There are a lot of things going on in the crypto market today. Venmo is now doing crypto payments for their seventy million users.
The crypto market is looking fine today; Binance BNB is on a quick recovery and is headed back to its all-time high. A lot of demand has been going into the Binance smart chain because of the low fees, and eventually, over the past few days, there has been a massive amount of volume on the Ethereum network, and the gas fees have been going crazy high. There was a record amount of transactions, ten billion dollars worth which was a record high on Uniswap’s weekly trade volume.
It is a good thing that the Binance smart chain is taking some of the volumes away from the Ethereum network. Taking some of that congestion of the Ethereum network will help in reducing Ethereum gas fees.
Many people are quite upset about the ADA price, it is currently at $1.20, but the price is not bad since it is always out of the smart contract’s main net. Once the Cardano main net launches, Cardano will become a major competitor with Binance BNB and Ethereum, and it will solve the gas fee problem. Everything depends on how beneficial being on the Cardano blockchain as to being on the Binance smart chain and the Ethereum blockchain.
That will be the determining factor in how well Cardano performs at that time. Regardless of all that, Cardano ADA will be blasting off towards the end of 2021. The Goguen Mainnet and the smart contracts do not look like they will be coming until the mid to end of summer.
The Venmo announcement is a big deal because Venmo has seventy million users, and they can now send cryptocurrency to their friends and family very easily. It will increase the accessibility of the cryptocurrencies that are listed on Venmo. There is a possibility that they will be adding more cryptocurrencies later as well, just like PayPal.
More accessibility to cryptocurrency makes it easier for the masses to get in, and it makes it easier for people to use cryptocurrency and trade with cryptocurrencies.
It is possible that this will be a trend and everyone will be getting on this train. The bull market does not look like it will be ending any time soon, but there will be corrections along the way, and individuals have to be prepared for that. They also need to understand that; get as educated as possible if you are new to the crypto space.
Litecoin is one of the four cryptocurrencies available on Venmo, and it is the most undervalued of the four. Litecoin still has a fairly small market capital; it is faster and has better features than Bitcoin.
Venmo users will be able to buy, sell and trade as little as a dollar worth of Litecoin and three other cryptocurrencies on the application.
Increased accessibility to Litecoin means that more people will be buying, selling, and holding Litecoin.
