Ethereum Gas Fees Rise

Ethereum Gas Fees Have Risen 2,300% Since June

Demand for Ethereum has risen as a result of this week’s ‘Altair’ upgrade.

By Tim Hakki           3 min read • Oct 30, 2021

In brief

  • Ethereum's 'Altair' upgrade went live on Wednesday.
  • Altair facilitates the network's transition to Ethereum 2.0.
  • Demand for Ethereum is surging right now.

The average transaction fee on Ethereum is soaring at $51.45, according to data from crypto metrics site BitInfoCharts. The figures show an increase of 2,293% since late June.

Only seven days ago, the average transaction fee on Ethereum was $22.52. This month has been particularly temperamental for Ethereum gas fees. On October 15, the average fee was $45.74, almost double the figure on the first of the month: $23.79.

The price of transactions on Ethereum has been seesawing since the London hard fork back in August, but in spite of wild variations—often between days—the gas fees on the network are trending upwards.

It’s worth noting that BitInfoCharts gives a figure based on average transaction fees recorded from yesterday. On Etherscan, the real-time transaction fee at the time of writing currently averages at $44.33.

Why are fees rising?

Transaction fees rise when demand for Ethereum rises. Last week the prices of Ethereum and Bitcoin both rose in tandem, setting new all-time highs in the middle of the week.

Since then, Bitcoin’s price retreated from $66,930 to $61,683, a drop of about 8%, while Ethereum continued rallying to set a new all-time high of $4,456 yesterday.

The two market leaders often exhibit similar price movements. The combined market capitalization of the global cryptocurrency market is $2.63 trillion. Bitcoin commands $1.1 trillion of that, and Ethereum comes in second, commanding a respectable half a trillion dollars.

The doubling of the average transaction fee on Ethereum from last Saturday to today roughly correlates with trading volumes over the last seven days. Last Saturday, $14.7 billion dollars worth of Ethereum was traded, while yesterday the figure rose to $26 billion.

Ethereum’s explosive price performance and trading activity in the last week could be down to excitement around the blockchain’s latest network upgrade. The Altair upgrade is a step towards Ethereum 2.0—a faster, greener, cheaper and more secure Ethereum network.

Specifically, Altair is designed to facilitate Ethereum’s transition from a network that utilizes a proof-of-work consensus mechanism—where miners with the most computing power validate the most transactions—to proof-of-stake, where the miners who stake the most ETH validate the most transactions.

Evidently, the network still has a little way to go before it can deliver on its promises of cheaper gas fees. Still, today’s price performances are a strong indicator that many are getting on board.

DISCLAIMER

THE VIEWS AND OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATIONAL PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT, OR OTHER ADVICE.

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Original article posted on the Decrypt.co site, by Tim Hakki.

Article re-posted on Markethive by Jeffrey Sloe

** Get secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

Metaverse Token MANA Up

Metaverse Token MANA Up 100% After Facebook Rebrands to Meta

Metaverse-related digital assets are rallying today.

By Tim Hakki           3 min read • Oct 31, 2021

In brief

  • MANA is up 100% while SAND climbed 35%.
  • The Metaverse Index Token rallied 20% overnight.
  • Facebook’s rebrand to ‘meta’ is driving the prices of metaverse-related assets.

The prices of crypto metaverse tokens are soaring as much as 100% in the wake of Thursday’s news that Facebook was rebranding to ‘Meta’ in a bid to “bring the metaverse to life”.

MANA, the token powering the browser-based video game Decentraland–a kind of hybrid of Minecraft and Second Life–is currently trading for $3.39, up 100% from yesterday.

SAND, the native token for The Sandbox, a community-driven metaverse where users can make their own NFT gaming worlds, has rallied 35% since yesterday.

SAND hit an all-time high of $2.41 in the early hours of the morning UTC before retreating 30% to its current price of $1.73.

The Metaverse Index token, a tokenized index fund that tracks the price of top metaverse tokens, climbed 20% overnight and 50% in the past week, according to data taken from Zerion.

The Metaverse Index token is priced according to the values of several underlying tokens that are linked to metaverse products, including SAND, MANA, and AXS–the native token for the Pokémon-styled blockchain game Axie Infinity–the price of which sunk 11% overnight to hit $136.

What is the Metaverse?

Facebook’s (now Meta’s) announcement on Thursday was a clear sign that the company wants to establish itself as one of the prime developers in the metaverse, but the ‘metaverse’ itself isn’t a Facebook invention.

The metaverse describes a new incarnation of the internet, where the two-dimensional surfaces of today’s web have been replaced by immersive 3D virtual reality environments.

The metaverse proposed by Facebook in its keynote address will be a place of social interaction and commerce. Virtual environments might include meeting or exercise rooms. Recreation might take the form of 3D online shopping, gaming, or live music events.

Considering that the crypto community has pioneered both fungible and non-fungible digital assets, and inserted them into 3D open-world contexts like Decentraland and The Sandbox, it’s natural to assume that crypto will play a big role in the metaverse going forward. Facebook’s own keynote acknowledged the role NFTs will play in its metaverse designs.

However, John Carmack, the CTO of Facebook’s VR hardware arm Oculus, clarified in a YouTube keynote address that crypto’s incorporation in Facebook’s metaverse will most likely be limited.

The crypto community generally understands the metaverse as a collective of online protocols that are all interoperable, with blockchain being the tech that makes all this possible. Some think that Facebook’s attempt to create the metaverse by itself is at odds with this vision.

Still, investors have been betting big on the metaverse ever since Thursday’s announcement. Whether Meta embraces crypto or not is beside the point. The point is that the metaverse is now a buzzword in the tech world, which means that crypto will certainly have a role in some form or other.

DISCLAIMER

THE VIEWS AND OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATIONAL PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT, OR OTHER ADVICE.

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Original article posted on the Decrypt.co site, by Tim Hakki.

Article re-posted on Markethive by Jeffrey Sloe

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Could Bitcoin Hit 168000 Within Two Months?

Why Fundstrat’s Tom Lee Envisions Bitcoin Hitting $168,000 Within Two Months

By Olivia Brooke – October 30, 2021

Key takeaways

  • Analyst predicts a $168,000 Bitcoin price by the end of 2021.
  • Bitcoin ETFs have fueled the recent rise of the leading cryptocurrency.

Co-founder of Fundstrat, Tom Lee, has revealed that according to the firm’s analysis, the leading cryptocurrency should reach as high as $168,000 by year-end.

In the recently published report, he noted that Bitcoin would continue to surge well after the launch of several Bitcoin exchange-traded funds in the US.

Tom Lee, along with other analysts, remains bullish on Bitcoin.

The Wall Street strategist has long been bullish on Bitcoin as he previously predicted that the price would reach at least $100,000 before the year runs out. He is reiterating the stance and is even upping his expectations of Bitcoin.

According to the report, the major bullish driver will be the Bitcoin futures ETFs that are now trading in the U.S. Fundstrat expects ProShares Bitcoin Strategy ETF and the host of others that have begun trading on regulated exchanges to see record inflows in their first year of trading. This is because the investment vehicle has long been in high demand and will allow more investors to gain exposure to bitcoin via their brokerage and retirement accounts. With increased demand from investors, the price of Bitcoin will only attain balance by going higher due to strong network effects.

Another analyst that has predicted a similar price target for Bitcoin is Skybridge Capital CEO Anthony Scaramucci who pointed out that as adoption grows worldwide, the price of Bitcoin will invariably grow with it.

Bitcoin ETFs have had impressive performances but some analysts remain bearish on the cryptocurrency.

The SEC, after years of rejections of cryptocurrency ETFs, has been on the roll with the approvals of the investment vehicles. Last week, ProShares Bitcoin Strategy ETF (BITO) launched with much attention and activity. The ETF crossed $1 billion dollars in assets under management in just two days and had trading volumes that crossed $1 billion daily in the time frame as well. The second to launch, Valkyrie Bitcoin Strategy ETF (BTF) launched with significantly less activity.

Despite their performance, questions have been raised on their importance to the market. The structuring of the ETFs such that they are not backed by physical Bitcoins but by futures contracts that track Bitcoin has been criticized as not being the best for the market by notable figures including Mark Cuban, the billionaire owner of the Dallas Mavericks, as well as, billionaire Paul Tudor Jones. These figures would prefer a Bitcoin ETF that tracks the spot price of Bitcoin.

Outrightly bearish sentiment for Bitcoin has been expressed by some analysts. According to Jurrien Timmer – Director of Global Macro at Fidelity Investments – Bitcoin needs two to three more years to reach a price of $100,000.


(Click image for larger view)

However, Bitcoin seems poised to continue its impressive run. The benchmark cryptocurrency set a new all-time high of $66,930 on October 20. It is currently trading at around $61,000, down 1.68% in the last 24 hours and up 45.8% this month.

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DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Olivia Brooke and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Get secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

Ethereum Gas Fees

Ethereum Gas Fees Have Risen 2,300% Since June

Demand for Ethereum has risen as a result of this week’s ‘Altair’ upgrade.

By Tim Hakki           3 min read • Oct 30, 2021

In brief

  • Ethereum’s ‘Altair’ upgrade went live on Wednesday.
  • Altair facilitates the network’s transition to Ethereum 2.0.
  • Demand for Ethereum is surging right now.

The average transaction fee on Ethereum is soaring at $51.45, according to data from crypto metrics site BitInfoCharts. The figures show an increase of 2,293% since late June.

Only seven days ago, the average transaction fee on Ethereum was $22.52. This month has been particularly temperamental for Ethereum gas fees. On October 15, the average fee was $45.74, almost double the figure on the first of the month: $23.79.

The price of transactions on Ethereum has been seesawing since the London hard fork back in August, but in spite of wild variations—often between days—the gas fees on the network are trending upwards.

It’s worth noting that BitInfoCharts gives a figure based on average transaction fees recorded from yesterday. On Etherscan, the real-time transaction fee at the time of writing currently averages at $44.33.

Why are fees rising?

Transaction fees rise when demand for Ethereum rises. Last week the prices of Ethereum and Bitcoin both rose in tandem, setting new all-time highs in the middle of the week.

Since then, Bitcoin’s price retreated from $66,930 to $61,683, a drop of about 8%, while Ethereum continued rallying to set a new all-time high of $4,456 yesterday.

The two market leaders often exhibit similar price movements. The combined market capitalization of the global cryptocurrency market is $2.63 trillion. Bitcoin commands $1.1 trillion of that, and Ethereum comes in second, commanding a respectable half a trillion dollars.

The doubling of the average transaction fee on Ethereum from last Saturday to today roughly correlates with trading volumes over the last seven days. Last Saturday, $14.7 billion dollars worth of Ethereum was traded, while yesterday the figure rose to $26 billion.

Ethereum’s explosive price performance and trading activity in the last week could be down to excitement around the blockchain’s latest network upgrade. The Altair upgrade is a step towards Ethereum 2.0—a faster, greener, cheaper and more secure Ethereum network.

Specifically, Altair is designed to facilitate Ethereum’s transition from a network that utilizes a proof-of-work consensus mechanism—where miners with the most computing power validate the most transactions—to proof-of-stake, where the miners who stake the most ETH validate the most transactions.

Evidently, the network still has a little way to go before it can deliver on its promises of cheaper gas fees. Still, today’s price performances are a strong indicator that many are getting on board.

DISCLAIMER

THE VIEWS AND OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATIONAL PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT, OR OTHER ADVICE.

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Markethive Advertisement

Original article posted on the Decrypt.co site, by Tim Hakki.

Article re-posted on Markethive by Jeffrey Sloe

** Get secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Will Bitcoin Hit $168,000?

Why Fundstrat’s Tom Lee Envisions Bitcoin Hitting $168,000 Within Two Months

By Olivia Brooke – October 30, 2021

Key takeaways

  • Analyst predicts a $168,000 Bitcoin price by the end of 2021.
  • Bitcoin ETFs have fueled the recent rise of the leading cryptocurrency.

Co-founder of Fundstrat, Tom Lee, has revealed that according to the firm’s analysis, the leading cryptocurrency should reach as high as $168,000 by year-end.

In the recently published report, he noted that Bitcoin would continue to surge well after the launch of several Bitcoin exchange-traded funds in the US.

Tom Lee, along with other analysts, remains bullish on Bitcoin.

The Wall Street strategist has long been bullish on Bitcoin as he previously predicted that the price would reach at least $100,000 before the year runs out. He is reiterating the stance and is even upping his expectations of Bitcoin.

According to the report, the major bullish driver will be the Bitcoin futures ETFs that are now trading in the U.S. Fundstrat expects ProShares Bitcoin Strategy ETF and the host of others that have begun trading on regulated exchanges to see record inflows in their first year of trading. This is because the investment vehicle has long been in high demand and will allow more investors to gain exposure to bitcoin via their brokerage and retirement accounts. With increased demand from investors, the price of Bitcoin will only attain balance by going higher due to strong network effects.

Another analyst that has predicted a similar price target for Bitcoin is Skybridge Capital CEO Anthony Scaramucci who pointed out that as adoption grows worldwide, the price of Bitcoin will invariably grow with it.

Bitcoin ETFs have had impressive performances but some analysts remain bearish on the cryptocurrency.

The SEC, after years of rejections of cryptocurrency ETFs, has been on the roll with the approvals of the investment vehicles. Last week, ProShares Bitcoin Strategy ETF (BITO) launched with much attention and activity. The ETF crossed $1 billion dollars in assets under management in just two days and had trading volumes that crossed $1 billion daily in the time frame as well. The second to launch, Valkyrie Bitcoin Strategy ETF (BTF) launched with significantly less activity.

Despite their performance, questions have been raised on their importance to the market. The structuring of the ETFs such that they are not backed by physical Bitcoins but by futures contracts that track Bitcoin has been criticized as not being the best for the market by notable figures including Mark Cuban, the billionaire owner of the Dallas Mavericks, as well as, billionaire Paul Tudor Jones. These figures would prefer a Bitcoin ETF that tracks the spot price of Bitcoin.

Outrightly bearish sentiment for Bitcoin has been expressed by some analysts. According to Jurrien Timmer – Director of Global Macro at Fidelity Investments – Bitcoin needs two to three more years to reach a price of $100,000.


(Click image for larger view)

However, Bitcoin seems poised to continue its impressive run. The benchmark cryptocurrency set a new all-time high of $66,930 on October 20. It is currently trading at around $61,000, down 1.68% in the last 24 hours and up 45.8% this month.

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Markethive Advertisement

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Olivia Brooke and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Get secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Jim Cramer’s Take on Bitcoin

CNBC’s Jim Cramer Reveals That His Foray Into Bitcoin, Ethereum Was Akin To Gambling

By Aliyu Pokima – October 30, 2021

  • Jim Cramer admits says his attempts into Bitcoin was “simply gambling” and not for inflation insurance.
  • He comments that there is nothing wrong with investors leaping into the space as long as they understand all the risks that are associated with the asset class.
  • He is a proponent of the greater fool theory and believes that the theory can be applied to cryptocurrencies.

CNBC’s Jim Cramer has shared his opinions on Bitcoin and Ethereum investing, giving investors his blessing to speculate on the asset class. He cites the presence of millions of greater fools as the reason for holding onto his crypto assets.

The Greater Fools

Jim Cramer has given the nod to investors buying into cryptocurrencies as far as they understand the inherent risks involved in them. The Mad Money host goes on to state that the entire industry is hinged on the greater fools theory which posits that an investor can notch a profit from the purchase of an asset so far as there exists another person to buy it at a higher price.

“As long as you recognize the very real possibility that the whole investment case for crypto rests in the greater fool theory, you’ve got my blessing to speculate on it,” Cramer said. He adds that the entire strategy tears at the seams when “no greater fools” remain to repurchase the asset from the investor.

Asides from being used as a speculation vehicle, Cramer believes that cryptocurrencies can also serve as a hedge against inflation. “I know a lot of people say ridiculous things about crypto – and I’ve caught a lot of flack for acknowledging that – but at the end of the day I’ve said repeatedly that you can use bitcoin or Ethereum as a hedge against inflation,” he said.

“I didn’t buy Bitcoin or Ethereum as inflation insurance. In all honesty, I was gambling,” Cramer revealed. His entry into the market was driven by crowd psychology and the TV host was lured by the overenthusiasm of other investors. He revealed that he is still holding on to his ETH because he believes that there could be ‘millions of greater fools out there.”

Cramer’s Advice For Investors

In September, during the wake of the Evergrande saga, Cramer issued a warning to cryptocurrency investors that have made a bit of gain to take some of their profits. He said “don’t let it become a loss. Sell some, stay long the rest, then let’s wait and see if China changes its attitude toward an Evergrande bailout.”

He cited that the crisis could have a negative ripple effect for Tether despite the fact that the stablecoin issuer has no Evergrande exposure. This is because of the stablecoin’s backing with commercial paper that may or may not be Chinese commercial paper.

Cramer also advises investors to consider putting 5% of their savings in cryptocurrencies and another 5% in gold.

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DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Aliyu Pokima and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Get secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Ethereum’s New ATH

Ethereum Clocks New All-Time High Of Over $4,400 Following Altair’s Successful Activation

By Brenda Ngari – October 29, 2021

Ethereum (ETH) rose by over 9% to reach a new record high on Friday, days after the network underwent the Altair upgrade successfully, bringing the long-awaited ETH 2.0 one step closer to actualization.

Ethereum Makes New All-Time High

ETH, the native token of the second-largest blockchain by market cap, blasted to $4,415 in the morning hours, supplanting the previous all-time high of $4,308 set just eight days ago.

The Ethereum price has been on a roll since plummeting to sub-$2,000 in late July and is up by 145% since then. At press time, ETH is hovering at $4,358.50 with a 45% month-to-date gain now that it has entered price discovery mode.

The latest Ethereum rally comes as the Altair upgrade is deemed a success. This was the first and likely last upgrade to the Beacon chain before the network moves to a proof-of-stake consensus algorithm.

According to Ethereum core developer Jeff Coleman, Altair was implemented with a participation of 95% from node operators which has since risen past 98.7%. Those who did not update their nodes “will not lose their 32 ETH but those who are offline now are slowly reducing in balance. If they don’t fix it they will cross a threshold and be ejected,” Coleman stated.

It is believed that the success of the Altair upgrade paves the way for the Beacon Chain’s merge with the current mainnet as part of the deployment of Ethereum 2.0.

Ethereum Bulls Target Prices Above $4,500

Besides the recent Altair upgrade, Ethereum is also benefiting from the August London hard fork which introduced a deflationary mechanism. Instead of paying fees to the miners for validating transactions on the Ethereum network, users now pay a base fee which is immediately burned — basically removed completely from circulation. Since going live, the upgrade has burned approximately 668,340 ETH, marking more than 50% of the new coins distributed over the same time.

Moreover, Ether is also basking in the huge success of the decentralized finance (DeFi) and nonfungible token (NFT) markets.

In the meantime, Ethereum traders appear to be clamoring for the continuation of the bull rally. More than $1.25 billion in ETH options are expected to expire today, per data from statistics resource Bybt. 55% of the bets placed by the bulls peg the price of the asset at above $4,500 before the October 29 deadline.

If Ethereum happens to rally past $4,500, it will be a new lifetime high for the crypto coin that has been breaking record after record throughout the year.

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DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Get secure loans and/or funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

MicroStrategy Rakes In Over $2B In October

MicroStrategy Rakes In Over $2 Billion From Its Bitcoin Holdings In October

By Olivia Brooke – October 29, 2021

Key takeaways

  • Institutions secure huge ROI following Bitcoin’s bullish October run.
  • MicroStrategy has gained over $2 billion in October alone on its Bitcoin holdings.

With the surge in the price of Bitcoin in October, many institutions that invested in the top cryptocurrency have recorded massive gains on their holdings.

Worthy of note among them is MicroStrategy, the biggest institutional investor in Bitcoin whose around $3.16 billion investment in Bitcoin is currently worth over $7 billion, appreciating by around $2 billion in October alone.

Under the leadership of its CEO Michael Saylor, a staunch Bitcoin bull, the enterprise software company has acquired over 114,000 Bitcoins purchased at an average price of $27,713 per Bitcoin in the space of a little over a year. It first added the crypto-asset to its balance sheet last year when it announced purchasing 21,445 Bitcoins with an overall price tag of $250 million.

Since then, it has not relented in buying more to grow its stash. The company regularly raises funds by selling shares to purchase Bitcoins, as it plans to convert its whole treasury to a Bitcoin standard. Its most recent purchase was the addition of 5,050 Bitcoins, bought for about $243 million. The investment brought its total Bitcoin purchase in quarter 3 of 2021 to approximately 8,957 bitcoins for approximately $419.9 million in cash, at an average price of approximately $46,875 per bitcoin.

Saylor has revealed that the company does not plan on selling any of its holdings, but instead plans to add more. He has reiterated this repeatedly, noting that the company was in the market for the long-term as reflected in the kind of debt it was using to make its investments.

“We’re profitable, we’re generating a very healthy operating margin, and I’m very pleased with the stability and maturity of that business,” Saylor told Blockworks recently, adding that he was also not bothered by the regulatory environment for institutional investment in Bitcoin.

Similarly, Elon Musk’s Tesla who also holds Bitcoin on their balance sheet is deep in profits for their investment made earlier this year. Tesla owns 42,000 Bitcoin at an average cost of $31,700 per coin. At the current high point of the Bitcoin market, Musk’s wager had garnered realized and unrealized gains of almost 100%, or over $1.5 billion.

El Salvador, under the leadership of President Nayib Bukele, adopted Bitcoin as legal tender, and has been buying the cryptocurrency is as well in profit. Despite making its most recent purchase of Bitcoin this month, its total holdings of over 1000 Bitcoins are around 20 percent in profit. The country has even decided to invest some of its profits in building a veterinary hospital.

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DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Olivia Brooke and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Get secure loans and/or funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Ethereum New ATH Of Over $4,400

Ethereum Clocks New All-Time High Of Over $4,400 Following Altair’s Successful Activation

By Brenda Ngari – October 29, 2021

Ethereum (ETH) rose by over 9% to reach a new record high on Friday, days after the network underwent the Altair upgrade successfully, bringing the long-awaited ETH 2.0 one step closer to actualization.

Ethereum Makes New All-Time High

ETH, the native token of the second-largest blockchain by market cap, blasted to $4,415 in the morning hours, supplanting the previous all-time high of $4,308 set just eight days ago.

The Ethereum price has been on a roll since plummeting to sub-$2,000 in late July and is up by 145% since then. At press time, ETH is hovering at $4,358.50 with a 45% month-to-date gain now that it has entered price discovery mode.

The latest Ethereum rally comes as the Altair upgrade is deemed a success. This was the first and likely last upgrade to the Beacon chain before the network moves to a proof-of-stake consensus algorithm.

According to Ethereum core developer Jeff Coleman, Altair was implemented with a participation of 95% from node operators which has since risen past 98.7%. Those who did not update their nodes “will not lose their 32 ETH but those who are offline now are slowly reducing in balance. If they don’t fix it they will cross a threshold and be ejected,” Coleman stated.

It is believed that the success of the Altair upgrade paves the way for the Beacon Chain’s merge with the current mainnet as part of the deployment of Ethereum 2.0.

Ethereum Bulls Target Prices Above $4,500

Besides the recent Altair upgrade, Ethereum is also benefiting from the August London hard fork which introduced a deflationary mechanism. Instead of paying fees to the miners for validating transactions on the Ethereum network, users now pay a base fee which is immediately burned — basically removed completely from circulation. Since going live, the upgrade has burned approximately 668,340 ETH, marking more than 50% of the new coins distributed over the same time.

Moreover, Ether is also basking in the huge success of the decentralized finance (DeFi) and nonfungible token (NFT) markets.

In the meantime, Ethereum traders appear to be clamoring for the continuation of the bull rally. More than $1.25 billion in ETH options are expected to expire today, per data from statistics resource Bybt. 55% of the bets placed by the bulls peg the price of the asset at above $4,500 before the October 29 deadline.

If Ethereum happens to rally past $4,500, it will be a new lifetime high for the crypto coin that has been breaking record after record throughout the year.

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DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Get secure loans and/or funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Matt Damon plugs Cryptocom

Actor Matt Damon plugs Crypto​.com in global TV spot

The actor said the platform “shares [his] commitment to empowering people around the globe with the tools needed to take control of their futures.”


Image courtesy of CoinTelegraph

            OCTOBER 28, 2021

Cryptocurrency exchange Crypto.com is rolling out a new ad featuring Hollywood star Matt Damon, which it plans to introduce to consumers worldwide.

The “fortune favors the brave” ad, starring Damon amid a digital landscape of historic figures, including the Wright brothers and Sir Edmund Hillary, is aimed at reaching a global audience of potential crypto users and investors. According to Crypto.com, the ad will appear on billboards and in television spots around the world and be included in its portfolio of partnerships with major sports franchises and organizations.

The announcement comes the same week Crypto.com donated $1 million to Water.org, a clean water initiative co-founded by Damon and Gary White in 2009. The actor said the platform “shares [his] commitment to empowering people around the globe with the tools needed to take control of their futures.”


Still shot of Matt Damon in the Crypto.com TV spot

Damon, a winner of an Academy Award and two Global Globes, is arguably one of the biggest celebrities to throw his name behind a cryptocurrency exchange. Cointelegraph reported in September that almost half of Americans in a survey of 2,200 people said they would consider investing in a digital asset if it were endorsed by a celebrity. Singer Mariah Carey announced on Oct. 19 that she would be partnering with crypto exchange Gemini to boost Bitcoin (BTC) adoption.

Related: Celebs and crypto in 2020: Blockchain cities, Bitcoin newbies and Twitter trolling

Founded in 2016, Crypto.com has quickly emerged as one of the fastest growing platforms in the digital asset space. The exchange started by offering customers a crypto-focused Visa card that pays out rewards for staking its native Crypto.com Coin (CRO). Most recently, the company expanded its insurance program to cover up to $750 million for its 10 million users, reflecting heightened consumer protection standards.

Original article posted on the CoinTelegraph.com site, by Turner Wright.

Article re-posted on Markethive by Jeffrey Sloe

** Get secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

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