Ethereum (ETH), the world’s second most valuable cryptocurrency by market value, has more than doubled in value over the last four months. This has left BTC, the world’s flagship currency, in the dust.
Data from Coinmarketcap showed that Ether was trading around $293 at the time of this report, representing about 262% gain since March 12th, 2020, when it traded at $112. It’s market capitalization presently at $32 billion.
In addition, ETH miners are smiling to the bank as data feed obtained from Glasscode has shown revenue from fees surging to an all-time high. On the hourly chart, Nairametrics observed that more than a third of the ETH miner revenue currently comes from fees rather than blocks; up from less than 5% in April.
#Ethereum miner revenue from fees is surging and at an all-time high (7d MA).
On the hourly chart, we're seeing that currently more than a third of the #ETH miner revenue comes from fees rather than block subsidy – up from less than 5% in April.
— glassnode (@glassnode) July 25, 2020
Recall that Nairametrics had earlier given valuable insight about Ethereum’s price action, revealing ETH was finally breaking out of its long $200-$250 daily close range, and that it was time to revisit its historical model that illustrated the number of times a daily close transition had occurred between psychological support levels.
ETH is sitting in its “sweet spot” where the most polarization has historically unfolded (between the $200 and $300 levels) during its five-year history. A close above $300 in the near future would be the 42nd instance of the price closing above or below it.
ETH 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. It is a decentralized system, fully independent, and is not under anyone’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 ETH to go offline.
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 ETH staking.
6 Cryptos rich investors are buying
$ETH, $LINK, $REN, $ELF, $KNC, & $ZRX are among cryptos recently hitting one-year highs.
High net worth investors are quietly putting capital into some cryptos amid the recent bullish happening at the flagship crypto market.
Unsurprisingly, all the cryptos seen by Nairametrics recording high cash inflows are based and built on Ethereum, and the amount of each held by the high net worth investors addresses has hit one-year highs in the previous week, according to a crypto analytics firm – Santiment.
As investors give the world flagship crypto the much-needed attention, Bitcoin’s market price has been ranging between $12.7k and $13.3k, as crypto whales of many respective $ETH-based #altcoins have added to their non-exchange bags. $ETH, $LINK, $REN, $ELF, $KNC, & $ZRX are among those recently hitting one-year highs.
🐳 With most eyes on #Bitcoin's market price between this $12.7k and $13.3k range, whales of many respective $ETH-based #altcoins have added to their non-exchange bags. $ETH, $LINK, $REN, $ELF, $KNC, & $ZRX are among those recently hitting one-year highs. https://t.co/JRk8mdEaAx pic.twitter.com/2J2wTDy2Ox
— Santiment (@santimentfeed) October 26, 2020
What you should know
All seems to be going well for these crypto’s derivative Ethereum. At the time of writing this publication, Ethereum traded at $387.51 with a daily trading volume of $10,620,097,122.
- ETH price is up 0.2% in the last 24 hours. It has a circulating supply of 110 million coins and a max supply of ∞ coins.
- There are good news and bad news for #Ethereum’s quest to again surpass the $420 price barrier.
- The good news is that miners aren’t selling, and there is a big increase in new $ETH addresses being created, and pre-existing addresses have shown increased inactivity.
- The bad news is that social sentiment is bordering on the euphoric territory, and daily active deposits have jumped in a big way.
Why Nigeria is Africa’s biggest Crypto market
Cryptos are fast becoming more popular for payment transactions around the world and Nigeria has emerged Africa’s biggest market.
Nigerians are fasting adopting the world’s most popular crypto – Bitcoin, as their mainstream for payments and wealth preservation. Thus, setting the pace for other African countries – as it leads the whole African continent combined in the use of Bitcoin via transactions turnover.
Then, it becomes unsurprising to see leading crypto brands like Binance, Paxful, FTX, Crypto.com, printing their labels in Nigeria, as it is apparently one of the fastest-growing crypto markets in the ever-changing world.
According to a new study seen by Nairametrics, Nigeria has seen the largest influx of activity in peer to peer lending in the month of October.
What you should know
Data obtained from usefultulips, a BTC analytic data provider showed Nigeria leads Africa’s peer to peer lending in the month of October 2020, as it posted a monthly P2P volumes of between $32.5 million, followed by South Africa and Kenya posting about $9million and $7.4 million respectively.
What they are saying
Ekene Ojieh, Head Of Public Relations, Buffalo Chase, a fast-growing crypto analytic firm, attributed the upward trend in the adoption of cryptos – most especially Bitcoin, to Nigeria’s demographic structure.
“Nigeria ranks 8th position in the largest country with crypto adoption. The reasons for this fact are not far-fetched.
“The Nigerian youth has about 32% of the entire population of about 200 million people.
“It’s easy for a young country like Nigeria to adopt the use of bitcoin because a large percentage of its population falls within the age range that is tech-savvy. Although, that’s not the only reason why many Nigerian youths adopt bitcoin.
“Nigerian youths prefer to secure their assets in bitcoin or stablecoins because naira like every other fiat currency is susceptible to inflation.
“The borderless feature of bitcoin makes payment effortless and transaction fee outrageously low.
“In the recent protest in Nigeria, we saw the sharp switch to bitcoin after the movement’s bank account was frozen making up to about 44% of the entire donation.
“Bitcoin gained an impressive 13.7% over week 43 – as per Glassnode. Bitcoin is currently traded at a $13,000 region. With the accessibility of bitcoin, we see more Nigerian youths adopting the use of bitcoin.”
It’s also critical to note that a significant number of Nigerian youths, amid #EndSARS protest that had triggered police reforms, got help from Bitcoin, on the principle that its payments were secured and had no central authority, which could breach payment. The funds were consequently used in aiding and providing medical and legal bills for some youths who had peacefully set out for such cause and got arrested in that period.
This is one thing that surely stood out in the just concluded #EndSARS protest and got the rare limelight in the crypto-verse. A Nigerian female rights group better known as the Feminist Coalition, a non-governmental organization originally created to push for gender equality in Nigeria, used the power of crypto technology in disbursing funds for injured protesters, food, water, first aid supplies – that the co-founder of Twitter, Jack Dorsey had to lend his support.
Dorsey tweeted, “Donate via Bitcoin to help #EndSARS,” while also retweeting a tweet by the Feminist Coalition informing Nigerians of how to support the fast-changing female right group.
— jack (@jack) October 14, 2020
Nigerian millennials are fast adapting to the most ever-changing financial asset in the modern era and leading brands are also taking advantage of such prevailing macro.
Most profitable asset in a decade, Bitcoin up over 26,600,000%
Bitcoin, from $0.06 in September 2010 exploded to its current price of around $13,000, representing a surge of over 26,600,000%.
The odds are now playing strongly in favor of the world’s most popular crypto – Bitcoin.
Data retrieved from a well-known crypto custodian firm Blockchain showed how Bitcoin from $0.06 in September 2010 exploded to its current price of around $13,000 – representing a surge of over 26,600,000% in a span of 10 years.
Meanwhile, the same couldn’t be said about its closest performing rivals, which included the Yellow metal and the S&P 500, which climbed 103% and 233% respectively over the same stretch.
Why this matters
The flagship crypto seems to run hot on many prevailing macros, not forgetting that the general economic law states that when demand is high and supply is limited, prices of such products will usually go up.
- Bitcoin has established a robust support level at $13,000,
- It should also be noted in the past few years, that Bitcoin holders are refusing to sell and instead use it for wealth preservation.
- Also, another strong sign giving crypto traders bullish bias include Bitcoin’s Active Supply 3y-5y (1d MA) just reaching a 23-month high of 1,840,755.050 BTC, as seen from Glassnode – a popular analytic firm
A previous 23-month high of 1,840,745.362 BTC was observed earlier today.
What this means
Nairametrics earlier broke the news on how the world’s flagship crypto continues to gain traction at the speed of light. The renowned financial data media company, Bloomberg Intelligence, gave critical insights on why bitcoin, in just about five years’ time, could hit a valuation of $100,000.
“Bitcoin’s foundation is firming for further price advances if its history is a guide. Since initially reaching $10,000 in 2017, the benchmark crypto corrected about 70% and remains in an extended period of consolidation around that level,” the report said.