Category: Cryptocurrency News

I don't think Ethereum get's enough love. Everyone's focused on chasing the next 100x play when there are amazing opportunities right in front of them. Ethereum is a blue chip crypto for a reason, it's stood the test of time. Ethereum may have high fees, but it's still the best smart contract platform in my…
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NFT sales have been breaking records and making headlines for a while now. This week, top NFT sales made even more news, thanks to a quirky purchase story. But more on that later! First, let’s get a lowdown on the top 5 NFT sales for the week ending 10/24/21. The Bored Yacht Club bagged the top spot again, clocking a sweet deal of 697 ETH for #8585. That’s a whopping 2.68 million in traditional dollars. Dankrupt sold for 469 ETH or $1.93 million. CryptoPunk notched the next three spots, with #4992 clocking a price of 450 ETH or $1.70 million and #273, 265 ETH or $1.02 million. The sale that made the most headlines wasn’t spearheading this pack of Top 5 NFT Sales of the Week. Instead, it brought up the rear. We know what you’re thinking. A self-made multimillionaire making a million-dollar purchase isn’t the hottest of news anymore. But read on, and you’ll see why this incident takes the cake. It all went down when Carl Runefelt, aka The Moon Carl, purchased CryptoPunk #4626 at 249 ETH or $1.02 million. Noticing that this particular crypto art NFT was strikingly similar to his features, Carl went ahead and dropped a million dollars. Only after the purchase was complete did he realize that the CryptoPunk art he had just bought was of a female! Well, Carl being Carl, confidently held on to the purchase. And soon enough, the crypto investment guru’s quirky deal began grabbing loads of attention. With a market capitalization of $43.08 billion and weekly sales clocking anywhere between $10 and $20 million, the global NFT market has skyrocketed over the last few months. If current trends are any indication, ready yourself for record-breaking numbers in the near future too. And if Carl’s story is anything to go by, we may even witness some more bizarre happenings!    

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As Ethereum’s price approaches new all-time highs, the coin’s supply shock seems to be deepening with exchange reserves declining 18% in the last five months. Ethereum Exchange Reserves Are Down 18% In The Last 5 Months As pointed out by a CryptoQuant post, ETH’s exchange reserves seem to have declined a lot in the last few months, signaling that a supply shock might be brewing in the crypto. The all exchanges reserve is an indicator that shows the total amount of Ethereum present in wallets of all exchanges. An increase in the metric’s value means investors are moving their coins to exchanges for selling purposes, thus increasing the available supply of the crypto. Such a trend could be bearish for ETH. A decrease, on the other hand, would imply that holders are taking their Ethereum off to personal wallets, either for hodling them, or for selling through OTC deals. This trend can prove to be bullish for the crypto. Related Reading | Bitcoin Attempts Fresh Increase, Why BTC Could Struggle Near $62K Now, here is a chart that highlights the trend in the value of the indicator through this year: ETH’s exchange reserves seem to be on a constant decline | Source: ETHUSD on TradingVIew As the above graph shows, the indicator’s value has been showing a steady decrease since a while now. In the last five months alone, the reserve has dropped by 18%. Related Reading | TA: Ethereum Outperforms Bitcoin, Why ETH Could Rally To New ATH Incidentally, 5 months ago was around when the crypto broke above $4k for the first time. The exchange reserve measured around 22 million ETH back then. Since then, the coin has broke $4k two more times, and each time the reserve has been lesser. Today, the value of the indicator is just 18 million ETH. This trend shows that the demand for Ethereum has been pretty different each time the coin has approached its ATH. Since the exchange reserves are very low right now, the usual supply and demand dynamics tell us such a supply shock may help propel the price of the coin up soon. ETH Price At the time of writing, Ethereum’s price floats around $4.4k, up 11% in the last seven days. Over the last month, the crypto has gained 54% in value. The below chart shows the trend in the price of ETH over the past five days. Ethereum’s price recovers from the crash and is now heading towards a new ATH | Source: ETHUSD on TradingView ETH has shown some volatility in the last few days as the coin’s price crashed to $3.9k a couple of days back, but has already recovered back higher. If the supply is anything to go by, the coin might be ready to head up soon and explore new ATHs. Featured image from Unsplash.com, charts from CryptoQuant.com, TradingView.com

Private equity investors appear to be bullish on this novel stablecoin platform.

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The Zimbabwean Finance Minister, Mthuli Ncube, recently told business leaders that he is not planning to make the U.S. dollar the country’s sole currency again. Government Focused on Strengthening Local Currency Instead of entertaining those calling for the dollarization of the Zimbabwean economy, Ncube suggested his ministry is in fact focused on defending the value […]

Ethereum is leading the charge on this fresh run towards new frontiers. As of press time, the second crypto by market cap trades at $4,432 with a 5.6% profit in the daily and 9.1% profits in the weekly chart. Up 500% Year To Date, Ethereum has rallied on the back of massive adoption of non-fungible tokens (NFTs), decentralized finances (DeFi), and institutional demand. Related Reading | TA: Ethereum Outperforms Bitcoin, Why ETH Could Rally To New ATH As seen below, in the chart shared by Joe Orsini research director at Eaglebrook Advisors, Ethereum has gone from under $1,000 to its current levels in record time. Additional data provided by Orsini indicates that Ethereum still has a lot of room to continue its room has displayed in the ETH/BTC trading pair. Compared to the 2017 bull run, ETH is far from reaching an all-time high of 0.14 BTC as it currently sits at around 0.08 BTC. In support of the bulls’ current push, Delphi Digital records a “leverage wipeout in crypto futures” as yesterday’s session wash charge with volatility to the downside. Thus, Ethereum and other major coins dipped to previous higher lows in less than an hour. The fast recovery signals convection on the bulls’ corner. As over-leverage traders were shaken out of their position, prices are more likely to sustain their levels. Delphi Digital claimed: The average daily funding rate across exchanges is down from its recent high a few days ago, but it looks like there’s still some room for rates to fall. OI on exchanges like Binance and Huobi experienced a massive wipeout, which confirms the aforementioned deleveraging. Related Reading | New Ethereum-to-Cardano Bridge Will Provide NFT Creators Eco-friendly Options Ethereum Implements Hard Fork, Closer To The Merge The rally in the price of Ethereum could have been driven by the implementation of Hard Fork Altair. The successful deployment of this upgrade puts the network closer to migrating to a Proof-of-Stake consensus. The Altair beacon-chain upgrade is live! Pretty smooth upgrade, even got some time to paint on @POAPart Find Waldo – > Find Proto pic.twitter.com/VSGpKuPFV7 — proto.eth 🚂 🦇 🔊 (@protolambda) October 27, 2021 In the past months, the amount of ETH locked in the ETH 2.0 deposit contract has soared as developers moved into the PoS based blockchain and the Merger. This event will join both networks and it’s expected to be a potential bullish catalyst for Ethereum’s price. Related Reading | TA: Ethereum Rally Gathers Pace, Why Uptrend Isn’t Over Yet Investors are drawn to the PoS model because of its alleged higher efficiency in energy consumption and its capacity to generate yield. According to the Eth2 Rewards monitor, this stand at 5.46% since October 27, 2021. —Current Network—🤑 Reward rate: 5.46%👨‍🌾 Participation rate: 98.50%💻 Active validators: 250,374 —Queue—⏰ Wait time: 0 hours💻 Validators: 0📉 Rewards impact: -0.08% —Projected Annual Returns—Ξ 1.75 ($6,909.18) — Eth2 Rewards Bot (@Eth2Bot) October 28, 2021