Cryptocurrency

If the 2020 Q1 was the quarter of market turmoil, Q2 the bitcoin halving and Q3 the explosion of stablecoins and decentralized finance applications, Q4 was the quarter of institutional FOMO for bitcoin and of Ethereum launching the first phase of its ambitious migration to a proof-of-stake (PoS) blockchain. The latest CoinDesk Quarterly Review looks at the data and timelines behind these two strong narratives, and what they mean for asset prices. While the 2017 bitcoin rally was largely driven by retail frenzy, the 2020 rally was driven mainly by institutions. The accelerating rhythm of large institutional investors publicly talking about and investing in bitcoin as a portfolio asset has not only lent validation to bitcoin’s role in portfolios, it has also attracted the attention of other investors. This self-reinforcing loop is likely to continue into 2021, especially given the mounting uncertainty around currencies and inflation. Bitcoin’s strong rally in the last few days...

More people are searching for the word “Ethereum” now than ever before in its history.  Google Trends reveals that the number of Google searches currently being performed for “Ethereum” is at an all-time high, eclipsing search interest during the height of the last ETH bull run. Ethereum’s previous peak in search term popularity was on Jan. 13, 2018 — the date of ETH’s all-time high of $1,432.88. Google Trends Worldwide Search Interest for #Ethereum projected to reach an all-time high: pic.twitter.com/oisOk9HhoD — Michael Vincent (@mmichaels_21) January 7, 2021 Historically considered a “folk metric,” a rising Google Analytics interest score for a crypto search term is associated with positive sentiment for that particular coin/project. While it makes sense that search interest on Ethereum would peak during the run-up to a new all-time high, the same can’t be said for searches of “Bitcoin,” which remain at just 65% of its peak popularity on Dec. 23, 2017. That said, many m...

Ethereum Ethereum rose by 6.32% on Monday. Following on from Sunday’s 26.46% surge, Ethereum ended the day at $1,042.38. Another mixed start to the day saw Ethereum rally to a mid-morning intraday high and a new swing high $1,168.99. Ethereum broke through the first major resistance level at $1,073.72 before hitting reverse. Coming up against the second major resistance level at $1,167.00, Ethereum slid to a late morning intraday low $886.33. Steering clear of the first major support level at $828.58, Ethereum revisited $1,050 levels before easing back. At the time of writing, Ethereum was up by 4.19% to $1,086.05. A bullish start to the day saw Ethereum rise from an early morning low $1,042.00 to a high $1,086.05. Ethereum left the major support and resistance levels untested early on. For the day ahead Ethereum would need to avoid a fall through the pivot level at $1,032.57 to support a run at the first major resistance level at $1,178.80. Support from the broader m...

Bitcoin (BTC) was in the red and traded above the $32K mark at press-time with almost all major altcoins trading lower along with it but a notable exception was Ethereum (ETH). What Happened: The apex cryptocurrency traded 2.92% lower at $32,004.18, while the runners-up in terms of market cap —ETH traded 8.84% higher at $1,056.50. Grayscale Bitcoin Trust (OTC: GBTC) closed 9.63% higher at $35.08 and the Grayscale Ethereum Trust (OTC: ETHE) closed 22.58% lower at $12 on Monday. Litecoin (LTC) and Bitcoin Cash (BCH) traded 3.41% and 2.6% lower at $153.15 and $410.23 respectively.  Chainlink (LINK) traded 3.97% lower at $13.55, while Monero (XMR) traded 7.14% lower at $131.97. XRP was up by 0.57% at $0.23. Federally regulated banks have been allowed by the Office of the Comptroller of the Currency (OCC) to conduct payments and other activities in stablecoins, the regulator said in a statement Monday. “The United States has relied on our innovation sector to deliver real-ti...

Ethereum Ethereum rose by 6.66% on Monday. Following on from a 7.42% rally on Sunday, Ethereum ended the day at $729.70. A mixed start to the day saw Ethereum fall to an early morning intraday low $680.90 before making a move. Steering clear of the first major support level at $634.42, Ethereum rallied to a late intraday high and a new swing hi $747.00. Ethereum broke through the first major resistance level at $724.4 to wrap up the day at $729 levels. At the time of writing, Ethereum was up by 1.01% to $737.10. A mixed start to the day saw Ethereum fall to an early morning low $728.00 before rising to a high $739.66. Ethereum left the major support and resistance levels untested early on. For the day ahead Ethereum would need to avoid a fall through the pivot level at $719.20 to support a run at the first major resistance level at $757.40. Support from the broader market would be needed, however, for Ethereum to break out from Monday’s high $747.00. Barring another e...

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Ethereum, the second largest cryptocurrency by market capitalisation, has crossed $600 News of Bitcoin breaching the $23,000 mark — its highest valuation ever — has electrified investors globally. With Ethereum, the second largest cryptocurrency by market capitalisation, also going past $660, market sentiment around digital currencies is more upbeat than ever before. Bitcoin will maintain its propensity to advance in price into 2021, with macroeconomic, technical and demand versus supply indicators supportive of $50,000 target resistance, implying about a $1 trillion market cap, according to Bloomberg Crypto Outlook’s December 2020 edition. The report states, “$10,000 mark has shifted to a critical support level after serving as the crypto’s resistance mark since 2017. The year 2020 will likely be looked back upon as key to Bitcoin’s mainstream evolution.” Khurram Shroff, the Dubai-based chairman of the IBC group and one of the region’s largest ‘HODLers’ of Bitcoin and Ethereum —...

Ethereum Ethereum slid by 8.11% on Wednesday. Reversing a 4.73% gain from Tuesday, Ethereum ended the day at $585.11. A mixed start to the day saw Ethereum rise to an early morning intraday high $638.75 before hitting reverse. Falling well short of the first major resistance level at $654.37, Ethereum slid to a late intraday low $551.45. Ethereum fell through the first major support level at $603.41 and the second major support level at $569.99. Steering clear of the 23.6% FIB of $536, however, Ethereum found support to end the day at $585 levels. The partial recovery saw Ethereum move back through the second major support level. At the time of writing, Ethereum was down by 0.97% to $579.45. A bearish start to the day saw Ethereum fall from an early morning high $585.65 to a low $576.45. Ethereum left the major support and resistance levels untested early on. For the day ahead Ethereum would need to move through the pivot level at $591.77 to support a run at the first ...

Ethereum Ethereum fell by 3.10% on Sunday. Reversing a 0.66% gain from Saturday, Ethereum ended the week up by 8.12% to $638.4. A bullish start to the day saw Ethereum rise to a late morning intraday high $661.40 before falling to $642 levels. Ethereum fell through the first major support level at $646.31 before briefly revisiting $658 levels. A late sell-off, however, saw Ethereum slide to a late intraday low $621.46. The sell-off saw Ethereum fall through the first major support level at $646.31 and the second major support level at $633.67. Finding late support, however, Ethereum moved back through the second major support level to reduce the loss for the day. At the time of writing, Ethereum was up by 0.67% to $642.65. A mixed start to the day saw Ethereum fall to an early morning low $634.16 before rising to a high $642.65. Ethereum left the major support and resistance levels untested early on. For the day ahead Ethereum would need to avoid a fall back through th...

The Secret Network, a privacy-focused blockchain, has launched its Ethereum bridge, which lets assets be transferred between Ethereum and the Secret Network privately. A bridge essentially offers interoperability between the protocols.  The Secret bridge, initially announced in December, will make privacy cheaper and more practical for Ethereum and Ethereum-based assets. According to the blog post announcement, “it allows users to create synthetic (wrapped) ETH and ERC-20 tokens on Secret Network that can be used with full privacy, at lower cost.”   Tor Bair, the Secret Foundation’s executive director and chairman, said the biggest immediate benefit for users when it comes to this recent move is that they can gain transaction privacy. Users can turn Ethereum-based assets into Secret Tokens, which are “programmable like ERC-20s but privacy preserving like zcash or monero,” according to Bair. Bair said the cost for ETH or ERC-20 holders using the Secret Networ...

Ether (ETH) price might have had a disappointing week after its price failed to hold the $600 level, but the fundamentals of the network and cryptocurrency remain solid. Traders are known for having short memories so it’s worth mentioning that Ether price is still 45% higher than it was in the previous month. To understand whether the recent correction reflects a temporary consolidation or an effective ceiling caused by the lack of adoption, it’s helpful to gauge the metrics which reflect network usage on the Ethereum network. A good place to start is analyzing transactions and transfer value. ETH/USD price vs. Transactions and Transfers. Source: DigitalAssetsData The chart above shows just how strong the growth of transactions and transfers were in late-November when Ether price was trying to break its $600 top. Although there hasn't been a significant drop in the indicator, it signals that the current $550 price level is in line with the blockchain activity. Exchange with...

Ethereum Ethereum fell by a further 2.65% on Friday. Following on from a 2.61% decline on Thursday, Ethereum ended the day at $544.23. It was a mixed start to the day. Ethereum rose to an early morning intraday high $560.62 before hitting reverse. Falling short of the first major resistance level at $573.35, Ethereum slid to a mid-morning intraday low $535.50. The reversal saw Ethereum fall through the first major support level at $545.56 before a brief recovery to $550 levels. A bearish end to the day, however, saw Ethereum fall back through the first major support level to end the day at $544 levels. At the time of writing, Ethereum was up by 1.67% to $553.33. A mixed start to the day saw Ethereum fall to an early morning low $543.22 before rising to a high $554.20. Ethereum left the major support and resistance levels untested early on. For the day ahead Ethereum would need to avoid a fall back through the pivot level at $546.78 to support a run at the first major r...

The number of developers in crypto is ticking up again, according to the annual developer report from venture firm Electric Capital. And one network remains a clear winner in terms of attractiveness to coders. “More than 300 new developers per month are joining Ethereum,” Maria Shen, a partner at Electric and the report’s author, told CoinDesk. “Ethereum has continuously grown through Crypto Winter.” The report tracks ecosystems by blockchain. In other words, a Bitcoin developer is counted toward Bitcoin even if the person is working on its Lightning Network or any of its wallets. Similarly, Ethereum’s numbers are driven by developers working on tokens that rely, fundamentally, on Vitalik’s world computer. Of the ecosystem, Electric’s report shows Ethereum so far out in front that second place is almost misleading. Almost 2,300 average monthly developers worked on Ethereum across the third quarter of 2020, with Bitcoin in second at a bit under 400. Still, the good news for...

Since the epic launch of Ethereum 2.0 last Tuesday, there have been tons of data about its activity to decipher and analyze. Early statistics shared after the first day of launch in our previous newsletter revealed how Eth 2.0 was inundated with 66% more funds than the minimum required to secure network operations. We were also able to view in real time the progression of over 100 epochs, in which more than 3,000 blocks were processed by validators.  Heading into the network’s second week of live development, we’re seeing the total amount of staked ether continue to rise for the network from 66% to 141% above the original threshold of 524,288 ETH. We’re also seeing a higher number of blocks and epochs finalized on the network, which is positively impacting the amount of rewards validators accrue daily.  We’ll take a deeper look at some of these Ethereum 2.0 metrics in our weekly Pulse Check. Then, for the New Frontiers essay, we’ll explore some of the scaling solut...