock market as of late, seeing it as evidence of a recovery. However, one analyst is calling their bluff—and arguing this is exactly what happened in 1929. If history is our guide, crashes and depressions seldom happen all at once.
XRP may soon be ready “pop off” and go on one of its “once a year” rallies the asset is known for, according to one cryptocurrency analyst. The analyst points to the altcoin nearly doubling in value in sats as the most logical target for the surge.
Bitcoin is fast approaching the much-awaited halving event, but its main forks will start first. BCH will reduce its block reward today, while BSV will do this later this week. BCH, BSV Price Hit 1-Month High The Bitcoin community is preparing for one of the most important events that takes place once every three or four years – the halving.
Ethereum is the No. 2 ranked cryptocurrency based on its market capitalization. Therefore, the general consensus is that it leads the altcoin market. Once Ethereum goes up, altcoins usually follow suit.
Coda Protocol, a cryptocurrency ecosystem with a tiny portable blockchain, is now one of the largest layer 1 testnets by peer count. Phase 3 of the testnet has generated more than 400 users connecting at least once, 300 users signing up to stake, and 143 max concurrent users.
One of the worst days of Bitcoin resulted in crypto derivatives exchange BitMEX recording one of its highest liquidations ever. Once the Bitcoin price broke below $4,800, it was dominated by “cascading liquidations,” becoming its “own monster,” said Ari Paul.
Tiffany Hayden, once one of the Ripple’s biggest supporters and self-proclaimed CEO of XRP, has sold off her XRP holdings due to constant attacks from the XRP community. The blockchain advisor said that the constant attacks she suffered from Ripple supporters caused her to sever ties with the project.
Once upon a time, when someone mentioned foreign exchange trading, one usually thought of traveling. Further, when people travel outside the borders of their country, they exchange their domestic currThe post The Basics of Forex Trading and Forex Brokers: A Guide appeared first on AMBCrypto.
As if one attack against a DeFi protocol is not enough, bZX keeps generating headlines. The protocol has been “abused” for the second time in less than a week. One could argue that the first incident is not even a hack.
First mover advantages are often erased relatively quickly when it comes to high tech projects. There are just a few that have managed to retain their position at the top once competitors start pouring into the market.
Chainlink (LINK), a project that joined the crypto market relatively late, is on an expansion again, promising to break its all-time record. LINK Rally Conquers $3 Key Level with Chance for New Records LINK, one of the most active altcoins that has even defied the bear market, is on a fast expansion once again.
Metropolitan Commercial Bank’s deposits from crypto firms have steadily declined, a sign of heightened competition in a field where the bank was once one of the only games in town.
The crypto market is driven almost solely by hype and speculation, especially when it comes to altcoin assets outside of the top ten cryptocurrencies by market cap. One subset of once-hyped altcoins is now approaching an average return of 0% after 200 days, suggesting that no one in their right mind wants to hold this... The post appeared first on NewsBTC.
He thrives in controversies and announcements is how one Twitter account described, Justin Sun, Tron Foundation CEO and TRON founder. The CEO is once again in the media spotlight facing a lawsuit for harassing and firing two employees, Richard Hall, 50, and Lukasz Juraszek, 28.
Bitcoin Gold (BTG) has suffered another 51% network exploit with the attacker reportedly double-spending $75,000 in BTG tokens. Details of the Bitcoin Gold 51% Attack According to MIT crypto researcher James Lovejoy, Bitcoin Gold, one of the Bitcoin hard forks is once again the victim of a 51% attack.
Many Venezuelans have been buying up Bitcoin in ever-increasing numbers to hedge against currency devaluation. An Unparalleled Currency Crisis Venezuela was once one of the wealthiest countries in Latin America, with the highest standard of living on the entire continent.
Parity Tech, the startup behind what once was one of ethereum’s main client, has organized a workshop for “knowledge transition to other teams. ” The problem is this workshop comes three.
Jordan Henderson was once considered a liability for Liverpool. Now he is one of the most important members of a team that will soon be Premier League champions.
The post How Jordan Henderson Silenced the Doubters to Become One of Europe’s Best appeared first on CCN.com
Grayscale Investments is one of the premier companies to expose investors to bitcoin. The company has now confirmed that it will resume the private placement of its shares. Those shares are offered periodically throughout the year and are now available to accredited investors once again.
Bitcoin's price has been treading under the $8k mark for a while now, and what once was considered to be a bullish coin is now limited in terms of price due to various reasons. One of the reasons thatThe post Bitcoin's Futures premium rates back up after flattening forward curve appeared first on AMBCrypto.
After reaching its weakest point for three days as far as earth is concerned, the sun once more begins to strengthen to reach the peak in six months. This fact...
The post Merry Christmas One and All appeared first on Trustnodes.
Brian Armstrong, the CEO of Coinbase, has come up with the technology that makes sending Bitcoin (BTC) as easy as sending an email. The patent was filed back in 2015 and granted on Tuesday. It’s a system that allows users to make crypto payments with their emails corresponding with their wallet addresses. Once one offers […]
Bitcoin price may be falling once again into a downtrend and is at risk of revisiting bear market lows not seen since earlier this year. However, even targets of $50,000 to as much as $100,000 forecasted by Bitcoin’s highly-cited stock-to-flow model may be considered “tame” or “conservative” according to one respected crypto analyst.
Poloniex was once the most liquid cryptocurrency exchange in the world, boasting daily volumes upwards of $400 million at one point. However, from poor customer service resulting in faltering exchange activity to being spun off by Circle, the exchange has dropped off the charts in a rather haphazard manner, December 5, 2019.
3iQ is one of the most prominent investment fund managers in Canada and once again, it is making news, not for anything bad though. The venture has entered its initial prospectus regarding its bitcoin fund.
Bitcoin has once again fallen below $7,000 following reports of a hacking incident at the South Korean cryptocurrency exchange Upbit. Initially, the cryptocurrency market reacted harshly to the news with Litecoin and Ethereum falling to fresh multi-month trading lows.
After a brief period of consolidation, Bitcoin has once again made another downwards movement that has led it below its previous support level at $8,000. This latest bout of downwards momentum has opened the gates for significantly further losses, assuming bulls don’t step up and propel BTC higher.
The Dow shot to a new all-time high within inches of 28,000. But as the White House pumps stocks, US economic data paint a murkier picture. One hedge fund billionaire is warning that the US-China trade war will spill open into another front.
It’s Friday, and Bitcoin price is once again falling, breaking below $9,000 and trading at $8,750 currently. According to one legendary trader, where an asset closes on a Friday can often predict the future performance of the asset.
After a brief period of trading above its long-established resistance level at $0. 30, XRP has once again fallen back into the upper-$0. 20 region, which may mean that it is in for an extended bout of sideways trading.
Earlier this year, reports arose that China — once one of the cryptocurrency capitals of the world — was looking to ban Bitcoin mining. As reported by NewsBTC at the time, the SCMP reported that the National Development and Reform Commission (NDRC) has revealed a draft list of industrial activities the government is interested in.
Once beloved, now forsaken, BitConnect was the hottest thing in the market for a good year before the broader market realized this was a wolf in sheep’s clothing. People all over the world fell victim to the exuberance of the scheme, offering a whopping one percent daily compounded yield.
Once again, the curious case of Craig Wright has surfaced in Florida’s Southern District Court. Just like previous encounters, this one also involves Craig Wright and his counsel scurrying to find the means to block Ira Kleiman’s attempts to dig deeper into the situation.
The cryptocurrency industry hosts numerous cryptocurrencies, with each one of them having their own advocates. Erik Voorhees, CEO of ShapeShift, was once a Bitcoin maximalist. However, over time, it would seem that Voorhees views, especially on altcoins, have evolved.
The Bitcoin pump heard ‘round the world has the entire market bullish once again, following Bitcoin’s third-largest one day gain in its history on news that China is in support of the blockchain technology underpinning Bitcoin and other crypto assets.
Bitcoin SV (BSV) chose a rather unusual moment to rally – just as Bitcoin (BTC), one of its competitors, crashed to below $7,500 after weeks of stability. BSV Added Nearly 30% a Week Bitcoin SV jumped by more than 29% in a single week, while the rest of the market was in the red.
Shaquille O’Neal has shown us once again why he’s one of the greatest sports personalities we’ve ever seen. While NBA figureheads speak in code and tip-toe around the China-Hong Kong controversy, the outspoken sportscaster made it all seem very simple on Tuesday night.
After a short period of upwards momentum earlier this week that appeared to be bull’s attempt to bolster Bitcoin’s price action, bears have once again gained the upper hand and have now pushed BTC’s price decisively below $8,000.
Google’s new Pixel 4 smartphone doesn’t have a fingerprint sensor. Instead it relies on “Face Unlock,” a proprietary facial scanning system similar to the one found in Apple’s Face ID. Early reports show a system that works well, perhaps too well, in fact, according to some security experts.
Roger Ver who was once one of the most well known Bitcoin supporters, earned an epithet ‘Bitcoin Jesus'. Roger Ver and crypto pundits – Nouriel Roubini is generally well known as Dr. Doom met at London CC Forum to duel on issues in regards to blockchain and digital forms of money. Roubini vs Roger Ver […]
The Dow and broader U. S. stock market are surging once again after the United States and China secured a partial trade deal that avoids the escalation of further hostilities between the two superpowers.
The cryptocurrency space is no stranger to volatility, but the Loom Network (LOOM) token has caught the attention of investors this week with a notable 14% gain, closing at $0. 06623. This surge represents a significant uptick in LOOM’s value, positioning it at a 7.
The crypto world is abuzz with three trending digital assets: Loom Network, BIG TIME, and Memeinator. While each of these tokens brings something unique to the table, investors and enthusiasts are closely monitoring their price movements and presale events.
In the fast-paced world of cryptocurrencies, few projects have managed to capture the attention of traders and investors like Loom Network (LOOM) has in recent days. The Ethereum-based altcoin kicked off the month of September trading at just $0.
Разработчики стартапа Loom Network заявили об изменении профиля деятельности, но отвергли ранее распространившуюся информацию об экзит-скаме проекта. Сообщение о том, что Loom Network «мертв», распространил глава криптовалютной образовательной платформы Bitfalls Бруно Скворц.
Loom Network, a Layer 2 scaling solution for Ethereum that provides blockchain developers with the scalability and UX layer needed to build user-facing decentralized applications (dApps), has announced the launch of its bounties and rewards program.