Ethereum On Pace to Settle Over $1 Trillion in Transactions in 2020—Analyst

Ethereum On Pace to Settle Over $1 Trillion in Transactions in 2020—Analyst

The Ethereum blockchain network is on track to settle over $1 trillion worth of transactions in 2020. According to the data from Messari and CoinMetrics, the network settled $989 billion in value year-to-date.

Julien Bouteloup, a decentralized finance (DeFi) security auditor and developer, said:

“Ethereum is now the dominant settlement layer in crypto and is on pace to settle over $1 trillion in 2020. ETH took over BTC in no time.”

Comparing Ethereum to Bitcoin is difficult because the latter is a store of value and a currency. In contrast, Ethereum is a smart contracts blockchain protocol that processes many types of data alongside transactions.

Still, the data shows the rapid growth rate of Ethereum and the impact of DeFi on smart contract blockchains.

Bitcoin versus Ethereum in value settled. Source: Messari, CoinMetrics

2020 has been the year of DeFi, at least from June to September. Following the launch of Compound’s COMP token and Yearn.finance’s YFI token, the DeFi market exploded.

The rise of governance tokens fueled a new DeFi cycle. Consequently, more users started to use decentralized exchanges like Uniswap, moving onto decentralized applications.

Decentralized applications require users to pay a transaction fee every time a piece of data gets processed. As an example, let’s say a user buys 1 ETH using 408 Tether (USDT) on Uniswap. The buy order has to be processed on the Ethereum blockchain network so it is registered as a transaction.

As many people began to use Uniswap and other decentralized exchanges, the demand for Ethereum began to soar. Since the number of daily transactions on the blockchain started to rise, naturally, the value transferred through Ethereum began to rise in tandem.

In the past two months, following the correction of the DeFi market, the Ethereum blockchain has slowed down slightly. Daily active users have declined and the sum of fees spent per day has also slipped.

But, over the longer term, particularly if the DeFi cycle returns, analysts anticipate the Ethereum blockchain to become more active again

A major roadblock in the latest DeFi cycle was the inability of the Ethereum blockchain network to efficiently process a high number of transactions.

As such, as the ETH 2.0 network upgrade materializes and the DeFi cycle returns, Ethereum would likely begin settling more value.

Eric Wall, the CIO at Arcane, said the environmental argument surrounding mining could also benefit ETH as it moves onto staking. He said:

“Ethereum will ride massively on the “it’s an environmental crypto that doesn’t waste as much electricity as a country the size of Ireland”-meme. True or not, no amount of education is going to stop this, regardless of how ETH2 really progresses.”

The daily price chart of Ethereum. Source: ETHUSD on TradingView.com

Source: bitcoinslate.com

Author: admin


Bitcoin Cash, IOTA, DigiByte Price Analysis: 26 October

Bitcoin Cash, IOTA, DigiByte Price Analysis: 26 October

Bitcoin Cash, while it shared some of the positive sentiment around Bitcoin, could be set to retest a support level, before moving north on the charts once more. Further down the crypto-ladder, IOTA formed a bullish pattern, but failed to break out upwards and it could be set to register losses over the next days. Finally, DigiByte was steadily losing value on its own charts.

Bitcoin Cash exhibited a bearish divergence between the price and its momentum. BCH registered higher highs while the momentum indicator noted lower highs (orange), and this was followed by a nearly 4% drop on the charts.

The price of the cryptocurrency had tested $266 as support. It was likely that the price and the RSI would bounce upwards, and BCH would resume its uptrend over the next few days.

The OBV also underlined healthy buying volumes as it continued to set a series of higher lows.

IOTA appeared to form a cup and handle pattern (white), with the rim indicated in orange (dotted). And yet, the price was unable to break out past the rim.

A bearish divergence was noted at that point between the price and the momentum (pink). Subsequently, IOTA was pushed south on the charts.

At press time, the MACD had formed a bearish crossover above zero. While a weak sell signal, it was possible for IOTA to drop towards the support at $0.264 over the next few days.

In other news, a recent AMA with IOTA’s Founders saw them address the development, goals, and challenges IOTA faced.

DGB was heading towards a level of support it bounced strongly off back in mid-September. The Aroon Indicator showed that the trend was strongly bearish for the crypto-asset, with brief relief rallies noted by the crypto-asset.

The $0.02 level was pivotal for the DGB bulls to defend. Its recent surge to the resistance level at $0.228 and the strong rejection at that level could embolden the market’s bears to drive the price further lower on the charts.

Source: cryptotimeless.com

Author: by admin


McAfee continues to promote cryptocurrencies from his Spanish jail cell

McAfee continues to promote cryptocurrencies from his Spanish jail cell

John McAfee, an eccentric millionaire, crypto enthusiast, and anti-virus expert, was recently detained in Spain on charges of U.S. tax evasion. He also faces charges arising from a series of questionable crypto promotions, from which he allegedly profited millions of dollars. Though he is currently in a Spanish prison, it did not stop him from sharing a few of his thoughts on recent developments in the crypto industry. 

With regard to PayPal’s recent announcement, McAfee said “PayPal’s acceptance of cryptocurrency signals, I believe, a new wave of cryptocurrency acceptance worldwide. Governments around the world will have to get used to cryptocurrencies.”

In 2017, McAfee  boldly forecast that Bitcoin would hit $1 million within three years, though he later took back his comment in July 2020. When asked whether his view of the asset class had changed in the months since, he responded affirmatively stating “Too many people are using crypto as a way to get rich quick rather than its original intent, which is for buying and selling transactions.”

“We will see very soon a new movement into using cryptocurrencies as transactions rather than as get rich quick schemes. This is why I developed the private $GHOST stablecoin.”

Although McAfee is no longer involved with the Ghost cryptocurrency asset, he still remains a part of the network’s broader privacy project.

“My work with $GHOST revolves entirely around our development of the world’s first private stablecoin,” McAfee explained. “Version one will be a wrapped DAI. Later we will have a new stable, private blockchain. Holders of $GHOST will share all transaction fee profits for the stablecoin.”

According to his correspondence, which was facilitated through his wife Mrs. Janice McAfee, he has not yet been transported to the U.S., and still resides in Barcelona. “I have not seen the full complaint or the charges against me, but I assume they are also looking into my crypto activities,” John said.

McAfee and his wife have posted a number of updates via their Twitter profiles following his arrest. John evaded the U.S. authorities for quite some time due to the tax charges against him.

Source: bitcoinslate.com

Author: admin


Bitcoin Just Posted Biggest Buy Signal in More Than Two Years, Says Top Crypto Analyst Nicholas Merten – Here's What's Next

Bitcoin Just Posted Biggest Buy Signal in More Than Two Years, Says Top Crypto Analyst Nicholas Merten – Here’s What’s Next

DataDash founder and crypto analyst Nicholas Merten says Bitcoin just flashed its biggest buy signal in over 24 months.

In a new DataDash video, Merten explains why Bitcoin’s weekly close above $13,000 is a historic milestone for the largest cryptocurrency.

“Yesterday, we set in the highest weekly close, which is again the significant price that people are focusing on, the highest weekly close since all the way back here in mid-January of 2018. [It has been] more than two and a half years since we’ve been at this point… So this is really, really exciting stuff.”

With the context in terms of price set, the crypto strategist highlights why the recent weekly close is a strong bullish signal.

“The reason why on a technical perspective this is extremely valuable far beyond the value of any indicator you could utilize in your charts is because this has been a significant point of resistance for Bitcoin for a long period of time, anywhere between the upper $11,000 range back here in February of 2018, of here in July and June of 2019 and also here in August of 2020. It’s tended to be that this range between the upper $11,000 range to $13,000 has been a contested resistance range for Bitcoin multiple times. 

As prices tried to regain to those $20,000 highs that we saw back in December 2017, price has been struggling to hold in that range and in fact, anytime it came up in this range, it was quickly sold off by people who had bought Bitcoin and eventually took profits on their positions, where sell-side pressure began to outweigh buyers. This time around, there really isn’t much sell-side pressure. That’s the important factor here: how [the] price is holding.”

Merten takes his bullish read on the crypto king a step further by looking at the yearly timeframe. According to Merten, Bitcoin now needs to close 2020 at a key price to indicate the start of a strong move toward all-time highs.

“What we need to do is set a close, and I would like to see a substantial close above the yearly high close here which is $13,880. If we can get $14,000, $15,000 for Bitcoin just by the end of the year, going through October, November, up until December…

That’s all we need to see folks. It is a clear telltale sign in price in the simplest form of analysis. Again, simplicity wins out. It is the simplest key sign here that we’re setting up for a substantial move in the market.”

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Source: dailyhodl.com


CRYPTO Snapshot (2020-10-26) | marketKolor.com

CRYPTO Snapshot (2020-10-26) | marketKolor.com

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Source: marketkolor.com

Author: MarketKolor Analytics Teamhttp://www.marketkolor.com


Ethereum On Pace to Settle Over $1 Trillion in Transactions in 2020—Analyst


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