Monat: September 2022

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Why is Ethereum Classic up by more than 27% on Tuesday?

Ethereum Classic is the best performer amongst the top 100 cryptocurrencies by market cap in the last 24 hours.  

ETC, the native coin of the Ethereum Classic blockchain, is up by more than 27% in the last 24 hours. Thus, making it the best performer amongst the top 100 cryptocurrencies by market cap.

ETC’s rally comes as the broader crypto market has been performing well over the last 24 hours. The total market cap currently stands around $1 trillion, up by more than 2% today.

Bitcoin, the world’s leading cryptocurrency, continues to struggle to move past the $20k psychological level despite the broader crypto market performing well so far today. BTC is up more than 1% in the last 24 hours.

Ethereum Classic’s rally comes as the Ethereum community gets ready for the Merge event. The Merge event will see the Ethereum blockchain migrate from a proof-of-work (PoW) mechanism to a proof-of-stake (PoS).

As a result of the Merge, the Ethereum blockchain will no longer support miners. Miners on the network would be forced to move to other blockchains, and Ethereum Classic is one of the options available to them.

Key levels to watch 

The ETC/USD 4-hour chart is extremely bullish as Ethereum Classic has outperformed the other major cryptocurrencies in the market. 

The MACD line is deep into the positive zone, indicating a strong bullish momentum for ETC at the moment.

The 14-day relative strength index currently stands at 84, indicating that ETC is entering the overbought region very soon.

At press time, ETC is trading at $40.60. If the rally continues, ETC could surge past last month’s high of $45.65 before the end of the day.

In the event of an extended bullish performance, ETC could attempt to reach the $54 resistant mark for the first time since March 2022. 

The post Why is Ethereum Classic up by more than 27% on Tuesday? appeared first on CoinJournal.

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Ether is up by more than 6% today as the Merge gets closer

Ether is up by more than 6% in the last 24 hours as the Ethereum community gears for the upcoming Merge event.

ETH, the native coin of the Ethereum blockchain, is up by more than 6% in the last 24 hours. Thus, making it the best performer amongst the top 10 cryptocurrencies by market cap.

Ether’s rally comes as the broader crypto market has been performing well over the last 24 hours. The total market cap currently stands around $1 trillion, up by more than 2% today.

Bitcoin continues to struggle to move past the $20k psychological level despite the broader crypto market performing well so far today. BTC has added more than 1% to its value in the last 24 hours.

Ether’s positive performance comes as the Ethereum community gets ready for the Merge event. The Merge event will see the Ethereum blockchain migrate from a proof-of-work (PoW) mechanism to a proof-of-stake (PoS).

The Merge is slated to take place between September 10-20, meaning that it is only a few days away. The transition is designed to make the Ethereum network faster, more scalable, and reduce the cost of transactions.

Key levels to watch

The ETH/USD 4-hour chart is bullish as Ether has been performing really well over the past 24 hours. ETH’s positive performance is better than the other major cryptocurrencies.

The MACD line crossed into the positive zone yesterday, a shift from the bearish tone the market had taken in recent days. 

The 14-day RSI of 67 shows that ETH is heading towards the overbought region if the rally can be sustained.

At press time, ETH is trading at $1,670 per coin. If the bulls remain in charge ahead of the Merge, ETH could surge past the $1,782 resistance level over the next few hours or days.

In the event of an extended bullish run, ETH could cross the $2,000 psychological level for the first time this month. 

The post Ether is up by more than 6% today as the Merge gets closer appeared first on CoinJournal.

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Ethereum Merge to ‘swamp’ other coins with miners, says White Rock’s CEO

Ethereum Merge is set to take place in a few days, and White Rock’s CEO believes it will lead to other coins experiencing an increase in miners.

The Ethereum network is set to transition from a proof-of-work (PoW) consensus to a proof-of-stake (PoS) mechanism later this month. The move is designed to upgrade the Ethereum blockchain to make it faster, more scalable, and reduce the cost of transactions. 

However,  Andy Long, CEO of Bitcoin miner White Rock, told Cointelegraph in a recent interview that the transition is likely to flood the crypto industry with out-of-work ETH miners.

Long said Ethereum miners would be looking for greener pastures following the Merge event, and this will swamp other coins, increasing mining difficulty and reducing profitability. He added that;

“As GPU miners point their hardware at other chains, their difficulty will increase, causing lower returns and splitting the reward amongst more miners. Hashrate will flow to alternative GPU PoW coins, and many miners will simply give up and try to sell off their farms of cards.”

The CEO believes that the migration would likely force some cryptocurrency miners to give up and abandon their mining rigs.  He added that;

“Some miners will try to sell their High-Performance Computing (HPC) or GPU cloud services and will likely fail since there’s too much capacity chasing a limited amount of demand.”

In recent months, GPU prices have been declining, correlating with the decrease in the prices of Bitcoin and other cryptocurrencies. As a result, some companies are selling their rigs below the list price, while sellers who maintained the normal prices are struggling to offload mining rigs and cards. 

Despite the upcoming Merge, Long said he is interested in seeing how the market forces play out in the long term. He said;

“When I was building GPU farms in 2017, the Merge was cited as an imminent threat and would have been much more impactful then. There will always be GPUs mining some GPU optimized chains, but I doubt we will return to the levels of revenue seen in ETH proof-of-work at its peak ever again.”

Ethereum’s Merge event is slated to happen between September 10-20 and is considered one of the most significant upgrades in the cryptocurrency market in 2022. 

The post Ethereum Merge to ‘swamp’ other coins with miners, says White Rock’s CEO appeared first on CoinJournal.

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Flux price rallies as locked $FLUX supply soars to $108m

Flux price continued its bullish trend this week as demand for the small-cap cryptocurrency continued. The token rose to a high of $1.41 on Tuesday, which was the highest level since May 5th of this year. It has jumped by more than 237% from its lowest level this year, pushing its total market cap to over $340 million.

Why is FLUX soaring?

Flux, formerly known as Zel, is a blockchain infrastructure platform that helps developers build and host their applications. Its ecosystem includes FluxOS, which is a second-layer operating system that allows hardened dockerized apps to run on a decentralized computational network. Some of the applications running on Flux are Haven Protocol, Docushield, Keep Network, and Element among others.

As part of its ecosystem, Flux has FluxNodes, Parallel Mining, and Zelcore among others. Therefore, while most people don’t interact with Flux directly, most developers use it to build their applications.

There are several reasons why Flux price has been in a strong bullish trend lately. First, more investors have been buying the coin. For example, data shown in its dashboard shows that the total locked in its ecosystem has risen to over 108.5 million $FLUX. This is a strong performance since it was less than $100 million a few months ago.

Another possible reason for the rally is the upcoming launch of Flux Geolocation 2.0 feature that will let users specify by region where they want their dApp running. This is a major upgrade that is expected to go live in the coming months.

Finally, technically, the coin has bullish momentum now that its performance has been in an uptrend. Historically, soaring cryptocurrencies and stocks tend to attract more buyers as people embrace the fear of missing out mentality.

Flux price prediction

The daily chart shows that Flux price has been in a strong bullish trend in the past few weeks. Along the way, the coin managed to move above the 25-day and 50-day moving averages. It also managed to move above the important resistance level at $1.24, which was the highest point on August 13. 

The awesome oscillator has moved above the neutral point. Therefore, there is a likelihood that the token will keep rising as buyers target the next key resistance level at $1.50. This view is in line with what I wrote in another report on Flux. A drop below the support at $1 will invalidate the bullish view.

The post Flux price rallies as locked $FLUX supply soars to $108m appeared first on CoinJournal.