Cryptocurrency
Number of contract calls on Ethereum rises by 300%
Ethereum network has grown from less than 1million in June to currently over 3 million per day.
The number of contract calls on the Ethereum network has grown to 3 million per day from barely 1 million per day in June, showing a percentage surge of 300% in a period of 3 months.
This is according to data retrieved from Glassnode which revealed the number of contract calls on the Ethereum network since the rapid growth of DeFi this year.
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2/ The surge of internal #Ethereum contract calls is even more striking:
The number of internal transactions in the network has grown from less than 1M in June to currently over 3M million per day – an increase of more than 3x in just three months.https://t.co/mSRHn05u6K pic.twitter.com/KqPglzRqOn
— glassnode (@glassnode) September 3, 2020
Also, contract calls initiated by Externally Owned Accounts (EOAs) has almost tripled since the beginning of the year from less than 300k to currently over 850k per day.
What you should know: A smart contract is an agreement between two individuals in the form of a computer-generated code. This runs on the Ethereum network, is kept on a public database, and cannot be altered, or manipulated.
The transactions that happen in a smart contract are processed by the Ethereum network, which means that they can be sent automatically without a third party.
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The Ethereum network is a shared database run by many computing systems belonging to many entities, because it’s decentralized by principle, and has no central 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 that it’s almost impossible for the crypto to go offline.
Cryptocurrency
XRP surges by 150% in 7 days as Ripple posts early victories against SEC
This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.
Cryptocurrency
Crypto market surges above $2 trillion, as Bitcoin stages a huge comeback above $60,500
The global crypto market value at press time stood at $2.05 trillion, a 3.85% increase over the last day.
The flagship crypto is recording a significant buying spree as Bitcoin bounced above the $60,500 price level once again.
The global crypto market value at press time stood at $2.05 trillion, a 3.85% increase over the last day, with Bitcoin having a market value of $1.123 trillion and a circulating supply of 18,678,481 BTCs
Bitcoin’s price is currently $60,638.55.
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Bitcoin’s dominance is currently 55.36%, an increase of 0.21% over the day.
Investors are moving their funds to Bitcoin after an avalanche of COVID-19 stimulus shocked the crypto market since last year amid fears of rising fiat inflated currencies coupled with leading business brands adding more buying pressures on Bitcoin with BNY Mellon, America’s oldest bank giving its approval on the new digital gold as it makes a debut into mainstream investment assets.
Consequently, MicroStrategy now has 91,579 BTCs worth about $5.54 billion while Tesla holds 32,608 BTCs, hinting that more global business brands may take such route to hold the most popular crypto as a treasury tool amid concerns that just 21 million BTCs will ever exist with about 4 million BTCs already lost forever.
READ: Less than 4 million Bitcoins available for buying
Recent price action suggests that bitcoin bulls are holding on tight as they built strong support around the $58K area.
Strong #Bitcoin support building around this $58K area. pic.twitter.com/dFp1E7aOOT
— Yann & Jan (@Negentropic_) April 8, 2021
READ: XRP posts a big bang, as legal tussle with SEC lingers
That being said, crypto pundits argue that bitcoin still faces strong headwinds in the coming months amid growing regulatory concerns. There is also the bias that its high volatility is making it challenging for some traditional investors to come on board and its massive electrical consumption via the blockchain has also put it at odds with many environmentalists.
