Ethereum daily active wallets have been dropping at a steady pace, lately. Data obtained from Santiment Research Company showed that Ethereum daily active wallets hit a 67-day low today, closing out at 351.3k addresses transacting on the network.
According to Santiment, the last time DAA was this low was June 7th. Though the long-term fundamentals for the second most valuable crypto asset are great, these warning signals are worthy of note.
$ETH daily active addresses hit a 67-day low today, closing out at 351.3k addresses transacting on the network. The last time DAA was this low was June 7th. The long-term fundamentals for the #2 market cap token are great, but note these warning signals. https://t.co/QTAAWkwq3T pic.twitter.com/2saQbNK5I6
— Santiment (@santimentfeed) August 13, 2020
Why this matters: Nairametrics’ recent study on the second most valuable crypto market, showed that in 2020, when the number of active ETH wallets increased by 1%, its price climbed up, on average, by 0.18% the same day.
Breaking the $400 resistance level represents a dramatic shift for Ethereum, which stood at around the $112 price level in March following the market carnage that occurred as a result of the ravaging COVID-19 virus.
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It should, therefore, be noted that Ethereum 2.0 is imminent. This will see the crypto asset switching from the current proof-of-work model to proof-of-stake. It will also optimize sharding techniques which will help hasten up transactions on the blockchain.
However, Ethereum holders have been euphoric for good reason, considering the massive price surge since Black Thursday five months ago.
Ethereum is at +2.78 deviations above its neutral resting position when it comes to weighted social sentiment, which is easily an all-time high.
Ethereum is a decentralized system, fully independent, and not under anybody’s authority. It has no pivotal point, and its platform is connected to thousands of its users through their computing systems around the world, which means it’s almost impossible for Ethereum to go offline.
Dubai-based hedge fund plans to sell $750 million worth of Bitcoin for Cardano and Polkadot
FD7 Ventures has revealed plans to sell about $750 million worth of their Bitcoin holdings over the next month.
A Dubai-based, global crypto investment fund, FD7 Ventures with about a billion-dollar under management recently reveals a plan of selling about $750 million worth of their Bitcoin holdings over the next month to increase the company’s positions in Polkadot and Cardano.
Such a move will effectively sell-off a majority of the investment fund’s flagship crypto assets in buying rising cryptos like Cardano and Polkadot. According to the hedge fund, the increase in these altcoin holdings will better cater to the needs of its investors who are looking to diversify their portfolios in the growing crypto market.
- Polkadot’s native DOT token serves two clear purposes: providing network governance and operations, and creating parallel chains by bonding. Its founders are Dr. Gavin Wood, Peter Czaban, and Robert Habermeier.
- The fast-rising crypto asset is an open-source multichain protocol that enables the cross-chain transfer of any data or asset types, cryptocurrencies, thereby expanding blockchains interoperable with each other.
- Cardano (ADA) has been tipped to outperform, on the bias that it had its smart contract launch last month, which will lead to a significant amount of applications built on Cardano in 2021.
- This means that more developers will see it as an attractive medium for building their desired apps.
Also, Prakash Chand, Managing Director at FD7 Ventures revealed why such crypto assets based on their fundamentals showed more future.
“Aside from the fact that Bitcoin was first to market and society has given it meaning as a store of value, I think Bitcoin is actually pretty useless,” Chand said.
Chand says the firm intends to sell $750 million in Bitcoin in order to increase its exposure to Cardano (ADA) and Polkadot (DOT), which he believes are the foundation of the new internet and Web 3.0.
The fund manager also believes Ethereum could outperform Bitcoin in the coming years;
“I’ve been lucky enough to spend lots of time with the brightest minds in crypto and I’m willing to bet that each of Ethereum, Cardano, and Polkadot will be more valuable than Bitcoin within the next few years,” he said.
The hedge fund has already started the process of converting their Bitcoin (BTC) to such Cryptos and expects to finish the conversion transactions by mid-to-end of March.
A billion XRP worth $415 million released
XRP recently unlocked 1 billion XRP worth about $415 million from an escrow account.
The seventh most valuable crypto asset by market capitalization, XRP recently unlocked 1 billion XRP worth about $415 million, from an escrow account.
Whale Alert, an advanced crypto tracker, monitored these large crypto movements, which occurred in two different 500 million XRP transactions in real-time some hours ago.
500,000,000 XRP (206,722,279 USD) unlocked from escrow at Ripple Escrow wallet
🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 #XRP (206,722,279 USD) unlocked from escrow at Ripple Escrow wallet
— Whale Alert (@whale_alert) March 1, 2021
500,000,000 XRP (208,296,110 USD) unlocked from escrow at Ripple Escrow wallet
🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 #XRP (208,296,110 USD) unlocked from escrow at Ripple Escrow wallet
— Whale Alert (@whale_alert) March 1, 2021
At the time of writing this report, XRP traded at $0.419061 a daily trading volume of $4,092,935,822 USD. XRP is down 1.89% for the day.
Ripple had earlier set up a strategy where it released 1 billion XRP monthly for sale, for the purpose of funding its company operations, and to invest in start-ups of interest, with the rest kept back in the escrow accounts.
What this means; In simple terms, the implication of this is more liquidity in the Ripple network, as more investors will now have access to those XRP.
What you should know; Ripple (XRP) plays dual roles as a payment platform and a currency. It is an open-source platform that was created to allow quick and cheap transactions.
- Ripple has gained the attention of major global banks such as Bank of America, Santander, Standard Chartered, and Barclays for international transactions worldwide.
- It is following hard on the heels of its arch-rival and traditional banking payment system, SWIFT, with its fast-rising payment network, better known as Ripplenet.
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