According to reports recently released by Glasscode, the number of Ethereum addresses (EOAs) holding at least 0.1 ETH just crossed the 3 million mark for the first time. It has grown by 10.9% since the beginning of the year.
It has grown by 10.9% since the beginning of the year.
— glassnode (@glassnode) June 17, 2020
“The increase in gas usage indicates a continuous growth in the use of Ethereum’s platform, as measured by the number of transactions, as well as demand for block space, as measured via gas per transaction,” said Wilson Withiam, research analyst at data provider Messari.
Gas is the token that energizes the Ethereum’s blockchain. It is the standard used to calculate the amount of charges an individual needs to pay in order to make transactions on Ethereum’s blockchain.
In addition, data from Coinmarketcap, shows Ethereum, is the second-most valuable cryptocurrency by market capitalization, with a value of $26 billion and a daily trading volume that stood at about $ 7.3 billion, at the time of drafting this report.
Like with many other crypto assets, speculating with Ethereum can be highly profitable and has had a good history of giving its investors huge returns. However, there are also many other options to make income from Ethereum. These options include Ethereum mining, Ethereum faucets and Ethereum staking.
Ethereum is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without any fraud, interruption, control or interference from a third party.
Download the Nairametrics News App
Ethereum is a decentralized system, fully independent, and is not under anybody’s authority. It has no pivotal point, and its platform is connected to thousands of its users through their computing system around the world, which means it’s almost impossible for Ethereum to go offline.
Nobody is going to ban Bitcoin – US Bank regulator
Following fears of potential regulation on cryptos, it has been revealed that a ban on Bitcoin and other cryptos is far from the truth.
One of the leading financial regulators in the world’s largest economy, the United States, recently disclosed that the world’s flagship crypto is here to stay, amid rumours coming from different quarters on the likely ban on Bitcoin.
In a report credited to CNBC, Brian Brooks, the Acting Comptroller of the currency, hinted that more regulations on bitcoin and other cryptos are already in the works but downplayed fears that such regulation was going to change the core fundamentals of the crypto market
In a recent interview with Melissa Lee on “Squawk Box,” he disclosed further on “clarity” measure being put in place for cryptocurrency in the next six-to-eight weeks, but said, “nobody’s going to ban bitcoin.”
“We’re very focused on getting this right, on not killing this. And it’s equally important that we develop the networks behind bitcoin and other cryptos, as it is what will prevent money laundering and financing terrorism,” he added.
Fears about potential regulation got strengthened last month when Coinbase CEO, Brian Armstrong, disclosed via his Twitter handle on hearing rumours that the U.S Treasury Department was working to rush out new crypto regulations before President Donald Trump’s tenor ends.
“We heard rumours that the U.S. Treasury and Secretary Mnuchin were planning to rush out some new regulation regarding self-hosted crypto wallets before the end of his term. I’m concerned that this would have unintended side effects and wanted to share those concerns,” Armstrong said.
Last week we heard rumors that the U.S. Treasury and Secretary Mnuchin were planning to rush out some new regulation regarding self-hosted crypto wallets before the end of his term. I'm concerned that this would have unintended side effects, and wanted to share those concerns.
— Brian Armstrong (@brian_armstrong) November 25, 2020
However, the top U.S regulator dismissed such fears by saying, “I think you’re going to see a lot of good news for crypto before the end of the term,”
What you should know
- At the time of writing this report Bitcoin traded at $18,999.05 with a daily trading volume of $28,550,005,376. BTC price is down -1.7% in the last 24 hours.
- It has a circulating supply of 19 Million BTC coins and a max supply of 21 Million.
$414 million worth of Bitcoin moved by a large entity
A Bitcoin whale has moved 21,846 BTC valued at around $414 million.
Large entities are presently increasing their presence at the world’s most valuable crypto market, as Bitcoin breaches below the $19,000 price level.
What we know: Data obtained from Bitcoin BlockBot, a BTC analytic tracker, revealed that a Bitcoin whale moved 21,846 BTC valued at around $414 million.
Whale alert! 🐋 Someone moved 21,846 BTC ($414M) in block 659,963 https://t.co/K6vN5m8qX0
— Bitcoin Block Bot (@BtcBlockBot) December 4, 2020
At the time of writing this publication, the flagship crypto traded at $18,798.43 with a daily trading volume of $35.3 billion. Bitcoin is down 2.95% in the last 24 hours. It’s presently ranked the most valuable crypto by market value, with a market capitalization of $349 billion.
It has a circulating supply of 18,562,518 BTC coins and a maximum supply of 21,000,000 BTC coins
Why this is happening
Crypto traders and investors are now cashing in on some of their gains, as recent price action reveals the flagship crypto broke the key support level of $19,000 amid record inflows coming from institutional investors.
Recent, data from Glassnode revealed BTC Active Supply 2y-3y (1d MA) just reached a 3-month high of 2,548,131.371 BTC.
- The previous 3-month high of 2,542,341.460 BTC was observed on 04 December 2020.
- The amount of circulating supply last moved between 2 years and 3 years ago.
Previous 3-month high of 2,542,341.460 BTC was observed on 04 December 2020
— glassnode alerts (@glassnodealerts) December 5, 2020
What this means
While it is difficult to predict market movements, large entities have shown historically that they often determine the crypto trend.
Ripple drops over 10% amid profit-taking
XRP traded at $0.565884 and is down by 10.12% in the last 24 hours.
Ripple’s digital token XRP is presently under pressure amid selling pressure seen lately across the crypto market spectrum.
At the time of writing, XRP traded at $0.565884. XRP is down by 10.12% in the last 24 hours. It still remains the third most valuable crypto with a market value of $25.7 billion. It has a circulating supply of 45,334,295,892 XRP coins and a maximum supply of 100,000,000,000 XRP coins.
Over the past two weeks, crypto traders have pushed XRP prices lower by more than 20%. The volume of Ripple traded in the last 24 hours was about $10 billion. Nairametrics suggests that such moves are prevailing now as investors cash in on some of their gains after the crypto gained more than 170% in November alone.
What you should know
XRP was designed by Ripple mainly to perform speedy, less costly, and more scalable alternative transactions for both crypto assets and existing monetary payment platforms like SWIFT.
- Ripple owns more than half of the total supply of XRP. In late 2017, the company vowed not to sell all of its tokens (XRP) at once, keeping up to 55 billion XRP in protected escrow accounts.
- Ripple (XRP) plays a dual role as a payment platform and a currency. The platform is an open-source platform that is created to allow quick and cheap transactions.
Meanwhile, Ripple’s CTO has reaffirmed that the company can be forced by an overwhelming number of market participants to upgrade its processes, regardless of if it agrees with the decision or not, hinting at its strong democratic principles and responding to critics who accused it of often manipulating the process in regards to the liquidity and pricing of XRP. He said:
“There would be nothing Ripple could do to stop that from happening. Public blockchains are very democratic. If the majority wants rules to change, there is nothing the minority can do to stop them.”
Yes. There would be nothing Ripple could do to stop that from happening. Public blockchains are very democratic. If the majority wants a rules change, there is nothing the minority can do to stop them.
— David Schwartz (@JoelKatz) December 2, 2020