Smart contract platform Secret (SCRT) has been on the move at the turn of the year. Addressing privacy issues that users face with public blockchains and smart contracts, the adoption of Secret (SCRT) is only likely to rise further.
This week news hit the wires of crypto cyber-crime hitting an all-time high in 2021. Reportedly, cryptocurrency-linked crime surged by a whopping 79% to $14bn in the year. In 2020, crypto-currency linked crimes had hit $7.8bn. While the 2021 figure is large, illicit activities’ share of total crypto transaction volume sat at just 0.15%. This is down from 0.62% in 2020.
Secret (SCRT) and the NFT Market
Considering the growing NFT market and rapid rise in the number of crypto users and transaction volume, privacy could become a hot topic of the year.
At the end of 2021, news had hit the wires of art gallery owner Todd Kramer having his NFT collection stolen from his hot wallet. The reported value of the NFTs was $2.2m.
Following the news of the theft, Pulp Fiction director Quentin Tarantino announced that he will go ahead with the planned sale of Pulp Fiction NFTs. Tarantino plans to auction off 7 NFTs between 17th and 31st January. The 7-NFT collection is called “Secret NFTs” and will be reportedly launched on the Secret Network (SCRT) blockchain. The “Secret NFTs” collection is based on Ethereum (ETH) blockchain.
Secret (SCRT) Price Action
While Bitcoin (BTC) and the broader crypto market have struggled at the turn of the year, Secret (SCRT) is one of a few that has found strong support. At the turn of the year, Secret (SCRT) had entered the top 100 by market cap, according to CoinMarketCap. At the time of writing, Secret (SCRT) sat at #90, with a market cap of $988m.
Year-to-date, Secret (SCRT) is up 28% through to Friday’s close. At the time of writing, Secret (SCRT) was up by 0.42% to $6.54.
Looking at resistance levels, a breakthrough Tuesday’s high $7.12 would give Secret (SCRT) a run at October’s ATH $11.08. Secret (SCRT) will need to break down resistance at November’s high $10.58, however.