The average Ethereum value transfer now equals to that of the Bitcoin network. It means the total value of virtual assets moved via the blockchain, in this ….. Bitcoin price started a strong recovery above USD 7,000.
Ethereum is up 8% to USD 172 and XRP might revisit USD 0.192.
ABBC rallied more than 20% and KMD is up close to 10% today. Ethereum witnessed a sharp 7% price drop over the past seven days as it trades at $156. However, over the past 5-days, Ethereum has been trading sideways All the latests news on Crypto, Blockchain, Bitcoin, Ethereum, Tokens, ICOs, Fintech, and more.
The average Ethereum value transfer now equals to that of the Bitcoin network. It means the total value of virtual assets moved via the blockchain, in this case, Ethereum blockchain, is now contending with those on the Bitcoin platform as of April 12 this year.
Blockchain analytics firm Messari shared data indicating that the two networks’ daily value transfer is at parity at roughly $1.5 billion. The total value transferred on the Ethereum network includes both ETH and other stablecoins built on the blockchain network, such as Tether (USDT).
The performance of the Bitcoin blockchain massively contributes to the parity in regular value transfer. The transfer value on the ecosystem reached an all-time high of $3 billion back in July 2019, within a single day. However, ever since then, the network has not been able to maintain such levels.
As the value of Ethereum surged, the digital currency peaked a milestone of $115 million in daily ethereum value transfer back in December 2018. Ever since then, that value has steadily escalated to about $1.5 billion today.
The Bitcoin blockchain had experienced a slight growth in day-to-day value transfer back at the start of the year. Unfortunately, the network has since gone under use since the mid-March bearish market.
Back in 2017, when bitcoin reached a milestone valuation, the number of transactions per second on the Bitcoin network reached an all-time high of 4.7 transactions each second. Unfortunately, in 2020 things are different, and that figure has been dropping since the March crash. The network currently processes below three operations a second.
In contrast, Ethereum reached a milestone TPS back in 2018 at 15. Nevertheless, the number of transactions per second has since reduced to 9 TPS. Although the figure has dropped, the Ethereum network still beats the BTC network in this department.
Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”
Author: Arnold Kirimi
Bitcoin And Altcoins Rally, Ethereum Outperforms Major Coins
Total market capitalization
In the past few hours, a few altcoins gained more than 5%, including ABBC, KMD, HYN, ZEC, EOS, SNX, DGD, ENJ, and BTM. Conversely, XNS, HEDG, and BTG are down more than 5%.
Author: By Aayush Jindal
Ethereum Price Analysis: ETH Trading In A Close Range But A Huge Move Could Be Imminent
- Ethereum witnessed a sharp 7% price drop over the past seven days as it trades at $156.
- However, over the past 5-days, Ethereum has been trading sideways between $155 and $160.
- Against Bitcoin, the bulls are controlling the market after rebounding at 0.0229 BTC to trade above 0.0232 BTC.
Support: $155, $150, $143.
Resistance: $160, $165, $170.
Support: 0.0229 BTC, 0.0223 BTC, 0.0219 BTC.
Resistance: 0.0235 BTC, 0.024 BTC, 0.0247 BTC..
Last week, Ethereum ran into resistance at the 100-days EMA at around $172, causing it to fall into the $155 support provided by a short term .382 Fib Retracement. The cryptocurrency has been trading sideways between $155 and $160 for the past five days straight.
Typically, when a coin trades sideways for a period like this, it is indicative that a large move is imminent and all signs are pointing to a positive push higher.
If the bulls climb above $160, the first level of resistance is located at $165 (bearish .382 Fib Retracement). Following this, resistance lies at $170 (100-days EMA), $180 (200-days EMA), and $189 (bearish .5 Fib Retracement).
Alternatively, if the sellers break the support at $155, added support lies at $150 (.5 Fib Retracement), $143 (.618 Fib Retracement), and the rising support trend line.
The RSI has managed to remain above the 50 level over the entire period of April 2020 which shows that the bulls are still not ready to give up the control of the market momentum. If it can start to rise, ETH is likely to head above $170.
Against Bitcoin, Ethereum has been battling to remain above the .236 Fib Retracement at 0.0229 BTC over the past week. The bulls were successful in today’s trading session as they climb above 0.023 BTC to reach 0.0232 BTC.
If the bulls continue above 0.0235 BTC, ETH is likely to be headed toward 0.025 BTC this week.
The first level of resistance is located at 0.0235 BTC. Above this, resistance lies at 0.024 BTC, 0.0247 BTC (bearish .618 Fib Retracement), and 0.025 BTC.
On the other side, support lies at 0.0229 BTC, 0.0223 BTC (.382 Fib Retracement & 200-days EMA), and 0.0219 BTC (.5 Fib Retracement).
The RSI is strongly within the bull’s favor as it starts to rise higher showing increasing bullish momentum. It still has room before becoming overbought which suggests that ETH can still climb higher against BTC.
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Close to 1,000 Validators Join the New Ethereum 2.0 Testnet
The newest ethereum 2.0 testnet on the latest version 0.11.1 is being launched by Prysmatic labs with more than 22,000 eth already deposited for this testnet which now uses 32 eth to stake.
“The Topaz test network is unique as it represents the full Ethereum 2.0 Phase 0 mainnet configuration,” they say, adding:
“In the previous testnet, Sapphire, we targeted mainnet scale but used smaller 3.2 ETH deposits. For Topaz, validators are going to have to deposit the full 32 ETH on the Goerli ETH1 testnet to participate.”
This is a single client testnet, which is the first stage of a three part process with Lighthouse and Nimbus expected to launch similar testnets too on the latest version.
The next stage then is getting these different clients to talk to each other, with Nimbus already working on interoperating with Lighthouse.
By our own estimate that would take at least a month, if not more, with the actual multi-client launch then probably by June at best.
That’s what usually is called as just the testnet, with it being the final stage before the actual genesis block launches.
At this point, it looks like it would be September at best. Devcon would be close enough, so the live genesis block might launch at Devcon, governments permitting.
All this for a skeleton blockchain that although it can change monetary economics from an investment perspective, it basically does nothing where end users are concerned in as far as you can’t transfer value within that chain, let alone have smart contracts or defi.
Those come in at phase 2, when full sharding, which realistically might be ready by the time of the next halvening.
Meaning ethereum’s blockchain won’t be ready for even semi-mainstream usage, let alone full on mainstream, for many years.
There are different scaling methods than sharding by compressing many transactions onto one on-chain transaction to save costs and also to timely be included in the blockchain.
Usually however these methods require a deposit transaction that sends the funds to an accounting smart contract when then interactions can happen within the contract, rather than the blockchain, unless one wants to get out of the contract.
Arguably a decentralized exchange or a dapp could be the accounting contract itself, so for the dapp world this could work, but for it to make sense you need to interact a lot, and thus might be limited in use cases.