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Ethereum (ETH)

Is Ethereum a Better Asset Allocation for Performance Right Now?

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After weeks of dull price movement, Ethereum was finally handed over the baton. At a time when Bitcoin and other altcoins were struggling, Ethereum has gained some serious pace. The second-largest cryptocurrency was trading close to its recently established ATH near $2,600.

According to Raoul Pal, former Goldman Sachs executive, Ethereum is rapidly becoming the currency of the digital world while BTC is the “pristine collateral and base layer”. Talking about the world’s largest altcoin’s rise to prominence, Pal noted,

“When you price anything up in DeFi, NFT, community tokens, or even metaverse worlds, everything is basically priced in ETH, including designers time, etc. The ETH space is growing at 100% YoY (vs 50% YOY for BTC) and it is attracting a massive proportion of the developer talent and applications too”

While asserting that he is, in fact, a massive BTC bull, Pal stated that he believes ETH is the better asset allocation for performance right now.

Bitcoin’s Price Stagnates While Ethereum Pops

Here are some fresh stats: Bitcoin’s market cap dominance has hit levels not seen since summer 2018 and was currently found at 50.2%. Ethereum’s dominance, on the other hand, has risen to 14.2%.

Moreover, BTC/USD registered YTD gains of nearly 90%. During the same window, ETH/USD was up by almost 240%.

Historically, whenever Ethereum has outperformed Bitcoin, it catalyzed altcoins’ uptrend. Its price hit a new ATH of $2,547 a few days ago and many experts in the community speculate that the crypto might resume an altcoin rally soon. However, it is important to note that altcoins are yet to step into the spotlight as many of them have failed to recover from the recent crash.

There are eyes at ETH/BTC pair as well. Analysts believe in massive upside potential as they anticipate a potential breakout that could lead to a broader parabolic rally, especially for the altcoins. A prominent cryptocurrency trader called ‘Bluntz‘ noted that the trading pair looks “insane” after market capitulation. His tweet read,

“Eth double bottom on 4h, and eth/btc looks absolutely insane again. Wow, that was the greatest capitulation event i can remember for a long time. even I capitulated most of my lev trades.”

Ethereum [ETH] Targets $3K; Strong Bullish Sentiment Detected

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The altcoin market continued to boom as cryptocurrencies like Ethereum [ETH], XRP and Binance Coin [BNB] recorded new highs. Bitcoin [BTC] was no less as it sprung up to a high of $64K. However, it retraced back to $62,721, during press time. The market cap of the asset was on a roll as it surged to $1.18 trillion. The over all market cap also rose to $2.22 trillion. While some assets were seen riding the bull, a few others were dwelling in the bearish arena.

Earlier today, ETH went on to record an all-time high of $2,489. however, at the time of writing the altcoin was noted at $2,445 as the altcoin underwent correction. Furthermore the asset was recording a rise of 4.61% in its price over the last 24-hours. Just as Bitcoin’s dominance subsided, Ethereum’s supremacy over the market rose to 12.7%.

Additionally, the market cap of the cryptocurrency was recorded at $283.51 billion which helped the coin retain itself as the second largest cryptocurrency.

Ethereum [ETH] One-Day Price Chart On Coinbase

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The one-day price chart of ETH delivered positive signs. All the indicators used in its chart was seen showcasing the presence of the bulls. The Parabolic SAR indicator revealed that ETH was all set to hit a new all-time high soon. A series of dots were placed below the candlesticks acting as a support against a downtrend. The MACD line retained itself over the signal line and was in a bullish crossover. The Awesome Oscillator indicator laid out green closing bars further announcing the presence of the bulls.

Ethereum [ETH] Records Buyers’ Sentiment

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The one-day price chart of ETH not only revealed that it was hoarding the bulls, but it also pointed out that it was a buyers’ market. The Relative Strength Index indicator was noted at 72 median, further affirming that the altcoin was being overbought. The Money Flow Index indicator followed suit and exhibited a similar trend.

Ethereum [ETH] Harbors The Bears Staggering The Growth Of The Altcoin

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The crypto market was seen recovering from its recent downfall. Ethereum [ETH]. Binance coin [BNB] and several other coins were finding their way back into new highs. While Bitcoin [BTC] continued to remain below $59k, the altcoin market rose. The dominance of the king coin slumped to a low of $56.2%. The overall market cap of the crypto industry also took a hit and had slumped by 6.07%. At press time the global crypto market cap was noted at $1.87 trillion.

Ethereum wasn’t very far off from its all-time high of $2,152.45. At the time of writing, ETH was trading for $2,031.19 with a 2.49% surge in the last 24-hours. The altcoin managed to secure profits of over 8.85% over the last seven days. The market cap of the asset was noted at $227.94 billion as it retained itself as the second-largest cryptocurrency. Additionally, ETH’s market dominance was at 12.1%.

Ethereum [ETH] Four-Hour Price Chart On Coinbase

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The short-term price chart of ETH announced the presence of bulls. The Parabolic SAR indicator laid out dotted lines over the candlesticks, which further indicated that any possible uptrend could be diminished. While this indicator revealed a bearish momentum, the Awesome Oscillator indicator suggested that the bulls were in the ETH market as it formed green closing bars.

While the altcoin had both the bulls and the bears in its market, the Money Flow Index indicator exhibited a sellers’ sentiment in the ETH market.

Ethereum [ETH] One-Day Price Chart On Coinbase

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The one-day price chart of the altcoin was inclining towards the bears. The MACD line remained below the signal line for quite a while now. This bearish crossover seems to have staggered the growth of the altcoin. The Chaikin Money Flow seemed to be struggling to make it past the zero median. While it was in the bullish arena, it could fall below zero at any time. The Relative Strength Index indicator was exerting dainty bullish sentiment as the marker was around the 50 median.

DeFi TVL Exceeds $50 Billion As Compound Climbs New Record

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Several prominent Ethereum-driven DeFi protocols have posted a strong bullish move as a new week dawned. This was accompanied by the total value locked across all decentralized finance protocols has hit another milestone.

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According to the latest stats compiled by DeFi Pulse, the TVL in DeFi blasted past a whopping $50 billion on the 5th of April after a renewed market push. With this, the TVL figure was currently found to be almost twice the capitalization of the third-largest crypto-asset, Binance Coin [BNB]. Since the February pullback, the total value locked in decentralized finance protocols has maintained a steady uptrend.

Side by side, the rising TVL was the increase in the token price of many of the top protocols as DeFi traders began stacking during the market lows even as the decentralized finance sector took a break from the spotlight, as opposed to 2020 summer when it was in all rage.

Ethereum Locked Hits ATH Too

As the price of Ethereum established a much-anticipated peak, the cryptocurrency locked in DeFi also surged to a fresh high of 10.78 million ETH. This amount of Ether accounts for roughly 10% of the altcoin’s total circulating supply.

Leading the chart was the decentralized lending protocol, Compound, which recently climbed all the way to $15 billion in terms of the total lending value. As it dominated the decentralized finance market, it contributed to roughly 19% of the value locked up. Next up was another lending platform, Maker with $7.73 billion and DEX platform Uniswap with over $5 billion.

Bitcoin Locked In DeFi Attempts Recovery

The world’s largest cryptocurrency has stalled its momentum around $59K. Despite weeks of consolidating, Bitcoin has failed to establish a record with respect to its value. Alongside, the dull price action, Bitcoin locked up in all decentralized finance projects recently took a tumble to a three-month low.

Its recovery to the current figure of around 138K BTC was not impressive.

Ethereum [ETH] Bulls Defend $2k Despite Sliding From Overbought Conditions

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Ethereum [ETH] has managed to hold its fort above the highly coveted region of $2k after establishing an ATH last week. The world’s largest altcoin has moved to an increasingly volatile zone as it raked in gains of over 17% over the week.

The crypto-asset started the month off on an extremely bullish tone despite hitting a short-term pullback as the surge provided an opportunity for the short-term traders.

At the time of writing, Ethereum [ETH] was trading at $2,083 as it held a market cap of $240 billion. The crypto-asset noted a minor rise of 0.46% over the last 24-hours while registering a trading volume of $26.14 billion.

Ethereum [ETH] Daily Price Chart:

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Ethereum [ETH] has maintained a strong uptrend since the mid-March pullback. The rising volatility could, in fact, push the price of the digital asset even higher.

The 50 DMA [Pink] did outpace the ETH candles briefly before the bulls successfully defended and pushed the price higher. At the time of writing, both the moving averages hovered well below the candlestick arrangement depicting a bullish phase. T

The gauge between the upsloping 100 DMA [Blue] and the 50 DMA, however, appeared to be converging which could signal a potential bearish crossover in the near term if the selling pressure intensifies. This could further trigger ETH’s price test support levels.

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The Chaikin Money Flow [CMF] was struggling to hold above the zero-line depicting a decline in the flow of capital into the ETH market.

The Klinger Oscillator, however, continued to favor the bulls as buying demand surged.

Having said that, the RSI was turned down from the overbought zone and was currently floating above 63. This was indicative that the sentiment of buying pressure was intact even as Ethereum’s price faltered in the short-term.

If the buyers manage to drive ETH higher, the nearest resistance that the crypto-asset could target was the recently breached $2,140 while support levels for the coin stood untested at $1,782, $1,582 and $1,418 respectively.

Ethereum Whale Sent ~$1.3B To DeFi Lending Protocol Compound

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The number of Ethereum whales [i.e., large entities who held massive amounts of ETH tokens] has been pretty consistent since the crash in February last week. However, in the latest development, an unknown whale just transferred more than 629,000 ETH.

According to Whale Alert’s tweet on the same, the recipient wallet to which almost $1.3 billion was sent was the smart contract for the decentralized finance [DeFi] protocol Compound contract.

The sender remained anonymous. According to the data available, the whale paid a gas fee of 0.0205 ETH, that is more than $43. However, the movement of a large sum of money coincided with the price of the second-largest crypto-asset hitting an all-time high on the 2nd of April.

Upon further inspection, it was found that the same Compound contract received around 300 ETH from another unknown wallet the previous day, and 13,000 ETH $27 million a couple of days ago.

DeFi Captures Interest of Ethereum Whales

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Over the past few weeks, large ETH holders have refrained from offloading their bags. As per the latest stats, the number of wallets holding over 10K ETH has declined by less than 1% over the last four months. Meanwhile, 100-10,000 ETH addresses have taken a much more substantial plunge of 7.2% over the same time period.

In fact. The mid-tier level addresses were found to be pouring more ETH tokens into DeFi.

This was evident in the above chart compiled by DeFi Pulse, which indicated that Ethereum locked across all decentralized finance [DeFi] protocols have soared to an all-time high of $10.224 million as of the 4th of April.

It is important to note that the amount of the token locked topped 10 million for the first time ever on the 11th of March. As price took a tumble, the DeFi figure also remained dull before establishing a major top.

Additionally, it is worth noting that some of Ethereum’s circulating supply was also directed towards its Beacon Chain, which is essentially a Proof-of-Stake [PoS] blockchain. This was indicative of the onset of Ethereum’s transformation of consensus mechanism from Proof-of-Work [PoW] to Proof-of-Stake.

Ethereum [ETH] Records New All-Time High While BTC Sits Still At $59K

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The crypto markets were in high spirits as almost every coin was seen aiming for a new all-time high. Ethereum [ETH], not only made its way over $2,000 but also went on to record a new high. While the altcoins were shinning, Bitcoin [BTC] seemed to have taken a backseat. The king coin has remained intact at $59K and hasn’t exhibited significant volatility over the past couple of days.

This week proved to be highly beneficial for the altcoin as it managed to secure gains of about 24.62%, which further acted as fuel to help the coin achieve an all-time high of $2,152.45. However, at the time of writing, ETH was seen retracing as it was trading for $2,098 with a 4.56% rise in the last 24-hours.

The market cap of ETH was seen aiding the overall market’s journey towards $2 trillion. ETH remained untethered as the second-largest cryptocurrency with a market cap of $244.84 billion.

Ethereum [ETH] One-Day Price Chart On Binance

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On ETH’s one-day price chart it was affirmed that the asset was in for an uphill journey. The Parabolic SAR indicator with dotted lines below the candlesticks announced the presence of bulls by negating the chances of a downward breakout. The MACD line prolonged its stay over the signal line further retaining its bullish crossover.

Additionally, the Relative Strength Index indicator was noted exerting strong buyers’ sentiment on ETH’s price chart.

Ethereum Bags Shark Tank’s Mark Cuban As Its Latest Supporter

Appearing in the recent episode of the Delphi Podcast revealed his stance on the top two cryptocurrencies. While comparing Bitcoin to gold, Cuban pointed out that Ethereum [ETH] was closer to being a real currency as opposed to BTC. He added,

“With Bitcoin, you could do transfers. And that was great. Right. And it was a store value and that was awesome. It’s a better alternative to gold, which is phenomenal. It’s taking money away from gold and it’s going to continue. And that’s why I own Bitcoin, but that’s one thing, that’s not really where it compares to the Internet.”

Ethereum [ETH] Eyes New ATH As It Surges Above $2K [Again]

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The changes in the price of crypto assets affirmed that the bulls were in the market. Ethereum [ETH], Binance coin [BNB], and Litecoin [LTC] were seen leading this bull market. While Bitcoin [BTC] was still stuck at $59K, all the other coins were seen moving ahead. Binance coin was on top of its game as it was seen recording a 13.15% surge in the last 24-hours. Furthermore, the overall market cap of the crypto-verse was at $1.93 trillion, heading towards achieving a new milestone.

The price of Ethereum [ETH] had surged above $2,000 once again. Just about a month ago, the altcoin managed to secure an all-time high of $2,036. At the time of writing, ETH was trading for $2,006 with a 3.42% rise over the last 24-hours. The entire week seemed to have been extremely beneficial for the asset as it bagged gains up to 23%.

Ethereum [ETH] One-Hour Price Chart On Bitstamp

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The short-term price chart of ETH recorded a bullish momentum. The Parabolic SAR indicator had laid out dotted lines below the candlesticks further diminishing the chances of a downward breakout. The Chaikin Money Flow [CMF] indicator mirrored this trend by staying in the bullish arena. The Money Flow Index [MFI] indicator was exhibiting a buyers’ predilection as the MFI marker was at 70 median.

Ethereum [ETH] One-Day Price Chart On Bitstamp

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The one-day price chart of ETH revealed that the altcoin had the capability of achieveing a new all-time high. The Bollinger bands indicator revealed limited volatility as the disparity between the bands was considerably low. The Awesome Oscillator indicator laid out green closing bars which further announced the presence of the bulls in the ETH market.

A buyers’ sentiment was noted in the altcoin’s market, the Relative Strength Index [RSI] indicator. The RSI marker was up by 70 median and seemed to be making its way onto the oversold zone.

Ethereum [ETH] Eyes $2K As Bulls Began Taking Shelter In Its Market

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The entire crypto market was on an uptrend. Bitcoin [BTC], Ethereum [ETH], Binance coin [BNB] alongside several others were seen riding the bull. With the market cap of Bitcoin hitting a high of $1.11 trillion, the overall market cap of the crypto-verse hit a high of $1.88 trillion. BTC was on its way to $61K once again, thanks to PayPal’s recent announcement. This trend was mirrored by almost every asset in the digital asset market.

At the time of writing, Ethereum was seen trading for $1,844.14 with a positive 4.16% change in its price over the last 24-hours. Over the last couple of days, the altcoin managed to bag profits up to 9.17%. While the asset is not too far from achieving its all-time high of $2,036, a bearish cycle could negate these chances. However, during press time, ETH was dominating the market by 11.3% while its market cap rose over $200 billion and was noted at $212 billion.

Ethereum [ETH] Four-Hour Price Chart On Binance

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The short-term price chart of ETH was exerting a bullish notion. The Parabolic SAR indicator had laid out dotted lines below the candlesticks which posed as a barricade against any potential downfalls. The MACD line had prolonged its stay over the signal line in a bullish crossover. The Relative Strength Index indicator was noted over 70 median, which further suggested that ETH was being overbought. This trend could assuredly push the price of the altcoin over $1900.

Ethereum [ETH] One-Day Price Chart On Binance

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The bulls had started hibernating in the ETH market. The Awesome Oscillator indicator formed dainty green closing bars suggesting that the bulls were present in the altcoin’s market. The Chaikin Money Flow indicator was still residing in the bullish arena as the CMF marker was over the zero median. The Money Flow Index indicator, however, revealed that there was no major buying activity on ETH’s long-term price chart.

While the one-day price chart also revealed a bullish sentiment, the altcoin’s chances of hitting $2K were high.

Binance Smart Chain Welcomes EOS’s Largest DeFi Platform

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Binance Smart Chain [BSC] has seen tremendous development. In terms of liquidity and decentralized applications [dApps], BSC is becoming a major player in the industry. Hence, it is safe to say that it has emerged as one of the most distinguished alternatives to not just the Ethereum network but also to EOS. The latter lost one of the biggest decentralized finance [DeFi] projects to the Binance ecosystem this week.

The DeFi platform in question is ‘Effect Network‘ which is headed for a switch in its development from the EOS network to the Binance Smart Chain. The developers cited concerns regarding the future and viability of the EOS blockchain as one of the most prominent reasons for relocation.

It is important to note that the founder and Chief Technology Officer of EOS’s parent firm Block.one, Daniel Larimer had left the company nearly a couple of months ago. Furthermore, the controversial departure led to many questions regarding his inability to bring about viable solutions to the many issues plaguig the EOS ecosystem.

Talking about the growing confidence in Binance Smart Chain instead, Effect Network’s CEO Chris Dawe reportedly stated,

“Look at what the Binance organization has accomplished in only the last three years. It is a testament of dedication, hard work but above all its laser-focused vision. The amount of products and services our clients and workforce can tap into with the Binance ecosystem are amazing and will help accelerate the growth of the Effect Network like never before.”

Binance Smart Chain’s Exponential Growth

Despite centralization debates, the BSC ecosystem has grown considerably over the past several months. Thanks to growing gas fees on the Ethereum blockchain that was currently hovering close to $18. BSC, on the other hand, was processing on average 2X volume of the Ethereum network, that too, at a fraction of its current transaction fee.

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Therefore, several DeFi platforms have either left the Ethereum network or have expanded their footprint across BSC as well to enable its users to choose their preferred mode of network. Gauging at BSC’s unique address count, it can be noted that the network has seen significant growth as the figures continued to maintain a steady uptrend. It was found to be at 61.7 million on the 27th of March.