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Does Ethereum Have The Potential To Overtake Bitcoin?

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A lot of experts hail Ethereum as a life-changing cryptocurrency. Yet, when you see, the second largest digital currency (by market cap) is always in the shadow of Bitcoin and behind the enthusiasm regarding its price.

However, when you think about it, Ethereum’s price was somewhere above $8 on January 1st this year (2017), and is now valued at $462. The cryptocurrency even got above $500 over the past weeks but has stabilized at the near-$500 region. The rise of value by more than 5000% is mostly because of the fact that Ethereum makes use of a blockchain – which is essentially a database maintained by several thousand individuals – rather than one administrator.

So, Ethereum basically “wants to be a ‘World Computer’ that would decentralise and democratise the existing client-server model. With it, servers and clouds are replaced by thousands of so-called ‘nodes’ that run by volunteers from around the world, forming a the ‘World Computer’.”, according to Coindesk.com

As one report by Motherboard notes, “Ethereum has almost five times as many nodes in the network as bitcoin, which means that more people are using their computers to support it.” Hence, the value of Ethereum could be bigger.

So, when you see some of these metrics, you will realize that Ethereum already has eaten Bitcoin’s lunch. This is mostly because it has almost five times as many nodes in the network as bitcoin, which means that mroe people are using their computers in order to support it. It also has more transactions per day.

There is even a term for Ethereum overtaking Bitcoin which is known as ‘The Flippening’. However, Bitcoin’s price is way greater than Ethereum and that way, the market cap sits at about $280 billion compared to the $44 billion market cap that Ethereum has.

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Ethereum News

Ethereum Will Likely Surpass $150 According To Key Technical Indicators

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Ethereum fought against gravity and trading using as a weapon a bullish bias above $135 versus the US dollar, similar to Bitcoin (BTC). Ethereum will likely grow above the $150 level as we are reading more in the upcoming Ethereum news.The price of Ethereum (ETH) is now well reinforced above the $135 and $138 levels versus the USD. The price is signaling certain positive trends and it is hopeful to rise above the level of $150 in the near future. There is also certain bullish trend line forming that is important really near to the $140 level seen on the 4-hours chart of Ethereum (ETH)/ USD. Bitcoin (BTC) is also demonstrating positive signals above the $8,000 support area as per the recent news and updates.In the last week, there was the presence of bullish moves in Ethereum (ETH) going up, above $132 versus the USD. Ethereum (ETH) rallied towards the level of $135, with later fall to lower level and finally growing above the level of $135. A new yearly high was formed near $148 after which Ethereum (ETH) started to fall. There was a certain break below the 23.6% Fib retracement level of the growing trend from the level of $135 to the level of $148.But the fall was safeguarded by the $140 zone and the price is at this time clearly over the 100 simple moving average (4-hours). Furthermore, the 50% Fib retracement level of the growing push from the $135 low to $148 high is acting as hard support. What is even more important is the key bullish trend line that is forming with the support of a near $140 on the 4-hour chart of Ethereum (ETH)/ USD. If there is a move in downward direction beneath the trend line, below $138, there is the probability of a hard fall.Going up, there are certain key hurdles near the $145 and $148 levels. A clear breakthrough over the level of $148 can set the tempo for a bullish breakthrough above the level of $150 in the near future. The key support on the way down is near the level of $137 and the 100 SMA. If a fall happens and breakthrough the levels of $137 and $135, Ethereum will likely have a bearish break.
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Ethereum News

Bugs Found In Ethereum-Based Smart Contracts Compiler

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A new January 8 blog post published by the Ethereum Foundation (EF) shows the bugs found recently in one of the ETH-based smart contracts compilers. The blog post in the ETH news revealed that developers are working on a new implementation of the Vyper compiler due to "multiple serious bugs" in the existing version.The Vyperlang team also responded and noted that the existing Vyper smart contracts were not affected by these bugs. However, the bugs found in the compiler raised a lot of questions mostly because Vyper is known as an alternative programming language for Ethereum which was originally conceived by Vitalik Buterin. It is meant to focus on being as human-readable as possible, even at the cost of mission some of the more advanced features found in the primary language - Solidity.Even though it is part of the main Ethereum (ETH) code stack, the compiler has since spun-off into an independent repository following an October 2019 preliminary audit by Consensys Diligence. The report also found that there are 31 bugs found with the Vyper compiler, the software which is translating the language into computer code for the Ethereum Virtual Machine (EVM).The Ethereum Foundation developers explained in a blog post how they gradually became disillusioned with the Vyper maintainers, noting:
“After a few months of work we were skeptical that the python codebase was likely to deliver on the idea that Vyper promised. The codebase contained a significant amount of technical and architectural debt, and from our perspective it didn’t seem like the existing maintainers were focused on fixing this.”
Even before this report, the Ethereum Foundation team began work on a new Vyper compiler based on the Rust language as the crypto news showed. The decision was motivated by the increased portability to EWASM, a new virtual machine implementation that replaced the EVM which is set to be introduced with Ethereum 2.0.The bugs found in the Vyper compiler were especially important due to its use in the Ethereum 2.0 deposit contract, which is a critical component of the Proof-of-Stake (PoS) system. However, the developers clarified in a Twitter thread that a separate audit was conducted for the contract which found no unfixed bugs.
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Ethereum News

ETH Bulls Hesitate But An Upsurge Above $150 Is Coming Into View

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In the past few sessions, there were a lot of steady gains in Ethereum (ETH) which gained momentum above $140 and showed strength against the US dollar. Moreover, the ETH price surpassed the $142 and $145 resistance levels. The price traded to a new 2020 high at $148 and it is currently consolidating its gains as the ETH bulls hesitate to initiate a new move above $150.Speaking of which, the ETH news show that a move above these levels would boost the trend line and the hourly chart of ETH/USD. Therefore, there could be dips in Ethereum which could find support near $143 and $142.As long as the price is above the $142 support and the ETH bulls hesitate to move higher, we could see a downside extension towards the $138 support area and the 100 hourly simple average. Currently, the main support is near the $135 level where the bulls are likely to take a stand.Any of the further losses may perhaps start a fresh decline towards the $128 support. However, the positive signs posted by the ETH bulls could indicate that a fresh start is on the corner and the price is likely to bounce back and climb above $148 and $150, respectively.Besides Bitcoin which is now gaining 5% on the day and climbing to $8,300, there are many other winners in the altcoin updates. Just like the ETH bulls, the Litecoin news show that LTC is up by 5% to a new price of $47.65 and a potential to test $50 very soon.The biggest gainer in the altcoin news today is Chainlink (LINK) which managed to add 15% on the day and rose to $0.89 at press time. EOS (EOS) is also with a stable 2% increase, visiting $2.89 and aiming for the $3 region.As the ETH bulls hesitate to make a new move, the market cap is solid and at $218 billion. The 24 hour volume is respective of the recent moves and is now shy of $100 billion which could be the three-digit record that we have been waiting to see in 2020.Right now, the technical indicators for ETH are as following:
  • Hourly MACD – The MACD for ETH/USD is currently gaining in the bullish zone.
  • Hourly RSI – The RSI for ETH/USD is correcting lower towards the 50 level.
  • Major Support Level – $142
  • Major Resistance Level – $150
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ETH Block Time Reduced By 25% Following Muir Glacier Hard Fork

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The average block time on the Ethereum blockchain known as the ETH block time reduced recently by almost a quarter after the mining difficulty was decreased. As statistics and data shows, from January 1 to January 4 the average block time on the blockchain decreased from 17.16 seconds to 12.96 - translating to a 24.48% shorter block time.The cryptocurrency news also show that the ETH block time decrease resulted in a higher number of blocks mined daily and a higher Ether (ETH) inflation. According to the Ethereum block count on Etherscan and the rewards chart, during January 1st miners created 4,980 new blocks and 10,237 in new ETH. This has been a nearly 32% increase in the number of blocks and over 31% increase in block rewards. Meanwhile, stats in the news from January 4 showed that the network's miners created 6,570 new blocks and 13,437 new ETH. This marks an increase of 32% in the number of blocks.All of the changes described above in the ETH block time are consequences of the recent implementation of the Muir Glacier hard fork which was reported on our website on January 2. This fork is meant to delay the so-called Ethereum ice age which we described. For those of you who didn't follow the ETH news, the ice age protocol increased the mining difficulty over time until it makes the mining of the chain practically impossible.The ice age will also come about through a series of difficulty bombs. However, it is a measure that is meant to prevent miners from continuing to mine the old Ethereum chain following the Ethereum 2.0 proof-of-stake blockchain deploys.All in all, the ETH block time reduced by almost a quarter - and this is a serious sign that may worry many people. Currently, the biggest altcoin by market cap is stable at $141 after yesterday's rally which kicked things up a notch and made sure that ETH is reaching the $140 level.In the near future, analysts expect the ETH block time to stabilize and the price to visit heights around $150. This would be ideal, knowing that the market cap finally reached the $200 billion mark and the dominance of Bitcoin (BTC) lowered to 67.6% which is a good sign for many altcoins. 
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