Tag: Ethereum

Price analysis 5/27: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
Altcoins, Bitcoin

Price analysis 5/27: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

Equities markets in the United States rallied sharply on May 25 and 26 but Bitcoin (BTC) and altcoins have not followed a similar trajectory. This suggests that traders are not confident that the crypto markets have bottomed out yet. On-chain analytics firm Glassnode said that the number of Bitcoin whales has been reducing and on May 27, the metric fell to the lowest level since July 2020. On May 24, Miller Value Partners founder and chief investment officer Bill Miller backed Bitcoin investing and called it an “insurance policy against financial catastrophe.”Daily cryptocurrency market performance. Source: Coin360In a note to its clients on May 25, JPMorgan said that Bitcoin’s fall looks like capitulation and they anticipate Bitcoin and the crypto markets to rally. The bank...
3 reasons why Bitcoin is regaining its crypto market dominance
Bitcoin

3 reasons why Bitcoin is regaining its crypto market dominance

Bitcoin (BTC) is regaining its lost crypto market dominance even as it trades nearly 60% below its record highs.Bitcoin dominance at 6-month highsThe Bitcoin Market Dominance (BTC.D) index, a metric that weighs BTC's market capitalization against the rest of the cryptocurrency market, jumped to around 47% on May 27, its highest since October 2021.Bitcoin Market Dominance daily chart. Source: TradingViewThe dominance index swelled despite the drop in Bitcoin's market cap in the last six months from $1.3 trillion in November 2021 to nearly $550 billion in May 2022, suggesting that traders were more comfortable selling altcoins. Let's look at three likely reasons why traders have been rotating out of the altcoin market to seek safety in Bitcoin.Ethereum "Merge" narrative is cooling downE...
Buterin: How to create algo stablecoins that don’t turn into Ponzis or collapse
Blockchain News

Buterin: How to create algo stablecoins that don’t turn into Ponzis or collapse

Ethereum co-founder Vitalik Buterin has shared two thought experiments on how to evaluate whether an algorithmic (algo) stablecoin is sustainable.Buterin’s comments were sparked by the multi-billion dollar losses caused by the collapse of the Terra ecosystem and its algo stablecoin TerraUSD (UST). In a Wednesday blog post, Buterin noted that the increased amount of scrutiny placed on crypto and decentralized finance (DeFi) since the Terra crash is “highly welcome,” but he warned against writing off all algo-stablecoins entirely. “What we need is not stablecoin boosterism or stablecoin doomerism, but rather a return to principles-based thinking,” he said: “While there are plenty of automated stablecoin designs that are fundamentally flawed and doomed to collapse eventually, and plenty ...
BTC price breakout due ‘relatively soon’ as Bitcoin volumes spook traders
Altcoins, Bitcoin

BTC price breakout due ‘relatively soon’ as Bitcoin volumes spook traders

Bitcoin (BTC) disappointed bulls on upside prior to the May 26 Wall Street open as BTC/USD returned under $29,000.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewMarkets "eerily calm" post FOMCData from Cointelegraph Markets Pro and TradingView tracked an uninspiring day for Bitcoin, with $800 of losses coming in a single hourly candle several hours before the start of trading.The largest cryptocurrency had avoided volatility on the release of minutes from the United States Federal Reserve's Federal Open Markets Committee (FOMC). These had avoided any serious divergence from already known facts about economic policy, and despite concerns anti-inflation measures could lead to a recession, no mention of the word "recession" appeared in the minutes.Even legacy markets remained...
Ethereum Beacon Chain experiences 7 block reorg: What’s going on?
Etherium

Ethereum Beacon Chain experiences 7 block reorg: What’s going on?

Ahead of the Merge tentatively penciled in for August, Ethereum’s Beacon Chain experienced a seven-block reorganization, or reorg, on Wednesday. According to data from Beacon Scan, on Wednesday, seven blocks from number 3,887,075 to 3,887,081 were knocked out of the Beacon Chain between 08:55:23 to 08:56:35 am UTC. The term reorg refers to an event in which a block that was part of the canonical chain, such as the Beacon Chain, gets knocked off the chain due to a competing block beating it out.It can be the result of a malicious attack from a miner with high resources or a bug. Such incidents see the chain unintentionally fork or duplicate. On this occasion, developers believe that the issue is due to circumstance rather than something serious such as a security issue or fundamental flaw, ...
Price analysis 5/25: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
Bitcoin, Price Analysis - Top 10 Crypto

Price analysis 5/25: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

Bitcoin (BTC) has been struggling to sustain above $30,800 since May 16, suggesting that demand dries up at higher levels. Similarly, U.S. equity markets have not ceased to decline due to uncertainty regarding the number of rate hikes that will be needed to bring inflation under control. As the crypto bear market deepens, analysts are becoming extra bearish on their projections for the extent of the fall. Trader and analyst Rekt Capital said that Bitcoin could be at risk of falling to $19,000 to $15,500 before a bottom is formed.Daily cryptocurrency market performance. Source: Coin360However, Arcane Research recently pointed out that buying when Bitcoin’s Fear and Greed Index reaches a score of 8 had resulted in an average median 30-day return of 28.72%. Interestingly, the index hit 8...
Top 3 cryptocurrencies that are faring the best in the 2022 bear market
Altcoins, Bitcoin

Top 3 cryptocurrencies that are faring the best in the 2022 bear market

The crypto market has been in decline over the past six months with its valuation dropping from over $3 trillion in November 2021 to $1.23 trillion in May 2022.Fears over persistently higher inflation, the Federal Reserve's hawkish response to it, and the ongoing conflict between Ukraine and Russia prompted investors to limit their exposure to riskier assets. Also, their increasing appetite for the safe-havens, such as the U.S. dollar, weighed down demand for some of the top cryptocurrencies and U.S. equities.As a result, some digital assets, such as Dogecoin (DOGE) and Cardano (ADA), fell by more than 80% from their record highs established last year. At the same time, a few tokens witnessed similar albeit dwarfed declines compared to other assets in the top-30. These are three among thos...
Price analysis 5/23: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
Bitcoin, Price Analysis - Top 10 Crypto

Price analysis 5/23: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

The United States equity markets are attempting a recovery after weeks of relentless selling. Along similar lines, on-chain monitoring resource Material Indicators expects the crypto market to recover, but they anticipate Bitcoin (BTC) to spend some time in a range before “a real breakout.”The seven-day moving average of the on-chain transaction volume tracked by Glassnode hit a nine-month low on May 23. This suggests that Bitcoin’s lackluster price action in 2022 has led to reduced participation from traders. Daily cryptocurrency market performance. Source: Coin360While signs of a short-term recovery are visible, a sustained recovery could be difficult because the macro conditions remain challenging. International Monetary Fund managing director Kristalina Georgieva wrote in a blog post t...
Why is Ethereum used for NFTs?
Etherium

Why is Ethereum used for NFTs?

When choosing any blockchain for minting NFTs, such as Ethereum for NFT development, ensure the robustness of its smart contracts, check the blockchain’s fee structure, security measures and transaction speed, and assess the possibility of forking. In the cryptocurrency market, NFTs are a significant niche. They provide further exposure to cryptocurrencies for people who might not otherwise have come into contact with these assets. In addition, they actively contribute to the mass adoption of blockchain technology because they are so closely linked to digital art and gaming. However, the resilience of a blockchain's smart contracts is a major component of the overall security of distributed ledger technology. Smart contracts must go through extensive testing to provide the highes...
Price analysis 5/20: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
Bitcoin, Price Analysis - Top 10 Crypto

Price analysis 5/20: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

Bitcoin’s (BTC) tight correlation with the legacy markets continues to be a drag, especially as the United States equity markets remain in a firm bear trend. The Dow Jones Industrial Average is on track for its eighth consecutive negative week and the S&P 500 is close to plunging into the bear market territory.Celsius (CEL) CEO Alex Mashinsky believes that the short sellers on Wall Street are looking for any weakness in crypto companies to “short and destroy.” Mashinsky blamed “the Sharks of Wall Street” for bringing down Terra (LUNA) and trying to destabilize Tether (USDT) and Maker (MKR) and “many other companies,” including Celsius.Daily cryptocurrency market performance. Source: Coin360Bear markets, though painful in the short term, tend to be good buying opportunities for long-ter...