Markets

Top 5 Carbon Crypto Companies to Watch in 2024

Published

8 months ago

10 June, 2024

Top 5 Carbon Crypto Companies to Watch in 2024

Right now, climate change has become one of the most critical issues facing the world. It affects everyone who lives on this planet and, if left unaddressed, could have serious, lasting consequences for all of humanity. That’s why carbon credits have been targeted across all sectors, not just the most obvious ones power, agriculture and forestry. And one of these sectors is blockchain technology.

The strengths of blockchain technology, such as transparency, secure record-keeping, and decentralization, are advantages for carbon credits.

That’s why many carbon cryptocurrency companies are already in the works. There is a huge opportunity here for two of today’s biggest investment trends to develop their synergies.

With that said, let’s take a look at what some of the most promising carbon cryptocurrency companies are for 2024.

1. KlimaDAO

At the top of our list is one of the first big movers in the cryptocarbon space: KlimaDAO, also known by the KLIMA coin. Its goal is to accelerate the rate at which the price of carbon emissions rises. And this happens by purchasing and withdrawing carbon offsets.

How are they doing this?

First, carbon offset credits are purchased from Verra’s Verified Carbon Standard registry, which guarantees their quality. These credits are withdrawn and then minted as tokens via the Toucan protocol (more on this later). These tokens are known as commodity carbon tons (BCTs).

Each BCT represents one ton of carbon removed from the atmosphere.

Each KLIMA coin is backed by at least one ton of base carbon. KLIMA coin owners are incentivized to increase their stake of the coin by tying up more BCT or staking their holdings for yield.

There’s a lot to explain when it comes to KlimaDAO, but the impact it has had so far is undeniable. Last year, KlimaDAO bought 2% of the whole voluntary carbon market. And as of this writing, KlimaDAO is retired 17.3 million tons of carbon offsets:

Klimadao carbon removed

This is what a small country like Croatia emits every year.

Although KlimaDAO provides a floor price for voluntary carbon markets, its success will not be decided by the performance of voluntary carbon markets. As with all crypto projects, the most important factor is whether people actually want to adopt it or not.

KlimaDAO is still in a growth phase, so to speak, as it looks to expand its treasury and provide a more robust offering. The coin’s developers do not expect a stable price to be reached before mid-century.

However, KLIMA has been implemented for over a year now and has already had great success in the carbon markets. Many other carbon crypto projects are still stuck in the development stage. KlimaDAO may have an ambitious goal, but it has proven that its business model has legs to stand on.

2. Tucano Protocol

As mentioned earlier in our discussion on KlimaDAO, the Tucano protocol it is not a currency in and of itself. Instead, it is the infrastructure that helps cryptocarbon projects like KlimaDAO exist.

Simply put, Toucan is a bridging protocol that transforms real life carbon credits into tokens that can actually be used on a blockchain. These tokens, called tokenized CO2 or TCO2, represent retired but not yet claimed carbon offsets.

They have been withdrawn from the source register to avoid double counting, but have not actually been claimed against any issues yet. And so they still represent a specific amount of verified carbon offsets.

TCO2s are semi-fungible: they are not all identical, as the information about the origin of each credit is encoded directly on the chain. However, similar credits can be broken down and pooled into carbon pools, where they can be traded.

toucan in numbers

The largest and most well-known carbon pool using the Toucan protocol would be the basic carbon ton (BCT) used by KlimaDAO.

The majority of carbon credits filled by Toucan went to the BCT pool made up of Ethereum Request for Comment 20 (ERC-20) tokens.

These ERC-20 tokens can be directly integrated into other DeFi applications.

Toucan was the first platform to enable tokenization of carbon creditsand they have several partners besides just KlimaDAO. They have a first-mover advantage in this space and have created their own in-house token, the Nature Carbon Tonne (NCT) for buyers of carbon credits.

With a number of other major carbon crypto companies choosing to build on Toucan’s infrastructure instead of developing their own, there’s a lot of potential for future growth here.

3. Moss

Similar to the toucan, Moss is focused on tokenizing real-life carbon-related assets.

A Brazilian company, Moss, has its own token, the MCO2 token, which is created by tokenizing verified carbon credits from sources like Verra. Each MCO2 token represents one ton of carbon offsets, with a particular focus on credits generated by forest conservation projects in the Amazon rainforest.

With its token, Moss focuses on providing a platform for companies and individuals interested in offsetting their carbon emissions to purchase high-quality, fully transparent carbon credits.

Moss impact

Moss also has a side NFT project about the Amazon rainforest.

Moss first purchased several plots of land in the Amazon rainforest, divided them into 1-hectare lots, and then sold them as NFTs.

Funds from each NFT sale have been earmarked for a 30-year conservation fund that will cover the costs of activities such as patrolling and satellite imagery to protect the area.

The ultimate goal of this project would be to create a “green wall” around part of the Amazon rainforest to block deforestation efforts. Moss has sold out three sets of these NFTs, and more releases are on the way.

With several Brazilian carbon credit deals locked to supply MCO2 tokens in addition to the NFT series sold out, Moss is another of the few carbon-related cryptocurrency companies that has actually implemented a successful solution to the markets.

4. Nori

A carbon removal marketplace that focuses on coordinating transactions between small farm suppliers and carbon credit buyers, Me neither has not yet launched its own token. Instead, Nori understandably chose to start by ensuring its business model was solid and started with a pilot program.

By partnering with US farmers practicing regenerative agriculture, Nori has secured a number of national suppliers of high-quality carbon credits. Some of these providers are shown below:

Nori Carbon Credit Suppliers

The top layer of soil is actually one of mother nature’s largest natural carbon sinks, containing three times more carbon than the entire atmosphere.

However, human agriculture has caused carbon to be released from the soil much faster than the rate at which it is replaced.

This loss of soil carbon is Nori’s goal, focusing on regenerative agriculture projects. The end goal of every project is some form of carbon sequestration known as soil carbon storage, which produces carbon credits.

These carbon credits make up Nori’s main resource, Nori Carbon Removal Tonne (NRT).

Each NRT represents one tonne of CO2 removed, stored for a minimum of ten years and is independently verified and audited to ensure that each NRT actually represents one tonne of carbon properly sequestered.

Going forward, Nori plans to not only expand its supply partnerships to international agricultural companies, but also intends to tokenize its NRTs into NORI tokens.

These NORI tokens will be distributed on the Polygon sustainable network. This creates an accessible secondary market for Nori NRTs with all the associated benefits of being on a blockchain.

Polygon is one of the leading Ethereum Layer 2 solutions and is currently the tenth largest cryptocurrency by market capitalization.

Polygon partnered with KlimaDAO early last year to become carbon negative by purchasing – these names may be familiar – BCT and MCO2 tokens.

With its business model demonstrated by the pilot program, Nori partnered with Bayer AG. It is one of the largest pharmaceutical and agricultural companies in the world, intent on increasing its supply of NRT.

The initial tranche of the deal, worth $14.4 million, covers 400,000 acres of agricultural land.

Nori plans to distribute its token later this year. This launch, combined with the partnership with Bayer, has made 2023 a truly exciting year for Nori.

5. DevvStream

Rounding out our list of cryptocarbon companies to watch is one that’s a little less focused on cryptocurrencies.

DevvStreamat first glance, it’s a carbon streaming company that provides capital for carbon credit projects in exchange for a share of future production.

DevvStream carbon streaming process

Where cryptocurrencies come into play, however, is through DevvStream’s relationship with its parent company, Devvio.

Devvio has a proprietary blockchain-based platform Exg platform that DevvStream uses to chain the carbon credits it gets from its streaming deals.

Once on the platform, DevvStream carbon credits gain many of the benefits that other carbon token projects enjoy.

On top of this, DevvStream gets priority access to Devvio’s commercial clientele who already use the latter’s ESG platform. If any of these customers are looking for carbon credits, DevvStream’s customers will be the first ones they check.

Besides that, DevvStream has also collaborated with the largest volunteer carbon exchange in the world, Xpansiv. The goal is to provide additional liquidity for its carbon credits.

With its access to Devvio’s blockchain ESG platform and its clients, as well Xpansiv’s carbon credit exchangeDevvStream is uniquely positioned among leading carbon crypto companies to make the most of the carbon credits it is placing on the blockchain.

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Markets

Bitcoin, Ethereum See Red as Markets Crash on Volatility

Published

6 months ago

1 August, 2024

Financial Block Staff

Bitcoin, Ethereum See Red as Markets Crash on Volatility

Bitcoin AND Etherealalong with the rest of the top 10 cryptocurrencies by market cap, appear to be in hibernation on Thursday morning.

At the time of writing, the Bitcoin Price is still below $65,000 and 2.2% lower than it was this time yesterday, according to CoinGecko data. Things are worse for the Ethereum Pricewhich is 3.7% lower than 24 hours ago at $3,185.22. The drop in ETH’s price is identical to that of Lido Staked Ethereum (stETH), a liquid staking token for Ethereum.

In recent days, falling prices have led to the liquidation of derivative contracts worth $225 million, according to Coin glassAnd about half of that, about $100 million, was liquidated in the last 12 hours.

When a trader is liquidated, it means that their position in the market has been forcibly closed by an exchange or brokerage due to a margin call or insufficient collateral. Margin is especially important when it comes to leveraged positions, which allow traders to control a multiple of their deposit, such as opening a $10,000 position with only $1,000 in their account.

Now that Bitcoin has been in the red for three days in a row, there is a chance that the world’s oldest and largest cryptocurrency could sink even further, BRN analyst Valentin Fournier said in a note shared with Decrypt.

“Bitcoin has closed in the red for three days in a row, with one-way trading showing limited resistance from bulls. Ethereum had a slightly positive Monday with strong resistance from bears who have won the last two days,” he wrote. “This momentum could take BTC to the $62,500 resistance or even the $58,000 territories.”

Looking ahead, Fournier said BRN’s strategy will be to “reduce exposure to Bitcoin and Ethereum and find a better entry point after the dip.”

This is despite Federal Reserve Chairman Jerome Powell’s comments yesterday on interest rates being widely regarded as accommodating and indicative of FOMC rate cuts in September.

Singapore-based cryptocurrency trading firm QCP Capital said the rally in stocks, which sent the S&P 500 up 1.6% from Wednesday’s close, was not felt in cryptocurrency markets.

“Cryptocurrencies have seen a broad sell-off overnight and into this morning,” the firm wrote in a trading note. “The market remains poised as traders pay close attention to daily ETH ETF outflows and further supply pressure from Mt Gox and the US government.”

Meanwhile, the other top-ranking coins are showing mixed performance.

Solana (SOL) is down 7.2% since yesterday to $169.13. Things are even worse for its most popular meme coins. In the past 24 hours, the most popular meme coins Dogwifhat (WIF) are down 12% and BONK (BONK) is down 9%, according to CoinGecko data.

Their dog-themed competitor, Ethereum OG Dogecoin (DOGE), the only meme coin in Coingecko’s top 10, is down nearly 4% since yesterday and is currently trading at $0.1205.

XRP (XRP) dropped to $0.608, which is 7% lower than it was at this time yesterday.

Binance’s BNB Coin (BNB) has kept pace with BTC and is currently trading at $571, down 2.4% from yesterday. Toncoin (TON), the native token of The Open Network, is down just 0.4% over the past day.

This leaves the stablecoins USDC (USDC) and Tether (USDT), both of which are stable as they maintain their 1:1 ratio with the US dollar.

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Markets

XRP Market Activity Drops During Ripple-SEC Talks: Price Steady

Published

6 months ago

1 August, 2024

Financial Block Staff

Ripple (XRP) Market Witnesses Calm During SEC-Ripple Meeting

The Securities and Exchange Commission (SEC) will hold another closed-door meeting with Ripple on Thursday, as the market hopes for a possible resolution to the legal battle between the two entities.

However, the cryptocurrency market remains relatively bearish, with the price and trading volume of XRP down in the last 24 hours.

Ripple holders take no risk

At press time, XRP is trading at $0.60. The altcoin’s price has dropped 6% over the past 24 hours. During that time, trading volume was $27 million, down 27%.

The SEC met before with the digital payment company on July 25. While the outcome of that meeting remains unknown, the Sunshine Act Notice for Thursday’s meeting includes one additional topic of discussion from the July 25 closed meeting: the instituting and resolving injunctive relief. That has market participants speculating whether a settlement is imminent.

In an exclusive interview with BeinCrypto, Ryan Lee, Lead Analyst at Bitget Research, noted that:

“This meeting will discuss possible resolution options for the Ripple Lawsuit. The founder of Ripple Labs said that a legal settlement could be announced soon. If an official settlement plan is released, it could positively impact XRP’s price movement.”

However, an assessment of XRP’s price movements on a 4-hour chart shows a spike in bearish bias as the market awaits the outcome of this crucial meeting. Its Moving Average Convergence/Divergence (MACD) indicator readings show that its MACD line (blue) has crossed below its signal line (orange).

XRP 4 Hours Analysis. Source: Trading View

Traders use this indicator to gauge price trends, momentum, and potential buying and selling opportunities in the market. When an asset’s MACD is set this way, it is a bearish signal that suggests selling activity is outweighing buying momentum.

Additionally, the altcoin relative strength index (RSI), at 46.08, is currently below its neutral 50 line and in a downtrend. This indicator measures overbought and oversold market conditions for an asset.

To know more: How to Buy XRP and Everything You Need to Know

xrp rsi XRP 4 Hours Analysis. Source: Trading View

At 43.83 at the time of writing, XRP’s RSI suggests a growing preference among the market participants for tok in distribution.

XRP Price Prediction: Derivatives Traders Exit Market

The XRP derivatives market has also seen a decline in trading activity over the past 24 hours. According to Coinglass, derivatives trading volume has plummeted 18% and open interest has dropped 10% during that period.

Open interest refers to the total number of outstanding derivative contracts, such as options or futurethat have not yet been resolved. When it drops, traders close their positions without opening new ones. This is a bearish signal that reflects a lack of confidence in any potential positive price movement.

According to Lee, the outcome of the meeting with the SEC “would have a significant impact on the price movement of the token.” If the outcome is favorable, the price of the token could rise towards $0.75 in August.

To know more: Ripple (XRP) Price Prediction 2024/2025/2030

XRP Price Prediction XRP 4 Hours Analysis. Source: Trading View

On the other hand, if no favorable resolutions are reached, the price could plummet to $0.50.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto strives to provide accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our Terms and conditions, Privacy PolicyAND Disclaimers They have been updated.

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Markets

Bitcoin’s Dominance Hits Three-Year High, But Analysts Say Altcoins Are Ready to Rebound

Published

6 months ago

1 August, 2024

Financial Block Staff

Bitcoin's Dominance Hits Three-Year High, But Analysts Say Altcoins Are Ready to Rebound

Bitcoin is now the dominant force in the cryptocurrency market, surpassing 53% of the total cryptocurrency market, a stronger share than it has been in the past three years.

Bitcoin’s market cap now stands at $1.27 trillion, second according to CoinGecko data. In contrast, the total cryptocurrency market cap is $2.43 trillion, with Ethereum occupying 15.9% of the market, worth $389 billion.

Bitcoin’s rise to dominance this year is unusual, as altcoins typically do better than Bitcoin in a bull market. While meme coins made a strong comeback during Bitcoin’s rally to all-time highs earlier this year, the so-called “wealth effect” It has not been appreciated as much by mid-range coins, such as Ethereum and Cardano.

“ETF flows fundamentally alter market dynamics,” he wrote Meltem Demirors, former chief strategy officer at CoinShares, tweeted Wednesday: “BTC gains no longer translate to alts and the longer tail of crypto.”

Bitcoin’s takeover has continued even as the market cap of Tether (USDT) continues to grow, the world’s largest stablecoin and the third-largest cryptocurrency after BTC and ETH. Stablecoins are backed by fiat currencies and are excluded from some measures of Bitcoin dominance due to fundamentally different value models.

The surge continued to pace even after the launch of Ethereum spot ETFs last week, which ironically culminated in a news sell-off event, and net outflows from new investment products since they were launched. This went against the predictions of K33 Search so far, which predicted that ETFs would catalyze ETH’s growth over the next five months.

Despite the poorer performance of the alts, there is reason to believe that they are ready to bounce back very soon.

CryptoQuant CEO Ki Young Ju said Tuesday that whales are “preparing for the next altcoin rally,” as limit buy orders for assets other than BTC and ETH are on the rise.

The executive shared a chart showing how the “cumulative difference between purchase volume and sales volume” has increased in recent months.

“The indicator measures the difference between buy and sell orders over a year,” CryptoQuant told Decrypt. A buy/sell order is a pre-set request to buy or sell a cryptocurrency if it hits a certain price level, which creates resistance and support levels.

“If the trend is up, it means that more people are placing buy orders, showing strong interest in buying,” CryptoQuant said.

By Ryan-Ozawa.

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Markets

XRP and SOL Retrace as BTC Price Drops to 2-Week Lows (Market Watch)

Published

6 months ago

1 August, 2024

Financial Block Staff

Bitcoin Returns Toward $60K, XRP Defy Negative Sentiment (Market Watch)

After Monday’s crash, in which BTC fell by several thousand dollars, the scenario has repeated itself once again in the last 12 hours, with the asset falling to a 2-week low of $63,300.

Alt coins followed suit, with most of the market in the red today. SOL and XRP lead the way from the higher cap alts.

BTC Drops To $63.3K

After a violent Thursday last week, when BTC crashed to $63,400, the asset went on the offensive over the weekend and surged above $69,000 on Saturday, as the community prepared for Donald Trump’s appearance at the 2024 Bitcoin Conference in Nashville.

His speech was followed by more volatility before the cryptocurrency settled around $67,500 on Sunday. Monday started off rather optimistically for the bulls as bitcoin hit a 7-week high of $70,000.

However, he failed to maintain his run and conquer that level decisively. On the contrary, he was rejected bad and dropped to $66,400 by the end of Monday. Tuesday and Wednesday were less eventful as BTC remained still around $66,500.

The last 12 hours or so have brought another crash. Bears have pushed the leading digital asset down hard, which has fallen to a 2-week low of $63,300 (on Bitstamp), leaving over $200 million in liquidations.

Despite the current rebound to $64,500, BTC’s market cap has fallen to $1.270 trillion, but its dominance over alts is recovering and has reached 52.6%.

Bitcoin/Price/Chart 01.08.2024. Source: TradingView

The Alts are back in red

Ripple’s native token has been at the forefront of the market challenge in recent days as pumped up to a multi-month high of over $0.66. However, its run was also interrupted and XPR fell by more than 6% in the last day to $0.6.

The other big loser among the larger-cap alternatives is SOL, which has lost 8% of its value and is now struggling to get below $170.

The rest of this altcoin cohort is also in the red, with ETH, DOGE, BNB, AVAX, ADA, SHIB, and LINK all seeing drops between 2 and 5%.

The total cryptocurrency market cap lost another $70 billion overnight, falling below $2.4 trillion today on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
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Cryptocurrency Charts by TradingView.

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