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Ethereum Was The Most Coin-Correlated Crypto In 2019

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A new research in the latest cryptocurrencies news shows that Ethereum was the most correlated cryptocurrency to the other coins in the market in 2019. As the report created by the research arm of the major cryptocurrency exchange Binance outlined on January 22, throughout 2019 ETH had an average correlation coefficient of 0.69.

The paper also compared correlation data of 20 top cryptocurrencies and read the following:

“Ether (ETH) is the highest correlated asset. With an average correlation coefficient of 0.69 throughout 2019, it is consistently among the most correlated assets. The coefficient started at 0.69 in Q1 and rose to 0.72 in Q4 (Q2: 0.65; Q3: 0.74).”

Ethereum was the most correlated coin and according to the report, it was much less correlated in the first half of 2019 compared to the second half. The second half was when it became the most correlated, and the paper points out that NEO and EOS which are described as the “programmable blockchains” often showed higher correlations with each other rather than with the non-programmable assets.

The ETH news, however, are not the only topic of this report. Many other assets have been researched and have shown a high correlation with the rest of the market. These include Cardano (ADA), EOS (EOS), Litecoin (LTC), Ripple (XRP) and Binance Coin (BNB). Additionally, the researchers observed that correlation is higher among cryptocurrencies with higher market caps.

Ethereum was the most correlated but the assets with the lowest correlation to the rest of the market were Cosmos (ATOM) with a correlation of 0.31, Chainlink (LINK) and Tezos (XTZ) which both scored 0.32 and 0.4, respectively. Overall, the median correlation between large cryptocurrencies decreased over the last quarter of 2019.

Another very interesting thing was “the Binance Effect” which refers to the fact that the cryptocurrencies listed on Binance displayed higher correlations than the ones which are not present on the exchange. The firm’s research shows that among the top ten cryptocurrencies by market cap we can also see Binance Coin (BNB) with higher returns than expected.

All in all, the correlation between cryptocurrencies is definitely a topic which is growing in terms of awareness by users – but also a subject to debate. For instance, new data shows that BTC is less correlated to gold than many believe it to be – and the opinions on the market are split.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Ethereum News

Enjin Goes Live On The Ethereum Mainnet: Report

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Enjin goes live on the Ethereum network today and the platform will enable the developers to integrate cryptocurrencies in crypto apps and games without having to write blockchain codes as we are reading further in the upcoming Ethereum news. Game and app developers will now be able to integrate cryptocurrencies into their own products without having to write complex blockchain codes as Enjin goes live today. The company behind the project announced the launch of the game development platform and the mainnet has gone live on Ethereum thus allowing anybody to mint their own utility tokens. The Enjin platform will allow the app developers and game engineers to use the decentralized inventory once they start building their products according to the company’s blog post. The platform makes it easier to integrate both of the blockchain-based gaming and the non-gaming assets into the games and apps as per the company, saying that they also aim to simplify the process of managing economic gameplay mechanisms. Enjin also supports the ERC1155 Ethereum token standard which allows the developers to integrate the fungible and non-fungible tokens into a smart contract and they also stated that more than 2,500 projects have been created on the platform testent and later adopted the same ERC1155 standard. The company explained:
 “Simple, great user experience is one of the core product design philosophies at Enjin, and we made damn sure that the Web Panel is minimal, straightforward, and clean.’’
The process of creating a new blockchain project is not so complex and it can be done in four steps. The process doesn’t require any coding knowledge but while the Enjin platform web panel enables the codeless creation and management of the blockchain assets, the developers will have to employ Enjin platform API and SDKs when the time will come to integrate those assets with games and apps. The platform API is graphQL based while the Platform SDKs include Java, NODEJS, Godot and Unity. According to the company, the Enjin platform will be powered by Enjin Coin and will serve as the ultimate minting resource and used to back the value of the issued blockchain assets. While the Enjin platform is a relatively new platform, the company was present in the crypto space for more than 10 years. Enjin’s huge ecosystem is preferred among gamers and with partnerships with major companies such as Unity, Samsung, and PC Gamer, the platform has a strong presence in the gaming industry. When it comes to future plans, the company said to be working on a new way to distribute blockchain assets via QR codes.
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bZx DeFi Protocol Under Attack, More Than $1 Million ETH Compromised

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The bZx DeFi protocol got seriously hit this week after the entire decentralized finance space got under attacks and the compromised funds lost more than $1 million as we are reading further in the Ethereum news today. The first attack happened four days ago, right after Valentine’s day according to the official reports from bZx. According to the document, the attack was launched during ETHDenver and at that time bZx’s team has been out attending the event, so block 9484588 was hit hard. The attack took advantage of the bZx DeFi protocol to lend and swap a huge amount of ETH and wrapped bitcoin which represents a token being launch on the Etheruem network while tracking the price of Bitcoin. This allowed the attack to manipulate the prices and to profit off of the decentralized leveraged trade. At first, the attack took 10,000 ETH from dYdX which is a decentralized lending protocol. He used about half of that to collateralize a loan for 11 wbTc on another lending protocol. The attacker later spent 1,300 ETH to open a 5x leveraged ETH/BTC short position on the Fulcrum trading platform while borrowing 5,673 ETH through the Kyber platform. This amount he swapped for 51 wBTC which caused a massive slippage. This allowed the attack to make huge profits from swapping the 112 wBTC from compound to 6,671 ETH and to make an income of 1,193 ETH which reaches a sum of $318,000. At the end, the attacked paid back the initial 10,000 ETH on the dYdX platform. The team also confirmed the second attack: According to the official reports, the attacker managed to acquire a net profit from the system of around $600,000 and bring the losses to more than $900,000 worth of ETH but the mechanism of the second attack was much more different than the first one. The problem was the oracle manipulation. Oracles represent centralized components that provide external information to the on-chain apps. The bZx team also stated that they are working with Chainlink and other providers to create ‘’ more robust oracle and reduce the surface area of attacks against our protocol.’’ The bZx DeFi protocol managed to postpone the realization of the profits from the second attack and stated that they believe ‘’the system can recover from this.’’
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Ethereum News

What Is Ethereum Showing With The Latest Move?

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The largest altcoin by market cap, Ether (ETH), has been adding a lot to its price overnight and today, the altcoin is up by around 7%. Many people wonder what is Ethereum showing with this move but the truth is that the cryptocurrency smashes key resistance and the technicals indicate a fresh new rally to $288. The ETH news also show that the price is gaining pace and could rise further above $270 and $275. Yesterday highlighted a major bearish trend line which was breached with resistance near $262 on the hourly chart of ETH/USD. Meanwhile, the Bitcoin price is slowly recovering as well and could test the $9,800 and $10,000 resistance levels. What is Ethereum showing with this new rise is simply the ability that it can move higher even after a downfall. As soon as the ETH price settled above the $260 level and the 100 hourly simple moving average, we saw ETH consolidating and being in the middle from the downside correction from a $289 high to a $236 low. It seems like bulls are preparing for a push above the $272 and $275 levels. In this mentioned case, the price of Ethereum (ETH) is likely to rise strongly towards the $280 and $285 levels. The main hurdle on the upside is near the $288 and $289 area, above which there are many chances of a strong rise towards the $300 and $305 levels which are the goal for many analysts now. Anyways, what is Ethereum showing now is a swift move and a solid price which can continue above the $275 resistance and correct a few points. An initial support is also near the $264 level and the 100 hourly SMA. Therefore, if Ethereum fails to stay above the 100 hourly SMA, the bulls are very likely to struggle to protect the $260 support. In this mentioned case, the price may also correct towards the $255 support area. The technical indicators for ETH in the crypto news today are as following:
  • Hourly MACD – The MACD for ETH/USD is now back in the bullish zone.
  • Hourly RSI – The RSI for ETH/USD is currently rising and it is well above the 50 level.
  • Major Support Level – $262
  • Major Resistance Level – $275
The total market capitalization is at $285 which is good as it slowly tries to regain the $300 billion levels.
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Ethereum’s Metamask Browser Hits One Million Users

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Ethereum’s Metamask browser has just surpassed one million users on its Google Chrome extension and the milestone came right when the ETH prices hit a seven month high so let’s read more about what is ethereum going to do with it all in the ETH news today. The new milestone arrived with an increase in Ethereum transactions which have doubled from 400K to 800K in just a month according to the analysis by Trustnodes. The report shows that Gas had surged to the highest level since September 2019 while the transaction fees are still low. The network fundamentals are also improving and the hash rate is climbing again to a two-month high of 175 TH/s so the surge in network activity has been catalyzed by an increase in momentum on the markets as the ETH price goes towards the $300 price level. A week ago, the world’s second-largest crypto asset by market cap also made an additional 28% and the market cap is now back to the position of $30 billion and the Bitcoin dominance is dropping as a result. All of this increases the usage of the browser-based blockchain tools such as Ethereum’s metamask which lets the users run dapps within the browser without having to run a full Ethereum node. The increase in the DeFi markets is also quite bullish for Ethereum because it is a standard monetary unit in this part of the financial landscape. Metamask can be used to get closer to the DeFi platforms such as Compound or Oasis and can easily transfer and set up smart contracts for earning interest rates in just a few minutes. The goal is to simplify the usage of Ethereum and to bring it to the wider public by integrating the blockchain into the browser. There are also other extensions for Firefox, Opera and the Brave browser. The Metamask team now works on developing Snaps which will allow developers to build plugins that can extend the functionality of Metamask. Vitalik Buterin and Joseph Lubin, the co-founder of Consensys, along with Eric Voorhees the Shapeshift founder will attend a blockchain even this weekend. Also as per the recent ethereum news, the energy giant BP will be adding its name to the sponsors' list for the event that shows that the interest for Ethereum is growing.
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