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Ethereum [ETH] Value of Transfers Fall Below 2018 Q4 Levels – Here’s a Complete Outlook

Disputedly, Ethereum is the second most popular cryptocurrency in the market. The platform opened the crypto markets to a plethora of opportunities with smart contracts and tokens. Deservedly so, it the largest cryptocurrency with respect to market capitalization. As mentioned earlier on CoinGape, Coinmetrics recently noted that the NVTV (Network Value to Market Value Ratio) of Ethereum is near its all-time low. This signifies network growth in proportion to the market value. The growth of ERC-20 and ERC-721 tokens has primarily fuelled the rise. However, the value of the Ethereum transfers is less than the amount during Q4 2018, when the price bottomed at around $80. The graph points to a considerable decrease since October. Ethereum [ETH] Value of Transfers in USD (Source)While the increases in the number of transactions can be attributed to non-value tokens, the value of transfers is still less. Nevertheless, it has also witnessed a drop since October 2019. Moreover, ERC-20 token currently comprises of all major stablecoins (Tether, USDC, TUSD), exchange tokens (BNB, Huobi Token, Okex Coin, LEO) including utility tokens like BAT. Recently, Samson Mow calculated the daily liquidity required to balance the supply of Bitcoin [BTC]. According to the estimates, Bitcoin’s supply needs a daily input of around $13-16 million to maintain a stable price. Similarly, at the current rate, Ether [ETH] requires about $1.5-1.7 million to maintain the price around current levels. As we note, the value of transactions is actually less; it is unlikely that the amount is being put. Ethereum: Number of Unique Addresses (Source) However, there has been consistent growth in the number of ETH addresses. While there is a possibility that this data can be misleading. However, it certainly adds to the network effect of Ethereum. The other major factor affecting the price is the project risk that the team faces for Ethereum 2.0. There is a lot of uncertainty around network performance, staking rewards, and the outlook of regulators after the shift. Currently, Ethereum is a commodity, as viewed by the SEC. However, it might change to securities with the change to the PoS network. Last but not least, Bitcoin’s bullish or bearish trend is largely responsible for the movements in the price of altcoins. This year witnessed a substantial correlation between the movement of Bitcoin and altcoins. However, the altcoins took a stronger blow in the bear market than Bitcoin. How would you rate the current price of Ethereum, undervalue, or overvalued? Please share your views with us.  The post Ethereum [ETH] Value of Transfers Fall Below 2018 Q4 Levels – Here’s a Complete Outlook appeared first on Coingape.
CoinGape

General Crypto Sentiment Weighs down on Ethereum as It Breaks a Major Level in USD Pairing

Coinspeaker General Crypto Sentiment Weighs down on Ethereum as It Breaks a Major Level in USD PairingThe past week has been anything but positive for the cryptographic industry. Ethereum, the second-largest market capitalization cryptographic asset, also recorded an 8% dump, marking a downward period for the market. Incidentally, the market fell just after the People’s Bank of China revealed that the central bank would close all local encryption centers.Speaking of Ethereum, despite the drop, ETH’s fees have increased by 21.6% over the past week. As observed in the main markets, the increase in fees is due to the traffic observed on ERC-721 transactions.Ethereum stays beneath strong downward pressure after collapsing below the monthly October trading floor as a result of the broader decline in the digital currency market. In the future, a lingering weakness below the $ 150.00 level will be bad for ETHUSD’s trending sentiment. The bulls must hold a major rally above the $ 180.00 level to encourage traders to buy ETHUSD again.On the off chance that the ETHUSD is trading above the $ 150.00 level, the key resistance is at the $ 180.00 and $ 198.00 level.On the off chance that the ETHUSD pair is trading below the $ 150.00 level, the key support is at the $ 143.00 and $ 125.00 level.As of November 22, the number of ERC-21 transactions reached 30,000 and its the highest total in a day since early 2018. It was determined that the increase in the number of transactions was caused by God’s Unchained, a trading game based on ETH which opened its market as of November 22nd.ERC-721 transactions were found to fill the ETH blocks quickly and congestion on the network increased ETH charges. Besides, it was also reported that average fees for some blocks exceeded $ 30, but returned to normal over the next 24 hours.Aiming to Break through 150.00 Level, ETHUSD Trends Past Prior Days LowSupport Levels: $180.71, $150.00, $130.00 Demand Levels: $318.60, $224.71, $199.50Extending for the 3rd subsequent day, ETHUSD aims to breakthrough the upside barrier on the level at 150.00. Trading up to the level at 149.61 higher after the open, ETH managed to reverse during the session as bears took control and may exit the day below its opening price.After trading lower again, ETHUSD price has missed to decisively move beyond the previous day’s upper trading level as it failed to hold on to earlier gains.During the early trading day, ETHUSD price traded past below the prior days low, unable to trade above the previous day’s high.At the time of composing the ETHUSD price is at 148.78, trading close to the key technical support turned resistance zone on the level at 150.00.The outlook stays bearish while displaying an intact downtrend in the short, medium and long-term.General Crypto Sentiment Weighs down on Ethereum as It Breaks a Major Level in USD Pairing
Coinspeaker

Long-Term Optimism May Contain Ethereum’s Downside Vulnerability

Coinspeaker Long-Term Optimism May Contain Ethereum’s Downside VulnerabilityCryptocurrency markets have been losing ground in recent weeks due to the lack of a positive catalyst. And Ethereum is also under this trend.While most other cryptocurrencies are struggling to maintain their support levels, the ETHUSD pair has not given up much ground. Therefore, during the next upward movement, it is likely that the pair is leading the rally. Therefore, we do not recommend participants to close their long positions yet. They may add a stop loss on the price level at $ 130.The longer the consolidation, the stronger the anticipated spike up or plunge for the ETH. It can be anticipated that the next move will be strong.On the off chance that the price goes out of the general resistance at $ 199.50, there will be a recovery at $ 239.45 in place next. On the flip side, if the bears lower the price below $ 180, they are likely to try again from the price level at $ 152.11 in the support zone. The downtrend may be activated at a break in this area. However, participants may further maintain their long positions with stops at $ 130.On the positive side, the fundamentals of ETH for its innovation shows a hopeful scenario since the blockchain for Ethereum recently experienced an increase in the amount of ERC-721 transfers made in a single day. The increase seems to be related to a particular decentralized application (dApp) on its network that is taking off.The increase in the amount of ERC-721 transfers on the Ethereum protocol seems to be related to a decentralized gaming application that runs on the network. Gods Unchained is a trading card game that is built on the Ethereum blockchain. Every single card used to play represents an ERC-721 token on the Ether network. This gives users the true ownership of their virtual cards, which they can freely exchange in the open market.Furthermore, MyEtherWallet (MEW), a UI client to collaborate with the Ethereum network, has reported another agreement with Rivet to meet its blockchain technological requirements. ETH users on the positive side see that long-term optimism may contain Ethereum’s vulnerability downwards when considering the fundamentals, buyers seek a perfect entry position as soon as the price reverses upwards.Dominated by Bears, ETHUSD Plunge Below the Key Technical Support ZoneThe bears had full control today, sinking the cryptocurrency pair below the key technical support zone on the level at 152.11 earlier in the day. While it may end today below the Thursday’s low at the 155.00 level, Ether has confirmed its breakthrough the prior session low after a trend below its intraday.The price of ETHUSD has broken below the level of key technical support at 152.11, which will likely act as resistance in the future. Currently, the price has gone beyond the September low on the level at 152.85 and we can see a greater downward momentum if the potential sell entry is activated at the level.The outlook remains bearish, showing an intact downtrend in the short, medium and long term.Support Levels: $180.71, $152.11, $130.00 Demand Levels: $318.60, $224.71, $199.50Long-Term Optimism May Contain Ethereum’s Downside Vulnerability
Coinspeaker

Ethereum's ERC-721 tokens outperform ERC-20 with 3.7 million token transfer

Despite a quiet week in terms of price valuation, Ethereum's network continued to exhibit strong movement with respect to its ERC-721 tokens. Unlike Ethereum's ERC-20 tokens, ERC-721 are more advanThe post Ethereum's ERC-721 tokens outperform ERC-20 with 3.7 million token transfer appeared first on AMBCrypto.
AMBCrypto

Over 3.7 Million Ethereum ERC-721 Transferred in a Single Day

This week, the prices fall even harder when Bitcoin dropped below $8,000. The second largest cryptocurrency Ethereum followed BTC just like the rest of the market and now trading under $175. In line with the price, the fees have taken a fall as well. Bitcoin fees dropped more than 30% over the past week after […]
Bitcoin Exchange Guide

This Blockchain Game Causes a 300% Surge in ERC 271 Token Transfers

In our last update on ERC-721 tokens on Nov. 12, we highlighted the spike in transfers of non-fungible tokens (NFTs) transfers to all-time highs as God’s Unchained, a blockchain-based gaming platform,  surpassed the previous high set by CryptoKitties transfers back in 2017 during the mega bull run. As of Nov. 19, ERC 721 token transfers have again surpassed the ATH, this time boosting close to 330% from the high set less than a fortnight ago. God’s Unchained sells over 6 million game cards Following a cross above the ATH on Nov. 12, recording over 864,000 transfers, God’s Unchained has once again caused a spike in total ERC 721 token transfers. According to data collected by CoinMetrics, the total number of transfers grew to over 3.7 million, representing a 328% growth in two weeks. Source: Coinmetrics The inflammatory growth in ERC 721 transfers was caused by God’s Unchained as the game traded over 6.6 million gaming cards over the course of the week. In context, the CryptoKitties sold 4.7 million gaming cards since they launched in 2017. 6/ For context, CryptoKitties has had about 4.7 million transfers over the course of its lifetime, which includes original purchases and secondary sales. @GodsUnchained has officially created over 6m tokenized in-game assets, which is more than any other Ethereum game to date. — CoinMetrics.io (@coinmetrics) November 19, 2019 The game grew popular in lieu of Hearthstone’s controversial handling of a Hong Kong protests sympathizer. Coincidentally, God’s Unchained had just activated their gaming cards to tradable tokens which gave unsatisfied gamers at Hearthstone to switch to God’s Unchained. ETH block fullness stagnant despite colossal transfer number The upsurge in transfers did not affect Ethereum’s speed at the slightest data show. Since hitting over 90% block fullness in mid-September, the block fullness has remained below 85% signaling a healthy market. The “abnormal” block sizes are as a result of God’s Unchained packing hundreds of card transactions in single batches. This reduces the size of transactions while each card remains unique within the batch. Once the distribution process is complete, the development team will activate the cards for trading on the secondary market.  This turns each unique gaming card to a tradable token. God’s Unchained is still leading the line in a number of ERC 721 tokens recording a total of 4385 transfers in the past 24 hours, as at the time of writing. The post This Blockchain Game Causes a 300% Surge in ERC 271 Token Transfers appeared first on Coingape.
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Weiss Ratings Downgrades EOS for Centralization

The Weiss Crypto Ratings chart saw EOS slide down the ranks. Weiss downgraded the project, pointing centralization as the chief reason. Weiss Moved EOS Down Straight to C- Weiss Ratings downgraded EOS from B to C-, despite the favorable estimations in the past. The chief reason was the influence of big token holders, which could decide how to sway network resources. 1/6 We’ve had great respect for work and thinking that went into the #EOS project. But the Weiss Crypto Ratings model is not based on opinion. It’s driven by data. And that data has now caused a downgrade from B to C-. Here's why (full article to be published soon): — Weiss Crypto Ratings (@WeissCrypto) December 6, 2019 The EOS blockchain gains its speed from the feature of only having 21 block producers, which transpire transaction information amongst themselves. Thus, spreading the latest state of the distributed ledger is easier, in comparison to Bitcoin’s feat of broadcasting to above 9,300 anonymous nodes. The EOS Constitution also has special cases for blocking accounts – a feature which has been useful during hacks, but also means transactions can be censored centrally. The concentration of resources in only a few hands meant “whales” could decide on allocating activities. This is also one of the reasons why the EIDOS token spread like wildfire, consuming almost all transactions on the EOS network. Network Capable of Faking Activity, Hosts Parasitic Token EOS is a network similar to older ones like BitShares, as well as Steemit. Those networks have shown that the influence of “whales” can be immense, and two nodes could even broadcast millions of free transactions. Other networks like Lisk (LSK) showed that the election process for delegates ended up with voting power getting accrued in the hands of a few top delegates. All of them could vote each other into place, without resorting to regular user vote. EOS trades at $2.75, gradually declining from the mid-year peak above $6.00. The coin has erased most of the gains for 2019 and is on track to fall to lows not seen since the bear market of 2018. According to Blocktivity, the network carries more than 43 million transactions per day. As expected, things will get better from here. A bit fairer cpu pricing. Congestion will gradually die down as it's not dirt cheap to get cpu anymore. Everyone becomes a bit more vigilant. Fairer value for EIDOS and YAS and CPU. It will get better everyday.Now, when Voice? — Enumivo (@enumivo) December 1, 2019 Most of those now belong to minting EIDOS tokens, while other transactions are related to distributed app activity. EOS has also seen accusations that most of its dApps are visited by bots, faking the real usage statistics. What do you think about EOS’s latest crypto ratings (as per Weiss)? Share with us in the comments below.  Images via Shutterstock, Twitter: @WeissCrypto, @enumivo The post Weiss Ratings Downgrades EOS for Centralization appeared first on Bitcoinist.com.
Bitcoinist

Block.one Set to Launch its Social Media Network ‘Voice’ on February 14, 2020

Voice, a social media platform built on the EOS blockchain, is set for release on February 14, 2020. Block.one, the firm behind its design, is optimistic that Voice will compete favorably against the likes of Facebook and Twitter. This innovation will mainly use tokenization to promote activity within the network and leverage its authentication features […]
Bitcoin Exchange Guide

SpaceChain’s New Milestone: First-Ever Demo of Blockchain Tech on the International Space Station

On Monday, December 5, 2019, community-based space and blockchain-focused platform, SpaceChain sent its blockchain hardware wallet technology to the International Space Station (ISS). As per the press release, this endeavor is the first ever ISS demonstration to date and was achieved as part of the CRS-19 commercial resupply service mission. This is definitely a milestone […]
Bitcoin Exchange Guide

Bitcoin Fund Gets SEC Approval | Cardano Ready For A Push | Crypto.com EOS | Enjin | Digibyte |

Do you need Bitcoin BTC as Bitcoin Briefly Breaks Above $7,500 After SEC Approves BTC Fund. Crypto.com Launches Syndicate Platform with EOS Coin Discount on it's newly launched exchange with CRO pairs. Cardano Getting Ready for Big Push in 2020, Says Charles Hoskinson. Jared Tate talks about Digibyte DGB and the Poloniex issue. Delta Exchange Launches Derivatives for Enjin ENJ after Microsoft Partnership. Ross Ulbricht Clemency Petition Gathers 250,000 Signatures. References - https://cointelegraph.com/news/bitcoin-briefly-breaks-above-7-500-after-sec-approves-btc-fund https://www.forbes.com/sites/investor/2019/12/06/bitcoin-why-you-need-it/ https://www.altcoinbuzz.io/crypto-news/partnerships/crypto-com-launches-syndicate-platform-with-eos-coin-discount/ https://www.altcoinbuzz.io/crypto-news/spotlight/cardano-getting-ready-for-big-push/ https://twitter.com/jaredctate/status/1203034572176408577 https://twitter.com/emailshashwat/status/1202974396110884868 https://twitter.com/balanipankaj/status/1202901524701052929 https://coinnounce.com/petition-to-free-ross-ulbricht-has-crossed-250000-signatures/ https://news.bitcoin.com/ross-ulbricht-clemency-petition-gathers-250000-signatures/Altcoin Buzz -------- Free Newsletter: http://eepurl.com/dnIEz1 MCO USD 50 REWARD https://platinum.crypto.com/r/k7tsgv2xc0 Sign up for eToro https://tinyurl.com/yxwa8vbt --------- Visit our website: https://altcoinbuzz.io Connect with us on Social Media: Twitter: https://twitter.com/Altcoinbuzzio Facebook: https://www.facebook.com/altcoinbuzzio/ Telegram: https://t.me/joinchat/DLi8Ug8negQrbwYO-oqNRA ---------- NOTE The information discussed on the Altcoin Buzz YouTube or other social media channels is not financial advice. This information is for educational, informational and entertainment purposes only. Any information and advice or investment strategies are thoughts and opinions only, relevant to accepted levels of risk tolerance of the narrator and their risk tolerance maybe different than yours. We are not responsible for your losses. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence and consult the financial advisor before acting on any information provided. Copyright Altcoin Buzz Pte Ltd. All rights reserved.
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Only one cryptocurrency is outperforming bitcoin this year — and its exchange has pioneered the practice of destroying coins every quarter

Binance Coin, or BNB, is the only major cryptocurrency outperforming bitcoin this year, but its namesake exchange is facing new concerns around increased competition, police raid rumors, and its "burning" practice. The Binance exchange faced new scrutiny after it said in November it has no "fixed offices in Shanghai or China" following reports of a police raid in the country, Bloomberg first reported. The exchange also destroys, or "burns," a portion of BNB coins in circulation each quarter as part of a plan to slash supply in half. Though Binance buys the coins off investors before destroying them, the practice likely serves as a factor in BNB's surge in 2019 and demand may wane once the burns reach their goal. BNB's popularity as the leading exchange token now faces opposition from new firms looking to corner the initial-exchange-offering market. Watch BNB trade live here. Binance Coin is the only major cryptocurrency outperforming bitcoin this year, but its namesake exchange faces heightened scrutiny for its "burning" practice and police raid rumors. The coin, typically referred to as BNB, allows holders to gain access to trading discounts and other benefits on Binance, the world's largest spot cryptocurrency exchange. BNB is up roughly 156% year-to-date, dwarfing bitcoin's 100% surge. The digital coin's outperformance was first reported by Bloomberg. The coin's run-up is likely boosted by the exchange's quarterly practice of destroying, or "burning," BNB to reduce the number of tokens outstanding. Binance plans to burn half of the total BNB supply — about 100 million coins — before pausing the practice. Though it buys the coins from holders before destroying them, the practice drives BNB demand as users still look to use its benefits. Binance destroyed $36.7 million worth of BNB at the end of the third quarter, or roughly 2 million coins. The exchange determines the amount of BNB to destroy based on its quarterly trading volume, and the latest burn hints the firm posted its most profitable quarter ever in the July-to-September period, Bloomberg reported. The platform also enjoys looser regulatory scrutiny due to its registration in Malta, yet critics are calling for Binance to clarify rumors around a reported raid on offices in China. A spokesperson for the firm told Bloomberg it has no "fixed offices in Shanghai or China," yet the rumored police search raised worries around whether the exchange is misleading investors to avoid China's crypto regulations.  BNB's surge cooled alongside other cryptos through the second half of the year, and a decline in initial exchange offerings on the platform could further hamper its performance. Binance customers used BNB to purchase coins sold by startups on the exchange, but as competitors with similar discount tokens crop up, Binance's popularity has faced new threats. "BNB's large relative outperformance came in the first part of this year, as the IEO craze reached its peak," Travis Kling, who leads hedge fund Ikigai Asset Management, told Bloomberg. "IEOs have cooled off a lot of its relative outperformance." BNB traded at $15.61 per coin at 3:10 p.m. ET. bitcoin traded at $7,456.46 per coin. Now read more markets coverage from Markets Insider and Business Insider: Billionaire hedge fund manager Bill Ackman is poised to exceed 50% returns after a 3-year drought Apple soars to all-time high after top analyst suggests 'completely wireless' iPhone could arrive by 2021 An unsealed court filing gives the first peek at Amazon's legal attack on the Pentagon's $10 billion cloud contract, and Trump is called out by name Join the conversation about this story » NOW WATCH: A big-money investor in juggernauts like Facebook and Netflix breaks down the '3rd wave' firms that are leading the next round of tech disruption
Business Insider
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