Category: Cryptocurrency News

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After reaching a level last seen in November 2020, the average Ethereum gas fee is now below $1. Ethereum Gas Fees Falls The Ethereum network experienced transaction fees as low as 69 cents on Saturday, which has not happened in the previous 19 months. The following day, gas prices reached $1.57 or 0.0015 ETH, which is equivalent to December 2020’s numbers. Transaction costs on the network today ranged from 20 cents to merely 20 cents, with 20 cents being the highest. Gas prices in the Ethereum ecosystem ranged from $0.01 to $0.10 from July 2016 to May 2017. Users are now assessed a substantial cost; in May 2021, average transaction fees reached $69 per transaction. The highest gas price ever observed was $196.683 in May 2022. Notably, the Ethereum blockchain has struggled to become widely used, much to the chagrin of users, due to the high cost of gas or network fees, payments necessary to complete a transaction on a blockchain. NFT holders are seen profiting from the decline as the numbers dwindle. Source: Bitinfo charts DappRadar reports that 50,466 people have traded their assets in OpenSea, up 10.14 percent from the previous day. At the time of writing, the largest NFT market’s trading volume increased by 34.18 percent to $15.92 million. All of the top 20 collections, led by Ethereum Name Service, DopeApeClub, God Hates NFTees, Bored Ape Yacht Club (BAYC), and Mutant Ape Yacht Club (MAYC), were transacted within Ethereum, according to data from DappRadar. Related reading | TA: Ethereum Close Below $1K Could Spark Larger Degree Downtrend Price Slumps Further The analysis of the price of ethereum is bearish due to consolidation near $1,050 and rejection of further recovery. As a result, ETH/USD is prepared to decline even further and surpass the $1,000 local support. After that is finished, the prior swing low at $900 should be challenged the following week. The decline approached the $1040–$1000 area that serves as a close support and was accompanied by a sharp increase in demand pressure. The numerous smaller price rejection candles at this point represent attempts by sellers to break through this support that were unsuccessful. Therefore, the renewed positive momentum could encourage buyers to again attack the overhead barrier of $1260, providing ETH holders with a chance for a recovery. ETH/USD consolidates above $1k. Source: TradingView At the start of the week, a significant new swing bottom was established in the price movement of ethereum. After falling by more than 21%, the price of ETH/USD hit a new low at $1,000. From then, a swift upward reaction continued to the $1,115 level, where Friday’s rejection of further recovery was observed. Following sideways consolidation, lower local highs and lows were set. Since then, the $1,050 level has functioned as the main trading range, with this morning’s denial of further gains. As a result, ETH/USD is prepared to drop even more and try to surpass the current low of $1,000. If the traders continue to be persuaded by the sellers to break through the bottom support, the next decline could drive the price of ETH down by 12.56% to $880. Related reading | Ethereum (ETH) Bends Toward $1,000 As Doubt Fills Crypto Markets Featured image UnSplash, chart from TradingView.com  

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Bitcoin and altcoins have held their immediate support levels, suggesting the start of a relief rally in the short term.

Question for those smarter than myself…. With all the uncertainty right now with centralized exchanges and the potential of defaulting; are the coins currently staked (ETH2) on Coinbase safe in the event Coinbase becomes insolvent? submitted by /u/Novel_Development898 [link] [comments]

The Cardano blockchain platform has now successfully completed the first stage in its most significant update since it introduced smart contracts two years ago, bringing increased network capacity, richer applications, improved interoperability, and faster transactions. Coined as ‘Vasil’ – this upgrade has been implemented on the Cardano testnet for final integration tests prior to full…
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Despite the market condition, top currencies, Bitcoin and Ethereum, struggle to regain their values. On the other hand, some altcoins, AR, and NMR are showing a significant gain charm over 14-days. Since the Fed Reserve decided to raise interest rates and the May inflation report, Bitcoin has been floating in a small zone between $19,000 and $20,000. Thus, it is difficult for it to recover any significant upward pace. Related Reading | Solana (SOL) Stuck Below $33 In Past Days As Bearish Pressure Still Intact Bitcoin, the most valuable cryptocurrency, has dropped more than 70% in value since peaking at $67,000 in November 2021. However, according to CoinGecko data, BTC is now trading at $19,500 and has experienced losses of 7.8% and 5.4% during the last 7 and 14 days, respectively. Senior market analyst at the foreign exchange trading firm Oanda, Edward Moya, claims that Bitcoin is under pressure and finding it difficult to hold onto the $20,000 level. Ethereum had a successful year in 2021, reaching an all-time high price of $4850 in November. But since last month, the price of Ethereum, which had a great November like bitcoin, has been floating between $1,100 and $1,000. Meanwhile, it made an effort and struggled to recoup its value, but the price of Ethereum couldn’t rise beyond $1,100. CoinGecko data shows ETH is currently trading at $1,073.58, and in the past 7 and 14 days, ETH has lost 10.6% and 0.6% of its value, respectively. Significant Growth in AR and NMR Arweave (AR), one of the top 100 crypto assets by performance and market capitalization, is booming, while two of the most popular currencies are faltering. Per the statistics from CoinGecko, AR has reached $11 and increased by 10% in one day, 15% in seven days, and 32% in fourteen. A decentralized storage network, Arweave aims to provide a platform for the long-term archival of data. The Arweave network pays “miners” to keep the network’s data permanently stored using its native coin, named AR. Similarly, Numeraire (NMR) is also leading in week gainers. It displays a noteworthy increase of 122% over a week. NMR is currently trading at $19.37, per the statistics of Coinmarketcap. Additionally, during the previous 14 days, Numeraire has outperformed the rest of the cryptocurrency market and made massive gains, increasing by about 16% over the past day. As a result, trade volumes have exploded, according to CoinGecko. Related Reading | Litecoin (LTC) Drops Below $50 After Consistent Bearish Squeeze Since its peak in May last year, NMR has dropped by 79%. It is, however, showing an uptrend at the moment, which may help it rise over these prior lows. Moreover, some other coins are showing positive vibes, including TerraUSD with a gain of 17% during the last 24 hours, RUNE showing a 13% gain in the previous 24 hours, Celsius with 15% in the same period, and CEEK with 15%. Featured image from Pixabay, and chart from Tradingview

Bitcoin bounces to five-day highs while Ethereum rises above the $1,100 mark.