Bitcoin, Ethereum surge marks a new era for cryptocurrencies – News
News of Bitcoin breaching the $23,000 mark — its highest valuation ever — has electrified investors globally. With Ethereum, the second largest cryptocurrency by market capitalisation, also going past $660, market sentiment around digital currencies is more upbeat than ever before.
Bitcoin will maintain its propensity to advance in price into 2021, with macroeconomic, technical and demand versus supply indicators supportive of $50,000 target resistance, implying about a $1 trillion market cap, according to Bloomberg Crypto Outlook’s December 2020 edition. The report states, “$10,000 mark has shifted to a critical support level after serving as the crypto’s resistance mark since 2017. The year 2020 will likely be looked back upon as key to Bitcoin’s mainstream evolution”.
Khurram Shroff, the Dubai based Chairman of the IBC group and one of the region’s largest ‘HODLers’ of Bitcoin and Ethereum — colloquially referred to as a “whale”, within the cryptocurrency community — believes these all-time high valuations reflect a tipping point for decentralised digital currencies.
“I think we have to acknowledge that the pandemic has disrupted business as usual. Individual investors, and markets as a whole, are reflecting the general mood of a new beginning, which has made them far more open to cryptocurrencies. The huge stimulus packages that governments around the world announced, in the aftermath of the pandemic, means traditional fiat currencies have been hit hard by inflationary pressures. Bitcoin, with its supply capped at 21 million, is an attractive option for investors wishing to hedge against the debasement of traditional currencies. Furthermore, Bitcoin is a deflationary asset by design compared to fiat currencies which are inflationary. We saw the impact of this earlier in 2020 as we witnessed the gradual weakening of US dollar due to the pandemic which increased the dollar money supply by approximately 25 per cent,” said Shroff.
In December 2020, the Bitcoin market cap reached an all-time and had grown by over $100 billion when compared to the summer months. The market capitalisation currently sits at more than $350 billion, according to a research by Statista.
Regulation of cryptocurrencies has been area of concern for many, however Shroff says, “The primary business of government is to ensure the wellbeing of their people and driving economic growth. The strengths of decentralised cryptocurrencies lie in their iron-clad and instantly verifiable digital records. In the long-term, any market that operates with that level of investor confidence can only be good for the economy. As a crypto investor, with significant investments in digital currencies, I welcome government regulation of cryptocurrencies. However, this must be done without hindering their growth or undermining their attractiveness to investors.”
Source: otcpm24.com
Author: News Bureau
Contents
- Synthetix (SNX) Gains 4% Despite Strong Drop in Ethereum Price
- Side-Chaining $3 Billion in Value: There’s More Than 141,000 Tokenized Bitcoins Issued on Ethereum | Altcoins Bitcoin News
- Ethereum Stake Market Cap Tops $890,226.44 (ETHYS)
- Synthetix (SNX) Gains 4% Despite Strong Drop in Ethereum Price
- Ethereum Hits One Day Trading Volume of $15.71 Billion (ETH)
Synthetix (SNX) Gains 4% Despite Strong Drop in Ethereum Price
Ethereum (ETH) and a majority of other large-cap crypto assets have faced strong corrections over the past day. Per CoinGecko, BTC is down 2.5% in the past 24 hours alone, falling from the $24,000 region to $22,800 as of this article’s writing. Ethereum alone is down 5% in the past 24 hours, falling from the year-to-date highs to $610.
Despite the strong drop in the price of Ethereum, there are some altcoins that have largely been spared from the drop.
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin currently trades for $6.20, just a few cents shy of the recent highs near $6.40.
Synthetix may be benefiting from positive news regarding a scaling solution that it is looking to integrate with. SNX also recently received a recommendation from a prominent though controversial cryptocurrency research group.
While SNX is up on the day, it wasn’t always the case. Around 12 hours ago, the cryptocurrency faced a strong dip under $6 as Bitcoin spiked under $22,000 and as other cryptocurrencies also lost key support levels.
Analysts noted that if the Ethereum-based crypto asset fell below the support level marked on the chart below, it would see a strong move lower:
“Lose this and we’re heading to the $5.3-5.5 buy area. Would depend on how #Bitcoin reacts to range low, but could make a solid invalidation.”
$SNX #SNX – H1
Lose this and we’re heading to the $5.3-5.5 buy area.
Would depend on how #Bitcoin reacts to range low, but could make a solid invalidation https://t.co/cOKAGPzGmr pic.twitter.com/k3rng4COYX
— Pierre (@pierre_crypt0) December 21, 2020
Analysts are fearful, though, that if Ethereum continues its descent, altcoins will inevitably follow. As seen in October and during previous corrections, altcoins largely based on Ethereum have trouble keeping up when ETH is dropping rapidly.
SNX’s rally comes amid positive news for the Synthetix ecosystem.
Optimistic Ethereum, a scaling solution built by the Optimism team, seems to be inching towards a launch. This is important as Synthetix has teamed up with Optimism to port its application, or at least some parts of it, to the Optimistic Ethereum testnet, then mainnet.
On the Optimistic Ethereum trial/testnet, Synthetix wrote earlier this month:
“The third phase of our Optimistic Ethereum trial with @optimismPBC is live! In this phase, we will be trialing withdrawals from L2 to the L1 Goerli testnet. L2 withdrawals are only available to SNX stakers who participated in the previous phase of the L2 testnet trial. If you are one of these stakers, you will need to withdraw at least 0.01 SNX by Monday December 7th to be eligible for rewards once mainnet L2 is launched.”
Synthetix should move higher as these scaling updates are rolled out.
Source: bitcoinslate.com
Author: admin
Side-Chaining $3 Billion in Value: There’s More Than 141,000 Tokenized Bitcoins Issued on Ethereum | Altcoins Bitcoin News
According to onchain statistics, there is a colossal amount of bitcoin, approximately 141,231 bitcoins or $3.3 billion at the time of publication locked into Ethereum-based tokens. There are roughly seven different wrapped or synthetic bitcoin tokens but the Wrapped Bitcoin project has the lion’s share of coins with 115,411 under custody.
At the time of writing, there is a great number of bitcoin (BTC) locked into the Ethereum (ETH) network for projects that have issued wrapped or synthetic BTC tokens. Right now there’s 141,231 BTC being leveraged on Ethereum between seven different projects. The largest of them all is the Wrapped Bitcoin project (WBTC), which is an ERC20 token but the BTC is held in a custodial fashion by the firm Bitgo. At press time, the WBTC project commands a whopping 115,411 BTC which is worth $2.6 billion using today’s exchange rates.
The six projects below BTC collectively hold 28,151 BTC ($677.7M) at the time of publication, according to Dune Analytics data. This includes projects like renbtc (17,122), hbtc (6,010), tbtc (1,906), sbtc (1,903), imbtc (1,035), and pbtc (175). Moving a wrapped or synthetic bitcoin would be far cheaper as the current median cost of transfer on the Ethereum chain today is $0.54 per transaction. The next block fee for the BTC network is $7.68 per transaction and the current median fee for BTC today is $3.71.
A great deal of wrapped or synthetic bitcoin tokens on Ethereum leveraged on decentralized exchanges (dex) and loan platforms that yield high interest. During the last seven days, ETH-based dex applications like Uniswap and 0x have seen $5.5 billion in swaps and $579 million in trades during the last 24 hours.
WBTC is the sixth-largest token in terms of the share of loans for the top ten ERC20 assets. As far as outstanding loans per asset is concerned there’s roughly $45 million worth of WBTC on loan today.
It didn’t take long for the Ethereum network to gather a lot more bitcoin since tokenized BTC assets held on ETH crossed $1 billion notional at the end of September. Of course, the price of bitcoin (BTC) jumping 129% during the last three months contributed to the value held.
Despite the detractors, Ethereum clearly is Bitcoin’s main sidechain as competitors are not even close to 141,231 BTC being leveraged on the ETH chain.
For instance, Blockstream’s Liquid network only has 2,599 lbtc issued and the RSK sidechain has a circulating supply of 541 rbtc. WBTC is the second-largest decentralized finance (defi) project according to defipulse.com statistics. Due to BTC’s current value, WBTC’s market is also the 16th-largest by market capitalization today.
What do you think about the $3.4 billion worth of bitcoin held on the Ethereum network today? Let us know what you think about this subject in the comments section below.
/r/btc, $3.4 billion, Altcoins, BitGo, DeFi, DEX, dex swaps, ETH, Ethereum, Ethereum (ETH), Ethereum Sidechain, imbtc, LBTC, Liquid, loans, Market Cap, pBTC, Renbtc, RSK, SBTC, synthetic bitcoins, Synthetic BTC, tbtc, WBTC, wrapped bitcoin
Purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here.
Source: news.bitcoin.com
Author: Altcoins
by
Jamie Redman
Ethereum Stake Market Cap Tops $890,226.44 (ETHYS)
Ethereum Stake (CURRENCY:ETHYS) traded 10.6% lower against the U.S. dollar during the 1-day period ending at 0:00 AM Eastern on December 21st. One Ethereum Stake token can now be bought for $4.45 or 0.00019625 BTC on popular exchanges. Ethereum Stake has a market capitalization of $890,226.44 and approximately $14,786.00 worth of Ethereum Stake was traded on exchanges in the last 24 hours. In the last seven days, Ethereum Stake has traded down 31.4% against the U.S. dollar.
Here is how other cryptocurrencies have performed in the last 24 hours:
Ethereum Stake Token Profile
Buying and Selling Ethereum Stake
Ethereum Stake can be traded on these cryptocurrency exchanges: . It is usually not possible to purchase alternative cryptocurrencies such as Ethereum Stake directly using US dollars. Investors seeking to acquire Ethereum Stake should first purchase Ethereum or Bitcoin using an exchange that deals in US dollars such as Gemini, GDAX or Changelly. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase Ethereum Stake using one of the aforementioned exchanges.
Receive News & Updates for Ethereum Stake Daily – Enter your email address below to receive a concise daily summary of the latest news and updates for Ethereum Stake and related cryptocurrencies with MarketBeat.com’s FREE CryptoBeat newsletter.
Source: rivertonroll.com
Author: Michael Baxter
Synthetix (SNX) Gains 4% Despite Strong Drop in Ethereum Price
Ethereum (ETH) and a majority of other large-cap crypto assets have faced strong corrections over the past day. Per CoinGecko, BTC is down 2.5% in the past 24 hours alone, falling from the $24,000 region to $22,800 as of this article’s writing. Ethereum alone is down 5% in the past 24 hours, falling from the year-to-date highs to $610.
Despite the strong drop in the price of Ethereum, there are some altcoins that have largely been spared from the drop.
Synthetix may be benefiting from positive news regarding a scaling solution that it is looking to integrate with. SNX also recently received a recommendation from a prominent though controversial cryptocurrency research group.
While SNX is up on the day, it wasn’t always the case. Around 12 hours ago, the cryptocurrency faced a strong dip under $6 as Bitcoin spiked under $22,000 and as other cryptocurrencies also lost key support levels.
Analysts noted that if the Ethereum-based crypto asset fell below the support level marked on the chart below, it would see a strong move lower:
“Lose this and we’re heading to the $5.3-5.5 buy area. Would depend on how #Bitcoin reacts to range low, but could make a solid invalidation.”
$SNX #SNX – H1
Lose this and we’re heading to the $5.3-5.5 buy area.
Would depend on how #Bitcoin reacts to range low, but could make a solid invalidation https://t.co/cOKAGPzGmr pic.twitter.com/k3rng4COYX
— Pierre (@pierre_crypt0) December 21, 2020
Analysts are fearful, though, that if Ethereum continues its descent, altcoins will inevitably follow. As seen in October and during previous corrections, altcoins largely based on Ethereum have trouble keeping up when ETH is dropping rapidly.
SNX’s rally comes amid positive news for the Synthetix ecosystem.
Optimistic Ethereum, a scaling solution built by the Optimism team, seems to be inching towards a launch. This is important as Synthetix has teamed up with Optimism to port its application, or at least some parts of it, to the Optimistic Ethereum testnet, then mainnet.
On the Optimistic Ethereum trial/testnet, Synthetix wrote earlier this month:
“The third phase of our Optimistic Ethereum trial with @optimismPBC is live! In this phase, we will be trialing withdrawals from L2 to the L1 Goerli testnet. L2 withdrawals are only available to SNX stakers who participated in the previous phase of the L2 testnet trial. If you are one of these stakers, you will need to withdraw at least 0.01 SNX by Monday December 7th to be eligible for rewards once mainnet L2 is launched.”
Synthetix should move higher as these scaling updates are rolled out.
Source: www.captaingeek.net
Ethereum Hits One Day Trading Volume of $15.71 Billion (ETH)
Ethereum (CURRENCY:ETH) traded down 5.1% against the US dollar during the twenty-four hour period ending at 22:00 PM E.T. on December 21st. One Ethereum coin can now be bought for about $610.30 or 0.02673001 BTC on major cryptocurrency exchanges. Over the last week, Ethereum has traded up 2.6% against the US dollar. Ethereum has a total market cap of $69.53 billion and $15.71 billion worth of Ethereum was traded on exchanges in the last 24 hours.
Here is how related cryptocurrencies have performed over the last 24 hours:
Ethereum Coin Profile
Ethereum is a proof-of-work (PoW) coin that uses the Ethash hashing algorithm. Its launch date was July 30th, 2015. Ethereum’s total supply is 113,931,074 coins. The official website for Ethereum is www.ethereum.org. Ethereum’s official Twitter account is @ethereumproject and its Facebook page is accessible here. The Reddit community for Ethereum is /r/ethereum and the currency’s Github account can be viewed here. The official message board for Ethereum is forum.ethereum.org.
According to CryptoCompare, “Sandwich complexity model: the bottom level architecture of Ethereum should be as simple as possible, and the interfaces to Ethereum (including high level programming languages for developers and the user interface for users) should be as easy to understand as possible. Where complexity is inevitable, it should be pushed into the “middle layers” of the protocol, that are not part of the core consensus but are also not seen by end users – high-level-language compilers, argument serialization and deserialization scripts, storage data structure models, the leveldb storage interface and the wire protocol, etc. However, this preference is not absolute. Freedom: users should not be restricted in what they use the Ethereum protocol for, and we should not attempt to preferentially favor or disfavor certain kinds of Ethereum contracts or transactions based on the nature of their purpose. This is similar to the guiding principle behind the concept of “net neutrality”. One example of this principle not being followed is the situation in the Bitcoin transaction protocol where use of the blockchain for “off-label” purposes (eg. data storage, meta-protocols) is discouraged, and in some cases explicit quasi-protocol changes (eg. OP_RETURN restriction to 40 bytes) are made to attempt to attack applications using the blockchain in “unauthorized” ways. In Ethereum, we instead strongly favor the approach of setting up transaction fees in such a way as to be roughly incentive-compatible, such that users that use the blockchain in bloat-producing ways internalize the cost of their activities (ie. Pigovian taxation). Generalization: protocol features and opcodes in Ethereum should embody maximally low-level concepts, so that they can be combined in arbitrary ways including ways that may not seem useful today but which may become useful later, and so that a bundle of low-level concepts can be made more efficient by stripping out some of its functionality when it is not necessary. An example of this principle being followed is our choice of a LOG opcode as a way of feeding information to (particularly light client) dapps, as opposed to simply logging all transactions and messages as was internally suggested earlier – the concept of “message” is really the agglomeration of multiple concepts, including “function call” and “event interesting to outside watchers”, and it is worth separating the two. Have No Features: as a corollary to generalization, the dev team often refuses to build in even very common high-level use cases as intrinsic parts of the protocol, with the understanding that if people really want to do it they can always create a sub-protocol (eg. ether-backed subcurrency, bitcoin/litecoin/dogecoin sidechain, etc) inside of a contract. An example of this is the lack of a Bitcoin-like “locktime” feature in Ethereum, as such a feature can be simulated via a protocol where users send “signed data packets” and those data packets can be fed into a specialized contract that processes them and performs some corresponding function if the data packet is in some contract-specific sense valid. Non-risk-aversion: the dev team is okay with higher degrees of risk if a risk-increasing change provides very substantial benefits (eg. generalized state transitions, 50x faster block times, consensus efficiency, etc) “
Ethereum Coin Trading
Ethereum can be purchased on these cryptocurrency exchanges: . Investors seeking to trade Ethereum using U.S. dollars directly can do so using Gemini, GDAX or Coinbase.
Receive News & Updates for Ethereum Daily – Enter your email address below to receive a concise daily summary of the latest news and updates for Ethereum and related cryptocurrencies with MarketBeat.com’s FREE CryptoBeat newsletter.
Source: www.thestockobserver.com
Author: Stanley Muller
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