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Ethereum 2.0 is the next version of Ethereum blockchain technology to enrich the current blockchain with a new function. Ethereum 2.0 comes with many solutions related to the current cryptoverse.

Ethereum was developed to provide a platform that can facilitate immutable and programmatic contracts and applications through its own currency. However, it had some limitations such as slow transaction processing and high transaction costs.

To provide more enjoyable decentralized platforms, as well as to handle the multiplication of transactions, Ethereum developers have updated the blockchain with new features and solutions. Ethereum 2.0 is a crucial development in the crypto space for users.

What makes Ethereum 2.0 different from Ethereum

Ethereum 2.0 should overcome the current limitations, which is a big burden for users and developers. The update will increase network speed, efficiency, and scalability with better security.

Below are the three crucial features that are going to be added in the update.

Proof-of-stake Sharding eWASM

Proof of Stake

Ethereum 2.0 will replace the proof-of-work mechanism with proof-of-stake for validators. This feature solves power issues because the PoW mechanism requires a large amount of power to calculate complex equations for Ethereum mining.

Proof of Stake is an alternative and energy-efficient option for the blockchain developer, where validators confirmed the authenticity of transactions instead of miners.

Ethereum 2.0 developers believe that PoS will only use 0.05% of Ethereum’s total energy. In this way, they plan to make Ethereum a more carbon-efficient blockchain.

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Sharding provides scalability to the blockchain network by dividing it into different areas or shards to execute multiple transactions simultaneously. This will allow Ethereum to manage transaction congestion.

Currently, the Bitcoin blockchain executes seven transactions per second, while Ethereum is able to handle 15-45 transactions on its network. These low numbers can stifle the growth of Ethereum and Bitcoin.

With sharding, Ethereum technology will be able to execute transactions in less time. It should exceed the transaction speed of Solana, which is considered an ETH killer due to its high speed.

eWASM

Ethereum Virtual Machine (EVM) – the crucial development that shifted the focus of DeFi users from Bitcoin to Ethereum. Basically, EVM is the network trained on all nodes with smart contract capability. One can create games, execute financial transactions or provide online services.

EVM codes are a complex matrix of codes, and for this reason it is difficult for many skilled programmers to modify the code. As a solution, the developers planned to add a new web assembly language, eWASM.

eWASM will allow Ethereum application codes to run in currency web browsers. Even programmers will be able to choose from different programming languages ​​like Rust, C, and C++ to write code.

Ethereum 2.0 development phases

Currently, Etheruem executes day-to-day transactions and projects are running on Ethereum. So, instead of deleting Ethereum, the developers decided to update the blockchain in three phases to integrate it with the Ethereum mainnet.

Phase zero

This phase contains the launch of the beacon chain (helps Ethereum 2.0 to expand the network by connecting multiple nodes). This phase was rolled out in December 2020.

First phase

The first phase will merge the beacon chain with the Ethereum mainnet, which will enable staking on the network. This phase was supposed to be launched in 2021, but due to technical delays, it is now planned for 2022.

Phase two

The latest phase of Ethereum 2.0 will add a shard chain. Adding this chain will provide multiple transaction capability. It is estimated that the shard chain will integrate with Ethereum 2.0 by 2023.

Conclusion

As Ethereum 2.0 is packed with fascinating features and capabilities, it will definitely bring scalability and flexibility to the network. The PoS mechanism solves power issues, which may attract the attention of crypto entrepreneurs. It will not be surprising if the market value of ETH shows a rise after the full launch of Ethereum 2.0. Additionally, lower transaction fees and costs, along with increased security, will build trust in crypto innovators and developers. Ethereum 2.0 is definitely set to bring revolutionary changes in blockchain technology.

Rajpasinh Parmar is a technical content writer at The Crypto Times and is passionate about blockchain and the metaverse.

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LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit ith-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on efits-Of-Comparing-Car-Insurance-Quotes-Online View photos

UknewsToday Total0SharesShare0Tweet0Pin it0Share0Share0Share0Leave a Reply Cancel reply Related PostsSenate rejects change to new crypto tax rules in $ 1.2 trillion infrastructure bill despite lawmaker and billionaire’s setbackTop line After days of negotiations, the Senate on Monday overturned a bipartisan amendment to revise and clarify…

The three top-ranked cryptocurrencies (excluding stablecoins) in terms of market capitalization are rong>(CRYPTO:ETH), and Binance Coin (CRYPTO:BNB). When these three tokens are on the move, particularly in the same direction, the entire market tends to follow. Today, they're all seeing double-digit declines over the past 24 hours, down 10.2%, 12.6%, and 10.1%, respectively, as of 11:30 a.m. ET. 

The entire crypto market is under siege, mainly from macro drivers such as rising U.S. Treasury yields. Anticipation that additional interest rate hikes are on the horizon is driving down valuations across most risk assets. Recently, higher correlation between cryptocurrencies and high-growth tech stocks has resulted in a mass capital rotation out of these sectors.

Image source: Getty Images.

Reportedly, forced liquidations in the crypto world topped $600 million over the past 12 hours. Bitcoin and Ethereum made up more than half of these total liquidations.

Additionally, market sentiment appears to be entering extreme bearish territory. Assets that have benefited from bullish sentiment over the past year are reverting toward their longer-term mean. How long this reversion will take remains to be seen.

So what

There's a lot to unpack with today's price action in the crypto world. Indeed, seeing the world's three largest cryptocurrencies decline in double-digit fashion is not something investors see every day. Right now, sentiment is extremely ugly in the crypto world, and investors appear to be looking for safe places to hide.

The thing is, Bitcoin and Ethereum have, for the most part, been among the "safe haven" assets many crypto investors have looked to. Forced liquidations and capital outflows from cryptocurrencies appear to be more significant to investors than the hedge-like attributes of these top tokens right now.

Now what

Crypto investors, and equity investors for that matter, can't control the macro narrative. Right now, investors are panicking, evidenced by these incredible declines among top cryptocurrencies today. So far, 2022 is shaping up to be a rather volatile one (to say the least) for the entire crypto market. The fact that these three top tokens are acting more akin to smaller-cap tokens is not a good sign for those bearish on the near-term outlook for the crypto sector.

That said, longer-term investors may look at these declines as buying opportunities. The best time to pick up shares or tokens of the companies or cryptos one likes is when there's blood in the streets. Finding an exact bottom is impossible, and there may indeed be more downside from here. Accordingly, investors ought to trade carefully in this environment, bullish or not.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer. Stock AdvisorS&P 500498%134%Join Stock Advisor

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Cumulative Growth of a $10,000 Investment in Stock AdvisorCalculated by Time-Weighted ReturnStocksBTCBitcoin CRYPTO:BTCETHEthereum CRYPTO:ETHBNBBinance Coin CRYPTO:BNB

Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

Related ArticlesHere's Why Bitcoin Is Better Than GoldHere's Why Bitcoin Is Not RiskyWhy Bitcoin, Ethereum, and Other Cryptocurrencies Suddenly Crashed Friday AfternoonWhy Bitcoin Is a Superior Money to USD or GoldCould the NFT Market Become Bigger Than Bitcoin?

ETH/USD traded sharply lower yesterday, after hitting resistance at 3265. The slide took the crypto below the 2918 level, marked by the low of January 10th, thereby confirming a forthcoming lower low. Overall, Ethereum is printing lower highs and lower lows below the downside line taken from the high of December 1st, which paints a negative short-term picture, in our view.

We believe that the break below 2918 may have encouraged more bears to join the action, and thereby push the price to the 2715 barrier, marked by the low of September 24th. If they don’t stop there, we could see them diving towards one of the 2518 or 2435 barriers, marked by the lows of August 5th and 3rd respectively. Should they stay willing to continue lower, the next step may be the 2150 territory, marked by the low of July 27th.

Taking a look at our short-term oscillators, we see that the RSI, already near 30, turned down again, while the MACD lies below both its zero and trigger lines. Both indicators detect strong downside speed and support the notion for further declines.

On the upside, we would like to see a clear break above 3405 before we start examining the case of a bullish reversal. This could confirm the break above the aforementioned downside line and perhaps pave the way towards the 3665 barriers, which acted as strong support between December 13th and January 3rd. If the bulls have the strength to keep sailing north, we could see the targeting the 3880 barriers, marked by the high of January 4th, where another break could carry extensions towards the 4140 zone, defined as resistance by the peak of December 23rd.

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Cryptos feed-->  Latest Crypto News Latest Crypto News & Analysis Editors’ PicksDogecoin is a security and will be regulated, says Jim Cramer

The host of Mad Money, a CNBC show, issued a warning to Dogecoin holders. Cramer believes that Dogecoin is a security and it will be regulated soon. Analysts believe that the Dogecoin price could start an uptrend. 

More Dogecoin NewsShiba Inu price set to crash by 70% as critical support weakens

Shiba Inu (SHIB) price continues to be controlled by bears after the dead-cat bounce in stock markets yesterday evening. With the Nasdaq closing sharply lower, giving up earlier gains, cryptocurrencies are being dragged into a selloff on its coattails, and bearish headwinds  persist.

More Shiba Inu NewsChainlink price at make-or-break point while global markets tumble

Chainlink price has seen a massive collapse over the past five days, resulting in a retest of a crucial barrier. This downswing is not localized to the crypto markets and seems to originate on Wall Street after the Fed tightens the interest rates.

More Chainlink News Bitcoin Weekly Forecast: BTC may capitulate to $30,000

Bitcoin price has dropped considerably over the last three weeks. The recent downswing has made things worse for BTC and hints that a steep correction could be on its way.

More Bitcoin NewsBitcoin: BTC may capitulate to $30,000

Bitcoin price has dropped considerably over the last three weeks. The recent downswing has made things worse for BTC and hints that a steep correction could be on its way.

Read full analysis BTC ETH XRP Crypto partners in your location

A massive sell-off on Friday in the cryptocurrency market accelerated after the stock market closed on Wall Street. The selling seems to be feeding on itself, causing panic across the market. 

Altcoins are down big today with some trading more than 30% lower, but the drops in giants like Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH) are staggering. As of 5:45 p.m. ET, Bitcoin is down 10.8% in the last 24 hours and 5.4% in just the last hour and a half to $35,724. Ethereum is down 16.8% in the last day and 6.9% in the last 90 minutes to $2,512. 

Cardano (CRYPTO:ADA) has also tumbled 13.4% in the last 24 hours while Solana (CRYPTO:SOL) is down a whopping 19.1%. Down the altcoin list, there's rapid selling heading into the weekend. 

Image source: Getty Images.

So what 

There are a couple of things to look at in short-term trading. One is that liquidations are accelerating as investors with leveraged bets that crypto prices would rise are liquidated from those positions. According to coinglass.com, $1.14 billion in crypto positions have been liquidated in the last 24 hours and $416 million of that batch came in just the last four hours. This is happening across the industry, but Ethereum is being hit hardest with $113 million in liquidations in the last four hours.

As this is happening, gas fees are soaring, especially on the Ethereum blockchain. Gas is the price you pay validators to complete transactions, and the price of gas goes up when the blockchain is congested.

Yesterday at this time, the price of gas in Ethereum was 203.7 GWei and right now it's spiking over 550 GWei. At this time of day, it's not unusual for gas fees to be close to 100 GWei, so there's clearly a high level of activity, likely led by panic selling in the market. 

Now what 

The challenge with the situation right now is that we don't know when the selling will stop. When leverage and panic selling collide, the market can plunge quickly, especially in the cryptocurrency market which trades 24 hours per day. 

One thing to worry about is some of the liquidy, or market makers who will buy when others are selling, can dry up on the weekend. I don't think it's a coincidence that the rapid selling kicked off just after the stock market closed for the weekend Friday afternoon. 

Volatility is normal for cryptocurrencies but right now that's working against investors instead of for them like it has for most of the last two years. This may continue until the market finds a floor, which still may be a ways away. Long-term, there's a lot of innovation taking place in cryptocurrencies, but that doesn't mean this sell-off won't be painful for a lot of investors. 

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.

Ethereum (CRYPTO: ETH) is trading lower Friday, falling lower in a crypto market that has been moving bearishly in recent weeks. Ethereum is nearing the very long-term higher low trendline and needs to hold above it to see a multiyear upward trend continue.

Ethereum is down 15% over 24 hours at $2,723.26.

Daily Chart AnalysisEthereum has fallen to the higher low trendline and is looking to see a bounce off it to continue the upward trend. The $4,000 level has been an area of resistance in the past and may continue to trade in the long term ascending triangle pattern until either the trendline is broken or the flat top resistance level is broken.The crypto trades below both the 50-day moving average (green) and the 200-day moving average (blue), indicating the crypto is seeing recent bearish sentiment. Each of these moving averages may hold as an area of resistance in the future.The Relative Strength Index (RSI) saw a dip lower Friday and has been trending lower overall. The RSI has fallen and now sits at 27, pushing into the oversold region and showing that many sellers have been moving into the crypto.What’s Next For Ethereum?

Ethereum is falling toward the higher low trendline and this shows that bears have been pushing into the crypto. The higher low trendline is an area where the crypto has always been able to bounce back.

Ethereum needs to see a bounce back or the crypto could begin seeing a long term bearish trend. Bears are looking for a break below this trendline and for the crypto to hold below the moving averages. Bulls are looking to see the crypto bounce off of this area and continue to form higher lows in the long term trend.

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CryptocurrencyLong IdeasShort IdeasTechnicalsMarketsMoversTrading IdeasLicenseRelated Articles Why Bitcoin- And Ethereum-Related Stocks MicroStrategy And Hut 8 Are Falling Today Shares of crypto-related stocks, including MicroStrategy Incorporated (NASDAQ: MSTR) and Hut 8 Mining Corp (NASDAQ: HUT), are trading lower during Friday's after-hours session amid a decrease in the pr read more Cryptographer IDs Critical Metamask Privacy Vulnerability Metamask is a crypto wallet and gateway for accessing decentralized apps (DApps) built on the Ethereum (CRYPTO: ETH) blockchain. A cryptographer addressed a security loophole that can put 21 million users at risk. read more Virtual Land Just Sold For 18,500 MANA In Decentraland What happened: Virtual land tokenized as an NFT just sold for $45,510, which is 3.67x the current floor price of 4.41529923 Ethereum (CRYPTO: ETH) ($45,510 USD). The collection consists of over 97,000 plots of land –– at the current moment each plot Land parcels are 16m x 16m, or 52 square feet. read more Metaverse Land Just Sold For $49,200 (20,000 MANA) In Decentraland What happened: Virtual land tokenized as an NFT just sold for $49,200, which is 3.97x the current floor price of 4.41529923 Ethereum (CRYPTO: ETH) ($49,200 USD). The collection consists of over 97,000 plots of land –– at the current moment each plot Land parcels are 16m x 16m, or 52 square feet. read more

The intense selling pressure we saw ending the trading week for stocks continued into the weekend in the crypto market. Three of the top 11 tokens by market capitalization, rong>(CRYPTO:ETH), and Dogecoin (CRYPTO:DOGE) showed negative 24-hour returns of 5.1%, 8.4%, and 9%, respectively, as of 5:30 p.m. ET.

Capital outflows have led to spot price declines across most major cryptocurrencies, as investors take a risk-off approach to all assets. This week's move higher in U.S. Treasuries signaled the bond market is pricing in a near-certain Fed hike in March. This led growth investors to sell off anything remotely speculative, with the crypto sector among the hardest-hit asset classes in the market. 

Image source: Getty Images.

These spot price declines have been accelerated by forced liquidations, centered around Bitcoin and Ethereum. Liquidations for the world's two top cryptocurrencies totaled more than $471 million, or approximately 60% of all forced liquidations in the market. Dogecoin took 7th place on the list, with $12 million in liquidations over the past 24 hours.

Recent tweets from Elon Musk supporting Dogecoin haven't been enough to keep this meme token above water this week. For Bitcoin and Ethereum, it appears investors have their eye on smaller competing blockchains, amid a capital rotation that seems to have legs right now.

So what

Bitcoin and Ethereum benefit from the largest ecosystems of any blockchain networks, and therefore the capital flows matter for these top tokens. With capital rotating out of the crypto space, these tokens are getting hit hard right now.

Meme tokens such as Dogecoin are among the most sensitive to market sentiment, and they are among the most volatile tokens in the crypto world. Dogecoin has been on a wild ride in recent years, riding a speculative surge that many experts believe is driven more by brilliant marketing than by fundamentals. Accordingly, the potential downside for many of these difficult-to-value digital currencies could be significant, and traders are taking note of the near-term risks.

Now what

These strong macro headwinds appear unrelenting at the moment, and little in the way of reprieve is being reflected in these tokens' valuations. While Bitcoin, Ethereum, and Dogecoin have each bounced off their daily lows, these tokens each have lost more than 45% of their value in a few short months.

This bear market is now being referred to by many as a crypto winter. Right now, the market appears to be taking the view that this could be a rather brutal storm. While traders and speculators take cover, the question is whether long-term investors will step in at some point to pick up these tokens at a discount. After all, top tokens such as Bitcoin and Ethereum have historically bounced back in incredible fashion from steep sell-offs in the past.

Right now, there's not much divergence between the performance of top-quality cryptocurrencies and meme tokens, so all bets are off. However, there's likely to be some stabilization at some point. When that happens is anyone's guess.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer. Stock AdvisorS&P 500498%134%Join Stock Advisor

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Cumulative Growth of a $10,000 Investment in Stock AdvisorCalculated by Time-Weighted ReturnStocksBTCBitcoin CRYPTO:BTCDOGEDogecoin CRYPTO:DOGEETHEthereum CRYPTO:ETH

Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

Related ArticlesCrypto Miners: Cheap, or Dangerous to Buy Now?New to Crypto? Do These 3 Things Before You BuyHere's Why Bitcoin Is Better Than GoldHere's Why Bitcoin Is Not RiskyWhy Bitcoin, Ethereum, and Other Cryptocurrencies Suddenly Crashed Friday Afternoon

Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) tumbled sharply at press time.

What Happened: Major cryptocurrencies dropped suddenly late night Thursday. BTC fell 7.75% to $38,696.38 below the psychologically important $40,000 mark over 24 hours.

The fall in ETH was sharper as the second largest coin fell nearly 9% to $2,843.86 over 24 hours. DOGE was down 8.3% at $0.15 in the same period.

See Also: How To Buy Bitcoin (BTC)

Why It Matters: The global cryptocurrency market cap plunged 7.3% to $1.8 trillion. On Thursday, it was reported that Russia’s central bank has called for a ban on cryptocurrencies.

Russia is among the top three countries for Bitcoin mining, according to Edward Moya, a senior market analyst at OANDA.

“​​If this proposal [from the Bank of Russia] passes, Bitcoin could slide below the $40,000 level,” said Moya, in a note seen by Benzinga.

Read Next: Dogecoin Refuses To Budge But Here's Why There's Increased Clamor For McDonald's Acceptance Today

Download the mobile app now, available on iOS and Android.

Click here, or sign up for our newsletter to explore more of Benzinga's Cryptocurrency market coverage, in-depth coin analysis, data, and reporting.

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CryptocurrencyNewsMarketsMoversTrading IdeasLicenseRelated Articles Is Bitcoin At the Mercy Of The Stock Market After Falling Below The $40K Level? Here's What Experts Are Saying As Bitcoin (CRYPTO: BTC) fell below the crucial $40,000 level Thursda read more Why Jim Cramer Is Warning You To Be 'Careful' With Dogecoin CNBC host Jim Cramer has warned investors about investing in Dogecoin (CRYPTO: DOGE), saying that the meme cryptocurrency is a security.What Happened: Cramer said investors should be careful when dealing with Dogecoin as it is a security and will be regulated. read more 'The Black Swan' Author Gives A 'Ruined Gambler' Analogy As Panic Strikes Bitcoin Investors Amid Crash “The Black Swan” author Nassim Nicholas Taleb has taken a dig at Bitcoin (CRYPTO: BTC) holders after the prices of major cryptocurrencies read more Bitcoin Slips Below Crucial $40K Level, Taking Ethereum, Dogecoin Down With It: US Treasuries, Russia, Outflows And More That's Weighing Major coins continued to bleed Thursday evening as the global cryptocurrency market cap declined 2.3% to $2 trillion.What Happened: Bitcoin (CRYPTO: BTC) traded 2.5% lower over 24 hours at $39,856.72 over 24 hours. For the week, it is down 5.7%. read more

Don't write off Ethereum just yet.

The second-largest blockchain network by market capitalization after Bitcoin has become the dominant venue for some of the hottest cryptocurrency innovations, from decentralized finance (DeFi) to non-fungible tokens (NFT).

The network's popularity – and the high fees of transacting on it – has inspired a bevy of competitors aiming to undercut Ethereum with lower costs, faster speeds and higher throughput. Speculation that up-and-coming "ETH killers" or layer 1 blockchain alternatives such as Solana, Binance Smart Chain and even Cardano might one day overtake the market leader has sent the rivals' token prices soaring.

But analysts at Coinbase Institutional, which provides cryptocurrency research to big investors, say Ethereum might succeed in staving off the upstarts.

Ethereum’s layer 2, or companion system, which works alongside the main blockchain to speed transactions at lower cost, may help to stave off competition from other layer 1, or base layer, protocols. Planned upgrades to Ethereum itself, such as a full transition to a proof-of-stake blockchain from the current proof-of-work system as well as the introduction of sharding may also help.

As the ecosystem’s scalability improves, users of decentralized applications, or dapps, may refrain from looking for faster and cheaper alternatives to Ethereum, Coinbase Institutional said in a recent report.

Coinbase Institutional says it still expects "multiple chains to coexist in the crypto space in the near term," but Ethereum could keep its throne.

"We do think that the culmination of [layer 2] scaling solutions combined with upgrades like the Beacon Chain merge and sharding could limit progress for alternative [layer 1s] in their current form," according to the Coinbase Institutional report.

Proof-of-stake transition

The Ethereum Blockchain is about to transition to a proof-of-stake consensus model from the energy-intensive proof-of-work mechanism the Bitcoin blockchain uses. This will happen by merging with the Beacon Chain – effectively a beta version of the future proof-of-stake blockchain that's already up and running.

The changes should help reduce energy consumption and computational power on Ethereum. While this does not guarantee faster transactions and lower gas fees, the availability of layer 2 systems like zero knowledge (zk) rollups can attract developers and encourage capital to stay in the ecosystem.

The development is likely to narrow layer 1 alternatives’ opportunities in the second half of 2022, according to the Coinbase analysts.

Zk-Rollups bundle transactions together and execute them in an off-chain environment before sending the updated transaction data back to Ethereum. The scalability that can be achieved as rollups gain more widespread use could be key to the success of Ethereum 2.0, according to Coinbase Institutional.

"This would be crucial for allowing the network to potentially scale to billions of users in the long run, processing tens of thousands of transactions per second," according to the report.

Ethereum Price Prediction – January 21

The Ethereum price prediction is seen moving below the key supports and it may continue to move down towards $2500 if it fails to stay above $2600.

ETH/USD Market

Key Levels:

Resistance levels: $3300, $3400, $3500

Support levels: $2400, $2300, $2200

Buy Ethereum Now

As the market opens today, after touching the high of $3034 level, ETH/USD has been dropping with a bearish bias and currently dropping below the 9-day and 21-day moving averages. The Ethereum price continue to head towards the south and could break many supports below $2600. On the contrary, the price could correct higher, but it is likely to face sellers below the lower boundary of the channel.

Price Prediction:  Ethereum (ETH) Ready for More Downwards

On the downside, there is a close below the $2700 level as the Ethereum price moves to cross below the lower boundary of the channel. As a matter of fact, dropping further could open the doors for more losses and the price may tumble below the $2600 level. More so, should it spike below this level, the critical support levels of $2400, $2300, and $2200 may come into focus as the technical indicator Relative Strength Index (14) nosedives into the oversold region.

Moreover, ETH/USD is not yet ready to recover above $2700 and it could extend its decline. On the upside, the next major resistance is near the $3000 level. However, the price must climb above the 9-day moving average to hit the resistance levels of $3300, $3400, and $3500 to move back into a positive zone. If not, there is a risk of more downsides below the channel.

Against Bitcoin, the daily chart shows that Ethereum’s price is trading below the 9-day and 21-day moving averages. If the price crosses below the lower boundary of the channel, there is a possibility that the coin could fall lower and the next support key below 0.070 BTC is close to the 0.068 BTC level. If the price keeps falling, it could hit the critical support of 0.066 BTC and below in the negative move.

Meanwhile, if the bulls regroup now, the 0.074 BTC and 0.075 BTC resistance levels may play out before heading to the potential resistance levels of 0.078 BTC and above. However, the daily outlook is looking bearish as the Relative Strength Index (14) moves to cross into the oversold region to enhance the bearish movement.

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Ethereum, the second most sought-after token, is losing ground to other cryptocurrencies, such as Solana (SOL), in the non-fungible token (NFT) market because of its high transaction fees on the network, global investment bank JPMorgan analysts said. 

JPMorgan’s analysts, led by Nikolaos Panigirtzoglou, pointed out that high gas fees and congestion have pushed NFT apps away from the Ethereum network, according to a Bitcoin.com report. 

"It looks like, similar to DeFi apps, congestion and high gas fees has (sic) been inducing NFT applications to use other blockchains," Panigirtzoglou said in the note. 

JPMorgan's global markets team has shown confidence in the Solana network and said that it has been seizing market share from Ethereum in recent weeks. 

The analysts warned that if the pattern continues, it could impact Ethereum's price. ETH was trading at $2,856.64 at 1.24 a.m. ET, CoinMarketCap data showed. 

The JPMorgan note pointed out that newer blockchains including Solana, Wax, or Tezos, are attracting NFT developers with lower transaction fees. 

In another report released earlier this month, JPMorgan analyst Kenneth Worthington expressed confidence that 2022 would be the year of financial tokenization. The development of crypto technology will continue, driven by the scaling of Layer-1 and the introduction and growth of Layer-2, he said, adding that the introduction of Layer-2 and Ethereum's merge will speed up transactions and could cut energy consumption.

In this photo illustration, visual representations of the digital Cryptocurrency, Bitcoin and Ethereum are pictured atop a Japanese 10,000 yen note on March 20, 2020 in Katwijk, Netherlands. Photo: Yuriko Nakao/Getty Images

Loading... Related Stories3 Ways To Save On Ethereum Gas FeesEthereum Reaches Critical Level After Breaking Below 3K. Can It Rebound? Join the Discussion

There’s a major bloodbath in the crypto lane as once again the top cryptocurrency Bitcoin fell under the $40K mark and Ethereum followed suit. Both the top assets Bitcoin and Ethereum were down by over 8% on their daily charts as price fell below crucial support levels.

The larger market sell-offs took the global crypto market cap to $1.83 trillion, a 7.75% decrease over the last day. While most of the top coins lost value, Ethereum tested the $2800 mark after 3-months as the top altcoin’s trajectory looked predominantly bearish.

The top altcoin after charting an over 70% price rally in the beginning of the last quarter of 2021 made a new all-time high of $4867 on November 10. Since then for the most part of the last three months, ETH has made lower lows and lower highs despite the occasional pumps. That said, ETH’s price trajectory presented an inverse parabola as price was back to the lower level from where it picked up over three months ago.

While a year back in January 2021, ETH traded at $1,039 and ETH HODLers were still making +159.75% ROI vs USD (yearly ROI) the recent price drop had put the top altcoin back to the September 2021 price level.

Further, Ethereum’s Relative Strength Index (RSI) on a daily chart fell in the oversold zone yet again and noted 25.23 at the time of writing. This was the second time ETH’s RSI fell in the oversold zone this year, while in the last year ETH’s RSI had maintained above the 40 mark throughout the year barring the May sell-offs.

After Ethereum’s price broke below the multi-month support line of around $2,900 that was in play since September last year, a panic sell sentiment was seen as sellers in the market rose. However, a further over 10% decline in price could be expected from ETH if it fails to hold the $2800 support.

That said, a spike in buy orders had also pushed ETH below the lower boundary of the descending channel on a 4-hour chart. For now, with the market painted in red as most of the top 100 cryptocurrencies see a drop, ETH’s chances of a quick recovery or dissociation from the larger trend look bleak.

This article was originally posted on FX Empire

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New data reveals that the world’s biggest Ethereum (ETH) whales on record are gobbling up stablecoins and other altcoins as Bitcoin (BTC) struggles below $40,000.

According to whale-monitoring bot WhaleStats, the top 1,000 non-exchange Ethereum wallets snapped hundreds of thousands of dollars worth of stablecoins USD Coin (USDC), Tether (USDT) and Binance USD (BUSD) as well as and ETH itself in the last seven days.

The deep-pocketed investors also accumulated $62,569 worth of Polygon (MATIC) on average, followed by flexUSD, another stablecoin.

Coming in at number seven is Hex as Ethereum whales bought an average of $28,133 worth of the crypto asset designed to replace the certificate of deposit.

Decentralized oracle network Chainlink (LINK) takes the eighth with an average purchase amount of $27,934.

Basic Attention Token (BAT), the utility token of anti-ad web browser Brave and Wrapped Bitcoin (WBTC), which represents Bitcoin on Ethereum on a 1:1 basis, round out the list.

WhaleStats also shows that some of the richest Ethereum whales in existence are making huge individual purchases amid the crypto market pullback.

The fourth-ranked Ethereum whale on the planet bought nearly 200,000 LINK worth a staggering $3.90 million and 1,000 Maker (MKR) worth about $1.96 million. MKR is the Ethereum-based governance token of MakerDAO, a decentralized autonomous organization (DAO) that’s used to maintain and regulate the stablecoin DAI.

The 141st-ranked ETH whale also bought LINK – 86,475 tokens worth $1.69 million. The large wallet also added 1,099,996 MATIC worth $2.24 million.

Lastly, the 475th-ranked Ethereum whale purchased 326,994 SUSHI worth $1.84 million. SUSHI is the governance token of decentralized crypto exchange platform SushiSwap.

 Check Latest News Headlines  Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/ParabolStudio/Natalia Siiatovskaia

Bitcoin and Ethereum led the market in the recent downturns that rocked the market. These two digital assets are undoubtedly market movers in their own right and as such, upward or downward trends start with them. This has raised concern among investors who believe the market is finally heading towards a stretched bear market. However, not everyone believes this, as some believe the current downtrend is only temporary.

Mike McGlone on Bitcoin and Ethereum

Mike McGlone is a leading Bloomberg analyst. Focused on the financial market, he is the author of a newsletter sharing his thoughts on various markets, including stocks and the cryptocurrency market. McGlone is currently one of the people with the most optimistic outlook on the market, despite the various dips that have rocked the space. Especially on top digital assets in the cryptocurrency market.

McGlone who was on The Wolf of all Streets podcast shared some interesting thoughts on the market, putting the analyst in an overall bullish position for bitcoin and ethereum.

BTC down to $ 38K | Source: BTCUSD on TradingView.com

The analyst emphasizes the correlation with the stock market. This, he explains, is preparing for a pullback and when that happens, bitcoin and, by extension, ethereum, would benefit from this correction. “Here’s my prediction: Markets pull back,” said Mike McGlone. “We finally get a 10% correction, maybe 20%, in the stock market. All correlations are one, which is usually the way it works. Bitcoin comes out better. Ethereum too, potentially “. However, this pullback is only reflected in the two main cryptocurrencies that McGlone expects to recover after this.

Other cryptocurrencies can’t fit

Speaking of other cryptocurrencies, the analyst took a more bearish stance on them. The positivity shown in the podcast towards the flagship coins bitcoin and ethereum has not carried over to the rest of the market, which does not expect it to do well despite the decline.

McGlone specifically focused on dog coins that were likely the winners of 2021. The craze that saw various useless meme tokens rise to billions of dollars in valuation was called “stupid” by Bloomberg analyst. “The rest of the space, we must admit, the speculation you saw in dog coins last year was indicative of this. It’s just stupid and we’ll tell the story to our grandchildren, ”he said.

Even for a digital asset like Solana, which had a hugely successful year, McGlone didn’t seem thrilled. He confused SOL with dog coins, which he said was the riskiest of the assets. “The bottom line is that they are the riskiest of assets,” McGlone said. “There is massive speculation. I mean dog coins and also in things like Solana, ”he added.

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Ethereum price has exceeded the bearish target given by the prevailing chart pattern at $2,353. ETH has rebounded slightly but is finding difficulty in discovering a reliable line of support to prevent further decline. Ethereum

price exceeded bears’ target

Ethereum price has sliced below the lower boundary of the descending parallel channel on the 12-hour chart, reaching the pessimistic target projected by the prevailing chart pattern at $2,353. 

While Ethereum price has attempted to reverse the period of underperformance, ETH could continue to slide lower within the lower parallel channel if the bulls fail to push prices higher. 

Additional selling pressure could steer Ethereum price lower to tag the downside trend line of the lower parallel channel at $2,297, before dropping toward the 127.2% Fibonacci extension level at $2,004 if a catastrophic sell-off occurs.

However, if the buyers step in, Ethereum price may face immediate resistance at the 78.6% Fibonacci retracement level at $2,544, then at the 61.8% Fibonacci retracement level at $2,730, coinciding with the lower boundary of the prevailing chart pattern. 

A spike in buying pressure may see ETH tag the 50% retracement level at $2,861 before tagging the 38.2% Fibonacci retracement level at $2,992, where the 21 twelve-hour Simple Moving Average (SMA) also sits. 

ETH/USDT 12-hour chart

It may take an additional increase in strength before Ethereum price tags the 23.6% Fibonacci retracement level at $3,154, which sits near the upper boundary of the governing technical pattern.

The resistance line given by the Momentum Reversal Indicator (MRI) shows that Ethereum may face a stiff hurdle at the topside trend line of the prevailing chart pattern. Only a decisive break above the aforementioned obstacle could signal a reversal of the period of underperformance.

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Cryptos feed-->  Latest Crypto News Latest Crypto News & Analysis Editors’ PicksCryptos enter buy zone

Bitcoin price has made a significant dip this week, dropping more than 11% and returning levels not trades since August 2021. Etheruem price hits new three-month lows, threatens a return to the $2,300 value area. XRP price looks determined to push lower to the $0.65 support zone before generating another bull run.

More Cryptocurrencies NewsLoopring, NEAR and Harmony among the biggest losers as crypto bloodbath intensifies

Altcoins suffered double-digit losses in the recent crypto bloodbath. The recent spike in altcoin prices was followed by a correction for Loopring, Harmony and NEAR. The losses nursed by altcoins were accompanied by a wave of selling pressure across exchanges. 

More Cryptocurrencies NewsShiba Inu price set to crash by 70% as critical support weakens

Shiba Inu (SHIB) price continues to be controlled by bears after the dead-cat bounce in stock markets yesterday evening. With the Nasdaq closing sharply lower, giving up earlier gains, cryptocurrencies are being dragged into a selloff on its coattails, and bearish headwinds  persist. 

More Shiba Inu News Crypto.com Price Prediction: CRO ready to return to $0.25

Crypto.com Coin (CRO) is withstanding the current market headwind not that great. It has already lost over 50% of its value from the highs, and CRO could be set to lose another 30% as essential support is being breached.

More Crypto.com NewsBitcoin: BTC may capitulate to $30,000

Bitcoin price has dropped considerably over the last three weeks. The recent downswing has made things worse for BTC and hints that a steep correction could be on its way.

Read full analysis BTC ETH XRP Crypto partners in your location

It appears that the world is changing as more people adopt cryptocurrencies like Ethereum and HUH Token into their everyday lives. The news broke, most recently, that financial giants were taking steps to harness crypto’s largest asset, blockchain technology, and as always that caused a mad-dash to the most-loved cryptos on the market.

Ethereum and HUH Token were no exception to that rule.

With more people like the new Mayer of New York, Eric Adams has publically announced that he’ll be investing his first paycheck into Ethereum and Bitcoin. But the reasons why haven’t only been a shock to the state of New York, but the world as a whole.

HUH Token is only a few sleepless nights away from their 500 wide influencer launch, and as the excitement builds towards HUH Token’s who’s who of influencers the Utimeme cryptocurrency has something else in the pipeline for the upcoming months ahead.

New York, New York the city known for its pizza, Time’s Square, The Statue of Liberty, the Upper-East side, Sex, and The City, and well, any cultural and world-leading output that you can think of … but there’s one key aspect of the city that never sleeps that drove Mayer Eric Adams to deposit his first paycheck into Coinbase as Ethereum and Bitcoin and that’s New York’s world-leading financial hub.

This is not only a major step forward from Wall Street’s stock market but it’s a huge step for the cryptocurrency sphere as a whole, Adams explained, “New York is the centre of the world, and we want it to be the centre of cryptocurrency and other financial innovations,” Adams continued, “Being on the forefront of such innovation will help us create jobs, improve our economy, and continue to be a magnet for talent from all over the globe”.

Though the crypto believes, Eric Adams, received some backlash over his choice and determination for New York to become one of the central hubs for cryptocurrency to thrive, many around the world share Eric’s vision for a future filled with digital currency.

And it seems that Ethereum and Bitcoin will be the first to take a bite out of the big apple.

                                                                   Sourced: bitcoingiftshop.eu, artbynelly.com, medium.com

HUH Token will launch 500 influencers next week and with it, take the first steps toward the eagerly awaited MetHUH that was heavily outlined in their Whitepaper, however, as the adage goes ‘one step at a time.

Though the names and faces of these influencers are under lock and key until the official launch next week, the stirs around the cryptocurrency community are set to see HUH Token’s influencer launch increase the value of the crypto exponentially.

Not only this, but HUH Token will release, and as of yet nameless, play-to-earn-game where more HUH Token holders can benefit from simply being a HUH Token member.

If that’s something you’d like to be a part of, as HUH Token continues to grow and expand, then you visit the links below for more information.

HUH Token will be dropping presale holders NFTs at the end of January and though these cryptocurrencies, HUH Token, Ethereum, and Bitcoin are doing some pretty drop tech events and making strides in their areas, it’s always best to do your research before investing in crypto.

Website: https://huh.social

HUH Official Swap: https://swap.huh.social/

Telegram: https://t.me/HUHTOKEN

Twitter: https://twitter.com/HuhToken

Instagram: https://www.instagram.com/huhToken/

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The global cryptocurrency market capitalisation dropped from $1.88 to $ 1.7 trillion during the last 24 hours while the trading volume surged from $66.35 to $126 billion.

The decentralised finance (DeFi) cryptocurrency market cap surged 123.14 percent to $120.97 billion. Value of stablecoins stood at $115 billion, representing nearly seven percent of the market. Stablecoins are tied to an asset - such as the dollar or any other fiat currency or gold - to stabilise their price.

Bitcoin's market dominance remained nearly flat at 40.51 percent and the asset was trading at $36,579 levels today morning.

In rupee terms, Bitcoin fell over seven percent to trade at Rs 29,63,463, while Ethereum fell nine percent to Rs 2,11,277.4.

Meanwhile, Robinhood Markets Inc is rolling out crypto wallets to a 1,000 users, allowing them to send and receive cryptocurrencies through their brokerage accounts, the company said in a blog post. The Menlo Park-based online brokerage had laid out plans to begin testing the wallets last year, with the aim of a broader rollout in 2022.

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Also, Brazilian financial services provider Dock said that it will start using cryptos to process international remittances as it expands to Latin America and Europe.

Why is now the right time to invest in US markets?

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Early December, see here; I concluded for Ethereum, (ETH, Ether), “the Bulls’ most likely hope now rests on an ending diagonal pattern [in Elliott Wave Principle (EWP) terms] targeting $5500-5900. But if $3575 is breached again, then a more prolonged Bear market has to be considered.”

That drop below $3575 happened last week, and now the cryptocurrency has opened up the path for the prolonged Bear market as a large (blue) primary-IV wave. See Figure 1 below.

Figure 1. ETH weekly chart with EWP count and technical indicators.

Corrections, big and small, always consist of at least three waves: a, b, and c.

My premium crypto trading members know that any correction always consists of at least three waves: wave-a, wave-b, and wave-c. Sometimes more, but never less. The now preferred Primary-IV scenario is no exception. If we look at figure 1, we can see that Ethereum has now retraced 38.2% of the previous Primary III rally that started late-2018. Besides, ETH also sits right at its 50-week simple moving average (SMA), while it still resides above its (green) Ichimoku cloud. Hence, it is right at important support from where at a minimum, a decent (dead cat) bounce can start. From an EWP perspective, it means wave-a of wave-IV is likely, or soon, complete, and wave-b (b for bounce!) should then commence.

How high the B-wave will travel cannot be known with certainty beforehand, but a 50% retrace of the previous A-wave decline is a reasonable “middle-of-the-road” estimate. Once more price data becomes available, I can narrow the bounce target zone down. For now, a counter-trend rally to around $4250+/-250 should be anticipated.

Please note that B-waves are highly variable price structures with potentially several hard-to-forecasting twists and turns. Why? Because B-waves comprise three waves themselves as well. Thus, although the upside target zone, for now, seems an easy call, the way to get there may very well be very frustrating on a day-to-day basis. Once wave-b completes, I expect wave-c to move the price of Ether back to around $2500+/-500 from where the next multi-month primary-V rally to ideally $9K+/-1K can start.

Bottom line: Early December, the Ethereum bulls failed to hold the $3925 low, and this month, they also failed to maintain the critical $3575 level, which was essential for their last hope of ending diagonal pattern targeting $5500-5900. Now the prolonged Bear market I then forewarned of is front and center. Bear markets are essentially significant corrections, and corrections always travel in at least three waves: a, b, and c.

The weekly chart suggests wave-a down is, soon, complete and wave-b back up to ideally about $4250+/-250 should, soon, be underway. Meanwhile, the weekly chart shows that ETH’s trend is also less Bullish than last month as it trades below its 10w and 20w SMA but finds support at the 50w SMA. As such, a less bullish perspective than last month must be preferred.

This article was originally posted on FX Empire

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Bitcoin, Ethereum and other popular digital coins saw steep declines on Friday, with prices hitting lows not seen in months.

Bitcoin dropped to $35,422 USD late on Friday, according to Coinbase, down from its all-time high of $69,000 USD in November. Ethereum hit a low of $2,467 USD on Friday, down from its November high of $4,867 USD, while Dogecoin fell below $0.14 USD, its lowest price since April.

Other popular coins, like Binance Coin, Cardano and Solana, also experienced major dips. According to Coinbase, the crypto market dropped 8.33% over the past 24 hours.

CNBC reports that investors are shedding riskier assets as rates continue to rise.

Last week, Bitcoin and Ethereum also dipped to new lows but recovered shortly after.

In other news, New York City Mayor Eric Adams is taking his first paycheck in cryptocurrency. Read Full Article

Price Downturns, Averaging $2,500 – January 22 There has been a continual falling price outlook in the ETH/USD market operations as the crypto-economic price downturns, averaging $2,500. The crypto economy’s percentage rate is around 0-16, denoting a slow-moving pace to the downside as of writing. Price Downturns, Averaging $2,500: ETH Market Key Levels: Resistance levels: $2,750, $3,000, $3,250 Support levels: $2,500, $2,250, $2,000 ETH/USD – Daily Chart The ETH/USD daily chart shows the crypto-economic price downturns, averaging $2,500. The bearish channel trend lines have now taken a full-fledged course as the upper part is drawn closely beneath the smaller SMA to the southward side. The 50-day SMA indicator is above the 14-day SMA indicator. The Stochastic Oscillators are southbound positioned briefly into the oversold region. The current bearish trading outlook hasn’t had a significant exhaustion sign to suggest an end to the downward force presently.

Buy Bitcoin NowAre there still reliable downward forces in the ETH/USD market as the crypto-economic price downturns, averaging $2,500?

The ETH/USD market have not witnessed a significant sign of exhaustion as the crypto-economic price downturns, averaging $2,500. It would take long-position takers some time of being patient to get a decent rebounding motion around the value line. A long-hold of positions around the same point mentioned earlier can lead to the emergence of convergences afterward. If that will have to be the situation eventually, traders will have to suspend exerting positions until a definite move features. On the downside of the technical analysis, the ETH/USD short=position takers needed to continue to build more strengths on the present downward force beneath the resistance value line of $2,750. There may be a pit stop at $2,500 to allow the market has a respite before diving in a direction. A sudden aggressive breakdown at the value line may cause an extension of the downward trend to achieve a lower trading support point in the long run.

ETH/BTC Price Analysis

In comparison, Ehereum, as the base trading instrument, has been under a countering-falling force inflicted on it by Bitcoin over a couple of sessions. Alternatively, the cryptocurrency pair price downturns, averaging a lower support level underneath the trend lines of the SMAs. The Stochastic Oscillators have bent southbound into the oversold region. And they still point to the south, signaling that the downward pressure is ongoing. That showcases that ETH is yet to get over succumbing to the declining force as paired with BTC.

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How to buy EthereumHow to buy cryptocurrencyAzeez MustaphaPRO INVESTORauthor

Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.

View all posts by Azeez Mustapha Bitcoin (BTC) Price Prediction: BTC/USD Slumps and Pauses above $36k, May Revisit $30kAzeez Mustapha&bulletUpdated: Updated:&bulletUpdated:

BTC Price Continues Bearish Run as It May Revisit $30k – January 21, 2022 ...

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Harmony (ONE), launched in May 2019 as part of Binance Launchpad’s Initial Exchange Offering (IEO), is a decentralized Blockchain platform developed as a branch between scalability and decentralization efforts. Development focused on data exchange and the creation of marketplaces for fungible tokens and non-fungible assets with the motto 一 Massive Decentralization.

In addition, Harmony promises high throughput. This comes with two “lows”: latency and pricing. Together, they are designed to put the platform at the center of efforts to lay the foundation for a future decentralized and credible economy.

Prior to the IEO, Harmony initiated a startup in 2018. His funding project raised $18 million in April 2019 and attracted the attention of investors such as Silicon Valley Consensus Capital and Hong Kong’s Remniscap VC. Over 2.8 billion of ONE token were bought by investors, of which 12.6 billion were for pre-mining.

Harmony promises investors accessibility to an environment that supports deployment in a variety of markets with a focus on data sharing, decentralized marketplaces, supply chain tracking, ad exchange, credit rating systems, and more.

Harmony Protocol is a proof of stake Blockchain and a forthright competitor to Ethereum. Ethereum is currently using the Proof of Work Consensus and will move to Proof of Stake via Ethereum 2.0. The argument is that Ethereum 2.0 will reduce transaction costs and improve network scalability. 

The development of Harmony concentrated on the idea that no forum provides a good equilibrium between decentralization and scalability, as described in the project’s white paper. 

Get Rid of Structural Constraints

Harmony wants to remove the structural constraints that prevent cryptocurrencies from becoming real digital money. This includes changes added to multiple layers of consensus algorithms, networks, and systems to improve performance without sacrificing decentralization. 

Enhanced Throughput Performance

Higher transaction throughput is what distinguishes Harmony from things like Ethereum and other Blockchain solutions that are forced to attain performance gains by compromising other components. Harmony developers define contending solutions as unable to solve scalability problems or support high-throughput applications such as games and distributed exchanges. Likewise, Blockchains like EOS and IOTA have sought to replace the consensus model and introduce new technologies like Directed Acyclic Graph (DAG).

FBFT Protocol

The Harmony Consensus Protocol focuses on speed and energy efficiency. Many of Harmony’s scalability and throughput promises stem from the ability of the Fast Byzantine Fault-Tolerant Protocol (FBFT) to scale to network size using parallel transaction processing and by effectively managing link latency. Network topology was developed to enable faster consensus building and faster message exchange.

Harmony One created a system called Deep Sharding. Partaking nodes can safely find the nodes associated with this particular transaction and query them in a consensus strategy. The number of transactions completed in each period increases, resulting in faster public Blockchain functioning. The amount of this parallelized transaction processing reaches levels and Blockchain rates that were previously impossible.

During Harmony’s deep sharding strategy, attacking nodes can safely find the nodes associated with each transaction and request them in the procedural process. There is no doubt that deep sharding is an alternative to storing large amounts of information, building a sufficiently fast network that can pay incentives around the world. Basically, Harmony’s deep sharding enables:

Sharding at both trade and consensus levels. Through this, the node can pinpoint other nodes that may play a role in the transaction and can only transact with them as part of consensus building. It aims to increase parallel processing power and improve platform throughput performance. Finally, smaller capacity devices can be turned into nodes on the network by eliminating the need for the node to store all Blockchain states.Harmony vs Ethereum 2.0

One can now find Harmony stakes on Mainnet. They enable trading with nominal fees and quick finality. In theory, Ethereum-based applications could also be created on Harmony without incurring high gas charges. This allows you to extend projects such as Compound Finance and DMM Overseas Token to levels that support mainstream adoption. Over 50% of the token supply is bet, providing Harmony with a high level of security.

The Harmony ONE Protocol is a more promising investment option when compared to Ethereum. Investing in cryptocurrencies does not reduce risk. It was created for a 401K and Vanguard index fund. Most crypto investors are looking for the next unicorn in the Blockchain industry, the most searing industry in the world.

Blockchain has the capability to transform the world because it can give every business and company in the world a competitive edge. Harmony ONE already has a working proof of stake protocol for Ethereum 2.0, so it’s worth the risk. Both Ethereum and Harmony will benefit from their rising popularity in the Blockchain industry, but Harmony One is currently undervalued; there is a general consensus that one can get better returns in the long run.

Written by: Arpit Sharma

Follow him at: https://twitter.com/ingenious_geek

LinkedIn: https://www.linkedin.com/in/entrepreneur-arpit

Published January 22nd, 2022

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