Ethereum Active Addresses Suggest It's Closer to $500 Than We Thought
Bitcoin was in the spotlight earlier this week as it rallied to a high of $15,955, sweeping away strong resistance from 2019. Experts are now looking at the direction of ethereum and other crypto assets after the benchmark cryptocurrency rallied.
Now, bitcoin bulls appear to be taking a breather as the price of bitcoin stabilizes at $15,500 and other cryptocurrencies have also begun to rebound, including ethereum, the world's second-largest cryptocurrency by market capitalization. According to the latest findings from cryptocurrency analysis platform Santiment, in particularsecondary title
Active Ethereum Addresses Suggest Bitcoin Funds Are Coming
Bitcoin prices have surged more than 30 percent since Oct. 21 in the face of the U.S. election and overall dollar weakness. The cryptocurrency cleared hurdles along the way, the first being the June 2019 high of $13,880.
As bitcoin climbed, some observers noted that the uptrend would disrupt other cryptocurrencies as it accounts for the majority of trading volume in the cryptocurrency market. In fact,but
but, the trend may soon reverse as capital flows from bitcoin to ethereum and other cryptocurrencies. Researchers at Santiment have observed positive activity on the ethereum blockchain since the beginning of the month.
It’s worth mentioning that increased activity on the Ethereum network is often accompanied by an increase in the price of Ethereum, as seen in the decentralized finance (DeFi) frenzy in the third quarter of this year.
The researcher went on to highlight that Ethereum’s active addresses have surged to their highest level on October 16. According to Santiment, this indicatesBitcoin profits are gradually being transferred to Ethereum and other cryptocurrencies.
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ETH 2.0 is another bullish factor
Besides Ethereum’s daily ticker hinting at a strong rally, ETH 2.0 is another key factor in favor of the bulls.The long-awaited Proof-of-Stake (PoS) upgrade is scheduled to officially launch on December 1st.Proof of Stake is the process of backing a blockchain by promising a certain percentage of financial returns over a certain period of time.
After years of research and numerous delays in the past, ETH 2.0 is scheduled to go live in early December. Recently, a deposit contract was released on the Ethereum mainnet (acting as a bridge between the current PoW mainchain and the upcoming PoS blockchain).
This means users can now deposit as little as 32 ETH to stake Ethereum 2.0. Excitement around ETH 2.0 intensified before ethereum co-founder Vitalik Buterin sent 3,200 ETH (equivalent to $1.5 million) to the deposit contract in preparation for the upgrade .
The strong momentum of ETH has seen the price of the asset surge from $350 to $460 today. This means the cryptocurrency may be able to break above $450, a stubborn resistance area for most of 2020.
Bitcoin began to fall after losing its upward momentum around $15,900, coupled with the launch of ETH 2.0,The original text comes from zycrypto, compiled by Blockchain Knight, the English copyright belongs to the original author, please contact the editor for Chinese reprint.
The original text comes from zycrypto, compiled by Blockchain Knight, the English copyright belongs to the original author, please contact the editor for Chinese reprint.
