Category Archives: Ethereum
ARB price to $2? Ethereum L2 rival Arbitrum will double in April, fractal suggests – Cointelegraph
The price of Arbitrum (ARB) has dropped by nearly 20% a week after establishing its record high at $1.60 on March 23. However, the Ethereum layer-2 token looks set to resume its uptrend in the coming weeks.
The cues for a bullish Arbitrum token could be traced back to its Ethereum L2 rival Polygon's market debut.
MATIC (MATIC) started trading on Binance on April 26, 2019, at $0.0026 per token. MATIC/USD rallied nearly 300% to reach $0.0105 on the same day before wiping out 70% of those gains in a market correction by May 9, 2019.
It regained its upside momentum afterward, rallying by nearly 1,350% to $0.045 on May 21, 2019.
The price trajectory reflects a recurring phenomenon involving the launch of digital tokens with seemingly strong fundamental backing, according to independent market analyst Mac.
For instance, Solana (SOL), a layer-1 blockchain, rallied 50,000% before undergoing a similar pump, correction, and sideways consolidation phase after its exchange debut in April 2020.
From a fundamental perspective, Arbitrum has emerged as a strong contender in the Ethereum L2 space in recent months, with several leading DeFi protocols, including GMX, Uniswap, Sushi and Aave, among its users.
"GMX and Radiant on Arbitrum are two of the fastest-growing protocols in terms of both fundamentals and price appreciation this year," noted Dustin Teander, a researcher at analytics firm Messari, adding:
As of March 29, the total value locked (TVL) across Arbitrum pools rose to $2.2 billion versus around $981 million three months ago, according to data resource DefiLlama.
Related:Arbitrum airdrop sells off at listing, but traders remain bullish on ARB
Mac noted that Arbitrums strong fundamentals could limit ARBs downside prospects and prompt traders to re-accumulate the token in the coming weeks.
That may lead to another price run-up, eyeing $2 by April, as illustrated below.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Go here to read the rest:
ARB price to $2? Ethereum L2 rival Arbitrum will double in April, fractal suggests - Cointelegraph
VeChain’s $275 Million Reserves Include Bitcoin, Ethereum, & VET – Watcher Guru
The VeChain Foundation published its quarterly financial reports for the Q4 of 2022 (October to December 22). The breakdown of the financial reports shows that the Foundation holds $275 million worth of cryptocurrencies in its reserves. The reserves include a trove of Bitcoin, Ethereum, VET, and stablecoins, among other assets.
The Foundation currently holds $35 million in stablecoins along with $240.3 million worth of cryptocurrencies mainly BTC, ETH, and VET. However, the bear markets wiped out a portion of VeChains reserves as their Q3 results in 2022 showed reserves standing at $357 million. Thats a decline of nearly 30% in three months during the Q4 of the same year.
Also Read: Bitcoin & Shiba Inu Outperform Nasdaq 100 Returns in Q1 of 2023
The VeChain Foundation explained the reserve dip in their latest blog saying, Towards the end of Q4, the fair value of total asset in USD was recorded at 275 million, indicating a 30.68% decline from Q3. This dip was primarily attributed to the prevailing crypto market situation.
Also, the fintech firm confirmed that a handful of clients were open to accepting cryptocurrencies as payment for their services. Around $2.18 million worth of cryptocurrencies including VET were paid to clients who accept cryptocurrencies. Close to $15.3 million was paid in the traditional form of finance such as fiat.
Also Read: Staking: Pretty Special Cardano Lures More Unique Wallets Than Ethereum
The recent blog highlighted that clients were open to receiving VET tokens as payment for their services. Paid in Token refers to an instance where a client was willing to accept payment in VET. A sign of confidence and faith in the value of VET as a utility token, the blog read.
VeChain is trading sideways for close to a month and is hovering around the $0.023 mark on Monday. VET doubled in price this year between January to late February and retraced in price in March.
Also Read: CME Group Kickstarts Offshore Yuan Options Trading
At press time, VeChain was trading at $0.023 and is down 2.5% in the 24-hour day trade. VET is also down 91.78% from its all-time high of $0.28, which it reached in April 2021.
Excerpt from:
VeChain's $275 Million Reserves Include Bitcoin, Ethereum, & VET - Watcher Guru
Tested on Ethereum, StarkWares Zero-Knowledge Proofs Are Now Live on Bitcoin – Decrypt
The newly launched ZeroSync Association is bringing zero-knowledge proofs (ZKPs) to Bitcoin (BTC), allowing users to validate the state of the network without the need to download hundreds of gigabytes of blockchain history or trusting a third party.
Based in Zug, Switzerland, the ZeroSync Association is a non-profit entity supported by various community stakeholders, including core contributors Robert Linus, Tino Steffens, Lukas George, and Max Gillett, as well as supporting partners, such as Lightning Labs, among others.
For the first version of its software, ZeroSync is using Cairo, the programming language brought to life by StarkWare, the Israeli-based company developing popular Ethereum layer-2 scaling solutions StarkEx and StarkNet.
ZeroSync is the first production attempt to radically upgrade the Bitcoin protocol, StarkWare's ecosystem lead Louis Guthmann told Decrypt. It would transform the way people think about the system at a fundamental level.
Commonly referred to as zk-STARKs, StarkWares version of ZKPs does not require the potentially vulnerable trusted setup phase, while claiming to be more scalable and efficient than zk-SNARKsan iteration of ZKP used, for example, by the privacy-focused cryptocurrency Zcash.
StarkWare initially deployed zk-STARKs exclusively on the Ethereum blockchain, and seeing them go live on Bitcoin is a logical next step, according to Uri Kolodny, CEO and co-founder at StarkWare Industries.
This could have a profound effect on how Bitcoin users interact with the network, Kolodny said in a statement shared with Decrypt.
To give Bitcoin developers easy access to ZKPs, ZeroSync is developing a software development kit (SDK) that allows them to generate custom validity proofs depending on individual use cases.
A key part of this SDK is ZeroSyncs client which enables fast initial block download (IBD) and the implementation of the first full proof-of-Bitcoin consensus.
Syncing the Bitcoin blockchain can be a painful process as, depending on your internet connection speed, downloading the history of transactions can take days or even weeks, with new blocks added every ten minutes on average.
According to ZeroSync, its client can be used not only to sync a full node much faster but also without needing to make any code changes to the Bitcoin Core software.
The technology can also be applied to compress the transaction history of validation protocols such as Taro, a protocol for issuing stablecoins on Bitcoins Lightning Network, or, for example, to enable Bitcoin exchanges and custodial services to provide proof-of-reserves.
After years of frustration about slow syncing, users will be able to sync with the network much faster, and with less computation. Its a technological leap akin to the transition from slow dial-up internet to high-speed broadband, said STARKs co-inventor and StarkWare president Eli Ben-Sasson.
While StarkWare, which funds the initiative along with Geometry Research, plans to keep its focus on Ethereum, for Ben-Sasson personally this development closes a circle.
The StarkWare president recalled a Bitcoin conference held in 2013, where he had the eureka moment recognizing the cryptography he helped to invent could change blockchain.
But it was clear that the journey needed to start on Ethereum. Now, exactly ten years later, STARKs have proved themselves on Ethereum and are heading to Bitcoin reaching new horizons, said Ben-Sasson.
Read the original post:
Tested on Ethereum, StarkWares Zero-Knowledge Proofs Are Now Live on Bitcoin - Decrypt
Bitcoin, Ethereum and Litecoin Are Commodities Says CFTC – Trustnodes
The Commodities Futures Trading Commission (CFTC) has declared ethereum and litecoin to be commodities, in addition to bitcoin.
In an action against Binance, one of the worlds biggest crypto exchange, CFTC said digital assets that are commodities include bitcoin (BTC), ether (ETH), and litecoin (LTC).
This is the first time that the commission has explicitly stated litecoin is a commodity, with it referred to as such numerous times in the complaint.
Litecoin is one of the first fork of bitcoin launched in 2011. It is pretty much a copy paste of bitcoin, except that its block times are every 2.5 minutes rather than 10 minutes.
Ethereum, out of the three, has been subject to most speculation regarding whether it could be a security, especially by its detractors.
The chair of the Securities and Exchanges Commission (SEC), Gary Gensler, has stated or implied that all cryptos, except for bitcoin, are a security.
CFTC however is making it clear that three such cryptos are not securities but commodities, that being bitcoin, eth and litecoin.
As their action against Binance is primarily due to it offering commodities futures without registering with CFTC, CFTC has to establish that there are in fact any commodities traded at Binance, hence why they are specifying the classification of the three cryptos.
Some however argue that all three are in fact currencies or money, and thats the position of another US department, the FinCen.
They require registration with FinCen as a money transmitter, a currency, even if you are just selling a few bitcoin, eth or litecoin on something like Localbitcoins.
While IRS classifies them as property, whatever that means, and in regards to asset reporting for publicly traded companies, cryptos are intangible assets with indefinite life in the balance sheet.
These inconsistencies have led to criticism of law by enforcement, but in the case of ethereum in particular, that it is being re-iterated as a commodity confirms that a crypto can potentially start off as a security, in this case through an ICO, and eventually become a commodity.
The CFTC does not have oversight over spot trading of crypto commodities, so an exchange offering just the buying and selling of eth, bitcoin or litecoin would not need to register with them, though they have to comply with FinCen.
If however they offer futures, options, swaps or other derivatives to US citizens, they have to register with CFTC.
In the case of Binance CFTC said 16% of the accounts on the exchange belong to US citizens, while Binance maintains they take all necessary measures to prevent access to the exchange by Americans.
CFTC also states Binance itself does not have an executive office, claiming that is in order to not be under the applicable regulations of any jurisdiction.
It is slightly more complex however because Binance started off as an ICO, and technically it is meant to be owned by the BNB token holders across the globe.
It was meant to be run by them as well, through a DAO or some other similar mechanism, all of which is very different from a traditional company.
Some six years since that ICO however, Binance in its current form is fairly traditional with a top down organization, a CEO, employees, and with the DAO part kind of non existent except as a semi-legal design of Binances initiation.
Easy therefore it is for a regulator to say this is the law, but the public first of all has to decide whether there is any innovation in Binances corporate design, if we can call it that, and whether it is the law that is outdated and needs to be modified or whether regardless of its present or aspiring structure Binance still has to comply.
As the biggest and a fairly centralized attempt to sort of implement this new thinking that we call DAO, Binance has been a confusing entity certainly to regulators, but also to some of the public like Bloomberg which claims Zhao owns all of Binance, when there was an ICO that makes it not quite the case, if obviously Changpeng Zhao abides by the terms of that ICO.
Regulators therefore, and the public, needs to start considering just what is a DAO and how does it fit within the current regulatory system as well as whether some updates need to be made to it to accommodate experimentation and potential innovation.
Because Zhao is not doing all this just for fun. He could incorporate somewhere, in the Bahamas like FTX or some other lax jurisdiction and get it over with. He doesnt because he is part of a community that since at least 2016 has been wondering whether the company as a legal form invented some 500 years ago can be updated or innovated in the digital era.
As Binance is a fairly centralized entity, those complex and nuanced arguments are more difficult to make, and youd think the reaction from regulators is something like pfff, what.
But, hopefully the crypto space at least understands just what is happening in regards to this no HQ experiment that is a first as far as we are aware.
And it is potentially a prelude of whats to come once we get to the actual DAOs, which are being built, refined and experimented at the corners of crypto.
As they require significant input, their debut has not arrived yet in part because it is a very hybrid company model in as far as you do need the centralized aspect of a management personnel, and how the dao-nians hire and fire them are complex matters.
But, its an exciting experiment and Binance, perhaps in a very little way, is trying to push it forward. Which is why the exchange has generally attracted support in this space.
Original post:
Bitcoin, Ethereum and Litecoin Are Commodities Says CFTC - Trustnodes
The Potential 100X Project Uwerx (WERX) And Ethereum (ETH … – The Crypto Basic
The coming bull market will produce hundreds of 100X tokens; all it takes from the investor is the ability to spot a solid value proposition and invest early. Analysts have pointed out that Uwerx could be one such opportunity, and they have already predicted Ethereum (ETH) to make solid gains throughout 2023.
The digital asset space remains one of the last bastions of fair investment. Due to regulations in the United States, ordinary investors are prohibited from investing in early-stage start-ups with these returns instead going to venture capital funds. A bizarre piece of legislation aimed to protect investors. An investor can lose money in many ways; for example, in Las Vegas. Investing in new companies is potentially one of the best investments an individual can make. And crypto still allows this equitable funding model.
Uwerx will launch with a fair presale, allowing all investors the chance to join this project at its initial stage, with the WERX token selling for $0.005. With the potential to become a blue chip project, this could be one of the years most explosive investment opportunities. Analysts have predicted highs of up to $2.90 by the end of Q3 2023.
Driving Uwerxs growth will be its fundamentally disruptive approach to the freelance economy. Uwerx will launch a decentralized platform for the gig economy, offering a more trusted, secure, and cost-efficient service than its conservative, traditional counterparts. And given the forward-looking nature of freelancers, analysts expect millions may adopt it in the coming months.
Ethereum (ETH) continues to be a dominant market force, and the old idea of Ethereum (ETH) flipping Bitcoin (BTC) has again become popular. Ethereum (ETH) delivers an incredible amount of value to the digital asset space, and Ethereum (ETH) is responsible for the vast amount of liquidity locked in DeFi.
Ethereum (ETH) has received an economic overhaul since the Merge and the introduction of EIP-1559, which has led to bullish calls on Ethereum (ETH) from analysts. Ethereum (ETH) trades at $1,809, with many analysts expecting Ethereum (ETH) to trade well over $2,000 by the end of the year.
According to Velocity Global, almost 15% of workers in England and Wales complete a gig job at least once per week. With continued growth in the number of freelancers and with Uwerx holding a technological lead over its competition, the upside potential remains enormous.
- Advertisement -
Presale participants will be early backers of a protocol that could entirely disrupt the industry. Uwerx has been audited by InterFi network and SolidProof and has a twenty-five-year liquidity lock at prelaunch closure. The creators have also announced that they would be giving up ownership of contracts when the project is listed on centralized exchanges. It could go on to be 2023s best presale, get in on the action by following the links below.
Find Out More Here: Website
Presale
Telegram
- Advertisement -
Link:
The Potential 100X Project Uwerx (WERX) And Ethereum (ETH ... - The Crypto Basic
Top Ethereum Rival Could Be Gearing Up for Glorious Move, Says Investor Who Called 2022 Crypto Bottom – The Daily Hodl
Venture capitalist Chris Burniske says that Ethereum (ETH) rival Solana (SOL) could be setting itself up for a massive move to the upside.
Burniske, a former ARK Invest analyst and a current partner at venture capital firm Placeholder, says that a big rally may be in store for Solana if it can clearly break the 200-day simple moving average (SMA),
SOL definitively reclaiming its 200-day SMA should be a glorious move.
SOLs 200-day moving average is currently hovering at about $23. At time of writing, SOL is trading for $22.42.
Burniske has previously predicted that Solana could be the next Ethereum-level opportunity should another bull market happen.
Last month, Burniske said,
I think if I had to pick an ecosystem thats contentious and that you should pay attention to, and in its contentiousness is undervalued, it would be Solana. Placeholder, each bear market, tends to pick an ecosystem or two and build an aircraft carrier strategy around that ecosystem. And so the last bear [market], it was ETH and Bitcoin, because those were really the only things at scale and liquid enough to justify.
And what I mean by aircraft carrier if you take Ethereum, buy a bunch of the core ETH asset, but then venture invest around it and really get to know that ecosystem and who all the people are that are working on say, at that point in time, lending or DEXs [decentralized exchanges] or asset management or whatever. And then you can pick the best teams of the teams that most speak to you from a venture perspective. Were doing that exact same aircraft carrier strategy around Cosmos and Solana right now.
Featured Image: Shutterstock/Jorm S/Modvector
Original post:
Bitcoin Price and Ethereum Predictions: How US FOMC Decision Could Impact the Crypto Market? – Cryptonews
The recent surge in Bitcoin and Ethereum prices has caught the attention of many investors and traders, with both cryptocurrencies experiencing significant gains in value over the past few months.
However, the upcoming interest rate decision by the US Federal Reserve (FOMC) has sparked uncertainty and speculation about how it will impact the crypto market.
Bitcoin (BTC), the world's largest cryptocurrency, managed to regain its traction on Wednesday morning, reaching fresh 9-month highs above $28K as traders patiently awaited the outcome of the US Federal Open Market Committee (FOMC) meeting, which might result in a 25 basis point interest rate hike.
Meanwhile, the second largest cryptocurrency, Ethereum, has seen substantial increases, rising 3.50% in the previous 24 hours.
Several famous cryptocurrencies, including Dogecoin (DOGE) and Litecoin (LTC), also managed to land in the greens. At the time of writing, the global crypto market value was $1.18 trillion, representing a 2.20 percent 24-hour rise.
Bitcoin has surged by more than 40%, mainly due to the collapse of major banks. This has caused investors to lose faith in the financial system and turn to Bitcoin as a more reliable alternative.
Bitcoin has reached a new high of $28,000, the highest level since June 2022. As a result, people have started to view Bitcoin as more trustworthy than banks.
As a result, Bitcoin's popularity is surging as more people buy it while it is still relatively inexpensive, and institutions strive to keep up with the growing demand.
It is worth emphasizing that Bitcoin is a decentralized digital currency that is not controlled by central banks or financial institutions, which has earned it a reputation as a safe-haven asset during economic downturns.
The rapid uptick in Bitcoin's value due to several significant bank failures underscores the growing importance of decentralized digital currencies in today's financial landscape.
As more organizations and individuals seek out Bitcoin as a viable alternative to established financial systems, its popularity is expected to continue to grow in the coming months.
It is worth mentioning that the fear and greed index is a means for investors to gauge their feelings about Bitcoin and the cryptocurrency sector. However, the values vary from 1 to 100, with 1 indicating that investors are highly fearful and 100 indicating that they are quite confident.
According to recent analyses, Bitcoin's fear and greed score is currently at 68, the highest it has been this year. This shows that investors are quite optimistic about Bitcoin's future and expect its value to climb further.
Traders are closely monitoring the upcoming Federal Open Market Committee (FOMC) meeting, which is scheduled for later in the day. The decision on US interest rates by the Federal Reserve could have an impact on the price of bitcoin, and therefore, market participants are eagerly anticipating the outcome of the meeting.
It's important to note that in 2022, the Federal Reserve raised interest rates multiple times in order to combat rising inflation. However, in December of that year, they reduced the rate hike to 0.50%, and then to 0.25% in February 2023.
Following this, Fed Chairman Jerome Powell suggested that due to the strong performance of the economy, interest rates may need to be raised beyond what was initially projected.
As a result, cryptocurrency prices dropped, with Bitcoin falling below $22,000.
The current global financial crisis may impact the Federal Reserve's decision to raise interest rates as planned, and they might even consider cutting them. If interest rates are decreased, it could result in the value of Bitcoin increasing.
The current price of Bitcoin is $28,300, with a 24-hour trading volume of $35.1 billion. Over the past 24 hours, Bitcoin has experienced a 1.50% increase in value.
As of Wednesday, the BTC/USD pair is consolidating near the $28,000 threshold after surpassing the resistance level of $27,750. If this bullish trend continues, Bitcoin's value could potentially climb toward $29,250 or $30,700.
If Bitcoin breaks through the support levels of $26,700 or $25,200, the next level of support will be at $23,150.
However, despite the potential for downturns, the overall trend for Bitcoin remains bullish due to the formation of bullish engulfing candles. Let's keep an eye on the US FOMC meeting to determine further trends in the market.
Buy BTC Now
The current price of Ethereum is $1,800, with a 24-hour trading volume of $10.7 billion. Ethereum has gained nearly 4% in the last few hours. Ethereum is currently struggling to break through the $1,800 resistance level and is holding steady near the $1,700 support zone.
If the ETH/USD pair manages to break through the $1,800 level, it is expected to face resistance at the $1,900 threshold.
The ETH/USD pair is expected to find support levels at either $1,700 or $1,620.
Buy ETH Now
Check out Cryptonews' Industry Talk team's curated list of the top 15 altcoins to watch in 2023. The list is regularly updated with new ICO projects and altcoins, so be sure to check back often for the latest updates.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
Read the rest here:
Ethereum (ETH) Bulls Brace For Quick Drop As Charts Predict 10% Downswing – NewsBTC
Ethereum (ETH) price has shown signs of a potential downturn as it reached an exhaustion of bullish momentum, signaling a possible drop in the near future. According to analysts, ETH has produced a clear sell signal, indicating a shift in the cryptocurrencys trend.
The worlds second-largest cryptocurrency by market capitalization has been on a bullish run for the past few weeks, with its price surging by more than 34% in just a matter of days, according CoinMarketCap data.
The digital asset has been benefiting from a strong market sentiment, as well as the growing interest in decentralized finance (DeFi) and non-fungible tokens (NFTs).However, experts are suggesting that this could be an opportunity for long-term investors to accumulate and take advantage of the potential dip.
Like Bitcoin, Ethereum has been experiencing a bullish trend and traded above $1,800 earlier today, although it has since fallen to $1,759 at the time of writing.
Other cryptocurrencies such as Litecoin (LTC), Dogecoin (DOGE), Solana (SOL), and Ripple (XRP) have also seen significant gains.
ETH/USD pair is positively biased, its upward momentum is not as strong as Bitcoins. Ethereum is currently struggling to break through the $1,800 level and may face resistance at $1,900 if it does.
Despite Ethereums price reaching higher highs since March 14, its relative strength index (RSI) and Awesome Oscillator have produced lower highs, indicating a divergence. Divergence can lead to declining momentum and a potential reversal in price.
In the context of cryptocurrency prices, divergence refers to a situation where the price of a particular cryptocurrency moves in a different direction than that of a related asset or benchmark.
For example, if the price of Bitcoin is rising, but the price of Ethereum is falling, this could be considered a divergence between the two cryptocurrencies.
This phenomenon can occur due to a variety of factors, such as differences in market sentiment, news events, or technical factors affecting each cryptocurrency.
Traders and investors may use divergence as a signal to adjust their trading strategies, as it can indicate a shift in market dynamics or potential opportunities for profit.
Although Ethereums price has been on an upward trend, it is possible that it may experience a 10% drop and fall to either the psychological level of $1,600 or the monthly level of $1,677.This potential drop should be approached with caution, as it could signal a shift in market sentiment.
Specifically, if the price drops below the $1,600 level and continues to experience selling pressure, it could lead to the $1,422 level becoming a resistance level and invalidate the optimistic outlook for Ethereum.
-Featured image from EthereumPrice
View original post here:
Ethereum (ETH) Bulls Brace For Quick Drop As Charts Predict 10% Downswing - NewsBTC
Ethereum and the Future of the NFT Market – The Coin Republic
As we know, Ethereum has been at the forefront of the digital asset market, with blue chip NFTs searching the network for cheaper, more efficient alternatives. As a result, many are asking who will take the spotlight in the NFT market and what the future holds for Ethereum.
The NFT market has exploded in popularity over the past year, with everything from digital art to virtual real estate being bought and sold on various platforms. However, as the market has grown, so too have the fees associated with using Ethereum, which has become the de facto standard for NFT creation and trading.
In response, some of the biggest names in the NFT world have started to leave Ethereum in search of more affordable alternatives. For example, in 2021, the digital art marketplace Art Blocks announced that it would move to Polygon, a layer-two scaling solution for Ethereum that offers faster and cheaper transactions.
Similarly, the virtual world platform Decentraland announced it would move to the Polygon network to reduce user transaction costs. These moves have led many to question the future of Ethereum in the NFT market.
Despite these developments, Ethereum remains a crucial player in the NFT space, and it will likely continue to be so for the foreseeable future. This is partly due to the networks robust infrastructure and developer community, which have helped create a rich ecosystem of tools and platforms for NFT creation and trading.
For example, OpenSea, the largest NFT marketplace, continues to operate on the Ethereum network and has seen explosive growth in recent months.
Ethereum has several advantages over its competitors, making it well-suited for the NFT market. For example, Ethereums large and active developer community constantly works to improve the network and create tools and platforms for NFT creation and trading.
Moreover, Ethereum has established itself as a trusted and reliable network, critical for any market that relies on the secure and transparent exchange of digital assets. This has helped to attract a wide range of users to the network, including artists, collectors, and investors.
Another advantage of Ethereum is its ability to support smart contracts, which are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. This feature enables NFT creators to include complex conditions and rules in their creations.
Furthermore, Ethereum is constantly evolving and improving, with the upcoming Ethereum 2.0 upgrade promising to increase the networks scalability and transaction speed significantly. This upgrade is expected to substantially reduce the cost and time required to create and trade NFTs on the Ethereum network.
In the short term, Ethereum will likely continue to face competition from other networks, such as Polygon and Solana, which are increasingly used for NFT creation and trading. However, it is also likely that Ethereum will continue to play a significant role in the NFT market.
This is because Ethereum has established itself as a trusted and reliable network, critical for any market that relies on the secure and transparent exchange of digital assets.
Additionally, the networks ability to support smart contracts and the Ethereum 2.0 upgrade will make it an attractive option for NFT creators and traders. In addition to Ethereum, several other networks are emerging as potential players in the NFT market, but Ethereum will likely remain in demand for a long time.
See the article here:
Ethereum and the Future of the NFT Market - The Coin Republic
Ethereum Price Prediction: Money Flows From ETH To BTC – InvestingCube
Ethereum price (ETHUSD) is lagging behind Bitcoin in the ongoing rally. The recent surge of BTC above the $28,000 level is a breath of fresh air for troubled crypto investors. Many analysts are still being conservative in calling it a bull market as the ETH price is yet to break the $2000 barrier.
On Tuesday, Eth to USD price showed strength as the price gained 1.5%. At press time, the native asset of the Ethereum blockchain was trading at $1756. ETH price is 28% up from its monthly low of $1,367. The next big resistance lies at $2,030.
Bitcoin is the biggest beneficiary of the ongoing issues with the banks. The lack of trust in the global financial system has worked in favor of Bitcoins narrative. Consequently, more and more money is flowing into Bitcoin from traditional markets. Even though Ethereum price has also shown positive price action during this time, it has still depreciated in terms of Bitcoin.
In the last ten days, ETH has lost 14.5% in its BTC pair. ETH/BTC chart suggests that there is still a lot of downside for Ethereum as the next support is still far below the current price. Most alcoins are also showing a similar price action suggesting that the capital is moving to Bitcoin. Nonetheless, as long as the Bitcoin price consolidates, an altcoin rally can be expected.
ETH to USD chart shows that the leading cryptocurrency still needs to break above the key resistance of $1780. Even though the price has retested this level in the past couple of days, it couldnt close above. A reclaim of this level can put an Ethereum price prediction of $2,000 on the cards.
According to our technical analysis, ETH can tank very hard if Bitcoin gets rejected from the $28,000 level. The downtrend in ETH/BTC pair can potentially tank Ethereum much more against Bitcoin if the market reverses from here. Therefore, it is better to wait for BTC consolidation.
This post was last modified on Mar 21, 2023, 11:15 GMT 11:15
View original post here:
Ethereum Price Prediction: Money Flows From ETH To BTC - InvestingCube