Ethereum News

Cumberland Research Report: The Market Is Too focused On ETH’s Constantinople

Published

2 weeks ago

February 7, 2019

Stefan

Following a report by the crypto trading firm Cumberland Research, it seems that the market is too focused on Ethereum’s Constantinople and Serenity hard forks which throw a massive shadow over more important upgrades. Let’s see what exactly the report means in the ethereum news below.

The Constantinople hard fork is an ETH network update which separates Ethereum improvement proposals in order to make a clear path for Ethereum 2.0 which is considered the system’s final upgrade. Ethereum 2.0 will switch the current ETH network proof-of-work consensus algorithm to proof-of-stake algorithm.

According to the researchers, the mainnet improvement roadmap that is supposed to happen on June 1 this year, should be enough to solve all of the concerns. The ETH 1.x proposal should eliminate the major risk factors such as smart contract usability. Although is still in its pre-phase, the researchers believe that the proposal is undervalued and that represents bigger importance in term of the medium-term price outlook for Ethereum rather than Constantinople.

Ethereum has already launched its first release for phase-zero of the network’s slow transition to Ethereum 2.0 which makes the first step in a series of weekly releases and the current zero phases is feature complete and is approaching stable. Along with the 2.0 first pre-release, the testnet Gorli will serve as a trial key sharding client for Serenity.

The core developers at Ethereum, found a security vulnerability in the Constantinople hard fork that allows hackers to steal cryptocurrency from a smart contract by repeatedly requesting funds while feeding false data to the actor’s actual ETH balance.

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Related Topics:constantinople Cumberland featured Focused is market on Report Research the too

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Stefan

Stefan has been a Bitcoin Specialist for over 5 years. Providing daily news and updates for DC Forecasts.

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Ethereum News

Craig Wright Calls Out Ethereum For Being Unable To Scale

Chris Wright, the self-proclaimed Satoshi Nakamoto, throws shade to Etheruem (ETH) in today’s ethereum news, calling it unable to scale or called it the blockchain for bucket shops. He made the claims in a document that was submitted to the Commodity Futures Trading Commission. In December last year, the CFTC consulted the public regarding Etehreum in order to understand more about its technology and in the response, Craig Wright submitted a long document in which he attacked Ethereum. Wright’s document was submitted on the last day of the survey and it seemed like it was written quickly. At the beginning of the document, Craig Wright says that he is the creator of Bitcoin and that he initially launched it to be the first cryptocurrency used for trading without the traditional back-end trading processes. He also pointed out that he created Bitcoin not to be anti-regulation. Wright goes on to attack the entire system of Ethereum from calling it a rip-off and being unable to scale upwards:

“This network has already hit its limit and is effectively only being used to raise capital using illegal bucket shops that are designed in such a way that they can deceive nontechnical parties,” wrote Wright. “No technology released within Ethereum for the provision of computation or ICOs has been created that did not exist prior and in a more effective manner before this network was launched.”

This isn’t the first time Craig Wright attacks Ethereum but Vitalik Buterin has also attacked Wright calling him a ‘’fraud.’’

Altcoin News

Crypto Market Adds $10 Billion, Currently With $134bn. In Circulation

Litecoin (LTC), Bitcoin Cash (BCH), Tron (TRX) and Stellar (XLM) were the highest earners in the new surge that led the cryptocurrency market to add new $10 billion - coming closer to the $135 billion gap. In the daily news of our DC Forecasts crypto news site, this surge came with bullish moves in Bitcoin and Ethereum as well, which dominated the market. However, in this piece, we are focusing on the altcoin traction which started with a solid upward move by Bitcoin Cash (BCH) which broke the $130 resistance against the US Dollar. The BCH/USD pair gained traction and surpassed the $140 and $145 resistance levels, shooting up by about 15% and testing the $150 resistance level on the upside. Litecoin (LTC) also pushed high and broke the $45 resistance area, trading up by around 7% and breaking the $47 resistance as of recently. It seems like with the positive price action recently, the chances for LTC are of more upsides above the $48 and $50 resistance levels. Tron's price, on the other hand, formed a support base near the $0.0240 level. TRX later started a correction and moved above the $0.0250 resistance, opening the doors for a decent recovery. Looking at the total market cap, buyers gained control above the $130 billion resistance levels where the high is right now set at $136-7 billion. However, the possibility of dips is still present.

Altcoin News

Ethereum Price Increases By 13% Overnight, Is The Market In For Recovery?

Over the past 24 hours, the price of Ethereum has increased up to $141 which is a 13 percent increase against the US dollar according to the altcoin news and analysis we have for today. Many of the analysts see a short-term recovery in the near future as the market gains momentum. The increase in price shows a pretty gloomy performance for some of the coins such as EOS, Bitcoin Cash, Binance Coin, and Ethereum and the sentiment of the market is overall gloomy as well. Before the crypto market rally, a popular crypto trader named ‘’Mayne’’ said that the investors cannot still be bear-biased based on the last performance of the market. He said:

“We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.’’

Over the past few months, Bitcoin and the other cryptocurrencies show similar movements. BTC showed weeks of stability but it later plunged by 10 percent. However, the current stability is not a guarantee for improved future performance. The crypto market shows a period of stability for the past couple of weeks. Ethereum made gains during today’s trading session. After the 12 percent surge in the price of ETH, crypto trader DonAlt said:

“Well, this is a proper moon. Not a big liquid spike but rather a nice controlled walk up. Didn’t expect quite this much action into the weekend but I’m not complaining. ETH as the top gainer on BitMEX. Right at resistance here – will be interesting if it can break through or not.”

Ethereum News

Ethereum Rises 13% Overnight, Crypto Market Is Ready For A Recovery

Ethereum is in today's crypto news lately for increasing its price from $124 to $141 by more than 13% against the US dollar. Right now, analysts foresee a strong short-term recovery for Ethereum as the market shows momentum. The optimistic price movements of the major crypto assets included Ethereum, EOS, Bitcoin Cash and Binance Coin which have come during a period in which the sentiment in the near-term performance of the crypto market which has become noticeably gloomy. Before the recent rally of the crypto market, a cryptocurrency trader with the alias "Mayne" stated that investors cannot remain bear-biased mainly because of the past performance of the market. As he said:

“We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.”

Over the past several months, Bitcoin and the rest of the market have shown similar price patterns. However, because the market had experienced extended periods of low volatility in the past few months, many traders expected the trend to continue. According to the cryptocurrency analyst DonAlt and his statement:

“I’m incredibly bullish on ETH for the next few weeks. I’d get a cardboard Vitalik cutout if I could just so I have it by my side 24/7. No matter what BTC does ETH will outperform the market in my mind. I’ll use dips as giant buying opportunities.”

However, he also added that the movement was controlled and it is currently at a key resistance.