Kategorie: Ethereum News

November was probably one of the roughest months this year for Ethereum (ETH). Just shortly after hitting all-time highs, the coin followed that rally with a massive nosedive as sentiment waned. Ether (ETH) was dangerously hovering just above $3500 from all-time highs of $4600. But an explosion in buying activity is now suggesting that a rally is coming. Here are some highlights:

• Sentiment towards ETH is shifting positively, with buying volume set to explode

• A bullish rally well into Christmas could see ETH crack well above $4000 and push forward

• Analysts are not ruling out the possibility of all-time highs by Year-end

Data Source: Tradingview.com 

Ethereum (ETH) – price action and analysis

Trading Ethereum in November was really not for the weak-hearted. The wild price swings seen were simply unprecedented. At one time, ETH swung 30% in less than a week, marking the period of sustained market volatility. But the shift in rate hike tone by the US Fed acted as a catalyst for bulls to swing into action. 

At the time of the FOMC announcement, ETH was trading at around $3687. But a buying bonanza rallied the price, eventually taking ETH to above $4000. This is however still a bit further away from the highs of $4600. Besides, there is a real risk RSI could overheat in the coming days. But analysts still see a steady and slow uptick in value, with projections putting ETH well above $4600.

Should you buy Ethereum today?

It’s always a good time to buy Ethereum. It is, after all one of the main mega-cap coins in the market. Also, sentiment around the coin has improved significantly off late. Whether this will hold into the new year remains to be seen. But for long-term bets, it’s still a good time to get into Ether if you haven’t already.

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Ray Dalio told Yahoo Finance that cryptocurrencies have become an impressive asset class, but he thinks cash could become a “problematic asset”

Bridgewater Associates founder and co-chief investment officer Ray Dalio has revealed that other than Bitcoin, he also now holds a small amount of Ether (ETH), the native cryptocurrency on the world’s largest smart contract platform Ethereum.

The billionaire investor, who’s been at the global hedge fund giant for over three decades, also expressed his admiration of the crypto space terming its growth as “impressive.” But the hedge fund manager did not spare cash, slamming it as possibly the “worst investment.”

Dalio expressed these sentiments during an interview with Yahoo Finance, published Thursday.

First Bitcoin, and now Ethereum

As with many other big-money individuals, hedge fund billionaires, and family offices, Ray Dalio took a negative view of cryptocurrency even as the emerging technology saw massive growth in the last decade.

But in May his stance flipped as he bought Bitcoin (BTC) amid a broader institutional adoption of the flagship cryptocurrency and other digital assets. An explosion of interest in decentralised finance (DeFi), non-fungible tokens (NFTs), and most recently the metaverse only served to increase inflows in this new asset class. 

So, a few months down the line, the American investor has revealed he recently added Ethereum (ETH) to his crypto portfolio.

„I don’t own a lot of it,” he told Yahoo Finance, referring to his ETH holdings. He also pointed out that he could not reveal just how much BTC he holds at the moment.

Talking about Bitcoin, the investor said he thought of it as a very impressive technology that has managed to remain safe for so long and continues to get adopted across the world.

„I think it’s very impressive that for the last 10, 11 years, its programming has still held up,” he noted.

Investors might need to diversify out of cash

Dalio also expressed his views on cryptocurrencies as an investment vehicle, noting that he views these as alternative money and good investments.

But he slammed cash saying that although most investors see it as a safe investment, his opinion is that it’s “the worst investment.“ 

According to him, the dollar’s debasement, for instance, means inflation-adjustment puts losses on dollar-based investments at 4% to 5%. He urges diversification, noting that its likely cash will become “a problematic asset.”

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• Ethereum price has jumped nearly 680% this past year, while Bitcoin has added about 170% to its USD value over the same period.

Galaxy Digital CEO Michael Novogratz says Ethereum is outperforming the flagship cryptocurrency Bitcoin because Ether’s fundamental outlook has investors taking it for a technology bet.

Novogratz outlined this view during an interview on CNBC’s ‘Squawk Box’, where he talked about crypto as well as the current outlook in the equity markets.

Ethereum offers more than just an inflation hedge

The Galaxy Digital exec’s comments come at a time the market is experiencing a downturn exacerbated by uncertainty across the globe regarding the Omicron variant of Covid-19. 

A recent sell-off has pushed Bitcoin’s (BTC) price below $50,000, with the benchmark cryptocurrency declining by more than 13% in the past week. Meanwhile, Ethereum has struggled to break above $4,400, with its price down nearly 6% during the past week.

But while data on CoinGecko shows BTC price is up 170% over the past year, it’s a massive 680% for Ethereum price.

According to Novogratz, part of the reason ETH is outperforming BTC is the fact that the former is attracting more investors amid a shift in investment perspectives.

He says that Bitcoin is limited in its use cases, with usage currently seeing most people go for it as a hedge asset. On the flipside, Ethereum has great use cases, from its smart contracts functionality to applications in decentralised finance (DeFi) and non-fungible tokens (NFTs).

It is this “flexibility” that is aiding Ethereum’s push and outperformance of the leading cryptocurrency.

“People see Ethereum as a technology bet and Bitcoin as a debasement of fiat currency bet,” he explained on the show.

Novogratz also talked about the crypto markets and equities, saying that crypto wasn’t trading as bullish as the equity markets. He however remains upbeat about the broader crypto space, predicting that even though Bitcoin price has slipped below $50k, it’s unlikely to dip under $40k. This, he added, will be the case even with a spike in risk-on effect from a very hawkish Fed.

He also identified institutional adoption and the steady appreciation of the crypto across nations as a good vibe for the crypto asset class.

He noted that the world has “woken up” to the fact that cryptocurrency is now an asset class, adding that people are now looking at Bitcoin as a necessary component of any crypto portfolio. 

A similar view of Bitcoin also came out during billionaire investor Barry Sternlicht’s comment that the crypto is a „smart hedge.“

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• Lane Rettig says crypto is going to change the world by providing the “fuel” that drives the next generation of entrepreneurs.

• He compares this disruptive technology to what happened in information technology due to cloud computing.

Crypto adoption continues to gather pace even as the space attracts new developments that could see the cryptocurrencies permeate every facet of the society, says Ethereum developer Lane Rettig.

According to the developer, cryptocurrency has provided a new start for the global economy, creating value for everyone regardless of where they are around the world. With crypto projects now virtually in every sector of the economy and daily life,  Rettig believes the impact of the whole ecosystem will be “profound and long lasting.”

He suggests that what the world has seen so far in crypto space is just the beginning, with further developments to entrench it even deeper into social life.

“[Crypto] is going to impact every corner of society in our daily lives,” the developer told Yahoo Finance.

Rettig shared his optimistic view of the crypto space during a Yahoo Finance interview on Wednesday.

Crypto is taking over the world

Asked to comment on where crypto is at the moment, he said it’s still early. There is a lot still to be done to really bring cryptocurrencies to the masses. One way is to make it even more user-friendly, he said.

Crypto is a disruptive innovation much like cloud computing in the formative years of information technology, he explained. He said that developments in the sector took time, but tech eventually took over the world through giants like Amazon and Microsoft.

Cryptocurrency is taking the same steps and apart from finance, crypto applications are already revolutionising the health, supply chain, agriculture, education, and even investment sectors. The sector is changing all facets of our lives, but that is not all.

Rettig opines that crypto is going to be the fuel that drives an entirely new group of youthful entrepreneurs, with the DAO likely to take center stage in this growth trajectory.

According to the developer, the next chapter of revolution is entrepreneurial growth through blockchain-based ‘companies’ dubbed decentralized autonomous organisations (DAOs).

Although he notes there are still issues around DAOs, he remains adamant the sector will “take over the world.”

“I think DAOs are the next step in the evolution of human organisation, and I think this is a generational shift that will take decades to play out,” he pointed out.

He says cryptocurrency has made it possible for people to unveil projects and applications that would not have been possible a few years ago

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Loopring (LRC) is on a mission to the moon as it set a new all-time high of $3.04 this week.

With a 24-hour trading volume of $6.1 Billion, LRC is the second most traded pair on Binance. 

Here is a breakdown ate a few recent Loopring updates attributed to the recent price rise.

What Is Loopring

Loopring is a layer 2 scaling solution built on top of the Ethereum network to allow users to trade digital assets with far less fees.

For new users, the biggest challenge is the amount of fees associated with each transaction.

Gas fees can cost rise to $100, which to most new traders consider irrational. However, Loopring aims at reducing the fee per transaction.

Loopring Price Rise 

Loopring (LRC) price rise is largely attributed to its rumored partnership with GameStop.

As reported last night, some leaks mentioning GameStop surfaced in Loopring GitHub code.

It is also not a wonder that Loopring’s former Head of Business Matthew Finestone is currently the Head of Blockchain development for GameStop.

There is also a popular thread on cryptocurrency today about Loopring, titled “Does LRC have a lot of long-term potential?” The comments agreed that ETH and LRC will continue to rise. Since LRC is not a fully known crypto compared to ETH, there’s potential for higher price gains

It’s also clear that many people are buying LRC without really understanding what it is, but there was some discussion about whether LRC is cheaper to use than ETH.

Claims were that they only paid $0.5 in fees to swap ETH to USDT using Loopring exchange.

Earlier today Loopring retweeted Byron’s tweet addressing the issues with current NFT marketplaces and how Ethereum Layer 2 can solve these issues.

Good thing the future of NFTs is on Ethereum Layer2 where we don’t have these problems

Same security guarantees
1000x less cost
💙🔥 https://t.co/7x6zwkvZ56

— byron.loopring ( B.👾 ) (@macro_diary) November 7, 2021

High fees are the biggest detriment to crypto’s current growth. It increases the barrier to entry and de-incentivizes activity.

Loopring has a lot of potential and their layer-2 scaling solution is exactly what the market needs.

One of the biggest challenges in the crypto’s growth is the high fees deterring market activities. What the market needs is the Loopring layer-2 scaling solution.

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