Tag: eth

Ethereum Sees Rise In Daily Activity, But Why Is Price Down?
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Ethereum’s network has seen notable growth recently in both daily active users and daily transaction volume, yet the price of ETH, Ethereum’s native cryptocurrency, has undergone corrections in the past few days. Notably, Ethereum is down by over 10% in the past seven days, underperforming Bitcoin and the S&P 500.

While this decline can be felt through the majority of large cryptocurrencies in the industry, the number of daily active Ethereum addresses has been steadily rising over the past month.

Ethereum’s Network Activity Surges But Price Remains Stagnant

An increase in network activity is usually a bullish sign for the price of cryptocurrencies as more activity means more demand. Interestingly, the number of daily active Ethereum addresses has increased by over 46% since January 3.

This increase in active addresses largely came with a surge in price over the past few months. Ethereum shot up from $2,909 on February 24 to reach a two-year high of over $4,000 on March 12, representing a surge of over 39%. According to data from YCharts, the number of daily active addresses increased simultaneously from 432,647 to 515,145 during the same time frame.

However, Ethereum has been on a price decline since its brief cross over $4,000 and is currently down by 17% in the past 10 days. On the other hand, the network has witnessed a continued surge in activity in terms of on-chain data, with the number of daily active addresses now at 618407 in the past 24 hours, its highest point since October 2023.

According to data from IntoTheBlock, ETH’s daily average volume has been steadily growing in a similar manner to the one recorded in 2020’s early bull market. This growth has now pushed the amount of ETH transferred on Ethereum to its highest level since May 2022 this week.
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Ethereum is now trading at $3,420. Chart: TradingView
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Can Ethereum Resume Its Uptrend?

At the time of writing, Ethereum is trading at $3,355. The price of any cryptocurrency, including ETH, depends heavily on market sentiment and speculation. While growing adoption and network activity are positive signs for long-term price growth, speculation is what really drives the price, at least in the short term.

At the same time, its price remains under pressure from several areas. One of such pressures is a recent report that the SEC is poking around Ethereum and the Ethereum Foundation and is looking to classify ETH as a security.

As the second-largest cryptocurrency, ETH’s classification as a security could cause chaos that would eventually cascade into other crypto assets.

Ethereum seems to have now formed a minor support at the $3,280 price level. Failure to hold above this price point could mean a further move to the downside.

Featured image from Pexels, chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Scott Matherson

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March 23, 2024
March Sees Nearly $1 Billion In Ethereum Netflow To Centralized Exchanges – What’s Happening?
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The price of Ethereum has not exactly lived up to its promise as the month has gone on, despite a stellar start to the month. While this bearish pressure has been widespread in the general cryptocurrency market, regulation uncertainty has been an additional concern for ETH, igniting a negative sentiment around the “king of altcoins.”

Interestingly, the latest on-chain revelation shows a substantial amount of Ethereum has made its way to exchanges so far in March, suggesting that investors might be losing confidence in the long-term promise of the cryptocurrency.

Are Investors Losing Confidence In Ethereum?

According to data from CryptoQuant, more than $913 million has been recorded in net ETH transfers to centralized exchanges so far in March. This on-chain information was revealed via a quicktake post on the data analytics platform.

This net fund movement represents the largest volume of Ethereum transferred to centralized exchanges in a single month since June 2022. Even though March is still a week from being over, this exchange inflow appears to be a complete deviation from the pattern observed over the past few months.
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Chart showing total monthly netflow of ETH on centralized exchanges | Sources: CryptoQuant
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As shown in the chart above, October 2023 was the last time cryptocurrency exchanges witnessed a positive net flow. It is worth noting that there was significant movement of Ethereum tokens out of the centralized platforms in subsequent months up until this month.

Meanwhile, a separate data point that supports the massive exodus of ETH to centralized exchanges has come to light. Popular crypto analyst Ali Martinez revealed on X nearly 420,000 Ethereum tokens (equivalent to $1.47 billion) have been transferred to cryptocurrency exchanges in the past three weeks.

The flow of large amounts of cryptocurrency to centralized exchanges is often considered a bearish sign, as it can be an indication that investors may be willing to sell their assets. Ultimately, this can put downward pressure on the cryptocurrency’s price.

Substantial fund movements to trading platforms could also represent a shift in investor sentiment. It could be a sign that investors are losing faith in a particular asset (ETH, in this case).

Moreover, the recent regulatory headwind surrounding Ethereum specifically accentuates this hypothesis. According to the latest report, the United States Securities and Exchange Commission is considering a probe to classify the ETH token as a security.

ETH Price

As of this writing, the Ethereum token is valued at $3,343, reflecting a 4% price decline over the past /4 hours. According to data from CoinGecko, ETH is down by 11% in the past week.
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Ethereum loses the $3,400 level again on the daily timeframe | Source: ETHUSDT chart on TradingView
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Featured image from Unsplash, chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Opeyemi Sule

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March 23, 2024
How to talk to your parents about crypto – MoneySense

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While younger investors tend to be more optimistic about and willing to invest in crypto, according to the Chartered Financial Analyst (CFA) Institute, their family members may have concerns about it—especially given the fall of a few major crypto firms, including FTX—last November, its founder was found guilty of stealing from customers. Crypto is a highly volatile asset type with wide-ranging risks, so it can be a divisive topic. How can you have conversations about crypto with your family members so that both sides feel comfortable?

Before you explain cryptocurrencies to anyone, make sure you understand them yourself. Here’s a quick guide.

1. Start with crypto basics

Start with the basics: Crypto is both an asset and a new technology. It is meant to be a digital currency. (Some companies and contractors will get paid in bitcoin, for example.) However, at the moment, it’s more of a tradable asset, whether on crypto exchanges or as part of crypto exchange-traded funds (ETFs) listed on stock exchanges.

2. Explain how it’s used

Then, you can get into the more complicated bits. Cryptocurrencies are built on blockchain technology, which is a digital ledger (your parents should know what that is). It logs the ownership of the crypto, and it’s spread across a network of computers that permanently and transparently records transactions. No one can alter the blockchains, and anyone can view them. See, simple enough.

3. Be open to their questions

Don’t get flustered when questions come up. “Why the need for new money?” they might ask. What sets cryptocurrencies apart from traditional fiat currencies, besides being virtual, is that they’re not backed by a central bank or government. Explain that cryptocurrencies carry both benefits and risks. Crypto transactions can be faster and cheaper, but if something goes wrong—say, your digital coins end up in the wrong wallet—there’s no one to intervene (get back your money). And investors treat them more like assets than as actual currencies.

Your parents might also ask about the differences between virtual coins. There are thousands of cryptocurrencies on the market, available via crypto exchanges and crypto trading platforms. Keep it simple by explaining that the three largest coins by market capitalization are bitcoin, ethereum and tether. (We cover more questions below.)

4. Be aware (and communicate that you’re aware) of its volatility and risk

For your own financial literacy and credibility with the fam, you need to know that crypto isn’t instant growth. There may be stories of investors who “got rich quick,” but there are many more stories of those who lost their money. If you express you understand how serious investing in crypto is, it’s more likely your parents will trust your knowledge.
Taub cautions that cryptocurrencies are “alternative” investments, and even within that broad category, they are considered extremely volatile and high-risk.
And Simmons suggests researching Canadian crypto trading platforms and demonstrating how to use one. Showing your parents how you plan to invest may help ease any anxiety they feel about crypto scams, which are common (more on this below). Read our tips on choosing a crypto trading platform.

5. Explain how you will (and won’t) use crypto

Once you’ve started a family dialogue about crypto, Taub says, “As with any investment, the conversation should be about how it fits into your existing portfolio(s) and how it aligns with your goals and investment objectives, your time horizon and your appetite for risk.”

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Sandy Yong

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March 13, 2024
Ethereum Is Not Done: Crypto Analyst Sets New $5,000 Target
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Ethereum is currently looking to gain a strong footing above the $4,000 price level as bullish momentum continues to dominate. According to crypto analyst Ali Martinez, this bullish momentum could continue and Ethereum could as well reach $5,000 very soon.

Ali Martinez made this known while citing data from IntoTheBlock, noting that the second biggest cryptocurrency still has room to run to $5,000, albeit a small resistance around $4,522 to $4,646.

Ethereum Path To $5,000 Looks Increasingly Clear As Resistance Dwindles

Ethereum’s momentum has been building for weeks amidst a broader crypto market increase, which has seen many cryptocurrencies reach new highs. The price of Ethereum has increased by 53% in the past 30 days alone, leaving investors to wonder how high it can keep going and whether it can follow in Bitcoin’s footsteps and attain a new all-time high.

In a social media post on X, Martinez noted a $5,000 price point is in the books “as resistance thins.” However, a key hurdle remains at $4,522-$4,646, where 600,000 addresses hold 1.63 million ETH. Despite this resistance hurdle, Martinez believes a $5,000 price point is inevitable while noting that the only question left is when this will manifest.

#Ethereum path to $5,000 looks increasingly clear, as resistance thins. The key hurdle? A supply zone at $4,522-$4,646, where 600,000 addresses hold 1.63 million $ETH. It’s not a matter of if, but when! pic.twitter.com/LMvw3kjrEW

— Ali (@ali_charts) March 11, 2024

The analyst made this prediction using IntoTheBlock’s “In/Out of the Money Around Price” metric, which tracks the number of holders making money at the current price. Interestingly, the metric indicated that 7.64 million ETH, representing 75.95% of the volume bought between $3,428 and $4,646, are making money at the current price.

Ethereum is trading at $4,058 at the time of writing on the back of a minor correction after reaching a two-year high of $4,084. If bullish momentum continues and ETH can close the week above $4,175, that could pave the way for a quick move to $4,500 and potentially past its current all-time high of $4,891 to set a new one.

Current price action shows Ethereum has created a support around $3,950 during its move up to $4,000. As long as this price level continues to hold, the overall bullish trend remains intact. But a break below $3,920 could signal a deeper correction to $3,800.

Increased blockchain activity on layer-2 networks has pushed gas fees to new highs. As a result, developers are getting ready to roll in a Dencun upgrade, which is supposed to usher in a new era of cheaper fees. The Dencun upgrade is the first change to Ethereum’s blockchain code in over a year.
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ETH price trending above $4,000 | Source ETHUSD on Tradingview.com
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Featured image from CNBC, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Scott Matherson

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March 13, 2024
Ethereum ETFs – What’s Casting Doubt On Their Fate?
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The fervor surrounding the eagerly awaited Ethereum spot Exchange-Traded Fund (ETF) has hit a roadblock as regulatory silence between the US Securities and Exchange Commission (SEC) and asset managers raises doubts about the imminent approval.

Regulatory Riddles Surrounding Ethereum’s Fate

Despite the crypto market’s optimistic outlook for Ethereum’s spot ETF, the SEC’s noticeable lack of commentary has set off alarm bells. Eric Balchunas, Bloomberg’s senior ETF analyst, has flagged this radio silence as a “negative sign,” pointing out that the SEC had previously commented on Bitcoin spot ETFs.

The absence of dialogue is viewed as a factor diminishing the approval odds each passing day, contributing to an air of uncertainty within the cryptocurrency community.

Normally I’d say this was good sign but as far as I know the Staff has not given any comments yet to the issuers, which is not a good sign as we past when they gave comments on btc ETFs. Further, there’s no court loss hovering over. And the correlations bt futures and spot isn’t… https://t.co/AVMhL1QKGf

— Eric Balchunas (@EricBalchunas) March 8, 2024

Adding a layer of complexity is the SEC’s ambiguous stance on Ethereum’s status. SEC Chair Gary Gensler’s recent remarks on whether Ethereum should be considered a security or commodity have created a foggy landscape. This uncertainty becomes a pivotal factor as Ethereum’s potential spot ETF awaits regulatory approval.

Unique Position In The Crypto Ecosystem

Investors, eager for a diverse range of investment opportunities beyond Bitcoin, have turned their attention to Ethereum. The second-largest cryptocurrency’s appeal lies in its multifaceted use cases, unlike Bitcoin’s primary function as a store of value.

Ethereum’s versatility, particularly highlighted by its upcoming “Dencun” upgrade on March 13, promises to enhance transaction processing capacity, reduce costs, and foster a more dynamic ecosystem with varied applications.
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Ether market cap currently at $484 billion. Chart: TradingView.com
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The correlation dynamics between Ethereum spot and futures ETF are under scrutiny, with indications that it is weaker compared to Bitcoin. This divergence in correlation adds a layer of pessimism to the market sentiment, prompting investors to carefully navigate the uncertainties surrounding Ethereum’s regulatory approval.

Ethereum: Market Dynamics And Institutional Interest

As Ethereum gains momentum, institutional heavyweights like BlackRock and Grayscale have expressed interest in Ethereum spot ETFs, mirroring the trend seen with Bitcoin.

Investors, sensing a potential approval on the horizon, have begun shifting their focus from Bitcoin to Ethereum.

This shift is not only influenced by speculation but also by Ethereum’s fundamental strengths, including ongoing network upgrades and a vibrant decentralized finance (DeFi) ecosystem.

Contrary to earlier predictions, Standard Chartered’s foresight places Ethereum’s ETF approval by May 23. This timeline aligns with expectations that the SEC might follow a similar pattern to the drawn-out process witnessed with Bitcoin.

The research suggests a trajectory of cautious deliberation, leading to a probable green light.
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Ether breaking past the $4k barrier. Source: Coingecko
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Ether’s Market Surge And Altcoin Potential

In the midst of regulatory uncertainties and market speculations, Ethereum’s price has recently broken through the $4,000 mark, reflecting investor confidence.

This surge is supported by Ethereum’s robust fundamentals, ongoing upgrades, and its pivotal role as a bellwether for altcoin potential.

Ethereum’s price trajectory and market dominance are becoming increasingly intertwined with the broader cryptocurrency landscape, shaping the narrative of its imminent spot ETF approval.

Featured image from Pixabay, chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Christian Encila

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March 11, 2024
Total ETH Burned Crosses 1.5 Million Ahead Of Ethereum Dencun Upgrade
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The Ethereum Dencun upgrade is fast approaching and there have already been notable developments leading up to it. Besides the price of ETH rising to new two-year highs, there has been a significant increase in the amount of ETH that has been burned so far.

Over 50,000 ETH Burned

The Ethereum burn, which was brought with the EIP-1559 upgrade, has been ramping up over the past year. The ETH burned from fees on the blockchain quickly crossed the $100 million mark, and has now climbed to a new milestone.

According to Ultrasound Money, a website dedicated to tracking the performance of Ethereum since EIP-1559 was implemented, there have now been over 1.5 million ETH burned. A more accurate figure is 1,502,518.84 ETH at the time of writing, which is more than $5.6 billion at current prices.

The number of burned ETH has also greatly surpassed that of ETH issued, which means that the network has turned deflationary. Compared to the 1,502,518.84 ETH burned, there have been only 1,089,809.20 ETH issued in the same time period. This shows that the supply has not increased despite the new issuance, and ETH already in circulation is being burned as well.

At the time of the upgrade in 2022, the total Ethereum supply was 120,521,245. However, since then, the burn has been slowly eating into this figure and is currently sitting at 120,108,332 ETH. This means that the ETH supply has reduced by 412,706 ETH worth $1.55 billion since 2022.

Ethereum Dencun Upgrade Looms On The Horizon

The Ethereum Dencun upgrade is the latest in a long line of upgrades that have taken place in an effort to make it a better network. This upgrade is expected to come with a number of improvements for the network, including boosting its efficiency and capacity.

It was launched on all testnets last week which is expected to be the final phase before the launch. The launch itself has been scheduled to take place less than a week from now on March 13. Once completed, an increase in block space is expected to follow.

Presently, the ETH price is performing quite nicely leading up to the upgrade. It recently touched $3,900 for the first time since 2022, and while there has been a slight retracement, the altcoin continues to trend high above $3,700 at the time of writing.
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ETH price moves toward $3,800 | Source: ETHUSD on Tradingview.com
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Featured image from Crypto News, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Scott Matherson

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March 7, 2024
Ethereum Plans For Dencun Upgrade: Is This The End Of Roll-Ups?

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Ye Zhang, the co-founder of Scroll, a layer-2 project using zero-knowledge proof, is cautiously optimistic about the upcoming Dencun upgrade. In a post on X, Zhang pointed out Dencun’s potential benefits, particularly the low transaction fees.

However, in the same post, the co-founder highlighted the likely challenges it could present for existing layer-2 scaling solutions using roll-ups.

Dencun Introduces EIP-4844 In Ethereum: What It Means

Ethereum developers plan to implement Dencun in mid-March. Implementing the Ethereum Improvement Proposal (EIP)-4844 is a big part of this hard fork. With this execution, the proposal will introduce a new “blob-carrying transaction” feature.

What’s unique about these transactions is that they allow users to cheaply attach blobs, which are large amounts of data, compared to traditional Ethereum transactions.

Based on observations from the Goerli testnet, Zhang anticipates blobs to be 3-5 times cheaper than traditional call data on Ethereum. Accordingly, the vast difference means innovative developers can come up with blob-inscriptions. These inscriptions will effectively compete with layer-2 solutions like Arbitrum or Optimism leveraging roll-ups.

This possibility cannot be discounted because, in essence, EIP-4844 aims to reduce layer-2 transactions through blob transactions. Effectively, the proposal means the foundation of Blob inscriptions.

This solution takes a different approach but could take on roll-up platforms if widely adopted. It will be the case if users transacting large chunks of data realize the advantage of going the blob inscription route.

Even so, roll-ups will carry distinct advantages over blob inscriptions. A notable one is the superior scalability of roll-ups. These solutions can inherently process more transactions every second. Additionally, they are secure since they inherit security from the Ethereum mainnet.

ETH Prices Steady Above $3,800

Still, until after Dencun is implemented, the impact of EIP-4844 will be thoroughly measured. Overall, the Ethereum and layer-2 communities are ecstatic for the upgrade, expecting it to thrust ETH even higher in the current bull run.

Ethereum is trading above $3,800. It has been up by double digits in the past week, and experts are predicting even more gains in the days ahead.

Related Reading: Analyst Cites Key Indicators That Signal Bitcoin Correction

In the medium term, bulls target $5,000, around the all-time high.

Amid the boom in ETH and crypto prices, interest in Ethereum layer-2 solutions continues to expand. The latest L2Beat data shows that Arbitrum, Optimism, and other alternatives manage over $36 billion. Arbitrum, enjoying its first-move advantage, manages nearly $16 billion.

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Dalmas Ngetich

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March 6, 2024
Justin Sun Moves $100M To Binance, Stacking Ethereum?

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Justin Sun, the co-founder of Tron–a smart contracting platform for deploying decentralized applications (dapps), is once again moving and shuffling millions of dollars. According to Lookonchain data on February 29, Sun reportedly transferred 100 million USDT to Binance, days after moving huge sums earlier this week.

Justin Sun moves $100 million USDT to Binance | Source: Lookonchain via X

Justin Sun Holds Millions Of ETH: Will The Co-founder Buy More?

From February 12 to 24, a wallet associated with Sun acquired 168,369 ETH for an average price of $2,894. This purchase, valued at roughly $580.5 million, currently holds an unrealized profit of around $95 million. Profitability could increase considering the sharp demand for crypto, especially top coins like Bitcoin and Ethereum, in recent days.

Ethereum price trending upward on February 29 | Source: ETHUSDT on Binance, TradingView

The Ethereum price chart shows that ETH has been on a clear uptrend, rising from around $2,200 in early February to over $3,450 when writing. At this pace, and considering the institutional interest in potent crypto assets, including ETH, the odds of the second most valuable coin stretching gains will be highly likely.

As Bitcoin inches closer to $70,000, the probability of Ethereum also tracking higher toward its all-time high of around $5,000 will be elevated.

Since ETH already owns a big stash of coins, there is speculation that the co-founder will double down, buying even more coins. The crypto community will continue watching the address until this happens and there is solid on-chain data to support the purchase.

Spot Ethereum ETFs And The Dencun Upgrade Are Key Updates

So far, optimism is high, especially among the broader altcoin community. As Bitcoin races to register new all-time highs pumped by institutional billions, eyes will be on the United States Securities and Exchange Commission (SEC). There are multiple applications for a spot Ethereum exchange-traded fund (ETF).

The agency has not provided a definitive timeline for approving or rejecting the derivative product. There is regulatory uncertainty around the status of ETH, a significant headwind that might delay or even prevent the timely authorization of this product.

Still, the community is looking forward to the next communication in May. If the spot Ethereum ETF is a go, the coin will likely rally to new all-time highs, following Bitcoin.

However, before then, eyes are on the expected implementation of Dencun. The upgrade addresses challenges facing Ethereum, including scalability. Through Dencun, Ethereum developers hope to lay the base for further throughput enhancements in the coming years.

With higher throughput, transaction fees drop, overly improving user experience. This upgrade might go a long way in cementing Ethereum’s role in crypto, wading off stiff competition from Solana and others, including the BNB Chain.

Feature image from DALLE, chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Dalmas Ngetich

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February 29, 2024
Ethereum Outperforms Bitcoin As Institutional Investors Clamor For ETH Exposure
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Reports have revealed that institutional investors are shifting their focus to Ethereum, displaying a preference compared to the largest cryptocurrency, Bitcoin. Despite Bitcoin’s recent rally to over $55,000, Ethereum’s unique features and potential developmental capabilities continue to capture institutional players’ interest.

Institutions Favor Ethereum Over Bitcoin

On February 24, cryptocurrency exchange, Bybit, published a research report on its users’ asset allocation. The research examined investors’ hodling and trading behaviours, covering the period from July 2023 to January 2024. Bybit’s report also provided valuable insights into investors’ asset allocation across cryptocurrencies such as altcoins, stablecoins and meme coins, shedding light on the specific coins users are currently bullish or bearish on.

According to the research report, Ethereum has unexpectedly emerged as the primary cryptocurrency choice for institutional investors. The report revealed that “institutions are betting big on Ethereum,” allocating more of their funds to ETH compared to BTC.

Bybit has disclosed that the recent rise in interest in Ethereum began in September 2023, when ETH was still trading around $2,000. Subsequently, Ethereum’s market sentiment became more bullish, experiencing a surge in investor interest to about 40% by January 2024. The crypto exchange has confirmed that, as of January 31, ETH has become the single largest cryptocurrency held by institutions.

Bybit’s report also revealed that institutional investors’ interest in Bitcoin began to wane following the United States Securities and Exchange Commission (SEC) approval of Spot Bitcoin ETFs on January 10, 2024. At the time, Bitcoin had experienced massive selling pressures, resulting in investors trimming their BTC holdings to favour other cryptocurrencies.

The excessive allocation of Ethereum is reportedly attributed to investors anticipating a favourable outcome from Ethereum’s upcoming Decun Upgrade, slated to launch in March 2024.

Notably, Bybit has disclosed that it is still being determined if the recent shift to Ethereum is a short-term manoeuvre or a more prolonged move. However, the approaching Bitcoin halving in April potentially adds a layer of bearish risks, as projections indicate Bitcoin’s significant rise in value to new all-time highs during the halving phase.
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ETH price rises to $3,230 | Source: ETHUSD on Tradingview.com
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Retail Investors Think Otherwise

Bybit’s research report also examines the asset allocation trend for retail investors on the cryptocurrency exchange. The report revealed that retail investors are significantly more bullish on Bitcoin than Ethereum, allocating more funds into BTC than ETH despite Ethereum’s recent surge in value.

Over the past week, Ethereum has experienced a substantial hike in its price, jumping over 7% and outpacing Bitcoin, suggesting a potential for a more extensive upward trajectory. At the time of writing, Ethereum is trading at $3,227, reflecting a 4.05% increase in the last 24 hours, according to CoinMarketCap.

While Ethereum’s massive rally has successfully elevated the sentiment among institutional investors, retail investors remain less swayed, opting to hold onto or incorporate additional Bitcoin into their diversified portfolio of digital assets.

Featured image from Cointribune, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Scott Matherson

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February 27, 2024
Here’s How Scammers Have Improved Their Tactics in Address Poisoning Attacks

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Scammers have taken their tactics to the next level and are now using real funds in address poisoning attacks.

A recent incident where a victim lost nearly $50k was brought to light through a post on X by Cyvers Alerts, a platform dedicated to raising awareness about online threats.

Crypto Users Targeted with Real ETH

An initial post warned of the new phishing scam targeting crypto users, stating, “Beware of a new phishing scam targeting #crypto users! Scammers are now sending real $ETH to trick you.”

🚨ALERT🚨Beware of a new phishing scam targeting #crypto users! Scammers are now sending real $ETH to trick you. 🕵️‍♂️

They expect you to accidentally copy a scam address. Similar to address poisoning, they might also send fake $USDT. If you send funds to this wrong address, you’ll… pic.twitter.com/8EKxixgVTG

— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) January 15, 2024

It was further emphasized that these bad actors rely on users mistakenly copying a scam address, a tactic similar to address poisoning. These fraudsters may also send counterfeit Tether (USDT) tokens, tricking users into sending funds to the wrong address and falling prey to their scam.

In a follow-up post, Cyvers Alerts pointed to an incident of such a scam. The victim fell prey after receiving a negligible amount of Ethereum in what appeared to be a test transaction.

Unknown to them, the scammer had placed their fake address in the victim’s transaction history. Subsequently, the victim copied the scammer’s address and sent 17 ETH worth $47.6K, resulting in a significant financial loss.

User Loses 1 Million USDT

Another X user named Catakor has highlighted a recent similar incident that saw a user lose a million USDT. Through a thread, they narrated how the user received a million from their Kraken account and conducted a “test deposit” to confirm the funds went to the correct account.

However, a scammer had created a fake transfer of USDT from the user’s wallet to an address closely resembling the one associated with the Kraken account. The user then unknowingly copied the last “sent” transaction, resulting in them losing up to a million USDT. The scammer then quickly converted the stolen USDT to ETH and transferred them to another wallet, where they are now stored.

Address poisoning is a scam that targets the common practice of copying and pasting wallet addresses in cryptocurrency transactions. The scammer uses a ‘vanity’ address generator to create one closely resembling the victim’s and sends a transaction of negligible value from this fake account. If the victim accidentally pastes the scammer’s address, they end up sending funds to the scammer instead of the intended recipient.

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Wayne Jones

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February 16, 2024
Ethereum ETF: Franklin Templeton Enters The Fray As ETH Rallies

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Wall Street titan and Asset manager Franklin Templeton has applied for an Ethereum Spot Exchange-Traded Funds (ETF) after a struggle to gain approval for their Bitcoin Spot ETF in early January.

Asset Manager Files For Spot Ethereum ETF

Asset managers have gravitated toward the Ethereum spot ETF since the United States Securities and Exchange Commission (SEC) approved the Spot Bitcoin ETF. Franklin Templeton is the latest manager to apply with the SEC to get approval for this financial product.

The asset manager’s move came after successfully introducing the BTC spot ETFs. This is a notable step toward making more crypto investment products accessible to institutional and individual investors.

James Seyffart, a senior analyst from Bloomberg Intelligence, also shared the update with the crypto community on X (formerly Twitter). Seyffart’s X post included a screenshot of the asset manager’s filing and data regarding other applicants.

According to the post, Franklin Templeton is the eighth company in the cryptocurrency market to file for product approval. Previous asset managers to file applications for Ethereum ETFs include Hashdex, BlackRock, Fidelity, Ark and 21Shares, Grayscale, VanEck, Invesco, and Galaxy.

Per the official filing, a Delaware statutory trust is how the Franklin Ethereum Trust is set up. The ETF aims to give investors access to ETH in a regulated manner by allowing them to store it directly through a custodian.

It states in the company’s S-1 filing that the proposed “Franklin Ethereum Trust” will hold ETH and “may, from time to time, stake a portion of the fund’s assets through one of the more trusted staking providers.”

Staking is the act of locking up digital currency to maintain the operations of a blockchain network. They plan to stake some of the ETF’s ETH holdings to supplement its income through staking rewards.

The Price Of ETH Rallies Amidst The Update

Franklin Templeton’s spot Ethereum ETF application was made in light of the price of ETH experiencing an uptick. However, no solid proof exists that the latest development impacted the price of crypto assets.

Related Reading: Ethereum ETFs Approval Date Set For May 23, Forecasts Suggest ETH Could Reach $4,000

Ethereum was trading at $2,661 as of press time, indicating an increase of over 7% in the past 24 hours. Data from CoinMarketCap shows that its market capitalization is also on the upside, marking an increase of over 7%.

Meanwhile, its trading volume has increased significantly by over 172% in the past day. Due to the rise, ETH now ranks third in the entire crypto market by trading volume.

ETH trading at $2,679 on the 1D chart | Source: ETHUSDT on Tradingview.com

Featured image from iStock, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Godspower Owie

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February 13, 2024
ERC-404 Euphoria Push Ethereum Gas Fees To 8 Month High

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The new ERC-404 tokens have swiftly taken the spotlight, dominating the cryptocurrency market and consistently attracting interest from investors and traders. This surge in euphoria has led to a substantial increase in Ethereum gas fees, pushing costs to their highest levels in the past eight months.

Ethereum Gas Fees Skyrocket

Ethereum gas fees have surged to record highs, reaching unseen levels since March 2023, when the average gas price peaked at 101.26 Gwei. The sudden spike in Ethereum gas prices has been attributed to the recent hype surrounding ERC-404 tokens, an experimental token standard that enables native fractionalization of Non-fungible Tokens (NFTs).

Presently, reports from Etherscan, an Ethereum block explorer and analytics platform, reveal that on Friday, February 9, 2024, Ethereum gas fees reached an average gas price of 71.4 Gwei, with a maximum and minimum gas price of 59,956 Gwei and 34.4 Gwei respectively.

This price is the highest Ethereum gas fees have reached since its explosive peak in May 2023, when the average gas price surged to 155.8 Gwei.

Ethereum gas fees are on an uptrend. Source: Etherscan

The popularity of the ERC-404 can be attributed to the Pandora team heralding the unofficial token and taking advantage of its high liquidity. Additionally, various cryptocurrency traders have shown immense interest in the new token, aiming to capitalize on its potential and maximize its liquidity.

One trader recently made $59,000 from the popular ERC-404 token. He revealed that his “secret to making money” was buying and selling the ERC 404 token, MINER, using the high gas fees as an advantage.

The co-founder of Gaslite GG, identified as ‘Pop Punk’ on X (formerly Twitter), has also predicted that introducing ERC-404 tokens will lead to a continuous daily rise in the average Ethereum gas price.

About The ERC-404 Token Standard

Earlier Thursday, the market capitalization of ERC-404 tokens soared to $296 million, announcing their arrival in the crypto market. The token standard was launched on February 5 and has gained immense traction in crypto.

Although ERC-404 tokens remain unofficial due to the absence of a complete audit and endorsement by Ethereum developers, they have witnessed a significant surge in the days following their launch. One of the prominent ERC-404 tokens, Pandora, recently saw a rise of over 400%.

The experimental tokens have gained widespread popularity due to their unique approach of bridging the gap between fungible and non-fungible tokens for better liquidity and fractionalization.

ETH’s price trends to the upside on the daily chart. Source: ETHUSDT on Tradingview

Chart from Tradingview

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Scott Matherson

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February 12, 2024
Why Solana Beats Ethereum In This Bull Cycle: Crypto Expert

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In a recent analysis, Andrew Kang, co-founder and partner of Mechanism Capital, provided a comprehensive analysis of the cryptocurrency market, focusing on the comparative strengths of Solana (SOL) over Ethereum (ETH) in the current bull cycle. Kang shared his insights via X, the platform formerly known as Twitter.

Central to Kang’s argument is the idea that in the current market, Solana presents a more favorable trading option than Ethereum. He states, “The definition of insanity is repeatedly trying to long ETHBTC when longing SOLBTC (or SOLETH) is the much better trade in a bullish environment.” This succinctly captures his perspective on the shifting dynamics between these major cryptocurrencies.

Why Solana Is The Superior Trade Than Ethereum

Kang offers a retrospective view of Ethereum’s journey, noting, “Over the first 6-7 years of ETH’s life, there was a lot of uncertainty and lack of education around ETH. There were a lot of Bitcoin holders to be converted to Ethereum holders.” He recognizes Ethereum’s early volatility and its eventual emergence as a stable trading asset.

However, he suggests that this relative stability has now become a double-edged sword: “ETH also became a ‘safe’ risk-on asset that traders could get into in size. That’s what made it a great cross to trade. But over time, people’s allocation to eth vs btc started to harden and the amount of people left to convert whittled away.”

Addressing Ethereum’s advancements in technology, Kang points out a paradox. He states, “While these [Layer 2 solutions and Modular technology] might seem like good things, it is these characteristics/innovations that weighs heavy on ETH during risk on periods where ETH previously outperformed.” He suggests that these developments, though innovative, have introduced new complexities that impact Ethereum’s performance in bull markets.

“Yes, you may have some conversion from BTC to ETH during risk on periods (much less so these days), but in this era ETH faces much more rotational pressure from those going from ETH as their base asset to these very L2s, modularity coins, SOL, those capitulating ETHBTC longs, and other shitcoins that it is supposed to benefit from,” Kang claimed.

In contrast, the crypto expert highlights Solana’s advantages, asserting, “Not only does SOL not face these same issues but it also has crossed the chasm in becoming a blue-chip Layer 1.” He emphasizes Solana’s resilience and its appeal to conservative investors who previously focused mainly on Bitcoin and Ethereum.

Kang further elucidates, “Conservative giants that previously were comfortable with BTC and ETH have SOL as an easy, safe next step. It is this transition phase of becoming a new major or base asset that you want to ride. A young fast horse, not a horse encumbered by the troubles of age, baggage and Jared Gray.”

Significantly, Kang notes a major shift in market dynamics, stating, “There was a secular shift in the collapse of ETHBTC volatility in 2023.” He posits that this shift has redefined the comparative advantage in favor of Solana. Concluding his analysis, Kang confidently asserts, “Even if that ever changes, SOLBTC will be the superior trade.”

At press time, SOL was just 30% short of a new all-time high against ETH.

SOL/ETH, 1-week chart | Source: SOLETH on TradingView.com

Featured image from securities.io, chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Jake Simmons

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January 30, 2024
Ethereum Faces Market Tremors As Celsius Offloads $1 Billion in ETH

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Ethereum (ETH) is about witnessing a potential sell-off worth $1 billion. This significant transaction is rooted in actions by Celsius, a bankrupt crypto lender. Reports from on-chain analyst Lookonchain indicate that Celsius initiated the transfer of 459,561 ETH, estimated to be worth around $1.014 billion, to various exchanges.

The breakdown of this large-scale distribution includes 297,454 ETH ($656.5 million) moved to Coinbase Prime, 146,507 ETH to Paxos Treasury, and smaller sums totaling 7,800 ETH ($17.2 million) sent to FalconX and Coinbase, respectively. Despite this transfer, Lookonchain disclosed that Celsius still maintains a reserve of 62,468 ETH, valued at roughly $139 million.

Celsius transferred 459,561 $ETH($1.014B) out 9 hrs ago.

297,454 $ETH($656.5M) → #CoinbasePrime
146,507 $ETH ($323.3M) → #PaxosTreasury
7,800 $ETH($17.2M) → #FalconX
7,800 $ETH($17.2M) → #Coinbase.

And #Celsius still has 62,468 $ETH($139M) left.https://t.co/O71a2LfeKg pic.twitter.com/adcxQA3POn

— Lookonchain (@lookonchain) January 26, 2024

This significant transfer carries significant weight in the Ethereum market. It poses a challenge as it exerts considerable pressure on Ethereum’s price, with potential implications for broader market sentiment. Ethereum could see a significant plunge if the $1.014 billion worth of ETH is sold simultaneously.

Celsius’ Previous Ethereum Transactions

Celsius’ latest Ethereum transactions aren’t isolated events. LookonChain has previously spotted significant transfers linked to Celsius, including a deposit of 13,000 ETH ($30 million) on Coinbase and 2,200 ETH ($5 million) to FalconX.

While these moves indicate Celsius’ proactive strategy in managing its financial challenges, they also signal potential volatility for Ethereum’s market value.

Furthermore, Arkham Intelligence reports that between January 8 and January 12, Celsius liquidated over $125 million worth of Ethereum. The primary objective of these sales is to fulfill obligations to creditors.

Dune Analytics also highlighted the pattern of large-scale Ethereum redemptions, noting redemptions exceeding $1.6 billion. Since last year’s Shanghai update, this figure represents the highest Ethereum redemptions recorded.

As part of its bankruptcy proceedings, Celsius continues liquidating Ethereum holdings to pay off debts.

Ethereum’s Market Reaction

In the aftermath of Celsius’s Ethereum transactions, the asset has seen a nearly 10% decline in value over the past week, dropping from a high above $2,600 to around $2,186 yesterday. However, Ethereum has slightly recovered, rising by 2.2% in the past 24 hours, with a trading price of $2,258 at the time of writing.

ETH price is moving sideways on the 4-hour chart. Source: ETH/USDT on TradingView.com

Amid these market developments, Michael van de Poppe, a renowned crypto analyst, has identified three key factors that could signal a bullish phase for ETH. A significant element is Bitcoin’s market behavior, often setting the tone for altcoins.

Van de Poppe notes that Bitcoin’s indications of bottoming out usually precede rallies in altcoins, suggesting a potential upturn for Ethereum. He also emphasizes the increasing excitement around spot Ethereum ETFs, which could catalyze Ethereum’s market value in the coming weeks.

Additionally, Ethereum’s impending network upgrades, which aim to reduce transaction costs significantly, are expected to enhance the network’s efficiency and scalability, potentially boosting its market appeal.

The momentum towards $ETH is probably going to come in the next few weeks.

Arguments:
– #Bitcoin bottoming out is a trigger for altcoins to make a new run.
– Ethereum Spot ETF hype.
– Ethereum launching new upgrades to reduce 90% of the costs. pic.twitter.com/N8bDi52F8M

— Michaël van de Poppe (@CryptoMichNL) January 25, 2024

Featured image Unsplash, Chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Samuel Edyme

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January 26, 2024
Ethereum Path To Recovery: Analyst Highlights 3 Key Factors Pointing To A Price Boom

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Michael van de Poppe, a prominent crypto analyst, recently outlined three key factors that could herald a bullish phase for Ethereum, the second-largest crypto by market capitalization. One crucial factor he identifies is Bitcoin’s current behavior.

The analyst pointed out that as the market leader, Bitcoin’s recent signs of bottoming out tend to precede altcoin rallies, hinting at a potential upswing for Ethereum. Moreover, Van de Poppe highlights the growing anticipation surrounding spot Ethereum exchange-traded funds (ETFs).

According to Van de Poppe, the increasing buzz about these spot ETFs is a significant catalyst that could drive Ethereum’s value over the coming weeks.

Additionally, Ethereum is on the cusp of rolling out critical network upgrades. These updates, aimed at reducing transaction costs by up to 90%, are expected to improve the network’s efficiency and scalability significantly.

The momentum towards $ETH is probably going to come in the next few weeks.

Arguments:
– #Bitcoin bottoming out is a trigger for altcoins to make a new run.
– Ethereum Spot ETF hype.
– Ethereum launching new upgrades to reduce 90% of the costs. pic.twitter.com/N8bDi52F8M

— Michaël van de Poppe (@CryptoMichNL) January 25, 2024

Latest Update On Ethereum Deacon Upgrade

Regarding updates, Ethereum’s development team is making strides with the upcoming Dencun upgrade, a significant “hard fork” that aims to enhance the blockchain’s efficiency.

Tim Beiko, a core Ethereum developer, updated the community earlier today on the progress. Dencun, which incorporates “proto-danksharding,” is set to reduce transaction costs on layer 2 solutions, making Ethereum more accessible and affordable for users.

According to the developer, the upgrade is scheduled to activate on the Sepolia testnet on January 30 and the Holesky testnet on February 7, with mainnet implementation following if these tests succeed.

More testnet blobs on the way .oO

Dencun will activate on Sepolia Jan 30, and on Holesky Feb 7. If running a node on either network, now’s the time to update it!

Assuming both of these go smoothly, mainnet is next ✅https://t.co/QbEUACix2S

— timbeiko.eth ☀️ (@TimBeiko) January 25, 2024

Brighter Future Ahead

Despite these positive developments, Ethereum’s market performance mirrors the overall bearish sentiment in the crypto market, led by Bitcoin. ETH has seen a 13.7% decline in the past week, currently trading at $2,216.

ETH price is moving sideways on the 4-hour chart. Source: ETH/USDT on TradingView.com

However, analysts like Van de Poppe urge caution, particularly regarding the impact of the Bitcoin spot ETF. While there may be short-term selling pressure, Van de Poppe remains optimistic about the long-term prospects.

The analyst suggests that the influx of new capital from diverse market participants could propel Bitcoin, and by extension, Ethereum, to new heights.

The markets need to be more accurate with the impact of the ETF.

There’s some selling pressure in the short term, but in the long term, a massive amount of new money flows into the markets from new participants.

As a result, #Bitcoin might push higher this cycle than we think.

— Michaël van de Poppe (@CryptoMichNL) January 25, 2024

Featured image from Unsplash, Chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Samuel Edyme

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January 25, 2024
Celsius Dump Triggers Ethereum Dive: $35 Million Sell-Off Sends ETH Price Crashing
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Celsius Networks, currently undergoing bankruptcy proceedings, has engaged in significant Ethereum transactions that are causing ripples within the digital currency landscape.

In the past 10 hours, on-chain analysts at LookonChain detected noteworthy transfers, including a 13,000 ETH deposit ($30 million) on Coinbase and an additional 2,200 ETH ($5 million) on FalconX. These transactions suggest a proactive stance by Celsius in addressing its ongoing financial challenges.

Celsius Sells $125M ETH, Maintains $1.3B Reserve

According to Arkham Intelligence, Celsius sold more than $125 million worth of Ethereum (ETH) coins between January 8 and January 12. The primary goal of this auction is to pay off creditors.

Dune Analytics also revealed a more widespread pattern of redemptions, with over $1.6 billion of staked Ethereum being redeemed during the same period. Since the Shanghai update last year, the amount of redemptions recorded is the highest.

The #Celsius wallet deposited 13K $ETH($30.34M) to #Coinbase and 2,200 $ETH($5.13M) to #FalconX again in the past 10 hours.

Currently, 2 staking wallets of #Celsius still hold 557,081 $ETH($1.3B).

Address:https://t.co/3gGOucC9gY https://t.co/zodN4gzVHK https://t.co/Jjt9fCN2Ej pic.twitter.com/E9DIZ9KDAH

— Lookonchain (@lookonchain) January 23, 2024

Despite facing financial constraints imposed by the court, Celsius still holds a substantial Ethereum reserve. This reserve amounts to over 557,000 coins in two staking wallets, with a total valuation of approximately $1.3 billion. The size of this reserve adds a layer of complexity to Celsius’ current financial situation and underscores the evolving narrative within the crypto space.
```
Source: LookOnChain
```
As part of its obligations to creditors, Celsius has been actively liquidating its Ethereum holdings. These auctions, aimed at paying off outstanding debts, are integral to Celsius’ bankruptcy proceedings.
```
Source: LookOnChain
```
The market has responded to these Ethereum transactions, resulting in a 4% decline in the price of ETH. The cryptocurrency slipped below the $2,350 mark, raising concerns among analysts, especially as ETH now wavers below its crucial demand zone ranging from $2,380 to $2,461.

Analysts predict that a failure to maintain this level could lead to a potential retreat towards the $2,000 mark.
```
Ethereum currently trading at $2,307.2 on the daily chart: TradingView.com
```
Wealthy Investors Trigger Ethereum Profit-Taking

Santiment’s historical data reveals that significant transactions by wealthy investors, commonly known as whales, often trigger profit-taking activities among regular ETH holders. This phenomenon intensifies selling pressure and contributes to price declines.

Meanwhile, decreasing funding rates suggest an underlying optimism in the market, hinting at a possible cooldown in previously overheated perpetual markets. This situation leaves room for ETH to rebound once the selling pressure subsides.

As the bankruptcy drama of Celsius unfolds, the scrutiny on its Ethereum transactions and the resulting market dynamics will persist. Investors and observers are closely monitoring the situation, eagerly awaiting further developments and anticipating the broader implications for both Celsius and the crypto ecosystem.

Featured image from Shutterstock

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Christian Encila

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January 23, 2024
How Many Altcoins Died In The Past 10 Years, Report Shows
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CoinGecko’s most recent report details the failure rate of cryptocurrencies in the last 10 years. Exhibiting the increasing number of “dead” altcoins over the years as projects deactivate, rebrand, lose trading activity, or are revealed to be scams.

Related Reading: These Altcoins Are Showing Most Bullish & Bearish Divergences: Santiment

An 11.01% Failure Rate For The Altcoin Sector

The first half of the ten-year period that CoinGecko studied showed 1,546 dead cryptocurrencies, 11.01%% of the total amount.

2014 saw the death of 37 cryptocurrencies, 2015 had a lower number with only 27, and 2016 closed this period with 32 dead coins. The 2014-2016 period saw the death of 96 cryptocurrencies in three years, accounting for less than 1% of the total of altcoins that have died over the last decade, as seen in the chart below.

The number of altcoins that failed since 2014. Source: CoinGecko

During the 2017-2018 Bull run, Almost 1,500 of the launched projects have since shut down, as CoinGecko explained:

In comparison, 1,450 projects launched during the 2017 – 2018 bull run have since shut down. This is on the back of over 3,000 cryptocurrencies listed, resulting in a similar failure rate of ~70%.

An Increase In Failed Projects Over The Last Five Years

The report shows that over 88% of the failed cryptocurrencies come from the second half of the period analyzed. Just 2019 increased 2018 year’s number by 50, reaching 1,150 failed cryptocurrencies and closely matching the total number of dead coins of the previous half.

However, most dead cryptocurrencies came from the 2020-2021 bull run. “Over 11,000 cryptocurrencies were listed on CoinGecko during the previous bull run, with ~70% having shut down since,” they detailed. 7,530 cryptocurrencies from launched projects during 2020-2021 have failed, accounting for 53,6% of all dead coins alone.

2021 is when cryptocurrencies suffered the most, with 5,724 dead coins—resulting in the worst year for projects launched, with over 70% of the cryptocurrencies listed having died as of January 2024.

The report attributes the high number of failures over 2020-2021 to the “ease of deploying tokens and the rise in popularity of meme coins.” They noted that many memecoin projects launch without a product, and most are “abandoned over a short period of time.”

In 2022, the number of failed projects declined from the previous year, with 3,520 dying. A 60% rate out of the total listed cryptocurrencies.

Related Reading: Renowned Crypto Analyst Predicts The Top 5 Altcoins For 2024

Ultimately, the number of failed projects declined further in 2023, as only 289 cryptocurrencies, out of the over 4,000 listed on CoinGecko, died. This represents a failure rate of <10%.

However, although the number of dead cryptocurrencies declined in the last two years, perhaps suggesting a more positive trend, the precise percentage of failed projects launched in 2023 stood at 289. It remains to be seen if the trend will be sustained over the coming months or if the rise of a new bull phase will push the nascent sector back into a spike in altcoin failures.
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ETH is trading at $2,546.22 in the daily chart. Source: ETHUSDT on tradingview.com
```
Featured image from Unsplash.com, chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Rubmar Garcia

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January 15, 2024
Ethereum Giga Whales On A Historic Buying Spree
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Ethereum whales have been on a buying spree for a while now, which is an indication of their sustained support for the king of altcoins. These whale buys have particularly increased in the past few weeks. On-chain data from Santiment reveals Ethereum’s largest private wallets now hold an all-time high of 56.25 million ETH, representing 46.8% of the crypto’s total circulating supply.

Ethereum Whales Accumulate Record Amounts Of ETH

Ethereum is currently trading in a range, as price action shows the crypto trading between the higher end of $2,434 and the lower end of $2,127 in the past 30 days. However, the crypto is now showing signs of recovery after a recent price recovery and is now building strong momentum above $2,200.

Amidst the price theatrics, Ethereum whales have been buying more ETH into their wallets to push the total count to new highs upon new highs. At the same time, these whales have been withdrawing from exchanges, causing ETH on exchange-owned addresses to drop to their lowest levels in over five years.

According to data from on-chain analytics platform Santiment, a record 65.71 million ETH, representing 54.67% of the total circulating supply is now held by top addresses. Out of this figure, 56.25 million ETH belong to the top 150 self-custodial wallets. Consequently, the top 150 exchange-linked wallets now hold 9.46 million ETH, nearing its lowest level since June 2018.

Increasing Whale Accumulation: Possible Explanation

The crypto industry went through a strong price surge in the last quarter of 2023, flipping the optimism around most cryptocurrencies bullish. Continued whale acquisitions can be linked to an anticipated continuation of the price growth in 2024, with the imminent approval of Bitcoin and Ethereum spot ETFs in the US lurking in the background.
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ETH market cap currently at $268 billion. Chart: TradingView.com
```
The accumulation from Ethereum’s largest whales is a good sign for the long-term price, as it signals they believe the price will continue to increase. Their buying power also helps to establish price support by reducing the supply of ETH for sale.

Spotonchain recently showed that an Ethereum whale, identified as ‘0x931’, bought 21,192 ETH worth approximately $48 million at an average price of $2,265. The recent purchase now puts the whale’s total buys at 79,500 ETH since January 2023 and is now sitting on $36.84 million unrealized profit.

At the same time, liquid staking protocols witnessed steady deposits throughout 2023. Data from DeFiLlama shows that 12.3m ETH ($27.585 billion) are currently locked in ETH liquid staking derivatives. This represents an 80% growth from 6.8 million ETH locked in January 2023.

Featured image from Pixabay

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Scott Matherson

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January 7, 2024
Ethereum Price Crash Looming? Celsius To Unstake $465 Million

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Celsius Network, the bankrupt cryptocurrency lending company, is gearing up to unstake approximately $465 million worth of Ethereum (ETH) as part of its efforts to compensate creditors. This development follows the company’s bankruptcy filing in July 2022, leaving creditors in a prolonged 18-month wait for financial recompense.

Celsius’s decision to unstake a substantial amount of ETH is seen as a necessary step to ensure liquidity for creditor compensation. The company’s official announcement, made via X (formerly Twitter), highlights the strategic nature of this move:

“In preparation of any asset distributions, Celsius has started the process of recalling and rebalancing assets to ensure ample liquidity. Celsius will unstake existing ETH holdings, which have provided valuable staking rewards income to the estate, to offset certain costs incurred throughout the restructuring process. The significant unstaking activity in the next few days will unlock ETH to ensure timely distributions to creditors,” the announcement reads.

Celsius Responsible For Over 86% Of ETH In Exit Queue?

Blockchain analytics firm Nansen states that Celsius possesses approximately one third of the total Ether in the unstaking exit queue, totaling around 206,300 ETH. This figure translates to a market value of around $465 million. To date, Celsius has already withdrawn over 40,249 ETH.

Tom Wan, an on-chain data analyst at 21.co (parent company of 21Shares), elaborated on the situation, “Over 540k staked ETH (16,670 Validators) are currently withdrawing from the Ethereum Beacon chain. To fully exit and withdraw now, it will require 14.5 days.” The researcher added that 352,000 ETH (54.7%) waiting to be withdrawn belongs to Figment and 206,000 ETH (32%) belongs to Celsius.

ETH waiting for withdrawal | Source: X @tomwanhh

“It is also likely that the withdrawal by Figment belongs to Celsius. Earlier in June, when Celsius redeemed 428.000 stETH from Lido, they have re-staked 197.000 ETH via Figment,” he added. Therefore, Celsius might be responsible for unstaking 86.7% of all ETH in the queue.

Ethereum Price Crash Looming?

While some investors express concern that the release of such a large volume of tokens from staking could adversely impact Ethereum’s price, others maintain a more composed outlook, believing that the market is robust enough to absorb this additional volume.

Even in the unlikely event that all ETH from the queue is sold, liquidity appears to be strong enough to absorb such a process, which would be gradual rather than sudden. According to Coinmarketcap, the current ETH trading volume stands around $11.35 billion, suggesting that the market could withstand the potential sale of Celsius’ entire ETH holdings without any major ETH price crash. Fear-mongering is therefore superfluous.

After receiving approval for its settlement plan, Celsius has allowed eligible users to withdraw 72.5% of their cryptocurrency holdings, with this option available until February 28. A court document filed in the previous September revealed that approximately 58,300 users possess a total of $210 million in assets, which the court has classified as “custody assets.”

At press time, ETH traded at $2,250. The 1-week chart for ETH/USD indicates that, over the past five weeks, the price of Ethereum has formed a consolidation range. The chart defines this zone with a lower boundary at $2,125, indicated by the red area, and an upper boundary at the 0.382 Fibonacci retracement level, located at $2,441.

ETH price establishes consolidation zone, 1-day chart | Source: ETHUSD on TradingView.com

Featured image from Shutterstock, chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Jake Simmons

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January 5, 2024
Ethereum “Set For Further Gains,” Analyst Puts This Target
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An analyst has explained that Ethereum could be set to see a further rally based on on-chain data. Here’s the level ETH may end up surpassing.

Ethereum Has No Significant On-Chain Resistance Ahead

In a new post on X, analyst Ali has discussed how Ethereum’s support and resistance levels are looking like based on on-chain data. In on-chain analysis, the potential for any level to provide any notable amount of support/resistance to the price depends on the number of investors who acquired their coins.

Here is a chart that shows the amount of ETH that was bought at some of the price ranges that the asset has visited before:
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The density of cost basis at each of the different ETH price ranges | Source: @ali_charts on X
```
The graph shows that the $2,235 to $2,302 range carries the cost basis of a significant number of coins. More specifically, 1.84 million addresses acquired more than 6 million ETH inside this range.

Currently, the Ethereum price is trading just above this range, implying that all these investors are in the green. If the Ethereum spot price retraces into this range, these holders could show some reaction, as their profit-loss boundary would be retested.

Since these holders would have been in profits just before the retest, they might want to buy more, as they may believe that this same price range that was profitable earlier might turn out to be a worthy buy again.

Since the range is thick with investors, this buying effect that may arise on a retest could end up providing support to the price. If the support fails, the price might be between $1,958 and $2,029.

This range is much more robust, hosting a cost basis of over 37 million ETH. Ali notes that this support could potentially help cushion any corrections that may take place.

Now, Ethereum has strong support below, and as is apparent in the chart, there is no major demand wall above it simultaneously. Investors in loss (those with a cost basis higher than the current spot price) may be desperate to escape the market, so the price rising to their break-even can be an enticing exit opportunity.

If many holders are sitting at a loss, their demand zone could provide significant resistance to the price because of such selling. ETH has no such obstacles in the nearby price ranges so that the coin could rally further. “The path ahead of ETH is clear, with no significant supply barriers in sight, suggesting a potential rise to $2,700 or beyond,” explains the analyst.

The market intelligence platform IntoTheBlock has also shared a chart that could provide further evidence for a bullish case of Ethereum.
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The trend in the HODLer ratio for Bitcoin and Ethereum | Source: IntoTheBlock
```
As is visible in the above graph, the percentage of Ethereum investors who can be classified as “HODLers” (1 year+ holding time) has shot up recently. “This year, the percent of long-term ETH holders surpassed that of Bitcoin for the second time ever!” notes IntoTheBlock.

ETH Price

Ethereum is currently at the $2,316 mark, not too far above the support zone mentioned earlier.
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Looks like the price of the coin hasn't been moving much recently | Source: ETHUSD on TradingView
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Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, IntoTheBlock.com

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Keshav Verma

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January 1, 2024