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Ethereum News

The Ethereum Network Hosts 94 Out Of Top 100 Blockchain Projects

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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Analysis

Analysis: Bitcoin And Ethereum Record New Gains After Mid-Week Drops

The past 12 hours have been positive for both Bitcoin and Ethereum. The two largest cryptocurrencies by market cap have risen more than 6% in value. Still, some analysts think that this is still not a confirmation that a positive short-term trend is coming.

The quick recovery was actually a correction which made the Bitcoin price climb to $6,445 and the price of Ether, the native cryptocurrency of Ethereum, to reach $295 (at press time).

Ether, which plunged by nearly 20% two days ago, has been in a stronger movement than Bitcoin and increased from $250 to $295 in less than 24 hours. Investors think that moving above $300 is the crucial level that ETH needs to secure right now. For Bitcoin, they believe that going anywhere near $6,700 will be a confirmation that a positive short-term trend is on its way.

Willy Woo is one of the investors and analysts who were right about the price of Bitcoin dropping below the $6,000 mark since May this year. As he recently stated, the market will likely experience another drop before the next mid-term rally.

Woo said that Bitcoin will test the $6,000 support level in the near future, even if it recovers beyond the $7,000 mark. As he stated:

“Leveraged short positions now near all time high. Anyone got a spare $35m in their trade account? Should be enough to trigger all those stops for a payday.”

Based on Woo’s analysis, a new drop would be a likely scenario for Bitcoin and the entire crypto market, before a proper rally comes on the way. This is mainly due to the lack of momentum, volume, and stability in the market.

Arthur Hayes, the CEO of BitMEX, has expressed his thoughts on the future of Ethereum, naming it a “sh*tcoin” and predicting “double-digit price levels” soon – mostly because of the market and its inability to support a huge spike with the current price trends.

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Ethereum News

BitMEX CEO Calls Ethereum A ‘Sh*tcoin’, Predicts Sub-$100 Price Movements

Arthur Hayes, the CEO of BitMEX, is certainly one of the most interesting people in the crypto space – mostly because of his (controversial) statements.

In the latest news, Hayes predicted that the Ethereum price is on track to plunge to double-digit price levels, illustrating the movements quite colorfully.

As he wrote in BitMEX’s “Crypto Trader Digest” which is the exchange’s newsletter, he argued that Ethereum is “a sh*tcoin” and that the ETH price has been buttressed by initial coin offerings (ICOs) since early 2017.

What’s interesting is the fact that the investments have been made by venture capitalists (VCs), which, according to him, will eventually capitulate to the bear market and dump their Ether and ERC-20 tokens at different price levels.

In his own words, Morehead wrote:

“The VC investor who has never suffered the vagaries of the market is as green as the noob who thinks he or she can go from 1 to 100 Bitcoin in a few trading days. They don’t have the mental strength to cut positions to limit further losses, or backup the truck and buy opportune dips even though they are down. More importantly, LPs can now see an objective last price for a particular token, and can’t be hoodwinked. They will attempt to be a Monday morning quarterback, and that only adds to the VC investors’ anxiety. At a certain point, they go ‘fuck it’, and dump everything they can.”

Ethereum has been one of the main headliners in the recent crypto bloodbath, trading as low as $249 on Monday and still being down 22% over the past week, despite the last recovery to about $280.

At this moment, Hayes is confident that “Ether goes from a 3-digit to a 2-digit sh*tcoin.”

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Altcoin News

Ethereum Classic Surges After Coinbase Listing Announcement

Ethereum Classic just rose 15% ahead of its Coinbase listing. The altcoin recorded gains two days in a row. After Wednesday’s 20% gains, it is now trading at around $14 on Bitfinex.

The surge in price follows Coinbase’s announcement in which the leading exchange officially listed ETC as available for purchase and trading on the platform. Ethereum Classic will actually be listed today (Thursday) at 5PM PST.

After the two-month high which saw ETC climb to $18.50 earlier this month, the price dropped with the recent market crash. However, it seems like Ethereum Classic is recovering well – and the listing on Robinhood also had an effect in boosting its price.

The entire price frenzy started when the rumors about Ethereum Classic being listed on Coinbase began, which happened a few weeks ago. Throughout mid-June, the price of ETC almost reached $20 but fluctuated around $17, falling as low as $11 with the market crash.

ETC has had an all-time high of $45.51 in December 2017 and will hopefully climb to that point again this year, according to analysts. However, the theory of a massive dump is still a possibility – which is why traders need to be cautious. The price should creep up to its pre-listing levels and eventually stabilize in the short to mid-term.

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Analysis

‘Recent Price Collapses Are No Constraint To Further Growth’, Ethereum Co-Founder Says

The co-founder at Ethereum and the CEO of ConsenSys Inc., Joseph Lubin, recently spoke to Bloomberg in an interview. In it, he expressed his optimism for the crypto market and said that the recent collapses in price are no constraint to further growth of the crypto market.

Lubin also said that the value surges in 2017 were another bubble in the previous “six big bubbles, each more epic than the previous one and each astonishing when it is happening”.

He also added that these peaks look like “pimples on a chart” when seen on close scrutiny. However, those bubbles also brought a significant burst of activity. As he noted:

“…We build more fundamental infrastructure, we see a correction, and the potential gets even more impressive… I absolutely expect that there is a strong correlation between the rise in price and the growth of fundamental infrastructure in the ecosystem and the growth of development in the ecosystem. We are probably two orders of magnitude bigger as a developer community than we were eight or ten months ago.”  

Lubin also addressed the issue of the recent volatility and linked it to the “trader types” or speculative investors, saying that it is not necessarily an indicator of underlying infrastructure enhancement.

He concluded by saying that if we look at the price and make growth plans and projections, we are “still on track” and that the current situation is “not unexpected”. Meanwhile, Ethereum dropped to a 9-month low yesterday and is currently trading at $283, demonstrating a slow rise from yesterday’s rock-bottom price.

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