As the report outlines, the on-chain transaction levels of the third largest cryptocurrency reached 115 million in December 2018 which reached an all-time high excluding the activity that followed a hard fork caused by the DAO hack in 2016.
As Dair stated:
“In terms of transaction count on-chain the ‘super computer’ has found stability since October bobbing between 16–17 million monthly transactions.”
The US dollar value of the on-chain transactions is at a 22-month low now. From the $815 million in 2018 which is down from $1.1 billion in 2017, the current reports of Diar show that:
“A 97 percent drop in on chain transaction value from peak in January versus December 2018 was by and large the cause of an 80 percent drop in Ethereum’s price.”
Diar states that the fees are unlikely to interfere with the growth of Ethereum as the altcoin has some of the lowest fees for on-chain transactions. On top of this, the Constantinople hard fork was recently delayed after the discovery of a security vulnerability allowing a reentrancy attack.
As ChainSecurity noted, the Constantinople upgrade will introduce cheaper gas cost (transaction fees) for some operations on the ETH network.
Craig Wright Calls Out Ethereum For Being Unable To Scale
“This network has already hit its limit and is effectively only being used to raise capital using illegal bucket shops that are designed in such a way that they can deceive nontechnical parties,” wrote Wright. “No technology released within Ethereum for the provision of computation or ICOs has been created that did not exist prior and in a more effective manner before this network was launched.”This isn’t the first time Craig Wright attacks Ethereum but Vitalik Buterin has also attacked Wright calling him a ‘’fraud.’’
Crypto Market Adds $10 Billion, Currently With $134bn. In Circulation
Ethereum Price Increases By 13% Overnight, Is The Market In For Recovery?
“We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.’’Over the past few months, Bitcoin and the other cryptocurrencies show similar movements. BTC showed weeks of stability but it later plunged by 10 percent. However, the current stability is not a guarantee for improved future performance. The crypto market shows a period of stability for the past couple of weeks. Ethereum made gains during today’s trading session. After the 12 percent surge in the price of ETH, crypto trader DonAlt said:
“Well, this is a proper moon. Not a big liquid spike but rather a nice controlled walk up. Didn’t expect quite this much action into the weekend but I’m not complaining. ETH as the top gainer on BitMEX. Right at resistance here – will be interesting if it can break through or not.”
Ethereum Rises 13% Overnight, Crypto Market Is Ready For A Recovery
“We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.”Over the past several months, Bitcoin and the rest of the market have shown similar price patterns. However, because the market had experienced extended periods of low volatility in the past few months, many traders expected the trend to continue. According to the cryptocurrency analyst DonAlt and his statement:
“I’m incredibly bullish on ETH for the next few weeks. I’d get a cardboard Vitalik cutout if I could just so I have it by my side 24/7. No matter what BTC does ETH will outperform the market in my mind. I’ll use dips as giant buying opportunities.”However, he also added that the movement was controlled and it is currently at a key resistance.
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