Etherum (ETH) as of January 1, 2023. Against the background of the instability of the virtual asset market, we were interested to understand how the price of the second digital asset will behave in terms of market capitalization.
Etherum (ETH) as of January 1, 2023. Against the background of the instability of the virtual asset market, we were interested to understand how the price of the second digital asset will behave in terms of market capitalization.
The price of Ethereum shows a lack of momentum of its own, although the recent growth of bitcoin has pushed ETH to another maximum of fluctuation. Failure at this level caused a sell-off, which may continue and reduce the price of the token to critical support levels.
The founder of MicroStrategy called cryptocurrencies using the Proof-of-Stake (PoS) consensus algorithm unstable and at risk of collapse.
Michael Saylor supported Bitcoin maximalist Matthew R. Kratter, who recently stated that the Proof-of-Stake consensus mechanism, which the Ethereum network switched to, makes the ether more vulnerable. Kratter suggested that regulators examine whether the proof-of-stake algorithms used by the Ethereum and Cardano networks are at risk of collapse, as happened with Terra Luna.
According to data from the network analytics company Santiment, Ethereum is currently seeing the highest level of activity in the last 17 months. "Daily Active Addresses" is an indicator that measures the total number of Ethereum addresses that were used as a sender or recipient during the day.
Data from the Ethereum Etherscan blockchain browser shows that 640 thousand ETH were transferred from the Bitfinex 2 cryptocurrency exchange, owned and operated by iFinex Inc.
THE REASON FOR RIPPLE XRP'S 16% DAILY GROWTH
Ripple's XRP is one of the few major cryptocurrencies that haven't traded unchanged in the last 24 hours, but actually grew by an impressive 16% before rolling back. Apparently, the latest developments in the company's case against the Securities and Exchange Commission are well received by market participants.
CARDANO PRICE ANALYSIS: ADA IS FACING A DOWNTREND, BUT THESE SIGNS ARE ENCOURAGING IN THE MEDIUM TERM
Cardano, one of the altcoins with exceptional performance in 2021, dropped 75% compared to ATH. ADA recently lost a critical support level at $1. Now the price is declining, forming a descending wedge, accompanied by a 100-day moving average (marked with a white line on the daily chart).
This step is designed to maintain the profitable profitability of the stablecoin savings protocol at about 20% per year.
In a tweet posted early Friday, Do Kwon, founder of Terraform Labs, an organization developing the Terra Luna (LUNA) and Terra USD (UST) stablecoin ecosystem, announced an infusion of 450 million UST ($450 million) into the Anchor protocol reserves.