Connect with us

Blogs

Will Ethereum Regain Its Previous Glory?

Published

on

Ethereum
READ LATER - DOWNLOAD THIS POST AS PDF

The moment when bitcoin broke the $8500 resistance, analysts predicted that the top-5 crypto giants are going to steal the show in the next few days. As for Ethereum which has been ranked as the 2nd largest cryptocurrency in the world, days of recovery are closer. Some projects such as EOS have been compared with Ethereum and while most of them admit being better than Ethereum there aren’t signs of Ethereum being replaced by another blockchain project. The reason behind this the way Ethereum works and the purpose it serves which keeps ETH value and importance intact in the world of cryptocurrency.

Comparison with Bitcoin

According to Ethereum’s official website, the purpose of their decentralized platform is to run smart contracts. It was released many years after bitcoin, in July 2015 and its presale at that time raised a whopping $18 million in bitcoin. It’s wrong to surmise that Ethereum is somewhat similar to bitcoin because it’s not. The founder of Ethereum, Vitalik Buterin is a crypto veteran who has years of experience in working and developing blockchain technology. Ethereum allows smart contracts which are nothing but programmable digital money and its transaction works after meeting two vital conditions. Which is ‘send Alice to bob if…’

  1. Date= January 1, 2018
  2. Bob’s balance < 10 ETH

Ethereum’s Hike to $700:

When the market got into the bull race, the top-5 cryptocurrencies made their own records crossing their line of resistance. Ethereum was not far behind and turned out to be one of the winners of today. At the time of writing, the price has gone up to 9% within last 24 hours and it’s currently trading at $698.83 with a 1.25% increase per hour. This uptrend has contributed to the total market cap reaching $425 billion. Ethereum hasn’t shown signs of such breakouts for a long time and had been silent for quite some days. Therefore, its more than necessary to find out the ‘why’ behind this recent gain. Since the middle of April, we’ve seen Ethereum at $302 and now it has reached an excess of the double of that amount in a jiffy.

The Inevitable Ethereum Fork:

The Ethereum community is buzzing with rumors regarding an upcoming technical decision in the form of a ‘fork’. The difference in views of three principle players in Ethereum eco-system namely, Parity Tech and two key community members Golem Project and developer Peter Szilagyi has fuelled the possibility of a fork due to their non-agreement. During the recent meeting between developers, there has been a discussion on the proposal of including a contentious code called ‘EIP 999’ as a technical fix. Many have risen against this proposal announcing that it would return around $264 million loss of funds and that it could possibly damage the security as well as the integrity of the platform. Those in favor of this proposal have said that buggy contracts have given rise to frequent loss of funds and that they should do anything to avoid such mistakes.

In light of this evident tug-of-war, a split is inevitable. Even the CEO and founder of Litecoin, Charlie Lee has hinted that a split might be in the best regards for the Ethereum platform.

Ethereum – An Evergreen Investment:

The entire crypto market value is now rivaling with that of Facebook and it all happened in the blink of an eye. When you look at the returns which are expected from Ethereum, you may realize that it still has a long way to go. The value of Ethereum is bound to appreciate in the upcoming day all because its application and usability are increasing day by day. Each day more companies are becoming a believer in Ethereum’s core idea and its goals by adopting its decentralized cloud-based applications.

Recently, the famed Amazon web services launched blockchain templates made for Ethereum and HyperLedger (since both projects offer distributed consensus algorithms, smart contracts, and access control features) fabric. The company announced on its official site that these templates allow a fast and much easier way to develop and deploy secure blockchain based networks with the open-source framework. Let’s not forget that the idea of smart contracts was developed by Ethereum and the trend of using smart contracts is helping Ethereum to reach higher as time goes by. The more its platform is being used, the more value Ethereum will gain as a cryptocurrency.

Current Market Position:

According to the data on CoinMarketCap, it’s evident that Ethereum has plans to maintain its bullish trend. The market capital has reached $69 billion USD and still counting. Almost $3 billion ETH has exchanged hands within the past 24 hours which is hugely different from the data back on mid of April. The trading volume is expected to stay on the rise for this week. Bitfinex has the most to contribute to the aforementioned trading volume hike because its volume is ahead of OKEx’s and Huobi’s tether pair.

Conclusion:

We cannot say for sure whether this trend will remain as it is and how Ethereum price is going to unfold in the upcoming days. In January when ETH touched its all-time high price point of $1430.81 according to the records, its recent performance has degraded much. There’s no doubt that crossing $700 threshold was a feat in its own regard but crossing this mark is going to be tougher than imagined. However, it is certain that Ethereum’s performance is going to be worth keeping an eye due to volatile and dynamic nature of cryptos.

For the latest cryptocurrency news, join our Telegram!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Duncan Rawlinson – Duncan.co – @thelastminute via Flickr

Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

Published

on

CoinFlip
READ LATER - DOWNLOAD THIS POST AS PDF

As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

Continue Reading

Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

Published

on

collateralized debt position
READ LATER - DOWNLOAD THIS POST AS PDF

While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

Continue Reading

Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

Published

on

Hodium
READ LATER - DOWNLOAD THIS POST AS PDF

I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

Continue Reading

Elite