Software Engineer Thinks Ethereum Is Better Currency Than Bitcoin. Is It?

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bitcoinist.com 02 July, 2021 - 07:07am 13 views

Is Bitcoin a good investment?

- As a result of Bitcoin's high volatility, there are ample opportunities to earn good profits. At the same time, the volatility could pose an increased risk. ... However, investing even a tiny amount into Bitcoin has proven to be effective in building wealth. Economic TimesNot sure about investing in Bitcoin? Here’s what can help you understand better

2/Ether was created to finance the security of the network. It was designed to provide remuneration to miners (ether is used to PAY miners, and issuance is a form of subsidy). It's sole purpose is to function as a utility token, which is just a form of money that has a very

— Adriano FΞRIA 🦇🔊 (@AdrianoFeria) July 1, 2021

7/ other asset/good/service: supply and demand. Supply is in part determined by the issuance model, which is unsurprisingly referred to as monetary policy. ETH's 2.0 monetary policy + EIP-1559 will result in a diminishing total supply while at the same time reducing float due

— Adriano FΞRIA 🦇🔊 (@AdrianoFeria) July 1, 2021

10/prices, which is what is needed for it to continue to expand its monetary scope and mature into a global currency.

— Adriano FΞRIA 🦇🔊 (@AdrianoFeria) July 1, 2021

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Bitcoin’s active addresses fall below Ethereum’s after 60% drop in six weeks

Cointelegraph 03 July, 2021 - 11:17am

Ethereum flips Bitcoin by another metric as active addresses plummet.

The collapse in activity has seen Ethereum overtake Bitcoin by the number of active addresses, with the Ethereum network hosting roughly 200,000 more active wallets than Bitcoin on Friday.

It is the third time in a month that Ethereum has overtaken Bitcoin by the metric, also happening on June 5, 2021, and June 6, 2021. The previous time Ethereum was in the lead was at the beginning of 2017.

Twitter analyst Mr. Whale — known for his bearish takes — also noted that Bitcoin’s active addresses have fallen to their lowest level since April 2020 based on a weekly moving average.

Several factors may be contributing to the aggressive drop in active Bitcoin addresses, including the more-than-50% sell-off that followed Bitcoin’s (BTC) all-time highs in May and subsequent sideways market action and the massive crash in network hash rate amid China’s latest crackdown on local Bitcoin mining operations.

Ethereum’s active addresses increased by more than 9% over the past week to tag 700,000 despite the price of Ether (ETH) falling more than 10%. However, active Ethereum addresses are still down 22% from their early April peak of 900,000.

Active addresses is the latest metric by which Ethereum has overtaken Bitcoin, with Blockchain Center’s Flippening Index estimating Ethereum’s transaction fee revenue leads by more than 300%, while total transaction count is ahead by nearly 500%.

However, Bitcoin has also reclaimed a lead in both trading and transaction volumes after recently falling behind Ethereum.

According to a June 23 report from on-chain analytics provider Glassnode, the total number of unique addresses interacting with DeFi protocols has continued to climb since May, suggesting decentralized finance (DeFi) activity was rising despite the broader crypto meta-trend.

Related: Almost twice as much ETH locked in DeFi as on exchanges: Glassnode

The data shows a nearly 40% increase in the number of wallets that have interacted with DeFi protocols since the start of May, pushing the total user count up to more than 2.9 million. As such, persistent demand for DeFi from new users may explain Ethereum’s recent strength in network activity relative to Bitcoin’s.

Number Of Active Ethereum Wallets Now Surpasses Bitcoin, Data Showa - Benzinga

Benzinga 03 July, 2021 - 11:17am

The number of active addresses (wallets) on the Ethereum (CRYPTO: ETH) blockchain now exceeds the number of active Bitcoin (CRYPTO: BTC) addresses.

What Happened: According to BitInfochart data, the number of active addresses on Bitcoin's blockchain crashed by about 60% over the past six weeks, from 1.3 million to roughly 500,000.

Ethereum data, on the other hand, shows that the network saw over 200,000 more active wallets than Bitcoin on June 27: Bitcoin had over 462,000 active addresses while Ethereum had over 689,000, over 49% more.

What It Means: Active addresses included on BitInfoCharts are addresses that sent or received at least one transaction on the blockchain on any given day.

In late June, Bitcoin's active addresses have fallen to their lowest level since February.

Ethereum's active addresses, on the other hand, increased by more than 9% over the past week and reached 700,000, but are still significantly down from their early March peak of 1.1 million.

Why It Matters: According to BlockchainCenter data, Ethereum also processes 6.61 times more transactions than Bitcoin, but the value of those transactions is currently equivalent to only over 91% of Bitcoin's — down from a peak of over 227% reported in May.

Ethereum also purportedly has 70.4% of Bitcoin's trading volume, down from May's peak of 118%.

Lastly, Ethereum's miners enjoy a transaction fee spending that's estimated to be 4.6 times higher than Bitcoin's, down from 19.9 times in May.

Price Action: The leading cryptocurrency was trading at $33,356 at press time, losing a.17% overnight, while Ethereum stood at $2,063, down 3.38%.

Click here, or sign up for our newsletter to explore more of Benzinga's Cryptocurrency market coverage, in-depth coin analysis, data, and reporting.

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Does Crypto's Volatility Conceal Underlying Strength?

Bloomberg Markets and Finance 03 July, 2021 - 11:17am

What's Going On With Ethereum Today? | Benzinga

Benzinga 01 July, 2021 - 09:43pm

Ethereum (CRYPTO: ETH) traded sharply lower at press time as the recent rally in the second-largest cryptocurrency by market cap fizzled out.

What Happened: ETH traded 6.4% lower at $2,116.61 at press time over 24 hours. The cryptocurrency is still up 7.23% for the week.

See Also: How To Buy Ethereum (ETH)

ETH traded 2.38% lower against the apex cryptocurrency Bitcoin (CRYPTO: BTC). 

ETH has outperformed BTC recently and technical charts indicate that further upside may be in store for ETH.

Trading View charts show improving momentum with ETH/BTC ratio holding on to the supportive levels above the 100-day moving average.

ETH/BTC pair is trading between the 30-day and 200-day moving averages showing some uncertainty in the market and a relative strength index slightly above 50 indicates an uptrend.

Why It Matters: Ethereum’s recent run defied the slump seen in other major cryptocurrencies. This week, Steve Elrich, CEO of cryptocurrency exchange Voyager Digital Ltd. (OTC:VYGVF), said that the recent dip had allowed altcoins like ETH to gain “popultarity.”

Television host Jim Cramer said earlier in the week that he was “going to continue to buy Ethereum."

Read Next: Ethereum Co-Founder On Bitcoin Says, 'You Have To Upgrade The Damn Thing'

Click here, or sign up for our newsletter to explore more of Benzinga's Cryptocurrency market coverage, in-depth coin analysis, data, and reporting.

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the Latest Sports Betting News, Analysis, and Odds on Benzinga!

$27 of crypto when you complete education

$25 in BTC when you deposit $100

4 free stocks when you depost $100

© 2021 Benzinga | All Rights Reserved

Bitcoin vs Ethereum: Which crypto ‘will blow your mind away in the next 5 years’

AMBCrypto News 01 July, 2021 - 07:00pm

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With news of its latest network upgrade out, Ethereum, the world’s 2nd largest cryptocurrency was trending and witnessed a surge after a massive consolidation timeline. At the time of writing, ETH was trading above the $2,150 mark with an increase of about 12.2% in its price within a week. Moreover, ETH also recorded an impressive percentage in terms of returns as compared to Bitcoin, over the last couple of years.

Source: Coinstack

This article delves further into the point of whether ETH can beat BTC to become the largest cryptocurrency in the coming years, based on this bitcoin Bull’s esitmation.

Galaxy Digital CEO Mike Novogratz says that the Bitcoin community needs to do a better job of educating lawmakers, with @emilychangtv https://t.co/FTeWgdAQbn pic.twitter.com/IIZtAw1v37

— Bloomberg Technology (@technology) June 30, 2021

Galaxy Digital CEO Mike Novogratz stated in a recent interview,

“I think Ethereum, most likely becomes the second-biggest or maybe even the biggest cryptocurrency one day.”

However, Ethereum has very “different use case” as compared to Bitcoin according to him.

Speaking about Bitcoin he said that the king coin had paved its path as a “tailor-made,” and in lots of ways was a “beautifully designed store of value.” Whereas Ethereum, he said, served as the “base layer for Web 3.0. where things get built on top of it.”

However, Ethereum faced “stiff competition from the likes of Solana, Terra, and other ecosystems,” he added and further stated,

“…the amount of innovation that’s going to come out, that’s being built on top of the Ethereum platform or one of these platforms is going to blow your mind away in the next five years.”

Irrespective of the ongoing market correction, he reiterated a positive sentiment towards the overall cryptocurrency industry. He added:

“We are still early in this revolution…But nobody thinks this system is going away. Regulation in some ways is going to make the system stronger.”

The following table illustrated a projection by Coinstack analyst, Ryan Allis.

Source: Coinstack

According to the analyst,

“I see Bitcoin and Ethereum reaching the current market cap of gold ($11T) by 2025, and Ethereum passing the market cap of Bitcoin by December 2025.”

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Shubham is a full-time journalist at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on crypto-regulations across the United States and Europe. Also, a die-hard Chelsea fan #KTBFFH.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.

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