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Crypto: 7 Cryptocurrencies That Robinhood Users Can’t Trade

cryptos - 7 Cryptos to Watch as Digital Assets Gain Some Momentum
Written by publisher team

for many people, Bitcoin (CCC:BTC-USD) synonym for cryptocurrency. Bitcoin was the first cryptocurrency, and now it is the largest by market capitalization. All other cryptocurrencies depend on it.

But there are major drawbacks to Bitcoin and the blockchain. One is the transaction time. Many people are surprised to discover that a single transaction on the blockchain can take up to 24 hours to complete. The second problem is the huge amounts of energy the Bitcoin network uses.

This is the result of the mining process. Bitcoin miners create new bitcoins. To do this, they receive some Bitcoin as a reward.

In order to mine, miners need to solve incredibly complex crypto puzzles. To do this, they need massive amounts of computing power. Some estimate that the Bitcoin network uses more power than the entire country of Chile.

Because of this other cryptocurrencies were developed. There are now more than 4000 other cryptocurrencies. Most of them will probably fail. But some will be very successful.

Robinhood Users should be aware that the company’s crypto platform is limited. Users can trade Bitcoin and Bitcoin Cash (CCC:BCH-USD), Ethereum (CCC:ETH-USD), Litecoin (CCC:LTC – US Dollar) And Dogecoin (CCC:DOGE-USD).

Here are seven more cryptocurrencies that Robinhood should add to its platform:

  • Cardano (CCC:ADA-USD)
  • Excellent lumen (CCC:XLM-dollar)
  • EOS (CCC:EOS-USD)
  • Uniswap
  • chain link (CCC:The link to the US dollar)
  • OmiseGO (CCC:OMG-USD)
  • ripple (CCC:XRP-USD)

Crypto: Cardano (ADA-USD)

Cardano’s creators want it to be the world’s financial operating system. It can also be used for other applications, such as securing elections and tracking legal contracts. The stated goal is to “redistribute power from unaccountable structures… to individuals.”

Cardano was co-developed by Charles Hoskinson, one of the first five founding members of Ethereum. He wasn’t happy with the direction Ethereum was going, so he left to start Cardano. Not surprisingly, Cardano is now a competitor to Ethereum. Some even call it “Ethereum of Japan”.

As you can see in the chart above, ADA has been trading basically flat in the latter part of last year, below the 20 cents level. But then, at the beginning of January, it got caught up in the latest crypto frenzy and surged to levels around $1.10. The current market capitalization is about $37 billion.

Premium Lumens (XLM-USD)

The idea behind Stellar Lumens is an open network that allows money to be moved and stored around the world. The current market capitalization is around $9.2 billion. The advantage of this encryption is the extremely low transaction cost. Each transaction, regardless of size, costs only 0.00001 XLM.

Stellar was released in July 2014. The goal was to provide banking services to the two billion people in the world who do not have access to traditional banking services.

It has evolved since then, and the focus now is to use blockchain technology to connect financial firms.

As you can see on the chart, XLM is testing support around the 35 cents level. There is support at this level because it was resistance previously. If this support is broken, the next level with the support should be around 20 cents. This level has been resistance throughout the month of December.

EOS (EOS-USD)

EOS is a smart contract platform. The current market capitalization is around $3.5 billion.

As you can see in the above chart, EOS is testing the support around the $3.60 level. This level was resistance in November and January.

This is an important principle of financial markets. Levels that were resistance in the past can turn into support levels. It may sound strange, but this is common.

It happens because of remorseful or unfortunate sellers. These are the investors who sold EOS at $3.60. When the cryptocurrency then headed lower, they thought their decision to sell was a good one.

But now that EOS has crossed that level, a number of these investors are regretting their decision. Many of them decide they will buy it back – but only if they can get it for the same price they sold it for. This results in buy orders being placed at a level that was resistance.

If there are enough of these buy orders, support models like what we see here.

Uniswap

Uniswap is the Ethereum token or cryptocurrency that powers the Uniswap network. It is designed as a decentralized exchange. This means that there is no central broker or facilitator on Uniswap. Instead, tokens are exchanged or traded through liquidity pools. These pools are created and defined through smart contracts.

Some analysts believe that in the long run, decentralized exchanges could be a better investment than payment currencies like Bitcoin. As the name suggests, payment currencies are used to make payments. Other payment cryptocurrencies include Litecoin and Bitcoin Cash.

Exchanges, such as the Uniswap network, are open for people to build their own applications on their own blockchain. As more applications are developed, the demand for UNI tokens will increase. This should push the price up.

As you can see in the above chart, the $23 level has been resistance for most of February. Now it became support.

Chainlink (LINK-USD)

Chainlink is a decentralized exchange that operates in a similar way to Uniswap. LINK is a cryptocurrency that powers the Chainlink protocol or network. Launched in 2017 by Sergey Nazarov.

The network provides price and event data collected from on-chain and real-world sources. It has the ability to obtain the data needed to run several blockchain-based smart contracts.

Chainlink does not operate its own blockchain like most cryptocurrencies. LINK is designed to be blockchain neutral. This means that it can run on many different block chains at the same time.

Like the others, what used to be LINK resistance is now support. As you can see in the chart above, this occurred at the $24.90 level.

OmiseGO Network (OMG-USD)

OmiseGO is a crypto that was developed for a specific reason. It was actually developed using smart contracts on the Ethereum network, but it’s a different currency.

OMG is designed to enable financial services for people without bank accounts. This is likely to be a huge market.

It is estimated that two billion people have access to cell phones and mobile services, but do not have access to traditional banking. They cannot walk to their local branch and meet a customer service representative if they want to apply for a mortgage or credit card.

They have been kept out of the system because without access to these services, these people cannot create credit records.

As you can see in the chart above, OMG is up recently. But the gains are less than BTC over the same time period. But in the long run, if OMG can achieve its goals, the price may move significantly higher.

Ripple (XRP)

The idea of ​​Ripple is older than Bitcoin. It was designed in 2004 as a peer-to-peer network that would eliminate banks. When Bitcoin appeared, Ripple decided to develop its own cryptocurrency. XRP was the result.

XRP has advantages over Bitcoin. The first is that it is not minable. There are no miners in the network. It is limited to 100 billion coins in circulation right now. For this reason, it does not require the massive amounts of energy that Bitcoin requires.

In addition, the Ripple network is much faster than the Bitcoin network. It can also handle more transactions.

At the moment, the largest users of Ripple are large financial institutions. The network has facilitated and increased the efficiency of the transactions of its users.

At the time of this post, Mark Putrino did not have any positions (either directly or indirectly) in any of the securities listed above.

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