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Cryptocurrency

No retreat no surrender, Ethereum explodes

Ethereum was trading at $1,532.05 on the FTX exchange with a 24 daily trading volume of $26.6 Billion.

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Ethereum whale transfers 200,000 ETH, as price drops to $387

Ethereum has been on a record buying spree amid its most recent price correction as institutional investors buy more at its dips.

At the time of drafting this report, Ethereum was trading at $1,532.05 on the FTX exchange with a 24 daily trading volume of $26.6 Billion. Ethereum is up 11.54% for the day.

Ether is the crypto asset that powers the Ethereum network. Crypto developers build apps on the Ethereum network, as it offers a unique type of decentralized software platform, which is different from the flagship crypto, which is designed to just be a currency or store of value.

READ: Binance Coin moves faster than Tesla, gains 114% in a week

Prakash Chand, Managing Director at FD7 Ventures also revealed also believes Ethereum would do far better than 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.

That being said there has never been so much sustained activity of addresses interacting with Ethereum.

The 3-month average of aa’s has broken over its previous all-time high and it doesn’t look like it wants to go back!

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Sigma Pensions

READ: Bitcoin’s transaction fees Jump by 344%

READ: Investor moves $1 billion for $7 fee on Ethereum Blockchain

In addition, Ethereum (ETH) miners seem to have an edge now over their arch-rivals, as they have surpassed Bitcoin (BTC) miners on transaction fees charged for some months now.

Crypto market data aggregator, Messari revealed key metrics showing that it is the longest period for which Ethereum’s transaction fee revenue has surpassed BTC in the crypto asset’s history.

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This prevailing macro is positive for Ether miners whose turnovers have been increased by higher fees and more transactions. In fact, Ethereum’s network hash rate has been growing consistently, having reached a near two-year high.

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

Unknown Bitcoin whale moves $714 million, Bitcoin stays above $60,000 mark

The flagship crypto traded at $60,514.60 on the FTX exchange with a daily trading volume of $45.5 billion.

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$700 million worth of Bitcoin moved by an unknown identity

Bitcoin whales are moving the vastly used treasury crypto in large amounts amid price volatility and bullish rush, as Bitcoin bulls regain control above the $60, 000 mark.

Data retrieved from BtcBlockBot an advanced crypto blockchain tracking and analytics firm, an anonymous cryptocurrency user revealed someone (possibly http://coinbase.com) moved 11,901 BTC $714 million in block 678,688.

Whale alert! 🐋 Someone (possibly http://coinbase.com) moved 11,901 BTC $714 million in block 678,688

The tracker further disclosed that the whale may have come from the world’s pioneer crypto exchange, Coinbase.

Nairametrics’ research has recently seen the surge in unknown crypto transactions involving Bitcoin, Ethereum, and other top crypto assets at levels not previously seen in the cryptoverse suggesting that more institutional players are getting into the game.

At the time of writing, the flagship crypto traded at $60,514.60 on the FTX exchange with a daily trading volume of $45.5 billion. Bitcoin is down 0.04% for the day.

During bull trends in the cryptoverse, these large entities can take profit on their positions, especially if the futures market is overcrowded.

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Wealthy investors reducing their crypto exposure to rebalance their portfolios can cause high price swings in the market, especially when accompanied by cascading liquidations.

However, recent data suggests otherwise as data retrieved from Glassnode points at entities holding more onto the world’s most popular crypto, rather than selling; as data shows Bitcoin balance on Crypto Exchanges just reached a 2-year low of 2,337,271.262 BTC.

A previous 2-year low of 2,338,724.621 BTC was observed on 08 April 2021.

 

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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.

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XRP, Ripple's co-founder earned $411 million from selling XRP in 2020

Amid the strong bullish rally at play in the cryptoverse, Ripple’s XRP looks to be leading the way with a push as it almost triples in value following a series of legal victories and social media rumours of relisting at some crypto exchanges like Coinbase.

This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.

At the time of writing this report, XRP traded at $1.47 with a daily trading volume of $29.3 billion. XRP is up 147% for the week with a current market value of about $67 billion.

READ: Why this unknown crypto with over 600% gain in 3 months, might still explode

The surge in this crypto asset is coming amid a lawsuit from the SEC which accused XRP’s $1.3 billion initial coin offering of being an “unregistered securities offering.” The allegation led most American crypto multiple exchanges to delist the crypto and XRP lost its place as the 3rd largest crypto by market value.

That being said, crypto traders appear to be backing the crypto asset amid credible reports suggesting that Ripple lawyers have posted two victories in their legal tussle against the powerful American regulator, including gaining access to internal Securities Exchange Commission discussion history regarding crypto assets.

READ: XRP stands firm, investors wait on Ripple’s legal outcome

What this means

Such access by Ripple’s lawyers to these records would offer them insights into why the Securities Exchange Commission has not deemed Bitcoin and Ethereum a security asset.

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