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Cryptocurrency

Active Ethereum Wallets records all-time high

Ethereum is a decentralized system, fully independent, and is not under anybody’s authority.

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Ethereum, second most valuable cryptocurrency, surges more than 88% since March

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. 

READ MORE: Bitcoin Cash gains 65% since March, shows more stability

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. 

Data from Coinmarketcapshows Ethereumas 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. 

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READ MORE: Unknown Bitcoin whale moves $1.3 billion in minutes

“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.

READ MORE: 3 Crypto exchanges control about 14.3% circulating BTC supply 

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. 

 

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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Cryptocurrency

Ethereum keeps breaking new highs, trading at $4,115

Ether traded at $4,115.72 with a daily trading volume of $53.5 billion.

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Ethereum

Ether, the world’s most popular utility crypto broke above $4,000 in the early hours of Monday and keeps soaring high after passing the all-important resistance level on many crypto exchanges’ barrier including the FTX exchange.

Such a milestone comes barely a week after it breached above the $3,000 price level.

At the time of writing this report, Ether traded at $4,115.72 with a daily trading volume of $53.5 billion. Ethereum is up 3.85% for the day and is presently the second most valuable crypto asset by the market value of $476.7 billion.

Crypto pundits argue that the leading altcoin has attracted a new wave of institutional investors in credence to its recent approval of 3 Ethereum exchange-traded funds (ETFs) in North America.

Adding credence to Ethereum’s record buying pressures is data retrieved from Glassnode, an advanced crypto analytic firm, revealing the Number of Addresses Holding 0.01+ Coins just reached an all-time high of 14,969,657.

A previous all-time high of 14,966,780 was observed on 9th May 2021.

The rising use of non-fungible tokens to validate the ownership of digital assets is notably purchased and used on Ethereum, thereby attracting more apps and contracts.

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.

The rise of many DeFi crypto assets that thrive on the Ethereum Blockchain has added more buying pressures from investors globally with YAM, UniSwap, Chainlink, Compound, Cream finance, and Melon seeing record cash inflows.

Investors are getting more attracted more to DeFi because they can receive higher interest rates when compared to what is gotten in traditional finance, on the basis that lower operating costs are enabled when operating on an automated decentralized network.

Just recently it upgraded to Ethereum 2.0, which is seen by many crypto enthusiasts as the game-changer in reforming the distributed system, after some years of research and coordinated effort by top developers around the world.

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Cryptocurrency

Dogecoin investor loses $12 million on Binance as Doge suffers violent dump

Recent price actions reveal $DOGE lost as much as 25%, dropping as low as $.50 amid record selling pressures.

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The fast-rising crypto asset, Dogecoin suffered record losses in the early hours of Sunday despite Elon Musk’s debut on the long-awaited Saturday Night Live which surprisingly led to a violent dump.

At the time of drafting this report the dog meme coin traded at $0.564505 on the FTX Exchange with a daily trading volume of $31 billion. Dogecoin is down 21.34% for the day.

Recent price actions reveal $DOGE lost as much as 25%, dropping as low as $.50 amid record selling pressures.

The largest single liquidation order happened on Binance-DOGE value $12.07 million as over $270 million positions in the Dogecoin assets vanished into thin air.

READ: Dogecoin up 168%, more valuable than Polkadot, Cardano

READ: Altcoin season? Ether, ADA, Doge and others hit all-time highs

Supporters of the fast-growing crypto were earlier hopeful that Elon Musk might offer some strong bullish bias in favour of Dogecoin but that was not to be. Although the Tesla CEO has, many times via social media, stated that Dogecoin remained his favourite crypto, he recently warned fans to invest in the asset with great caution.

Crypto pundits have often frowned at the inflationary properties of Dogecoin considering that it is printed every minute of every day, giving it a potentially infinite supply. The implication of this is that the crypto asset’s unlimited supply could, over time,  impact negatively on its price.

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