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Ethereum News

Ethereum’s Network Demand Is High Without Transferring ETH Tokens

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ethereum's network demand

Ethereum’s network demand is increasing over the past few days but now it seems that it comes more than just transferring ETH tokens. Let’s find out more in the coming altcoin news below.

A large part of Ethereum’s network demand is due to the activity of smart contracts. The most active smart contract on the ethereum network since September 15th this year is one of the growing ETH Ponzi scheme. This contract took the lead over the past few days as the social media users noted. The scheme is gathering traction and more users are now sending in ETH for a short opportunity window in hope to get high returns. The Ponzi scheme contract burned more than 27 percent of all gas just a day ago. The second-largest smart contract ‘’Tether USD’’ issues and transfers USDT coins on the Ethereum network and reached a supply of 1.9 billion USDT.

The Tether contract usually burns up to 30 percent of all gas on the Ethereum network and takes up more computational power than the most active distributed apps. The usage rate of more than 30 percent is extremely rare and usually means that the network could be overloaded with huge transaction prices. Over the past month, the fees to send some ETH tokens or to use the Ethereum network kept increasing and reached an average of $0.27. The price is still low but the Tether smart contract means that some of the users will have to wait for their transactions to be included in the block. Ethereum’s network strength is also very weak. The Ethereum Virtual Machine is a distributed computer which works on the open market principle so that anyone can pay for the computation can use the network.

Ethereum is censorship-free which means that ETH-based entities can pay for the gas. So when a Ponzi scheme happens, the constant inflows of ETH mean the project has no issues and paying for the fast computation. The presence of the smart contracts also hampers the work of the smaller dapps and makes it hard for the developers to launch their projects. As per the latest cryptocurrency news, ETH is trading at $194 and is on track to reach the $200 level.

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Ethereum News

Ethereum Manages ‘’Insane’’ Number Of Transfers On Network

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Ethereum manages an insane amount of transfers on its network and the second crypto by market cap also improved the ETH DApp tracking instruments which show the real transaction volume that could turn out to be much bigger than previously. In our ETH news today, we take a closer look at the ethereum developments.Ethereum manages to remain unclogged despite the huge amount of ERC-21 token transfers and the network has also handled more than 3.7 million Ethereum ERC-721 transfers on November 17th alone which is about four times as high than the previous all-time high according to the crypto analytics company Coin Metrics.The company explained that the huge spike in ERC-721 transactions comes from an Ethereum-based digital collectibles game dubbed Gods Unchained. The transfers did not obstruct the blockchain either and the blocks didn’t even surpass about 85 percent of their capacity since mid-October. The company also clarified that this is mainly because of the hundreds of transfers in one single transaction. Another popular game CryptoKitties, had about 4,7 million transfers during its existence. The network congestion has been one of the biggest issues for Ethereum in the past and one of the issues that is a key catalyst for the transition to the Proof-of-Stake consensus algorithm based Ethereum 2.0.In some of the other news, we can see that the dapp data aggregator and analytics company announced the implementation of the ERC-20 token tracking for all of the Ethereum dapps. This tool will help discover more of the USD 73 million that were unaccounted 7-day rolling average transaction volume. Previously, the volume of ETH was being tracked and recorded at 27 million weekly transaction volumes in the same period. Including the ERC-20 token transaction, the total 7-day volume skyrocketed to over USD 100 million worth of value per week.This will increase the transparency of the entire network and of the value creation on the Ethereum blockchain. This will also improve the decentralized exchanges that support ETH-based tokens trading and the fast-growing DeFi category as per Skirimantas Januskas, the CEO and co-founder of DappRAdar. The company said that this feature will also be available for EOS and that the plans include tolling it out on all other protocols in the near future.
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Ethereum News

Ethereum Four-Hour Time Frame Shows Bearish Trading Outlook

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The Ethereum four-hour time frame shows that the altcoin is bearish in a short-term and medium-term trading outlook as we are about to see in the latest Ethereum news today.The ethereum four-hour time frame shows that a head and shoulders pattern has been initiated and the daily time frame shows a bullish inverted head and shoulders pattern remains in the game. The decline in the broader crypto market has put Ethereum is an extremely vulnerable technical position and the ETH/USD pair is moving below the critical technical support. The altcoin has been struggling to rally away from the previous strong $180 support level after sharply reversing from the $1955 resistance level earlier this month.Right now, the trading level is lower by less than 3.5 percent on a monthly basis but the ETH/USD pair is still trading around 35 percent higher since the start of the year. The $180 level is now the neckline of a bearish head and shoulders pattern which has a downside projection that could overtake the ETH/USD pair towards the $160 support level. The short-term technical indicators are bearish for the pair which the MACD indicator shows on the four-hour time frame signaling further losses in the near term.The daily time frame shows there is a bullish inverted head and shoulders pattern that is still valid and despite the recent decline, the buyers have to defend the $160 level to stop the pattern from being validating. The cryptocurrency has broken below the 50-day moving average and increased the medium-term selling pressure on the altcoin. According to the sentiment data, the short-term sentiment towards Ethereum is quite bearish at 40% while the overall long-term sentiment towards the cryptocurrency is also bearish at 36%.The four-hour time frame shows that the key technical resistance is located at the $180 and $194 level and the buyers have to rally the price above the $194 level in order to invalidate the bearish head and shoulders pattern. The Key technical resistance is above the $194 levels which are found at the $220 and $240 levels. The four-hour time frame is showing that the pair has a very strong short-term technical support around the $175 and $169. The key medium-term technical support for the pair is located at the $160.
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Ethereum News

Ethereum’s USDT On-Chain Volumes Breach The $100 Billion Level

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Ethereum's USDT
Ethereum’s USDT on-chain volumes are increasing and Tether seems to be boosting the momentum on the ETH network and could even form a new flow to and from exchanges. While the supply of the tokens remains without change, the velocity of the coins is also increasing as the ethereum network flows so let’s read more in the Ethereum’s today’s news.The total USDT transfer volumes on the ETH network just moved past the $100 billion for the first time which is a 6,000% increase since the start of 2019 according to Glass Node. The Omni-layer USDT is slowing down and is being exchanged to the ERC-20 kind once it goes through some of the leading crypto-to-crypto exchanges. At this time, USDT is much harder to track despite the active transactions.The USDT smart contract is now spending up to 2,000 ETH per month based on the ETGGasStation statistics and the active contract burn per day is about 10 percent of all gas which is an increase to above 36% during the periods of heightened activity. In the past day, BTC was sold and volumes reached above the $18 billion which is the ERC-20 version doubled the volume in the past 24 hours. There are also 855 million USDT on the TRON Network and the total supply of USDT has been a constant for some months now which is a little over 4.108 billion coins.The ratio of the coins on different networks and the flows between the exchanges mean that the USDT now has another effect on the price of the leading cryptocurrency. More than 76 percent of all of the BTC volume against the USDT volume, during the recent-sell off, each coin flew through the exchanges about six times in 24 hours. However, over the past days, there was no ‘’whale’’ sized transactions of USDT and the transfers vary depending on trading conditions. There were some days that the volumes spike and dropped but often the significant price moves were predicted.Ethereum’s USDT volume increase means that the network is even more strategic now for the crypto space. The latest upgrades and potential switch to staking can also affect the source of liquidity.
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Bitcoin News

LocalCryptos Adds Support For Bitcoin (BTC) And Ether (ETH)

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One of the largest competitors of the P2P Bitcoin (BTC) exchange LocalBitcoins has taken more of its market share as the Finnish company seeks regulatory compliance. The latest cryptocurrency news show that LocalCryptos adds support for Bitcoin as well as Ethereum.In what the company described as a pivotal step of adding support for both cryptocurrencies, LocalCryptos (formerly LocalEthereum) announced the following in a blog post:
“The platform is a one-stop shop for fiat-to-crypto ramps worldwide, beginning with BTC and ETH." Later on, the blog post describes this as a “large milestone.”
After LocalCryptos adds support for BTC and ETH, the company said that in the future even more cryptocurrencies will join its offering.
“LocalCryptos will list some of the most popular Ethereum-based tokens over time. We’ll develop a new smart contract to handle ERC20s, and, in the more distant future, ERC721s,” the exchange said.
Meanwhile, what's interesting is that this move comes roughly a week after LocalBitcoins announced its registration with regulators in the home country of Finland. This is part of a multi-year scheme to formalize its compliance - we can now see that LocalBitcoins is now an official virtual currency provider in the eyes of the Finnish Financial Supervisory Authority or FIN-FSA.Executives have so far phased out a lot of ways of trading on LocalBitcoins without revealing the identity of the trader. Cash trades are now banned and ID submission is obligatory. By contrast, LocalCryptos adds support for BTC and ETH and stays away from such requirements, operating as a non-custodial resource under which no financial liability is taken.Furthermore, the setup will allow the platform to retain features which LocalBitcoin does not have. When cash trades disappeared, LocalCryptos made the most of the decision and saw that it is a major PR opportunity on social media.There are other operators in the space which also saw a surge in popularity during the change which occurred in June this year.Meanwhile, the latest Bitcoin and Ethereum news show that both of the cryptocurrencies are vulnerable in today's trading. Ethereum (ETH) is trading at a price of $177 in a dump of 4.10% while Bitcoin (BTC) has lost 4.52% and is now below $8,200.
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