The Ethereum world lately has been very busy as the Number of Ethereum non-zero addresses just reached an all-time high of 42,385,447 from previous all-time high of 42,382,991 on 26 June 2020.
📈$ETH addresses growing to an all-time high! https://t.co/QolM9w1TrJ
— Ciara Sun (@CiaraHuobi) June 27, 2020
In addition the total gas used on Ethereum network reached an all-time high this week as miners on the network voted to increase block gas limits by 25%. This will allow the ethereum network to handle 44 transactions per second, instead of the previous limit of around 35.
Total gas used on ethereum reached an all-time high this week as miners on the network voted to increase block gas limits by 25%. This will allow the ethereum network to handle 44 transaction per second, instead of the previous limit of around 35. https://t.co/lZZGwrDRBl pic.twitter.com/3DNgcK9Ja9
— CoinDesk Research (@CoinDeskData) June 27, 2020
Data from Coinmarketcap, shows Ethereum, as the second-most valuable cryptocurrency by market capitalization, had a value of $25.3 billion and a daily trading volume that stood at about $5.9billion, at the time of drafting this report.
Quick fact; 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.
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.
“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.
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.
Unknown entity transfers $166 million worth of Bitcoins
BTC whale moved 15,987 BTC in block 649,777 estimated to be worth about $ 166 million.
The number of transactions done by large entities in the world’s most important crypto market is on the rise.
Data obtained from Bitcoin Block Bot, a crypto analytic tracker, revealed that a BTC whale moved 15,987 BTC in block 649,777, estimated to be worth about $166 million, recently.
Whale alert! 🐋 Someone moved 15,987 BTC ($166M) in block 649,777 https://t.co/VAta1uVOcH
— Bitcoin Block Bot (@BtcBlockBot) September 24, 2020
BTC whales have been moving large stacks of BTCs lately, triggered by the third BTC halving that occurred some months ago.
Much of the recent increase can be attributed to wealthy entities withdrawing their BTCs from crypto exchanges. Apparently, this is not new wealth; rather, it represents a change in the way Bitcoin whales are choosing to hold their coins.
From a macro level, the increase in the number of these large entities can be considered bullish.
At the time this report was drafted, Bitcoin was still trading around the $10,500 support levels, as investors have kept buying BTC at its support levels.
Quick fact: At the BTC market, investors or traders who own large amounts of bitcoins are typically known as Bitcoin whales. This means that a BTC whale would be an individual or business entity (with a single Bitcoin address) owning around 1000 Bitcoins or more.
As BTC whales accumulate BTCs, Bitcoin’s circulating supply reduces, and this can weaken any bearish trend bitcoin finds itself in.
Meaning that over time, it’s possible that as BTC approaches its fixed supply of 21 million, the price of BTC will go up, with BTC’s present demand factored in.
Ethereum’s investors gain 9% in 1 day
Ether traded at $348.85 with a daily trading volume of $12,728,832,627.
The second most valuable crypto is on a strong bullish run, just a few days after dropping momentarily, as the U.S dollar hit a rebound and COVID-19 cases rise.
What we know: At the time this report was drafted, Ether traded at $348.85 with a daily trading volume of $12,728,832,627. ETH price is up 9.1% in the last 24 hours. It has a circulating supply of 110 million coins and a max supply of ∞ coins.
Taking a look at its price action, Ether is sitting in an interesting price range, where the most polarization has historically unfolded (between the $200 and $300 levels) during its five-year history. A close above $350 in the near future would likely trigger more upsides.
Quick fact: Ethereum is a global, open-source platform for decentralized applications. In other words, the vision is to create a world computer from which anyone can build applications in a decentralized manner, while all states and data are distributed and publicly accessible.
On Ethereum, all transactions and smart contract executions require a small fee to be paid, which is called Gas. In technical terms, Gas refers to the unit of measure on the amount of computational effort required to execute an operation or a smart contract.
The Ethereum network is presently close to reaching its technical limits, as DeFi and Tether are essentially responsible for as many transactions as the network can handle at the moment.
European Commission set to regulate Cryptos
The European Commission hopes to develop a framework that will support the digitization of assets through tokenization.
The European Commission has designed a new Digital Finance framework including Digital Finance and Retail Payments Strategies, and legislative proposals on crypto-assets and digital resilience.
This was disclosed in a statement issued by the Commission on Thursday.
What it means; The European Commission is paying special attention to developing a regulatory framework that will support the digitization of assets through tokenization and also smart contracts.
Why is it happening now? It plans to give investors, consumers, traders choice and opportunities in modern payments and financial services while at the same time ensuring consumer protection and financial stability.
Valdis Dombrovskis, Executive Vice-President for an Economy that Works for People, said: “The future of finance is digital. We saw during the lockdown how people were able to get access to financial services thanks to digital technologies such as online banking and fintech solutions. Technology has much more to offer consumers and businesses and we should embrace the digital transformation proactively while mitigating any potential risks.”
What the European Commission plans to regulate include;
- Crypto-assets qualifying as “financial instruments” under the Markets in Financial Instruments Directive (e.g.: tokenized equities or tokenized bonds) have already in the past been subject to EU securities markets legislation.
- Crypto-assets that do not qualify as “financial instruments” such as utility tokens or payment tokens, the Commission on 24 September proposed a specific new framework that would replace all other EU rules and national rules currently governing the issuance, trading, and storing of such crypto-assets.
- This Markets in Crypto-Assets Regulation – MiCA – will support innovation while protecting consumers and the integrity of crypto-currency exchanges (no insider trading, front running, etc).
- The proposed regulation covers not only entities issuing crypto-assets but also firms providing services around these crypto-assets such as and firms operating digital wallets, as well as cryptocurrency exchanges.
Recall Nairametrics a week ago broke the news on Nigeria’s Securities and Exchange Commission (SEC), proposing a new set of rules that will regulate Crypto-token or Crypto-coin investments when the character of the investments qualifies as securities transactions.