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Why Soaring Gas Fees Won’t Let An Ethereum Killer Gain The Upper Hand

Ethereum has both benefitted and its rep been harmed from the recent explosion in farming for DeFi tokens. As investors poured liquidity into these tokens, sending and locking up so much ETH sent prices of the crypto asset soaring. But it also at the same time sent gas prices spiking even higher. As investors became […]

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Ethereum has both benefitted and its rep been harmed from the recent explosion in farming for DeFi tokens. As investors poured liquidity into these tokens, sending and locking up so much ETH sent prices of the crypto asset soaring. But it also at the same time sent gas prices spiking even higher.

As investors became frustrated it led to claims of Ethereum’s untimely demise at the hands of Polkadot, EOS, and all the other proposed “ETH Killers.” However, a crypto fund manager has revealed a strong case to why that’ll never happen.

Crypto’s Hottest Night Club Is Ethereum, And Everyone Wants In But Doesn’t Wanna Pay The Premium

This week, frustrations boiled over regarding rising Ethereum gas fees. The smart contract focused altcoin is the platform of choice for nearly all DeFi tokens. Dapps and DEX platforms are a dime a dozen on Ethereum, prompting using the network to cost a pretty penny.

Money puns aside, it has become very costly to send ETH or any ERC-20 tokens built on the Ethereum blockchain. An example of it costing $15 in gas fees to send just $50 in USDC made rounds across crypto Twitter showing off just how out of control things have gotten.

Related Reading | Ethereum Slides 14% In 24 Hours, Bear Div Hints At Deeper Drop Ahead

A crypto bashing party broke out, with those participating claiming that if ETH 2.0 doesn’t arrive soon, things could get “gloomy” for the top-ranked altcoin in the future.

However, Felix Hartmann, Managing Partner at Hartmann Capital, has a compelling case for why that just won’t happen, and Etheruem will continue to reign supreme.

ethereum ethusd

ETHUSD Daily - Were Gas Fees Partly Responsible For ETH Dump? | Source: TradingView

Fund Manager Claims No ETH Killer Will Have The Altcoin’s Lunch

Hartmann, who is the head of a crypto asset management firm and a dystopian author, backs up Ethereum with a flurry of facts. The firm he heads is a member of the Forbes Finance Council. He compares Ethereum to the “hottest night club in town” that everyone wants to get into.

When the most popular venue is at max capacity, it doesn’t make it any less ‘the place to be.’ If anything, it can make the venue that much more inclusive, by pushing away outsiders and serving only those willing to pay the premium to build on the best.

Counter-Point | Soaring Ethereum Fees Could Cause A Gloomy Future For The Altcoin

The current trend even benefits the industry as a whole, he says. More people using Dapps means more testing, more innovation, and a faster-growing space with more liquidity for real projects.

According to the fund manager, all mania phases feature silliness, scams, and in the midst, innovation. He says the Sushis, Pizzas, and Hot Dogs currently cooking up the crypto space will eventually die out, but users will already be onboarded on Etheruem and DeFi.

Rising gas fees show this onboarding taking place at a massive, rapid scale. And that cannot be a bad thing.

Source: https://www.newsbtc.com/2020/09/04/why-soaring-gas-fees-wont-let-an-ethereum-killer-gain-the-upper-hand/?utm_source=rss&utm_medium=rss&utm_campaign=why-soaring-gas-fees-wont-let-an-ethereum-killer-gain-the-upper-hand

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XRP, Tron, Tezos Price Analysis: 01 March

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XRP could be in line for another sell-off as the 200-SMA looked to cross above the 50-SMA. Down the ladder, Tron and Tezos were projected to stick to a fixed channel, with a breakout largely dependent on the future movement of market leaders Bitcoin and Ethereum.

XRP

Source: XRP/USD, TradingView

The bearish nature of XRP’s market was evident on its 4-hour chart as the price remained below the 200-SMA (green) despite a slight recovery at the time of writing. Moreover, the long-term moving average looked positioned to cross above the 50-SMA (blue). The last time this development took place was when a lawsuit was announced by the U.S. Securities and Exchange Commission against Ripple which resulted in a massive price drop and a bear market that lasted for over a month.

The MACD line floated just above the signal line but momentum seemed weak on the buying side. The Stochastic RSI also tipped in favor of the bulls. A strong sell-off could be avoided if the indicators maintain a positive stance. If the sell-off does take place at the current level, $0.25 support could be in focus.

Tron [TRX]

Source: TRX/USD, TradingView

Tron continued to trade rangebound between $0.05 and $0.04 as momentum switched sides between the buyers and sellers. The Awesome Oscillator flashed green at the time of writing as momentum diverted back to the buyers.  The 24-hour trading volumes surged by over 27% and clocked in at $1.76 billion.

While it looked like Tron was poised to rise above its overhead resistance, low volatility according to the Bollinger Bands worked against a bullish outcome. That could change if buying picks up over the coming sessions. Conversely, a pullback in the broader market could see Tron move towards $0.036 support.

Tezos [XTZ]

Source: XTZ/USD, TradingView

A horizontal pattern formed on Tezos‘ 4-hour chart as the price oscillated between a resistance and support line since bouncing back from the $3.2 mark. For traders, sell signals were present on the upper trendline and buy signals on the lower trendline. Considering Tezos’ strong correlation with Bitcoin, the state of the king coin could determine the direction of a breakout from the channel.

The next resistance level lied at $4.3, while the next support rested at $2.7. The MACD line moved above the signal line as bullish momentum was on the up. The RSI also pointed north from around the 50-level.


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Source: https://ambcrypto.com/xrp-tron-tezos-price-analysis-01-march

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Why countries like the US can do better in terms of crypto adoption

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The interest in cryptocurrencies has been on the rise and the general awareness of the technology and its function as a digital asset has risen substantially in the past few years. While the United States has been open to innovation, the lack of regulatory clarity within the country has raised various concerns between people and businesses in crypto.

Whereas Asia has been enabling wide-spread adoption of cryptocurrency with countries like Japan and Hong Kong trying to form guidelines around cryptos. However, apart from the regulatory differences, the biggest difference could also be with regard to user behavior in these two regions.

Amber Group partner, Annabelle Huang, who recently appeared in Anthony Pompliano’s podcast stated that although the innovations were taking place in the United States of America, the greater chunk of adoption was coming from countries in Asia. The continent has also remained a hub for miners and crypto exchanges and according to Messari’s report, by the end of 2019 six out of ten of the largest cryptocurrency firms are located in Asia.

Huang noted:

“…The biggest difference is just the sentiment and the drive of people. I think in the States, just because there are a lot of regulatory constraints and concerns, people sometimes are more hesitant towards driving the business forward. But, in Asia, I think people are more eager to test things out, get things going on the ground. So, we do see a lot of early adoption in Asia.”

Asia has been a focal point for crypto adoption and nearly 42% of the market capitalization is based in the continent.

Source: Messari

The advantage Asia has been offering to new crypto projects is mainly due to the cultural mentality according to Huang who noted that:

“I think we see in Asia, in Korea and Japan, it is hard for people to find yield anywhere. […] Especially like, I guess, in Japan right, all the yields are negative and I think people are perhaps more inclined to find more opportunities and more acceptable to new things, so that’s why I think crypto adoption in Korea and Japan are highest among the world.”

Although China has remained apprehensive about cryptocurrencies, the country has been inching closer to launch its own Digital currency Electronic Payment [DCEP] system. As the market corrects itself, the coming changes in the market could also trigger changes in the sentiment across the globe about crypto, however, the regulations continue to remain in the gray area.


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Source: https://ambcrypto.com/why-countries-like-the-us-can-do-better-in-terms-of-crypto-adoption

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Hathor opens doors for Bitcoin traders

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KuCoin launches trading services for the trading pair HTR / BTC at 10:00 AM on March 2, 2021 (UTC).

The HTR / USDT trading pair is currently open for HTR.

HTR has also launched a grant program for projects that want to develop the Hathor ecosystem and contribute to the global adoption of blockchains.

Apply Now! #BuildOnHathor #HTR

https://landing.hathor.network/grantprogram2021

Disclaimer: This article is a paid post and must not be considered as news/advice. 


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Source: https://ambcrypto.com/hathor-opens-doors-for-bitcoin-traders

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