The price of ether has jumped above $4,000 for the first time.

The price of the second largest cryptocurrency by market capitalization climbed above the $4,000 level around 3:00 UTC on Monday just a week after breaking through the $3,000 level.

It is changing hands at $4,014 as of press time. Ethereum's market capitalization now sits at over $463 billion, according to data from CoinGecko.

Meanwhile, bitcoin's price is also trading above $59,200 again after bouncing between $56,000 and $59,000 for the most parts over the weekend.

CoinMetrics, a crypto analytics and research firm, has shared what the net daily issuance of Ethereum (ETH), the second-largest cryptocurrency by market cap, would look like if the upcoming Ethereum Improvement Proposal (EIP) 1559 results in 75% of fees burned.

Some institutional investors have had concerns in relation to Ethereum’s economic policies, especially the rate of the increase in transaction fees compared to Bitcoin (BTC).

Read Also: Vitalik Buterin: Ethereum 2.0 Benefits Such As 100k TPS Will Come Faster Than People Expect

However, some of those issues will soon be addressed once Ethereum Improvement Proposal (EIP) 1559 is implemented in July as slated.

As aforementioned, the implementation of EIP-1559 is set to play out along with Ethereum’s London hard fork in July 2021. Aside from improving ETH gas UX, EIP-1559 will burn a portion of the digital token transaction fees, which will permanently remove a portion of supply from circulation and reduce the daily net issuance of Ethereum (ETH).

Read Also: Vitalik Buterin Compares Ethereum Miners’ Daily Rewards to Ethereum Foundation’s Annual Budget

In order to make it more explanatory, CoinMetrics shared a chart that shows what the net daily issuance of Ethereum (ETH) would look like if EIP-1559 results in 75% of fees being burned.

According to the analytical firm, this is just a historical estimate calculated by subtracting 75% of daily fees from the amount of ETH issued on a daily basis.

The firm pointed out that there is currently no way to know the exact percentage of fees that will be burned compared to the percentage of tips once EIP-1559 is released. However, the chart shows that issuance will possibly be reduced significantly and likely turn negative when fees are extremely high.

Read Also: Berckmans to CZ Binance: Competitors Can Only Attack Ethereum Now, Table Will Turn Next Year

The firm further illustrated that this would lead to an estimated annual inflation rate (30-day average) of between 1 to 2%, which is a notable drop.

According to CoinMetrics, this is just an estimation, stating that it will fluctuate depending on the amount of daily transaction fees and the percentage that is burned. But the firm is optimistic that Ethereum’s inflation rate will drop significantly.

According to Vitalik Buterin, the co-founder of Ethereum in the recent Ethereal Summit, the optimistic estimate of the ETH 2.0 launch is the end of this year.

Read Also: Credible Crypto Says $3,000 Is Just the Start for Ethereum, Sets $10,000 Price Target for ETH

The much-anticipated launch of Ethereum 2.0 will introduce staking, which will effectively turn the digital token ETH into a yield-bearing asset.

At the time of writing, 4,419,778 ETH worth $17.2 billion has been locked in the Ethereum 2.0 deposit contract. This number is expected to increase considering the introduction of Ethereum staking products by Coinbase and a number of other exchanges.

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We’re well and truly in the throes of “altseason” now, with Bitcoin’s dominance showing no signs of diminishing.

Ether delivered a stunning surge that took its price above $3,000 for the very first time, breaking new records throughout the week. On Saturday, ETH remained in uncharted territory after racing to highs of $3,800.

Among those celebrating ETH’s spike will be Ethereum co-founder Vitalik Buterin, who has officially become a crypto billionaire. Excitement is continuing to build ahead of a long-awaited upgrade that will overhaul the network’s gas fee structure in July.

ETH is in good company, too. EOS rallied by more than 100% this week following a recent protocol that increases the project’s inflation rate. Litecoin has hit a one-year high against Bitcoin , with many analysts predicting extended upside momentum. And Bitcoin Cash jumped 68% amid rumors that a looming hard fork could boost the network’s user base.

Even Ethereum Classic, the hard fork sparked by disagreements after a devastating 2016 hack, has pumped 130% in the past week.

Of course, there’s one altcoin in particular that continues to steal the show…

DOGE has seemed unstoppable in recent weeks. It hit unprecedented highs of $0.7376 early on Saturday. To put into context how bonkers the joke cryptocurrency’s surge really is, $1 invested on Jan. 1 would now be worth $139 at current prices.

Mania over the financial homage to Shiba Inus everywhere may be about to reach a climax when DOGE enthusiast and mega-billionaire Elon Musk hosts Saturday Night Live . It’s inevitable that his appearance will feature endless sketches about Dogecoin, and that could pump prices even further.

But not everyone is finding DOGE’s surge to be a cause for celebration. Lowstrife, a popular account on Twitter, believes the end is nigh, with the crypto trader spotting eerie similarities between DOGE’s current charts and XRP in the heady days of 2018.

Back then, XRP had hit all-time highs of $3.20 that remain true to this day, but then slowly faded to lows of $0.14 — a loss of 95.6%.

Warning of an impending apocalypse for DOGE, Lowstrife wrote: “Each of DOGE’s major rallies this year has been smaller and less aggressive. What took 18 hours at first has been ongoing for 2 days now. I suspect this is the final push before it’s all over for good. May 8th is the day to watch.”

Even Musk himself has been cooling the hype, reminding followers that crypto investments remain speculative.

A flurry of earnings results this week powerfully illustrated the impact that Bitcoin’s sensational first quarter has had.

Square blew analysts’ expectations by delivering earnings of $0.41 per share between January and March — far beyond the $0.16 forecast. Revenue came in at $5.06 billion , dwarfing predictions of $3.36 billion.

Bitcoin alone drove $3.5 billion in revenue, an astonishing increase of 1,000% in just 12 months. Overall, the crypto-friendly company’s gross profit also surged 79% year on year to hit $964 million.

Square’s also sitting on paper profits of $250 million after making two high-profile Bitcoin purchases — one in February and one in October.

PayPal has also been heralding the “great results” it has been receiving from its crypto service. The platform’s earnings and revenue also exceeded predictions in Q1.

The celebratory atmosphere isn’t universal. Coinbase shares tumbled to fresh lows on Thursday as Wall Street investors continued to cycle out of high-flying tech stocks. 

COIN bottomed at $255.15 , where it was in danger of breaching the $250 reference price set on the eve of its public listing in April. All of this comes despite the total market cap of all cryptocurrencies surging beyond $2.4 trillion.

FBB Capital Partners’ director of research, Mike Bailey, told Bloomberg: “We saw a mini-bubble in SPACs, IPOs, crypto, clean-tech and hyper-growth in late 2020 and early 2021 and many of these asset classes are nursing bad hangovers.”

(That said, his assertion that crypto is nursing a “bad hangover” is misplaced.)

Coinbase’s woes may be linked to increasing competition among crypto exchanges, which has left retail investors spoiled for choice. There’s a danger that this could eat into the revenues it derives from transaction fees, which make up most of its income.

Elon Musk’s stint on the box this weekend serves as a powerful counterweight to comedian Bill Maher, who didn’t leave crypto enthusiasts in stitches during a recent segment.

On Maher’s program, he compared the industry to a virtual game — and talked about mining in a derisive tone. Maher also implied that investing in tokens was a childish endeavor, and illustrated his point with quotes from Warren Buffett.

He said: “There is something inherently not credible about creating hundreds of billions in virtual wealth with nothing ever actually being accomplished and no actual product made or service rendered. […] Unfortunately, what is real is the unfathomable amount of electricity those massive supercomputers suck up for their mining.”

Maher even quipped that Satoshi Nakamoto, the pseudonym used by Bitcoin’s inventor, is the Japanese term for “Monopoly money.”

Anthony Pompliano shared the clip along with this caption: “Never ask a comedian for investment advice.”

Binance CEO Changpeng Zhao replied, writing: “Very sad to watch. Feel really hopeless for him. Joke’s going to be on him. Time will show.”

At the end of the week, Bitcoin is at $58,366.32 , Ether at $3,811.20 and XRP at $1.56. The total market cap is at $2,433,633,423,933.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Shiba Inu , Bitcoin Diamond and Telcoin. The top three altcoin losers of the week are Harmony , Huobi Token and Filecoin.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis . 

“Looks like Uniswap v3 is more gas expensive than v2, roughly as expected.”

Haseeb Qureshi, Dragonfly Capital managing partner

“With cryptocurrencies already creating incredible worldwide wealth, it’s real estate that will sustain that wealth and provide buyers with a legacy.”

Alex Sapir, Sapir Corp chairman

“We saw a mini-bubble in SPACs, IPOs, crypto, clean-tech and hyper-growth in late 2020 and early 2021 and many of these asset classes are nursing bad hangovers.”

Mike Bailey, FBB Capital Partners director of research

“It definitely can go much higher, I think we can see the price go to $10,000, where a lot of ETH bull price targets begin to kick in and people take profits.”

Nikhil Shamapant, retail investor

“We’ve committed to having no HQ, and it’s important to show our decentralized workforce that no one location is [more] important than the other.”

Coinbase

“Each of DOGE’s major rallies this year has been smaller and less aggressive. What took 18 hours at first has been ongoing for 2 days now. I suspect this is the final push before it’s all over for good. May 8th is the day to watch.”

Lowstrife

“DeFi may lead to a paradigm shift in the financial industry and potentially contribute toward a more robust, open, and transparent financial infrastructure.”

Federal Reserve of St. Louis

“Volatility is everywhere […] It is not unique to crypto.”

Changpeng Zhao, Binance CEO

“Of course I hate the Bitcoin success, and I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth.”

Charlie Munger, billionaire investor

“There is something inherently not credible about creating hundreds of billions in virtual wealth with nothing ever actually being accomplished and no actual product made or service rendered.”

Bill Maher, comedian

Ether’s booming price has prompted feverish talk about a long-fabled “flippening” where ETH overtakes BTC as the world’s largest cryptocurrency.

Although that’s fanciful right now, there are a number of bullish predictions when it comes to where Ether’s price is headed next.

One of them comes from Nikhil Shamapant, a retail investor who recently published a research report where he argued ETH could be worth $150,000 by 2023.

He told Cointelegraph: “It definitely can go much higher. I think we can see the price go to $10,000, where a lot of ETH bull price targets begin to kick in and people take profits. I think we’ll head up to that $10,000-to-$25,000 range, hit a lot of supply and could see some big drawdowns and consolidation at that point.”

Data suggests that Uniswap v3 had a successful first 24 hours — processing more than twice the volume that v2 did in its first month.

But not everyone’s been enamored with the latest iteration of the world’s most popular decentralized exchange, with some users complaining about the costs associated with using it.

One person wrote on Twitter: “Even more expensive to make mistakes now. Tried to migrate my UNI/ETH liquidity to V3, failed and paid 108.09 usd worth of gas.”

Dragonfly Capital’s managing partner, Haseeb Qureshi, also wasn’t impressed. On Twitter, he wrote: “Looks like Uniswap v3 is more gas expensive than v2, roughly as expected. […] Specifically, it’s about 28% more expensive for single-hop transactions it looks like. For larger transactions that cross multiple ticks/buckets, the gas costs should be slightly larger.”

A Democrat senator in New York, Kevin S. Parker, is proposing a three-year ban on crypto mining.

Data centers would only be allowed to operate if they pass an environmental impact review, amid concerns that BTC mining could cause the state to miss ambitious targets designed to tackle climate change.

New York Senate Bill 6486 said: “A single cryptocurrency transaction uses the same amount of energy that an average American household uses in one month, with an estimated level of global energy usage equivalent to that of the country of Sweden.”

The bill is yet to receive widespread backing from other senators. However, the Democrats do control the lower house and senate.

A United States-based business development specialist has claimed that a company that paid them for contract work using cryptocurrency now wants them to return the tokens following a significant rally in the asset’s price.

The unnamed employee, known only as “Crypto Confused,” wrote to MarketWatch and said: “I am not really sure what to do. I have worked with this person for many years, and he has a tendency to try to change the terms of payment after agreeing on a certain way of operating.”

Columnist Quentin Fottrell replied: “If the value of the cryptocurrency had fallen by 100% since August 2020, would he want to pay you in dollars? If it suddenly dipped by that amount today, would he follow up with his employees?”

As experts pinpoint various groups as Dogecoin’s vanguard, the coin’s potential base seems to be a wide coalition.

After bashing Bitcoin back in 2017, JPMorgan CEO Jamie Dimon seems to have softened his stance on crypto, and so has the firm itself.

Declaring BTC a store of value — gold 2.0 — but not a medium of exchange, defies logic. It must first have a use case.

This week’s Bitcoin (BTC) market has recovered from the crash last week to the 6.2 million yen level. Ethereum (ETH) has also soared to reach $ 3,000 for the first time.

The weekly rate of increase / decrease as of the closing price on 5/7 (Friday) is as follows.

(This week’s rate of increase / decrease is calculated using last week’s closing price and this week’s closing price. Monthly and year-to-date are also calculated using the previous month’s and year’s closing prices)

(Refer to Exchange Coinbase for the price of virtual currency, see Tradingview for the price of each stock)

The Bitcoin (BTC) exchange rate against the yen this week (as of noon on the 7th) has fluctuated significantly up and down with 6.2 million yen in between, and has remained almost flat on a closing price basis.

This week’s crypto assets (cryptocurrency) market is in the spotlight of major altcoins, and Bitcoin will start trading micro bitcoin futures on the Chicago Mercantile Exchange (CME). However, even though it was firm, the turning point on the chart of February against the dollar became resistance, and the upside was also suppressed.

It seems that Altcoin has revived the color of the circulation that has continued since before the listing of the coin-based Nasdaq. Ethereum (ETH), which drove this trend, started a surge from around 320,000 yen this week toward the purchase of Ether by Nasdaq listed company Mogo and the release of Uniswap V3 on the 5th, and reached 390,000 yen on the 6th. I’m touching it for the first time.

In addition, it was noticed that Elon Musk will make a guest appearance on the US Tale program on the 8th, and Dogecoin’s (DOGE) against the dollar soared to 85% at one point from the beginning of the week. Bitcoin Cash (BCH), which is about to update its regular hard fork next week, has seen a surge of just under 52% in the day on the 5th, and funds are flowing to Altcoin.

In the Bitcoin market before Golden Week, although technical sentiment deteriorated due to the start of the Bollinger band’s descending band walk and the appearance of the three-role reversal of the Ichimoku Kinko Hyo, the subsequent hash rate stability and mining difficulty (= Stabilization of supply and demand), continued risk-on in a wide range of markets due to the successful passage of the FOMC on the 29th of last month in Japan time, and the rise in US expected inflation that continued to stagnate. It became a support for.

As a result, the squeeze of the Bollinger band that suggests the start of the trend appears in Bitcoin at the moment, and the market price recovers the lower limit of the resistance band (cloud = between the leading span 1 and the leading span 2) in the Ichimoku Kinko Hyo, and the equilibrium table Has improved (the turning line is the golden cross at the reference line), and the three-role reversal, which is a strong selling signal, has been resolved (Fig. 2).

Technically, it cannot be said that it has returned to the bull market, but it is noteworthy that the market share of Bitcoin has dropped significantly due to the rise in the altcoin market. According to Coingecko, the occupancy rate of Bitcoin as of the morning of the 7th has dropped to about 43%, the level for the first time in 3 years, and I would like to pay attention to whether the funds will return to Bitcoin once the altcoin color is over.

Demand indicators such as US employment statistics and next week’s consumer price index may have a limited impact on the Bitcoin market as the correlation with US stocks breaks, but will Bitcoin continue to solidify until altcoin buying settles down? ..

After graduating from the British graduate school, worked as an analyst in the FinTech industry and the virtual currency market at a venture consisting of people from financial institutions. Market analyst at Bitbank Co., Ltd. from 2019. Providing comments to major domestic financial media and contributing to overseas media.

Relation: bitbank_markets official website

Previous report: Coinbase, the largest US exchange on the verge of going public, paying close attention to the direction of the market ｜ bitbank analyst consideration

Relation: Explaining the reason for the soaring price of Bitcoin, “three factors” for the accelerating inflow of funds

Miu is a journalism major and has been writing as a business journalist for various dailies before joining OBN. She currently writes about blockchain, cryptocurrencies and business news.

It’s not just digital asset prices that are hitting new highs over the past weeks. Trading volumes for cryptocurrencies are through the roof as well.  Trading volume represents the total number of cryptocurrencies traded (bought and sold) during a given period of time.  As a technical indicator, it shows the overall activity, including liquidity of the market.

Much of it , as seen in the small size of transactions, is being driven by retail traders and speculators who are continuing the high level of engagement that began since early 2021, and new entrants who may be looking to jump in and ride the explosive uptrend seen in some of the cryptocurrencies recently.

Most of the major digital coins have further appreciated over the past week although it’s not clear if that trend is sustainable, particularly since the markets have continued to move into record territory.

The increased trading volume in the market also shows itself in the price action observed in cryptocurrencies, this is especially the case on the weekends as we see record volumes every weekend since mid-April.

Further consolidating in the US $55,000-US $57,000 range, this morning Bitcoin (BTC) has managed to climb above US $59,000 level after the recent pullback. It has seen steady gains over the last few days, formed solid base around this territory and is likely going to bump against the massive psychological resistance of US $60,000 soon.

Succeeding to hold constructively above US $60,000 could validate bullish potential and precipitate an impulsive surge to challenge the yearly high of near US $65,000.

Meanwhile, Ethereum (ETH), the second-largest cryptocurrency by market cap, has pushed towards the US $4,000 level, currently holding steady around US $3,890. Overall, it has been a remarkable week for ether, and it is poised to top US $4,000 mark on Monday if not today.

Elsewhere, many of the major altcoins have been steady although some small-cap coins made double-digit percentage points to set new records overnight.

However, altcoins in Top-10 are not going up that well and have drifted slightly down overnight. Interestingly, they usually see low activity and price fall each time ether spikes, probably due to their touted ether-killer features. It is possible investors think they will lose their appeal further if ether further solidifies its market position.

As of press time, Bitcoin (BTC) is changing virtual hands at US $59,100, Ether (ETH) at US $3,889, ripple (XRP) at US $1.61, Binance Coin (BNB) US $644, cardano (ADA) at US $1.61, Dogecoin (DOGE) at US $0.63, ChainLink (Link) at US $48.5, UniSwap (UNI) at US $40.63, Polkadot (DOT) at US $40 and Stellar (XML) at US $0.61.

The parabolic surge in the market is mostly fuelled by the fact that many traders, especially newcomers do not want to miss out on any buzz that stems from the kinetic momentum and hype, especially Elon Musk’s upcoming host event which has propelled Doge up, Ethereum’s recent appreciation, and overall investor confidence bolstered by speculative buy calls.

However, such artificially inflated prices can easily leave a lot of newbie investors hemorrhaging losses if they wade into the risky assets imprudently.

Just three weeks ago, cryptocurrency holders were fumed as a sudden constellation of risk events triggered the forced liquidation of leveraged bets, wave of selling with pressure across the board. The flash crash made many investors cautious to buy into an ongoing crash, reducing bid liquidity in the market.

The vicious sell-off was indeed a costly lesson for the rookies who have been stuffing their wallets with ‘upside momentum’ crypto coins with a false sense of security, thinking their holdings could only climb.

Both Bank of England and Reserve Bank of Australia think crypto coins don’t have any intrinsic or legislated value and could fall to zero at any time.

Among the DEFI projects, the UNISWAP decentralized exchange stands out, its token currently has a market capitalization of more than 21 billion US dollars and its dominance of the DEFI market is higher than 17%. Since April 25, the WTON token (Wrapped TON Crystal) has appeared on the UNISWAP exchange, and within three weeks, 210,000 TON Crystal – about $100,000 – will be additionally distributed among all those who provided liquidity in the USDT-WTON pair – this will be the first round of WTON yield farming. Members of the Free TON community talk about making money on farming, and what preceded the creation of a trading pair.  

“A couple of years ago, the HODL strategy – buy and hold – was one of the most successful in the cryptocurrency market. But in 2020-2021 the market was literally blown up by DEFI projects, which include the fast growing Free TON ecosystem. With the entry into the market of decentralized exchanges, applications, it became possible not just to hold cryptocurrency, waiting for to-the-moon, but to receive income either from staking or from farming tokens of a particular project, ” the Free TON community members note. 

Yield farming has literally become a trend throughout 2021 in the field of DEFI. Along with staking and savings deposits in cryptocurrency, yield farming is a relatively new, but attractive method of generating passive income for investors, as well as attracting additional liquidity for any DEFI project. One of the most well-known projects for obtaining additional liquidity for any token is the Uniswap decentralized exchange, which creates trading pairs with ERC-20 tokens. It differs from any centralized exchange in the absence of the usual depth of market. Faster and more automated exchange of trading pairs occurs due to the provision of liquidity to a particular trading pair by multiple participants of the corresponding pool. 

Moreover, any exchange participant can create this pair and add their ERC-20 token to Uniswap, again without the usual listing on centralized exchanges, where the listing fee can be hundreds of thousands of dollars. 

At the end of April, the decentralized Free TON ecosystem, based on the open-source TON code written by the Durov brothers, released the WTON-USDT trading pair on the Uniswap exchange. This was preceded by the creation of a bridge with Ethereum. 

In 2021, Free TON, together with the Broxus team (selected on the basis of a decentralized competition), began developing a bridge with Ethereum. The main goal of the bridge is to combine the liquidity of Ether with the speed of Free TON blockchain, which is now the fastest in the world, and the throughput of the blockchain is 0.2 seconds. Technically, this means that the transfer of information between the Ethereum and Free TON blockchains takes less than a minute. 

Wrapped ETH (WETH) is “wrapped” ERC—20 token on the Ethereum network. WETH are blocked on a special contract in Ethereum in order to transfer them to the Free TON. After that, the Free TON network produces WETH of a different TIP-3 standard in a 1:1 ratio. The TIP-3 standard is a Free TON distributed token standard – faster and more reliable than ERC-20

With the WTON listing on Uniswap, anyone can make money on providing liquidity. Everyone who has provided USDT-WTON liquidity to the pool will receive a reward – a part of all network fees (0.3%) proportional to their contribution to the pool. Also, the Free TON project itself will additionally distribute 210000 TON Crystal – more than 100 000 US dollars – among liquidity providers in proportion to their contribution.

Members of the Free TON community note that those pool participants who can provide liquidity from 20,000 USDT and up get the most out of yield farming. Smaller investments may be relevant for staking. 

Detailed instructions on providing liquidity to the pool and obtaining profitability from yield farming can be found here: https://forum.freeton.org/t/ton-crystal-yield-farming/10189  

Recent data shared by insider Colin Wu shows that, as ETH has hit a new ATH, inflows of the coin to exchanges have dropped 44.2% in past 24 hours, along with ETH miner income

China-based blockchain and crypto journalist Colin Wu has reported that, as the Ethereum price has reached a new all-time high of $3,000 earlier today, in the past 24 hours, inflows of ETH to digital exchanges declined a whopping 44.2 percent.

Besides, Chinese exchange Huobi demonstrated an ETH trading volume of over $1 billion.

As reported by U.Today earlier, Ethereum closed April with several consecutive green candles and, since May 1, it has surged approximately 15 percent.

Today, it has hit two consecutive all-time highs, surpassing first the $3,000 price line and then going higher to hit $3,140 several hours later.

On May 1, ETH also set a new all-time high, hitting $2,900.

Since the start of the year, the second-largest digital currency has surged 311 percent. This is triple the rise of Bitcoin, which increased 106 percent.

Citing Glassnode data, Colin Wu says that, in the past 24 hours, inflows of Ethereum to crypto exchanges have dropped a staggering 44.2 percent.

The ETH trading volume on Huobi has surpassed $1 billion, and this ETH market comes second after Binance, which shows an ETH volume of $2,211,506,676, according to CoinMarketCap.

However, this platform has marked Huobi data as unreliable, unlike that of Binance.

According to data shared by Wu, miner income from ETH fees has dropped and hit a new low since December: minus 27 percent.

Wu believes this may be due to the way MEV mechanisms (Miner Extractable Value) on ETH have been optimized. The second reason for this is likely the massive shift of user traffic from Ethereum to Binance Smart Chain, which has resulted in a decrease in GAS.

This week Ethereum (ETH) rallied all the way above $3500 levels hitting its new all-time high and pushing its crypto market dominance to 17%. In its journey upwards, Ethereum has toppled many big financial giants like Mastercard (NYSE: MA), PayPal (NASDAQ: PYPL), and Bank of America ( NYSE:  BAC). 

However, despite a massive 4x run-up this year in 2021, it seems Ethereum (ETH) isn’t stopping anytime soon. The Ethereum (ETH) exchange supply has been dropping at a faster rate than the exchange inflows. This clearly implies further continued growth and less risk or any other major sell-offs.

However, the behavior of the Ethereum whale address has been interesting to watch for. While the non-exchange ETH whales have doubled in numbers over the last eight months, the exchange ETH whales have dropped in half. Below is the graph from Santiment that shows a completely opposite behavior of the exchange and the non-exchange whales.

As ETH supply moves off-exchanges, a massive number of ETH coins at the same time has been moving to Ethereum-based decentralized finance (DeFi) protocols. As per Santiment, the total value of ETH coins locked in DeFi has doubled over the last three months.

Similarly, deposits in the Ethereum smart contracts have also reached an all-time high as of now. The value of ETH coins staked in these deposit contracts has reached close to $13 billion.

View metric:https://t.co/SzbMPqvhlb pic.twitter.com/5mv0OLa6rx

— glassnode alerts (@glassnodealerts) May 6, 2021

Also, there is enough evidence of the fact that U.S. institutional investors have been buying Ethereum recently. The ETH premium on Coinbase has significantly surged since the beginning of 2021.

New money is flowing into the crypto market. https://t.co/4PRRP3kEzJ pic.twitter.com/JcFQiJK9qY

— Ki Young Ju 주기영 (@ki_young_ju) May 5, 2021

One of the major issues with high Ethereum on-chain activity has been its gas fee. However, it seems that the gas fee has significantly dropped over the last two weeks thereby alleviating investors’ pain and boosting more network activity. The daily active addresses on Ethereum are also on the rise at this point.

To keep track of Crypto updates in real time, Follow us on Twitter & Telegram.

Ethereum, a leading altcoin, posted its highest-ever high a few hours ago. The asset has recently gained popularity among investors looking for high profits in a short period. Also, different prominent business brands are now accepting ether payments. That has promoted Ethereum gains since last year. If you follow the financial market news, you probably know how ETH is flourishing at the moment.

According to reports, the recent CI Global Asset Management, Evolve ETFs, and Purpose Investments approval in Canada promoted ETH institutional purchasing. You can now find Ethereum based ETFs that added credibility to the digital coin in one way or another. Consequently, prominent cryptocurrency experts anticipate that various factors have led to the ETH flourishing in the virtual industry. Some of the contributing factors to its high purchasing pressure include ease-of-use and being faster. Also, the broker has many experienced developers with detailed market familiarity. What do you think is the reason behind Ethereum success? For how long will we witness the upward trend?

Investors are expecting to benefit from currency gains. That is after the latest Ethereum network upgrades moving to “Proof of Stake.” With that, a company or an individual may authenticate block payments or mine depending on ether amount.

However, Ethereum’s ecosystem and functionality mature can be the real cause the asset is brimming. ETH smart contracts are faster, better as far as authenticating digital selling, delivery, and buying is concerned. That is when compared to the currently available alternatives. With that, Ethereum will become more powerful with the introduction of new applications promoting its growth.

On Tuesday, Ether hit a $3,523 record. According to data from Glassnode, a cryptocurrency analytic company, Ethereum’s value in the Ether 2.0 Contract has gone up to 4,193,698 ETH, its highest. The previous highest of the ETH was on May, 4th 2021.

There is still a demand for Ethers by users to purchase as NFTs. That has ensured that the prices remain high regardless of substantial fallbacks in given digital coins such as Bitcoin. Will Janet Yellen’s claims on interests going up continue to affect leading cryptocurrency assets?

Keep in mind that Buterin, an ETH co-founder has about 333,520 ETH at the moment. At the time of this writing, Ethereum values at $3,309, making the co-founder the youngest billionaire in the space.

The crucial data for Bitcoin (BTC), Ethereum (ETH) and TRX:

Bitcoin (BTC) could not fix above the $50,000 mark, going down by 0.47% over the last day.

Analyzing the daily chart, bulls are weak at the level of $48,500, which means that the decline might continue.

In this case, there are high chances of seeing a test of another vital support at $45,000 soon.

Bitcoin is trading at $49,600 at press time.

Ethereum (ETH) is the biggest loser today as the rate of the main altcoin has decreased by 2.48%.

Ethereum (ETH) is about the follow the drop of Bitcoin (BTC). Even though the selling trading volume is low, traders might see ETH trading around the level of the MA 50, around $1,980, at press time.

TRX is the only coin from our list trading in the green zone. It has grown 5.61% since yesterday.

From the technical point of view, TRX has successfully bounced off the MA 50 on the daily chart, having confirmed the bulls' power. As the more likely scenario, the coin might test the firmed mirror level where most of the liquidity is focused. The zone is located at the mark of $0.12.

TRX is trading at $0.1069 at press time.

The ETH price topped $3,000 for the first time ever this past Sunday, May 2. By mid-afternoon the next day, ETH had exceeded $3,300. On Tuesday, May 3, the second-largest cryptocurrency by market capitalization was changing hands around $3,500. 

Year to date, ETH price has nearly quintupled in a rally many analysts believe is fueled by speculation over the future of decentralized finance (DeFi) and non-fungible tokens (NFTs). 

“It used to be the other way around, but now Bitcoin is riding the coattails of Ethereum,” said Edward Moya, senior market analyst for the brokerage Oanda, to CoinDesk in an email.   

The bullish price activity of ether over the month of April and into May is in sharp contrast to the poor price performance of bitcoin (BTC) seen over the same time period. 

Since as early as April 2020, ETH’s correlation to BTC has been on the decline, moving from above 0.9 to below 0.7. This trend suggests more investors are beginning to recognize the unique value propositions of these two crypto assets and evaluate their investment cases differently. 

As a result of ETH’s price rally, network rewards issued to both Ethereum miners and Ethereum 2.0 validators are becoming more lucrative than ever. 

Since the launch of the Ethereum 2.0 network on Dec. 1, 2020, total daily validator rewards have increased from roughly $200,000 to $3 million. Miner revenues have also risen significantly over the same time period, trending at about $11 million in December to a high of over $82 million by April. 

In a recent message posted to a public Ethereum Discord chatroom, Ethereum Foundation’s Tim Beiko warned that mining could soon become obsolete on Ethereum as a result of ongoing development and progress for the Rayonism project. 

Plans to expedite Ethereum’s transition to a fully proof-of-stake (PoS) consensus protocol took a big step forward this past week with Steklo. 

On Friday, April 30, developers launched the first multi-client test network simulating the Ethereum blockchain run atop Ethereum 2.0 software. 

The testnet, dubbed Steklo, faced several challenges as soon as it went live at 12:00 UTC. Some users were unable to process blocks. Others found themselves out of sync with the rest of the network which caused chain splits. 

Steklo has since been deactivated by developers, who are now working on a second testnet to be launched as early as next week. 

“[Steklo] is still just a 1-day interop[erability] test; we can spin up more later, after testing and sync improvements,” said Ethereum Foundation researcher Diederik Loerakker, better known as Protolambda, in a Discord chat room. “Good work everyone on this first [attempt] though; we made a lot of progress in testnet setup and client integration.”

The larger goal will be to activate a working testnet between various Ethereum and Eth 2.0 software clients that not only activates PoS but also the technology of sharding. Sharding is a way of splitting up the processing load for transaction data across multiple networks. In Ethereum’s case, the plan is to create 64 sub-networks, also known as “shards.”

Functionality for sharding will be added to the third and fourth testnets that developers are working toward creating in the next few weeks as the Scaling Ethereum hackathon wraps up. 

As detailed in a previous Valid Points issue, these efforts, focusing exclusively on Ethereum’s PoS merge and sharding implementation, kicked off in mid-April under the project name “Rayonism.” 

By May 14, developers coding for the Rayonism project at the Scaling Ethereum hackathon expect to have launched two more testnets in addition to Steklo, each more feature-complete and durable. 

In a presentation at Scaling Ethereum, Loerakker said work on Rayonism will continue even after the hackathon until developers are completely satisfied that code specifications for merging Ethereum and Eth 2.0 are secure.

“What we have [on] Ethereum is a huge amount, like basically one of the biggest decentralized exchanges, [and] all the dapps. There’s a whole super large ecosystem and we should protect it. So  … after the hackathon as well – it’s not going to be a hackathon forever – we move towards production with iteration,” said Loerakker.

Ongoing progress on Rayonism has certain members of the Ethereum community expectant that the energy-intensive activity of mining could become obsolete and replaced with PoS validating as soon as December. 

Beiko said on Discord, “If I was [an Ethereum] miner, I would plan to break even at the latest by EOY 2021. I much prefer to be too conservative in these predictions than not.”

Valid Points incorporates information and data directly from CoinDesk’s own Eth 2.0 validator node in weekly analysis. All profits made from this staking venture will be donated to a charity of our choosing once transfers are enabled on the network. For a full overview of the project, check out our announcement post. 

You can verify the activity of the CoinDesk Eth 2.0 validator in real time through our public validator key, which 46d323ddad0f574fdcc50eeefec34ed9d2039ecb. 

Search for it on any Eth 2.0 block explorer site.

Join Christine Kim and Consensys’ Ben Edgington in a CoinDesk podcast series called “Mapping Out Eth 2.0.”  New episodes air every Thursday. Listen and subscribe through the CoinDesk podcast feed on Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, IHeartRadio or RSS.

With the emergence of blockchain technology, people can get paid from anywhere in the world. This type of transaction is revolutionary because we are able to send value from one person to another with no bank.

The day will come when it is cheaper and faster to send value (ETH, USDC, BTC, etc.) using blockchain than with the current payment system.

This is a start-to-finish Python tutorial on how to send ETH from one wallet to another on Replit. At the time of writing, ETH is at an all-time-high (ATH) of $3,335.

To do this, we are going to use infura.io. Infura is a service that allows users to easily interact with a live Ethereum node. A node is a computer that participates in the Ethereum network. Alternatively, you could spin up your own node.

You can follow along with the code here.

The first thing to do is make an infura account and create a new project.

Create a new Python repl and name it whatever you'd like. In main.py, we only need to import two things:

Now that we've imported web3, we'll want to initialize a Web3 object. To initialize this object, we'll have to pass it one parameter.

If you've setup with Infura, all you have to do is go to the Infura Project Settings and copy the https endpoint. It looks something like: https://mainnet.infura.io/v3/<project-id>

Here's the code to initialize a Web3 object using Infura:

You can use the following code snippet to test that your code is connected to the Infura node:

Next we need to get the public wallet addresses of the sender and the recepient. If you don't have a crypto wallet, the easiest way to create one is to use metamask. Once you've made your account, you'll want to copy your public wallet address. You can see your public wallet address if you open Metamask.

The .toCheckSumAddress() method is used to make sure there is no data corruption in the address string. It's an extra security measure. Read more about what a checksum address is here.

WARNING: nobody should ever see your private key except you. Do not put your key in public code or share it with anyone. You'll want to store it in the secrets tab. Your private key is used to "sign" the transaction. Signing the transaction means that you authorize the money to go from wallet1 (your wallet) to wallet2 (someone elses wallet). To learn about how to retrieve your private key from Metamask, check out this link.

The next thing we'll do is get the nonce and define the transaction.

The most important key here is value. This is how much ETH we are going to send to address2.

Similarly to how the US Dollar can be split into 100 pennies, one Ether can be split into 10^18 Wei. We use the .toWei() method to easily convert ETH to Wei. In this case, .001 ether is roughly equal to $3 USD (at time of writing).

On the Ethereum blockchain network, we have to send "gas" whenever we make transactions. Gas is measured in gwei. 1 ether = 10^9 gwei.

Gas prices range anywhere from 20 - 200 gwei. You can see the current gas prices here. With future blockchain innovations, it's likely that the gas prices will significantly decrease. (Zero Knowledge Proofs + ZK Rollups)

Sending and signing the transaction is easy.

The .sendRawTransaction() method initiates the transaction! Assuming there are no errors, you will be able to see your transaction on etherscan by pasting your public wallet address. Example transaction between Soren and Justin at this link.

You can fork this template at template.py

How high could the price of Ethereum could go? Many of them are very bullish about the technology, and there are some crazy Ethereum price predictions doing the rounds. It is good to not take anything as a financial advice as far as price is concerned.  Good to take things with a grain of salt.

For clarity, a supply shock is an unexpected event that suddenly changes the supply of a product or commodity, resulting in an unforeseen change in price. Supply shocks can be negative, resulting in a decreased supply, or positive, yielding an increased supply; however, they’re often negative.

Some of them a predicting an Ethereum Supply Shock considering the current price trends. Many feel that the ETH RSI is overbought and that there will be a pullback soon.

Some of them believe that because of all these “big boys” JP Morgan, Wells Fargo, Goldman Sachs, etc., have led to the market pump in a real genuine way.

Some of them feel that ETH is well under valued and that it has done the heavy work load for block chain, and crypto, even when it hits 40k it will still be undervalued.

It is very true that there is no other public blockchain protocol which operates at the scale of Ethereum. However, it is important to know that Ethereum is a decentralized world computer and it costs power to run it and there is gas fees.

Many of them are thinking that it is possible for Ethereum to reach $10,000 at some point; however, the challenge is to identify at which market cycle that might happen. ETH has been going up independent of what has been going on with Bitcoin.

There are many who are wondering if it is only 10k and on whether the cycle is over or is there still room to grow? There are a whole bunch of people who are wondering if they need to pull out of their trade cashing out their benefits of if they need to hold on.  Seasoned traders feel that it is not wise to trade this bull market and that investors should hold in case it can mean some life changing money or multi x returns.

With the price of ETH climbing up it just looks like the BTC world is boring.  The ratio of the BTC vs ETH is particularly interesting for those who are trying to get some flipping done.   The BTC price is not doing a lot at this time, it is kind of bearish.

ETH eyes $3k, BTC holds above $54k, and XLM is set for an upside above $0.55

Ethereum (ETH) reached a new all-time high of $2,800, leading the altcoin market as Bitcoin (BTC) continued to battle pressure near $54,000. Ethereum might attempt to reach $3,000 over the next few days, while BTC is likely to first seek support near $53k before embarking on a fresh upside in May.

Stellar (XLM) is trading near the $0.50 support level, which could be critical to bulls’ plans for another leg up after its price increased by over 25% this past week.

What, then, is the price outlook for ETH, BTC, and XLM as we head towards the monthly close?

ETH/USD daily chart. Source: TradingView

Ethereum’s price is up 23% over the past week, trading higher on positive news that the European Investment Bank had launched a $120.8 million “digital bond” project on the Ethereum blockchain.

Wow. @GoldmanSachs #Ethereum @RaoulGMI pic.twitter.com/kaQIrZ9C9V

— Michael Tant (@MichaelTant3) April 27, 2021

Although the RSI suggests some exhaustion, the price remains near the tip of an ascending channel on the daily chart. The rising curves of the moving averages also suggest the potential for a new upside.

If the uncertainty suggested by the previous candlestick resolves on the upside, ETH/USD could rally to $3,000. The immediate target beyond this barrier would be $3,200.

The channel middle line near $2,550 and the 20-day EMA ($2,422) should act as primary support levels if price turns down.

BTC/USD 4-hour chart. Source: TradingView

Over $4.2 billion options expire today, a factor that has seen some pressure on BTC as it hovers near $54,500.

Price is likely to flip higher short term if downward pressure decreases post the options expiry.

In this case, an upward shift in sentiment could ignite fresh momentum in the Bitcoin market. The RSI and MACD are positive and BTC/USD might extend towards the100 SMA on the 4-hour chart ($55,880). Further gains lie near the decline points of $57,800 and $59,560. Per one analyst, BTC/USD

Conversely, failure to consolidate above $54,000 might see Bitcoin price fall towards support at $53k and $51,200.

XLM/USD 4-hour chart. Source: TradingView

XLM bulls are looking to hold prices above a major horizontal support line at $0.50. The 100 SMA line ($0.52) on the 4-hour chart currently provides an immediate barrier. If they manage to break higher, a retest of the $0.54 level, where the 0.5 Fibonacci retracement level is, would allow for further gains towards the 0.618 Fib level ($0.57).

The next barrier would be at $0.62, with a push for $0.70 likely if upside momentum continues.

On the downside, a break below $0.50 will invite additional sell-off pressure and push XLM price towards support at the 0.236 Fib level ($0.46). Bears might then target a low of $0.39 if downside correction takes prices beyond the $0.41 support line.

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