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Tag: ETH

  • The top crypto winners of the second quarter ‘21

    The top crypto winners of the second quarter ‘21

    The second quarter of 2021 has been almost the exact opposite to the first one. While the first quarter of the year saw new all-time highs and record adoption and acceptance of cryptocurrencies, the second quarter is marked by panic-selling and un-ending bearish momentum.

    While the bears were dominant in the second quarter, there were still cryptocurrencies that outperformed others. The outperformers in the second quarter were: Dogecoin (DOGE), Ethereum Classic (ETC), Ripple (XRP) and Ethereum (ETH). The outperformers ended the quarter with positive gains while others had succumbed to the bears.

    DOGE AND ETC
    DOGE AND ETC

    Dogecoin (DOGE) had a positive change of 325% in the second quarter. The performance of Dogecoin can largely be attributed to the “Doge-father” – billionaire CEO Elon Musk. Musk has been a champion of cryptocurrency and had been behind most of the cryptocurrency’s price rallies.

    Ethereum Classic – the hard fork of Ethereum – had a return of 268%. The quarter had been eventful for Ethereum Classic as the development team published a detailed roadmap and the budget for 2021. ETC coin also saw various software releases and network upgrades which contributed to its growth in the quarter.

    Ripple (XRP) had been going strong ever since the bears from the Ripple Labs vs. SEC lawsuit took a backseat. The cryptocurrency outperformed by 12% in the quarter. The lawsuit continues with full force but the counsel of Ripple Labs argue that the SEC has singled out XRP. The price of XRP has become near-immune to the lawsuit.

    Ethereum (ETH) – the queen of the market – ended the second quarter with an increase of 13%. Ethereum begun the Layer 2 scaling solution led by Polygon in the second quarter. Upgrades and proposals were implemented to take care of the issue of high gas fees on the network. The network is also moving towards a proof-of-stake mechanism.

  • Ethereum (ETH) coin bearish momentum to end soon?

    Ethereum (ETH) coin bearish momentum to end soon?

    Ethereum (ETH) – the queen of the market – has been on a downtrend ever since the high of the bull run. While once Ethereum was trading hands at $4,000, now the queen of the market is barely above $2,000. At the time of writing, ETH coin stands at a price level of $2,055. The price of the crypto has moved up by 11% in the past twenty-four hours while in a weekly timeframe there has been a decline of $6. The daily trading volume of the cryptocurrency is also increasing.

    Ethereum (ETH) Tchnical Analysis

    The market sentiment for the cryptocurrency is bearish. Out of the total twenty-six technical indicators, ten are standing at a sell position and ten are at a neutral position while six are giving out a signal of buy. The oscillators are neutral while the moving averages are strongly bearish.

    Ethereum (ETH) technical analysis
    Ethereum (ETH) technical analysis

    The bearish momentum of ETH crypto is believed to end soon. As the market crashed, the cryptocurrency appears to have cooled down and the bullish momentum will resume once again. A trader has identified to begin moving towards $3,000. Ethereum is currently operating in a safe supporting zone. The coin is expected to stabilize. Although there is a possibility of falling further, ETH is expected to stabilize and reverse its trend at the supporting zone.

    Lowest gas fees on the Ethereum blockchain

    As Ethereum was moving upwards, the gas fees at the blockchain skyrocketed. The transaction fee went as high as $70 on average and currently it is at $2.15 – the lowest in six months. The declining gas fees make transactions more efficient on the network but it is also indicative of a rapidly decreasing demand for Ethereum. The long-anticipated ETH2.0 upgrade may help revive demand for the cryptocurrency.

  • Ethereum (ETH) coin to break the strong resistance at $2,500?

    Ethereum (ETH) coin to break the strong resistance at $2,500?

    Ethereum (ETH) is not moving in tandem with the king of cryptocurrencies, Bitcoin, which is bullish. Ethereum having a high correlation with BTC coin often completely mirrors Bitcoin but the current scenario indicates towards the dominance of bears for ETH crypto. ETH coin has been consolidating ever since the price hit a low of around $2,000 amidst market corrections. At the time of writing, ETH stands at a price level of $2,496. The price has moved up by 4% in the daily timeframe while the weekly metrics suggests a fall of 10% in the cryptocurrency.

    Ethereum (ETH) Technical Analysis

    The market sentiment for ETH continues to be bearish as the cryptocurrency tries to tackle the bears. Out of the total twenty-six technical indicators, ten stand at a sell position and ten are giving out a neutral signal while the buy signals are only six. The oscillators are neutral while the moving averaged are strongly bearish.

    Ethereum (ETH) technical analysis
    Ethereum (ETH) technical analysis

    The $2,500 price level is acting as a strong psychological resistance for Ethereum. The cryptocurrency has failed various times to break the resistance. A trader has identified ETH crypto to be operating on an impulse wave. The cryptocurrency has completed the first wave and is underway completing the second. Per the analysis, Ethereum is going to break the major resistance level at $2,500 if the impulse wave is validated. The trader suggests the price level of $2,551 to be the potential price target for ETH.

    High dollar inflow into ETH

    While ETH frequently finds itself in the ETH vs. BTC debate, the crypto is definitely ruling over other cryptocurrencies. CoinShares’ weekly report reveals a high inflow of investment into ETH and other cryptocurrencies. Ethereum proves to be the favorite altcoin of investors with the high inflow of $33 million while XRP attracted inflow of $7 million and followed by $4.5 million of Cardano.

  • Can Solana (SOL) overtake Ethereum (ETH)?

    Can Solana (SOL) overtake Ethereum (ETH)?

    Solana (SOL) year-to-date performance is a staggering 1,950% gains while Ethereum (ETH) year-to-date returns stand at just 252%. After the crash, both the cryptocurrencies have embarked on an upward trend – although the trend has yet to be confirmed by further price actions. The stark difference in the growth of both cryptocurrencies will clearly give a preference to Solana. However, the difference in the price levels may be accounted for the difference in growth as Solana has a much lower price, it has more room for growth. At the time of writing, Solana stands at a price level of $31 while Ethereum is trading hands at $2,613.

    The debate – ETH vs. SOL

    Solana (SOL) has also been debated to have the potential to one day overtake the queen of the market – Ethereum. Two crypto experts Kain Warwick and Kyle Samani, in a podcast “The Unchained”, have discussed the threat that Solana along with Binance Smart Chain pose to Ethereum. Warwick has postulated that Solana with its stability and predictability can possibly surpass Ethereum. Both Binance Smart Chain and Solana have been gaining organic traction.

    Although Ethereum’s upgrade ETH2.0 is one of the highly anticipated events, Samani has put forward the concerns that he has with the upgrade. At the moment, the future of Ethereum look quite uncertain. Nobody has any idea with dApps would look like with the scaling solution that Ethereum is looking to provide. This uncertainty may lead to users flocking towards Solana and other smart contract platforms.

    A hallmark step for Solana is one of its projects being backed by a leading accelerator. Mercurial Finance is now being backed by DeFi Alliance – a startup accelerator. Mercurial Finance is the first Solana-based project being supported by the notable accelerator which has had mentors like Coinbase. Mercurial Finance is working on building a platform for stablecoins with a competitive edge of dynamic fees and dynamic allocation of slippage.

    Moreover, OpenOcean is bringing its DEX aggregation protocol into Solana. The aggregator recently announced its plans to expand into Solana network. OpenOcean will bring DeFi and CeFi liquidity into Solana which will allow users to enjoy lower gas fees and better yields.

    In conclusion, at this moment, it may look like a plausible argument. However, Ethereum did not become the queen of the market overnight. So, for any project to overtake Ethereum, it would not be an easy feat.

  • Cardano (ADA) and why it has potential

    Cardano (ADA) and why it has potential

    Cardano (ADA) established its all-time high at $2.46. The cryptocurrency fell towards $1.06 – succumbing to the bearish pressures in the market but it has picked up the momentum once again. At the time of writing, Cardano stands at a price level of $1.67. ADA coin is on an uptrend with the price increasing in the past twenty-four hours. The trading volume has, however, declined by 40%.

    What is Cardano and why does it have potential?

    Cardano is a proof-of-stake blockchain with the aim to empower leaders to bring a positive change in the world utilizing its smart contract and decentralized app technology. Cardano was founded by Charles Hoskinson who was also one of the co-founders of Ethereum which is why the cryptocurrency is in direct competition with Ethereum – the queen of the market.

    Three reasons why Cardano (ADA) is better than Ethereum

    Charles Hoskinson, in a recent interview to Yahoo Finance, heavily criticized Ethereum. The Cardano co-founder has listed three reasons why he thinks his network is much better than Ethereum. Per the founder, Ethereum does not have any real capabilities. Hoskinson commented that mere employment of smart contracts is not enough as Ethereum does. Cardano’s smart contracts can be employed with inculcating governance and compliance.

    Secondly, Cardano’s aim is to empower the poor people through financial inclusion and the likes. And Lastly, Hoskinson’s think Ethereum’s structure is vague and confusing. The new ETH2.0 upgrade “will kill ETH1.0”.

    Cardano (ADA) in Africa

    A part of its goal to focus more on the poorer segment, Cardano has been heavily involved in regions like Tanzania, Ethiopia and Georgia. This is also something that sets apart the network from others. Working with the education ministry in Ethiopia, Cardano is developing a blockchain-based ID system for educators and students. In Tanzania, the network has partnered up with World Mobile to create financial acceptance in communities.

  • Ethereum Classic (ETC): Will the bearish divergence rise?

    Ethereum Classic (ETC): Will the bearish divergence rise?

    Ethereum Classic (ETC) has had 1,200% returns year-to-date. The cryptocurrency rose to prominence amidst the market boom of 2021. Before the start of the year, ETC coin was operating at a price level of $5 and went as high as $176. At the time of writing, ETC crypto stands at a price level of $74. The price of cryptocurrency is on a downtrend. The price level decreased by 8% in the past twenty-four hours while the daily trading volume went down by 30%.

    Ethereum Classic (ETC) Technical Analysis

    The market sentiment for Ethereum Classic is neutral with a bearish bias. Out of the twenty-six technical indicators, ten stand at a neutral position while buy and sell indications are at eight each. The oscillators are bearish while the moving averages suggest an uptrend.

    Ethereum Classic (ETC) Technical Analysis
    Ethereum Classic (ETC) Technical Analysis

    After picking up the pace, Ethereum Classic again succumbed to the bearish pressure in the market. The cryptocurrency was operating in a descending channel formation after establishing its all-time high. The recent bullish momentum resulted in ETC crypto breaking out of the formation to the upside. However, the bullish divergence could not be upheld as Ethereum Classic again fell downwards. The price level of $72 is acting as strong support for the cryptocurrency while the price level of $80 followed by $84 are major resistance levels which ETC coin has failed to break.

    Why Ethereum Classic (ETC) can go up?

    According to the forecast of Digital Coin Price Ethereum Classic will stand at a price level of $330 in five years’ time but why? Ethereum Classic is a hard fork of Ethereum which means it has the capabilities of the queen of the market but is a better alternative. Ethereum’s potential is a hard fact now because of the unique offering of the platform.

    Ethereum Classic was a product of the 2016 hack. The developers believe the coin to be “free from external interference and subjective tampering” – making it more secure. ETC has outperformed ETH in the bull run in terms of price growth. The stark difference in the price of both cryptocurrencies also make ETC more viable than ETH. While the technical analysis may suggest a prolonger bearish bias, the fundamentals are strong and some advocates believe ETC may overtake ETH one day – which may be wishful thinking but the crypto market is full of surprises.

  • Polygon (MATIC) the beginning of Indian dominance in crypto sphere?

    Polygon (MATIC) the beginning of Indian dominance in crypto sphere?

    Polygon (MATIC) may have started seeing some positive momentum after a hard crash. The market crash has caused cryptocurrencies to fall as much as 50% from their all-time high. Even established and high-market cap coins have succumbed to the strong bearish sentiment in the market. However, one thing is for sure the bear market cannot last forever and price growth is imminent after bear markets. Polygon (MATIC) may be one of the few cryptocurrencies that are witnessing some possible reversal of the price movements. At the time of writing, Polygon crypto stands at a price level of $1.17. The price had been increasing in the past twenty-four hours while the daily trading volume is also positive.

    India is cited as the country to host the next Silicon Valley. The country has an abundance of programmers and developers; however, Indians were absent from the cryptocurrency sphere. The ban on cryptocurrencies by the Reserve Bank of India may have had a vital role to play in this absence. But as the cryptocurrency adoption and acceptance boomed, first in the 2017 bull run and now in the 2021 bull run, cryptocurrencies reached nearly every corner of the world.

    Indian developers debut into the crypto sphere with Polygon (MATIC). Originally called Matic Network, the cryptocurrency is a layer-1 scaling solution for Ethereum. The network aims to enhance the capabilities of Ethereum and boost the adoption of cryptocurrencies. Polygon is also compatible with Ethereum which makes it an attractive alternative amidst soaring gas fees and scalability issues on Ethereum.

    The cryptocurrency has quickly climbed the market ranks standing at eighteenth in terms of capitalization. The potential of the network has been realized by many. There had been an influx of yield farmers to the Polygon network. It had also surpassed Ethereum in terms of the number of daily transactions.

  • Cryptocurrencies now accounts for 2% of global money supply

    Cryptocurrencies now accounts for 2% of global money supply

    Decentralized finance is considered to be the future of the finance ecosystem. DeFi or decentralized finance is making available financial products on public open-source blockchain to increase their availability and affordability. Cryptocurrencies employing the decentralized finance technology have been surging with the rally being led by the queen of the market – Ethereum (ETH). DeFi is also partially responsible for rallies in the cryptocurrency sphere.

    Ethereum is considered the pioneer of the DeFi and smart contracts technology. Ethereum-based projects are the most common in the market that are surging and surpassing expectations. The DeFi projects on Ethereum have been stealing the limelight.

    The findings of Delphi Digital Researchers reveal some of the top decentralized finance include BSC, Polygon (MATIC), Solana (SOL), Terra (LUNA), Avalanche (AVAX), and of course Ethereum (ETH). These projects combined accounts for 34% of the total value locked in the decentralized sphere.

    The cryptocurrency now accounts for 2% of the global money supply – all thanks to the DeFi surge. The growth is a testament to the potential that the technology carry. The bull run of 2021 saw a DeFi surge with many high-profile players acknowledging the role of decentralized finance technology in the future.

    Ethereum (ETH) stands at $3,40 at the time of writing. The cryptocurrency has fallen by 6% in the past twenty-four hours. The second ranked cryptocurrency has its daily trading volume increased by nearly 60%. ETH coin established its all-time high at $4,362. The market has taken a downturn as the CEO of Tesla hinted towards ditching Bitcoin as a payment method for Tesla’s electric cars while also criticizing the king of the market because of its high energy consumption. Ethereum crypto is also in a downward trend but decentralized finance is not going anywhere.

  • Elon Musk’s cryptocurrency market crash

    Elon Musk’s cryptocurrency market crash

    The cryptocurrency market has crashed around 10% all thanks to Elon Musk’s tweet saying “Indeed”. The Tesla CEO hold immense power over the cryptocurrency market since the whole market is purely speculative. Musk’s tweet was a response to a threat stating Tesla may dump its Bitcoin holdings because of BTC’s high energy consumption and the subsequent harm to the environment.

    The hint towards Tesla dumping its BTC holdings has spiraled into a hard market crash. Bitcoin has fallen to nearly $45,000 with its market dominance crashing to 40%. The fall in BTC’s dominance is huge and has caused a further panic in the market. The dominance is currently at its lowest since the market crash of 2018 – hinting towards a similar cooling of the market.

    Bitcoin is currently down by 35% from its all-time high established in April. Ethereum, the queen of the market, has suffered to. ETH is down by 24% from its all-time high established earlier in May. The rest of the market is following suit with cryptocurrencies showing nearly double-figure losses in the weekly timeframe.

    Elon Musk has also been called a hypocrite for ditching Bitcoin because of its high energy consumption. Galaxy Digital, a cryptocurrency firm, has released a report titled “On Bitcoin’s Energy Consumption: A Quantitative Approach to a Subjective Question”. According to the estimates of the study, the energy consumption of Bitcoin stands at $113 TWh inclusive of miner demand, pool power, node power, and miner power consumption. The figure is two times less than the energy consumption of the banking sector as well as the gold industry.

     

    Bitcoin has been bashed for not being environmentally friendly and with Elon Musk being the latest to join the ranks of those, the study has shed light over the important issue.

  • Ethereum (ETH) under the bulls – What to expect?

    Ethereum (ETH) under the bulls – What to expect?

    Ethereum (ETH) is on a steep uptrend. The altcoin season has been favorable for the queen of the market. Ethereum established its all-time high at $3,541 hours ago from the time of press. At the time of writing, ETH coin stands at a price level of $3,409 with the price climbing up 5% in the daily timeframe. The daily trading volume for the cryptocurrency, however, has declined. Second only to Bitcoin, the market capitalization of Ethereum has been climbing steadily – now standing at $395 billion.

    Ethereum (ETH) technical analysis

    The market sentiment for Ethereum is strongly bullish. Out of the 26 total technical indicators, fifteen are standing at a buy position with six at neutral position and only five giving out a sell signal. The oscillators are mainly bearish – indicating a sell signal – while the moving averages are bullish.

    A trader has identified Ethereum to have formed multiple wave counts in their ETH price analysis. Per the trader, the cryptocurrency is currently developing two distinct wave counts. The third wave of the more volatile wave count is under development. At the third wave, Ethereum is expected to retest its resistance level at the 1.618 Fibonacci Retracement which lies parallel to the price level $3,688. A minor pullback is likely to occur after failure in retesting the resistance level but Ethereum will reach forward afterwards.

    Why is Ethereum bullish?

    ETH coin was able to cross the psychological resistance level of $3,000 all because of a strong bullish sentiment in the market. The confidence in the cryptocurrency and its technology is growing as the anticipated upgrade, ETH2.0, looms closer. ETH 2.0 is said to be game changer as it will shift the cryptocurrency from a proof of work mechanism to a proof of stake one. The update will drastically improve the scalability of Ethereum and is the primary reason why the confidence in the cryptocurrency is growing at such a pace.