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Ethereum News

About 1% Of The Total ETH Supply Is Locked In The MakerDAO Smart Contract

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A new research has gone viral in the latest digital currency news, coming from the creator of MKR.tools Mike McDonald and his celebratory alarm on Twitter, where he said that according to the Ethereum blockchain – about 1 million Ether (which is 1% of the total supply) is currently locked in MakerDAO smart contracts.

As he revealed on Twitter:

For those of you who don’t know, MakerDAO is a project behind Dai, which is a second-generation stablecoin that offers issuance of US dollars on the Ethereum blockchain. Even though its mechanics are quite complex, Maker offers a helpful “for dummies” explanation that does not require one to be an expert crypto analyst in order to understand what’s it all about.

The author Gregory DiPrisco has briefly explained the difference between Dai and for instance, a traditional stablecoin like Tether, stating:

“You’re most likely familiar with stablecoins that hold USD in bank accounts and issue tokens on a blockchain that are ‘backed’ by these dollars. I call this legally-backed crypto, or an IOU coin, because if those bank accounts should ever be frozen or if the accountants defrauded token holders, the stablecoin now becomes an IOU on whatever’s left when they eventually get the bank accounts back (if they ever regain the bank accounts). Relying on the legal system to maintain crypto-tokens inserts an unreliable middle-man into the blockchain.”

What’s interesting is the following…

Even though the blockchain shows around 1 million in ETH locked up in Maker smart contracts, Dai’s token market capitalization is about a third of the figure, currently sitting at $72 million.

The way this system functions is simple – users pool Ether together (referred to as PETH) and are issued Dai tokens which are deposited and stabilized at $1. One term that is widely used in these discussions is “WETH” which is short for “wrapped Ether” and a concept of the MakerDAO.

At the time of writing, there is a total of 967,507.91 ETH locked in the primary Maker contract.

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Ethereum News

Ethereum Price Analysis: ETH Is Weak But Could Start Upswing Soon

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In today's altcoin news, we are focusing on a deep Ethereum price analysis which shows how ETH climbed above $231 and traded towards $265 - as well as its current price levels. What you should know is that Ethereum rebounded from the $231 low in 2019 to a high of $264.99. As of recently, there was a break below a short term asecnding channel with support at $257 on the 30-minute chart. Right now, however, the Ethereum price remains well bid on the downside and trades around $249. As Bitcoin surged above $8,000, Ethereum retraced too and the ETH price climbed above the $238 and $246 resistance levels. The Ethereum price analysis shows that ETH even broke $260 and traded to a new weekly high at $264.99, which demonstrates a strong rebound from the $231.10 swing low. The latest cryptocurrency news show the Ethereum price correcting lower below the $260 level. Its 23.6% Fibonacci retracement level shows that there is some support but that the gains are quite independent. The ETH price is currently trading below the $255 level and the 25 simple moving average (30-min). Any further declines could push ETH towards the $231 swing low which still remains as a level, according to our Ethereum price analysis. When it comes to the current price action, it is definitely going from neutral to bearish but as we see ETH above $242, it is likely to bounce back above $260. In the coming altcoin news, analysts expect Ethereum to stabilize and potentially mimic another rally sparked by Bitcoin and its solid price performance. In the long run, the Ethereum price analysis shows that there is room for a lot of improvement. The second largest digital asset could open up to the $260 levels psychologically. On the upside, the coin needs to regain the $270 barrier which is crucial in its development towards the $300 margin. As many best cryptocurrency news sites have showed, the upside is likely to gain traction and the next focus is expected on the critical $300 margin. As we can see from this Ethereum price analysis, the second largest digital asset has a market value of $27 billion and an average daily trading volume of $11 billion, gaining 1.4% on the day since Sunday but still being down 2.5% since the beginning of Monday.
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Ethereum News

Ethereum Possession: 376 People Own 33% Of All ETH

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A new report by Chainalysis is in the latest cryptocurrency news, indicating that a third of all Ether (ETH) is owned by just 376 whales as of May 1 this year. The blockchain analysis startup Chainalysis has published a study on Ethereum possession, indicating that a third of ETH is controlled by 376 individuals. What's also interesting is that this number is actually down from the 2016 and 2017 levels, meaning that the Ethereum possession is declining in terms of the number of users holding the cryptocurrency. The study by Chainalysis is in the altcoin news today - finding that these whales have "no meaningful" impact on the ETH price despite controlling a third of it. However, they have the ability to increase the intraday volatility in the crypto market with the large sell-offs, mainly due to their big Ethereum possession. According to Chainalysis, whales are the top 500 holders of cryptocurrency (excluding services) who store their holdings off exchanges. Ether whales, as the coming altcoin news show, currently account for just 7% of all transaction activity. The study also found that the majority of whales with Ethereum possession are not active traders - but instead hold their assets and are not regularly trading on cryptocurrency exchanges. In other words, this means that these whales ar consistently holding 25% to 40% of the supply as their Ethereum possession and account for only 5% to 18% of the transaction volume, as Chainalysis said. By using a vector autoregression (VAR) model, which is commonly used in financial time series analysis, Chainalysis found that the Ethereum possession and prices follow Bitcoin (BTC) prices. On average, a 1% increase in BTC leads to a 1.1% increase in the ETH prices, which is something many best cryptocurrency news sites found interesting and worth reporting. Besides the Ethereum possession, this study also analyzed the impact of whales sending and receiving funds to and from exchanges using the VAR model. It found that funds sent do impact the volatility but not the price - while the funds received have no impact on prices or intraday volatility.
“These preliminary findings are consistent with the literature on stock market prices and volatility,” the report on Ethereum possession concluded. “Academics have found that large anomalous fluctuations in traded volumes of particular stocks, notably the S&P 500, tend to impact volatility and not price levels.”
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Ethereum News

Ethereum (ETH) Price Surges By 9% Following The BTC Rally

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Ethereum (ETH) price increased by up to nine percent against the US dollar over the past day, following the 30-day rally of Bitcoin which increased up to 40 percent. The coming altcoin news will provide you with a more detailed analysis. The recovery of ETH was expected among the traders since the cryptocurrency manifested a great performance during the first quarter of 2019. While the price of the largest cryptocurrency recorded a whopping 110 percent gain against the US dollar to this year, Ethereum managed to increase up to 51 percent from the previous $136 to $206 position. Bitcoin was struggling over the past three months and tried to escape the $4,000 resistance level at the beginning of 2019. However, in less than a month, the bitcoin price skyrocketed from $5,000 to $8,000. It even managed to break out of the key resistance level from $6,000. Some expect for the cryptocurrency to get back in the near-term since both technical indicators and momentum remain bullish. According to a crypto trader:
 “After breaking the much anticipated 6000 level BTC still looks amazing. Trend, momentum and sentiment are all clearly bullish. That said it’s at resistance and a pullback would make sense. I’d much rather be a buyer at support than a seller at resistance.’’
The best cryptocurrency news sites reported on the sentiment around bitcoin and the rest of the crypto market. It seems that the community is generally optimistic. The analysts can predict that the major cryptocurrencies will sustain the momentum in the medium term just as the Ethereum (ETH) price managed to do so. The co-founder of Ethereum Joseph Lubin declared back in 2018 that the bottom of the crypto market is here just when the price of the largest cryptocurrency reached $3,150. Lubin stated that the fear is intensifying about the future of crypto and noted:
‘’I am calling the cryptobottom of 2018. This bottom is marked by an epic amount of fear, uncertainty, and doubt from our friends in the 4th and crypto-5th estates. What I’ve witnessed among the chattering class the past few weeks in response to ConsenSys 2.0 is a rather typical tune: the alarmed, the eulogistic, and the gleeful.’’
Since then, the Etehreum (ETH) price surged by 70 percent year-to-date.
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Altcoin News

Altcoin Outlook: ETH, XRP, BCH, LTC And EOS Are All Positive

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The past three weeks have been great for Bitcoin - but also the altcoin market which recorded steady gains. Over the course of this month, we have seen a lot of positive news. In the coming altcoin news, we are seeing that this positive altcoin outlook remains even though some traders expect the major cryptocurrencies to begin breaking out and counteract the rise in BTC's dominance. For example, Ethereum has appreciated more than 150% since its low in December 2018 when it reached $80. As the current altcoin outlook shows, Ethereum is above $200 and trading in a stable way. Still, this is far from the all-time high of $1,400 which it established on January 13th the same year. Currently, there are two different patterns as seen in the latest cryptocurrency news - one of them is ETH surging to $300 and the other predicts it breaking below $150. Ripple is next in our altcoin outlook. The dormant cryptocurrency is now seeing a lot of price movements which is something we haven't seen lately. Despite its rise of more than 64,000% in the bull market of 2017 (going from $0.005 to $3.45), XRP has been forming a shoulder in its weekly chart which may predict a bullish-to-bearish trend reversal. Bitcoin Cash has also been featured in the altcoin news this month for moving up by around 130%. The exponential increase in its market valuation showed a lot of room for BCH to go up. As the bull flag formed, the altcoin outlook for BCH shows that there are more targets to be achieved. Litecoin, on the other hand, has been featured by many best cryptocurrency news sites for its increase of 350% since its low of $22 registered on December 14th, 2018. Right now, Litecoin is trading above $90 after testing the $100 mark a couple of days ago. The sentiment around it is high and the altcoin outlook shows that it could either breach $150 or revisit the $50 levels. As last one in our list, we see EOS which have formed a bottom from its $2.90 resistance level and breached the $6 pattern. Right now, EOS is trading below $6 but analysts believe that it could soon start another bull run and rise beyond $7.
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