Connect with us

Blockchain

Is Ethereum heading to another ATH?

Republished by Plato

Published

on

Ethereum registered a new ATH at $2000 yesterday and at the time of writing has dipped slightly on the price charts. The price is up by over 5 % in the past 24 hours and over 12.5% in the past week and the recent price action is making retail traders ask if this is Ethereum’s way of compensating those who missed opportunity when the likes of Bitcoin traded at a fairly low price last year.

Is Ethereum heading to another ATH?

Source: Etherscan

Since Ethereum’s price hit a new high, one of the key metrics that indicate the direction of the price rally is the total number of transactions. Based on data from the Etherscan chart, the total number of transactions on the ETH network is currently close to crossing the ATH of 1.4 million that was registered in September 2020. Currently, the number of transactions is 1.29 million, and is increasing.

For the price to sustain a level close to or above $2000, trade volume should ideally hit a new ATH. The asset’s price has increased by over 160% since the beginning of 2021, and this makes the asset compete well with Bitcoin, which has an ROI of over 90% since the beginning of 2021. Major altcoins have registered double-digit gains, however, a pullback has followed, and price swings have occurred over two times since January 2021.

In the case of Ethereum, the pullbacks in price have been less intense and it is likely that the trend continues with the price hitting higher levels without serious corrections in the short term. Similar to the case of Bitcoin, Ethereum is deriving value from the supply shortage and Ethereum outflow from exchanges has increased.

Is Ethereum heading to another ATH?

Source: CryptoQuant

Based on the above chart the outflow has been increasing since the beginning of Feb 2021. Though it is less in comparison to that of January 2021, the current outflow is at the same level as Q4 of 2020. The outflow signals that Ethereum is leaving exchanges for private wallets, or cold storage, and this may help Ethereum by propelling it to yet another ATH. The on-chain analysis is neutral, however, $2000 may be here to stay, till Ethereum hits another short-term top or the price rallies further.


Sign Up For Our Newsletter


Source: https://ambcrypto.com/is-ethereum-heading-to-another-ath

Blockchain

Bitcoin HODL Waves Suggest Bull Run Has Barely Started

Republished by Plato

Published

on

Analyzing Bitcoin HODL Waves from previous bull runs as led crypto YouTuber and analyst Lark Davis to the conclusion that this cycle is still in its infancy.

He added that we are just now past the first major price wave, “get ready for wave 2”.

The chart depicts three distinct price waves for every market cycle back to 2011. The current cycle shows just one wave cresting at Bitcoin’s recent all-time high of $58,250 on Feb. 21. This indicates that, if history rhymes, there could be two larger ones to come especially if corporate giants keep buying it.

Bitcoin Being Hodled

HODL Waves are a visualization pioneered by Unchained Capital which shows the cross-section of Bitcoin held in wallets grouped by the age since they last moved. The Bitcoin financial services company explained;

“By comparing the age of bitcoin sitting in addresses to the current US dollar prices, we can make some interesting conjectures about the bitcoin economy and the sentiment of HODLers.”

Glassnode has extrapolated the short-term HODL waves and overlaid them on the logarithmic scale price chart. Using these metrics it does appear that there is a lot more to go with this bull run, but there are many other on-chain and fundamental factors to consider.

One of them is them is the central bank money printing narrative which could drive wild inflation and devalue global currencies. Trillions of new dollars have been printed for stimulus purposes in the U.S. alone since the Covid-19 pandemic put the economy into shutdown mode in early 2020.

Vice President of digital asset strategy at Fundstrat Global Advisor, Leeor Shimron, compared Bitcoin to M1 money stock – the country’s basic money supply that is used as a medium of exchange. He also thinks this cycle could “get very wild” in the face of unprecedented money printing.

BTC Price Outlook

At the time of press, BTC was trading at $49,250, down from its recent weekly high of $52,580 hit in late trading on March 3 according to Tradingview.com.

Momentum is still bullish from a weekend swing low to $43,300 but the asset needs to break above resistance at $55,250 to push towards a new all-time high.

March has traditionally been a bearish month for Bitcoin and crypto markets so this move may come later in the year.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source: https://cryptopotato.com/bitcoin-hodl-waves-suggest-bull-run-as-barely-started/

Continue Reading

Blockchain

Ripple CEO files motion to dismiss SEC complaint citing ‘abuse of prosecutorial discretion’

Republished by Plato

Published

on

Ripple CEO Brad Garlinghouse has filed a motion to dismiss the SEC’s amended complaint against him, calling it “regulatory overreach.”

The exec took to Twitter to announce his position on the SEC’s charges against him and Ripple Labs Inc. by sharing a link to the letter filed on his behalf, saying that “it speaks for itself.” According to the said letter, the SEC’s allegations against Garlinghouse fail on account of a number of reasons.

The same, addressed to U.S District Court Judge Analisa Torres, claimed,

“First, the SEC fails to recognize the economic realities of Defendants’ transactions in XRP, the XRP market, and Ripple’s business, each of which exhibits none of the traditional characteristics of an investment contract.”

The motion to dismiss, filed by Cleary Gottlieb Steen and Hamilton, also commented on the SEC’s amended complaint, while also expanding on the regulatory agency personally targeting Garlinghouse for the alleged violation of securities laws.

“Straining to impose personal liability on an executive like Mr. Garlinghouse for simply doing his job where he reasonably understood that his actions complied with the law represents an abuse of prosecutorial discretion that has sent a dangerous signal to entrepreneurs and will chill innovation.”

Garlinghouse was reported to have sold over 60% of his XRP holdings for approximately $159 million at the time of those transactions, leaving him with 200 million XRP tokens. While holding 200 million XRP tokens is a considerably long position, some members of the community feel that Garlinghouse selling a majority of his XRP is disingenuous on his part.

In fact, Ripple’s lawyers have argued that the SEC’s allegations with respect to Garlinghouse’s XRP sales are “vague,” with no particular reference to any of these transactions occurring within the United States.

“The truth is that the vast majority of Mr. Garlinghouse’s XRP sales were made on foreign exchanges, and those transactions do not and cannot violate the federal securities laws,” they asserted.

XRP was trading at $0.4660 at press time, down by over 25% from a high of $0.6338 in February.


Sign Up For Our Newsletter


Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source: https://ambcrypto.com/ripple-ceo-files-motion-to-dismiss-sec-complaint-citing-abuse-of-prosecutorial-discretion

Continue Reading

Blockchain

OKEx Lists Chiliz, Enables CHZ/USDT and CHZ/BTC Spot Trading

Republished by Plato

Published

on

The blockchain-based fan engagement platform Socios.com received a huge boost after its native asset Chiliz (CHZ) was listed on OKEx – a leading global crypto exchange and derivatives trading platform. The popular digital currency for the sporting and entertainment industries, CHZ became available for spot trading against USDT and BTC at 10 AM UTC on March 3, 2021.

The CHZ blockchain’s Socios.com allows sporting teams and clubs to create Fan Tokens to connect and engage with their fans. These Fan Tokens will act as membership cards, providing its holders with the privilege to participate in various decision-making processes of their favorite teams. In addition, fan token holders will also be eligible for exclusive access to team events, merchandise and other rewards. Socios.com has already partnered with some of the biggest sporting teams and clubs including the likes of AC Milan, FC Barcelona, Juventus, UFC and more.

According to Chiliz, their Fan Token model has also helped sporting organizations unlock new revenue streams, enabling them to overcome losses in the form of poor ticket sales, lost sponsorship deals etc., during the pandemic.

Acknowledging the role of Chiliz in promoting blockchain technology, CEO of OKEx Jay Hao said, “Chiliz has uncovered another key use case for blockchain technology showing how the sports and entertainment industries can adapt to an increasingly digital world and create new revenue streams beyond traditional sources. As more and more fans begin to engage with clubs and teams through fan tokens, the use of cryptocurrencies becomes continuously more mainstream. OKEx couldn’t be happier to support this important initiative.”

Celebrating the new listing, OKEx is distributing $150,000 worth of Fan Tokens to the CHZ community members through lucky draw. Users depositing or trading CHZ on OKEx until March 10, 2021, will be eligible for the giveaway program. Up to $10,000 worth of Fan Tokens is earmarked for referral rewards.

OKEx will be activating CHZ withdrawals on the platform starting 10 AM UTC on March 4, 2021.

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source: https://www.newsbtc.com/news/company/okex-lists-chiliz-enables-chz-usdt-and-chz-btc-spot-trading/

Continue Reading
Blockchain3 days ago

Google Finance adds dedicated ‘crypto’ tab featuring Bitcoin, Ether, Litecoin

Blockchain2 days ago

Why Mark Cuban is looking forward to Ethereum’s use cases

Blockchain21 hours ago

Amplifying Her Voice

Blockchain4 days ago

Inverse Finance seizes tokens, ships code: Launches stablecoin lending protocol

Blockchain4 days ago

NBA Top Shot leads NFT explosion with $230M in sales

Blockchain5 days ago

Economist warns of dystopia if ‘Bitcoin Aristocrats’ become reality

Blockchain1 day ago

Libra Coin – A New Digital Currency Developed by FACEBOOK

Blockchain5 days ago

Here are 6 DEX tokens that have seen exponential growth in 2021

Blockchain4 days ago

How KuCoin Shares (KCS) Can Create a Stream of Passive Income

Blockchain4 days ago

Litecoin, Monero, Dash Price Analysis: 28 February

Blockchain5 days ago

PARSIQ Integrates Solana Blockchain on its Platform

Blockchain5 days ago

XRP, STEEM, Enjin Price Analysis: 27 February

Blockchain5 days ago

6 Questions for Kain Warwick of Synthetix

Blockchain4 days ago

3 reasons why Reef Finance, Bridge Mutual and Morpheus Network are rallying

Blockchain4 days ago

Korean Government To Levy Taxes On Bitcoin Capital Gains Starting 2022

Blockchain3 days ago

Top 5 cryptocurrencies to watch this week: BTC, BNB, DOT, XEM, MIOTA

Blockchain4 days ago

Polkadot, Cosmos, Algorand Price Analysis: 28 February

Blockchain1 day ago

Bitcoin Halving: Definitive Guide (In Just 5 Minutes)

Blockchain5 days ago

What are the risks of trading cryptocurrencies?

Blockchain5 days ago

The current Bitcoin bull run is different; here’s why!

Trending