Solana Surpasses XRP amidst Unstoppable Rally, Price of Ethereum To Grow Over 900%, and Other Major Stories
Cryptocurrency News Update
September 09, 2021, Major Cryptocurrency News Updates
Litecoin ventures into smart contracts, NFTs through OmniLite
According to the official blog of the Litecoin(LTC) organization, OmniLite is an open-source platform dubbed “Ethereum Killer.” On the Litecoin network, it will introduce smart contracts, DAOs, tokenized assets, and NFT capability. With its new platform, Litecoin is attempting to broaden its offers and engage the market.
“OmniLite, being a layered protocol built on top of Litecoin’s blockchain, takes advantage of its reputable network security and low fees. The tokens created via OmniLite can be considered to be an extension of Litecoin and as a result, the transactions from these tokens are recorded on its blockchain.”
While OmniLite was designed to compete with major league coins, the platform presently only provides a wallet mode [Litecoin Omni]. The platform’s growth will decide its usability for the community, and until then, any “Ethereum killing” may have to wait.
Ukrainian Parliament Passes Law Legalizing Cryptocurrency
The Verkhovna Rada, Ukraine’s parliament, has passed a virtual asset bill that legalises and regulates cryptocurrency.
According to local media, Ukraine has enacted legislation making bitcoin and other digital assets legal in the country. Ukraine now has the ability to legally regulate digital currency according to Bill №3637 on Virtual Assets. According to the proposed legislation,
“This Law regulates legal relations arising in connection with the turnover of virtual assets in Ukraine, defines the rights and obligations of participants in the virtual assets market, the principles of state policy in the field of virtual assets.”
Solana Surpasses XRP amidst Unstoppable Rally
According to coin ranking site CoinMarketCap, Solana (SOL), the native cryptocurrency of the Solana blockchain, has eclipsed Ripple-affiliated XRP in terms of market capitalization.
After a spectacular surge, the high-flying coin is now valued at $53 billion, jumping to the sixth position. SOL is currently up an incredible 8,429 percent year to date. Despite the current market downturn, cryptocurrency is up another 6% today.
Robinhood Introduces Recurring Crypto Investments
Robinhood has announced that recurring cryptocurrency investments will be available on its trading platform. Retail investors can use this service to buy cryptocurrencies on a daily, weekly, or monthly basis for as little as $1.
The company highlighted market volatility as a reason for using the feature, implying that recurring investments can assist clients “reduce the stress of market timing” and achieve long-term growth.
Robinhood also claims that users will not be charged any costs, which might make this method more profitable than other companies that charge up to 4% trading fees. However, Robinhood also mentions elsewhere that investors may get less than their recurring investment amount in order to “help protect against severe price movements.”
Robinhood also provides recurring investments in stocks and other traditional assets, which it has done since May 2020.
Price of Ethereum To Grow Over 900%, According to Financial Giant Standard Chartered
Standard Chartered has given a startling estimate of Ethereum’s potential valuation.
The $781 billion corporation rates Ethereum (ETH) between $26,000 and $35,000 per token in a new study titled “Ethereum Investor Guide,” which is more than 900 percent higher than its current valuation.
“A range of USD 26,000–35,000 may appear high compared to the current ETH price (just below USD 4,000), but we think the current price reflects both the relative complexity of ETH (versus BTC), and the uncertainty around ETH’s development. In other words, while potential returns may be greater than for BTC, risks are also higher.”
The British banking behemoth also emphasises the importance of Bitcoin’s performance as a necessary prerequisite for Ethereum to attain its expected worth.
