Ethereum’s market share has seen better days since it is now down again creating a pattern for the past 30 months as we are reading in the coming altcoin news below.
The world’s second-largest cryptocurrency by market cap is in real bad shape recently in terms of price. Ethereum has ditched more than 7.5% percent today following a week of losses from the brief increase up to $240. Being at the $225 yesterday, ETH plunged below $210 as it is continuously sliding towards the psychological $200 cliff edge. Aside from EOS which is also in a steep correction, Ethereum is the worst performing asset in the top twenty. Since it lost the support at $350 in June, ETH dumped about 40% in value to current levels and bitcoin only lost about 15% from its 2019 high. This major disparity has crushed Ethereum’s market share to a 30 month low of about 7.6% according to the data from Tradingview.
According to the Coinmarketcap charts, Ethereum’s market share has now been this low since the end of February in 2017. This was before the major altcoin run that started in the summer and also during the ICO boom that followed. The closest that the assets have been was in June 2017 when BTC dipped below 40% while Ethereum was above 33%. The crash in ETH prices and market share has given bitcoin a two year high advance in terms of dominance since bitcoin tapped 71% earlier. Not only did Ethereum crush in terms of price and market share, but the realized volume is also at its lowest point in the past four months according to Skew Markets Data.
At the moment, ETH volume is currently about $7 billion and its highest point was reached at about $18 billion in mid-May during the first action rally for more than a year. Ethereum’s market cap is dropping also very hard as it returns towards the $20 billion where it was in early May. None of this is good news for Ethereum holders but as we have seen in the past this crypto asset is one of the first to rebound when the things go sideways.
Ethereum is now gaining attention in China causing some to believe that there will be a 50% surge in price that could take place over the rest of this week. As we can read in the latest cryptocurrency news, the next week could be a bloody one for Ethereum and other assets since bitcoin’s return caused a huge avalanche.
Ethereum Blockchain Is Almost Full: Vitalik Buterin On Scalability
“Scalability is a big bottleneck because the Ethereum blockchain is almost full. If you’re a bigger organization, the calculus is that if we join, it will not only be more full but we will be competing with everyone for transaction space. It’s already expensive and it will be even five times more expensive because of us. There is pressure keeping people from joining [...]”By improving the issue of scalability it would only bring down the costs by a factor of more than 100 as Buterin claimed. While the security is to some extent sacrificed by moves like these ones, the compromise would be fairly modest in his words. Beyond scalability improvements and other advances in a technical sense, Buterin noted that the challenge still remains of transforming blockchain technology into something that people will use on a day to day basis. When he was talking whether the ethereum blockchain is almost full he also argued that the future of cryptocurrencies and crypto, in general, is pluralist and revealed that he is very open to the idea of hybrid solutions that involve both Ethereum and bitcoin as the two most used and most popular cryptocurrencies. Buterin clarified his stance in response to a proposal to implement the Bitcoin Lightning network as an interface for his Ethereum contracts and to also enable instant payments in Bitcoin while in the same time still triggering a series of events on his own cryptocurrency or any other chain. Back in July as it was reported in some of the best cryptocurrency news sites, Buterin proposed using the Bitcoin Cash blockchain as a temporary scalability solution for the ethereum network but this still hasn’t implemented.
Ethereum Could Climb Above $200 According To Analysts
- 4 hours RSI – The RSI for ETH/USD is currently near the 40 level, with a few positive signs.
- Major Support Level – $174
- Major Resistance Level – $200
Six Changes Approved For The Next Ethereum Hard Fork
“We split Istanbul into two. One of them we can actually ship within weeks. [The other contains] two really big EIPs that would be nice to have but require some stuff that cannot be done within the two- or three-week timespan.”As many altcoin news sites shared, Istanbul Part 1 will be the eighth hard fork to be activated on the $22 billion blockchain network. As such, it is expected to boost the chain interoperability with the privacy coin Zcash and with that help secure the broader network against any replay attacks, among other efficiency improvements. Developers behind major Ethereum clients such as Geth and Parity have one week to integrate the six changes, integrating the newly affirmed list of EIPs into their software as well as preparing to implement the full code on a live Ethereum network. The Ethereum Foundation community manager Hudson Jameson spoke about the importance of the testnet release and the six changes in the code. He was featured on many best cryptocurrency news sites for stating:
“The security and stability of the network are primary concerns when it comes to doing hard fork on mainnet so the testnet release is a vital step in making sure that mainnet release go smoothly.”The release summed up that the core developers are excited to get the Ropsten testnet hard fork - and that everything will be working correctly.
Ethereum Dumped 10% Overnight: Possible Reasons Why
“JUST IN: as per sir @loomdart‘s request, this thread is abt the on-going sells off made by PLUS Token, the biggest Chinese PONZI which scammed ~70K $BTC + ~ 800K $ETH. I mentioned it briefly in my last Coindesk oped but worth additional attention as it may cause further sells,” she noted.https://twitter.com/DoveyWan/status/1161686134314848256 It still remains unclear why Ethereum dumped 10% overnight - and if this massive mount contributed to yesterday's drop. However, a panic sell-off could be triggered very soon, perpetuated by any movement in the scammer's wallets.
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