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Ethereum News

The Ethereum Network Hosts 94 Out Of Top 100 Blockchain Projects

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A new research from Kevin Rooke, who is a famous researcher and YouTuber, has unveiled that the Ethereum community has more than 250,000 developers so far – 94 of which are involved in the top 100 blockchain projects launched on top of the ETH network.

As Rooke said in his newest video:

“You simply cannot build excellent applications and products without a big developer base behind you. But today, Ethereum has roughly 250,000 developers building on its platform. The industry is still really small [and thus], 250,000 is a shocking number. Ethereum’s development framework called Truffle already has more than 500,000 downloads and even through the price fall of 2018, development interests have continued to rise,”

The big question now is if any other decentralized application protocols can compete with Ethereum. When it comes to the answer, payment-focused blockchain networks like Bitcoin, Ripple, Bitcoin Cash and Litecoin are also built on top of the Ethereum protocol – and many others.

So, the truth is that it is very hard to compete with Ethereum’s potential. Aside from the biggest cryptocurrencies, the Ethereum network also hosts the $2 billion China-based IoT blockchain network VeChain, $1 billion high-performance blockchain Ontology, $900 million South Korea-based ICON, and the $850 million Sharding-focused blockchain project Zilliqa.

As such, Ethereum has ‘won the race’ when it comes to becoming the leading smart contract platform out there, as Rooke explains:

“How do you get developers when you don’t have anyone using your platform? How do you get using your platform when you don’t have developers who are going to build that underlying infrastructure to make it easy to launch applications? In some ways, money can kickstart the process but in crypto today, everyone has money, including Ethereum, so that cancels out the competitive advantage.”

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Ethereum News

Ethereum Network Development: The $30 Million Investment In Detail

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The Ethereum Foundation is in the latest viral titles on many best cryptocurrency news sites for announcing a three-pronged approach to allocating the $30 million that it has designated for the Ethereum network development which is planned for 2020. As an official blog post shows, the breakdown for the three categories puts future projects at $19 million, current projects at $8 million and developer supports at $3 million. Much of this funding will go to Ethereum 2.0 projects which include client teams, research, communication and documentation, as well as layer two projects such as Plasma - the Ethereum network development plans show.
"Over the last 12 months the Ethereum community — a global collection of developers, entrepreneurs, researchers, and passionate users — has made tremendous progress. Every week, new applications built on Ethereum launch to mainnet, scalability solutions come online, and ETH 2.0 moves closer to key milestones. Ethereum remains the de-facto platform for decentralized applications, and is used every day to secure billions of dollars in digital assets," the post noted.
Speaking of, Plasma is the project that was first proposed by Vitalik Buterin and Joseph Poon in 2017 - as a scaling solution for the network employing autonomous smart contracts. The project is in the latest cryptocurrency news again as part of the Ethereum network development. It is described as a solution that would enable “the blockchain to be able to represent a significant amount of decentralized financial applications worldwide,“ according to the white paper The $30 million budget reserved for the ETH network and its development was first announced by the Ethereum Foudation at the ConsenSys' Ethereal Summit on May 10. The executive director Aya Miyaguchi was in the coming altcoin news then for stating that the foundation intends to bring academic involvement to Ethereum - which will attract the top-tier researchers and developers (and grants) to the academic teams and organizations. As we previously reported on our crypto news site, the "rerelease" of the community website for Ethereum Foundation was announced at the end of April. The Ethereum network development sits on top of this update, which purports to be a repository filled with community-created Ethereum content including documentation and tutorials for using Ethereum tools.
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Altcoin News

Cryptopia Hackers Are Moving The Funds In At Least Four Wallets

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Last week, we wrote that the hacked exchange Cryptopia officially goes into liquidation - something that was published by many best cryptocurrency news sites. However, it seems like the Cryptopia hackers are tracked and appear to have begun moving the stolen Ethereum into multiple wallets. As the reports show, the Cryptopia thieves cleared more than $16 million and started moving the stolen cryptocurrency into multiple wallets. In January, Cryptopia went offline before announcing that it had “suffered a security breach which resulted in significant losses.” Even though the company never disclosed the amount, analytics firms estimated that a hacker or a group of hackers made off with more than $16 million in Ethereum as well as other tokens. The Cryptopia hackers apparently made the exchange shut down - as it published on May 15 in a statement which was featured in the altcoin news - posting a message regarding its liquidation which said:
“Despite the efforts of management to reduce cost and return the business to profitability, it was decided the appointment of liquidators was, in the best interests of customers, staff and other stakeholders. […] Given the complexities involved we expect the investigation to take months rather than weeks.”
As the new analysis by CoinFirm notes, the hackers are moving the cash into separate wallets including the two CoinDesk which found that were directly connected to Huobi. “The Cryptopia hacker moved 30,790 ETH (~$7.67M) from the last red address to the yellow one which is a new address of the hacker as of May 20, 2019 at 01:43:57 AM +UTC. The yellow address still has got 29,770 ETH,” said CoinFirm’s Grant Blaisdell in a statement that went viral in the coming altcoin news. Two other addresses were also reported by many best cryptocurrency news sites - showing that they received a combined 1010 ETH while another 10 ETH landed in what appears to be a Huobi deposit address and a Huobi hot wallet. This means that the Cryptopia hackers are preparing to pull cash out through these exchanges. Even though there is no telling what is exactly happening to this Ether as it moves from one wallet to another, it is certain that the $16 million is not going to sit still for long.
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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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