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Ethereum Addresses Hit a 35-Month High, ETH Price Predictions are Bullish

Although Ethereum is still significantly far away from its all-time high, analysts are predicting that Ethereum’s price has room to rise.

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Ethereum has risen slightly from its lows from last week, currently trading at $586 at press time. Although Ethereum is still significantly far away from its all-time high, analysts are predicting that Ethereum’s price has room to rise.

Ethereum price predictions are high

Ethereum reached an all-time high at over $1,440 almost three years ago, in January 2018. The world’s largest cryptocurrency, Bitcoin has reached its new all-time high this year, surpassing $19,800.

Many analysts are speculating that Ethereum would soon follow Bitcoin’s shoes, as Bitcoin made a great recovery recently, having its price spike back up to above $19,000.

Crypto analytics firm Santiment recently noted that the amount of Ethereum addresses hit a single-day high, since January 2018. This new record has hit a 35-month high, as the network growth metric reached 177,500 addresses created. Santiment explained that as more addresses interact on an asset’s network, this means that a bull run is near.

Coincidentally, Ethereum’s all-time high price was also in January 2018, which gives ETH more of a promising predictor of an upcoming bull run.

Ethereum hits 35-month new high.jpeg

Source: Santiment

ETH enters into a new bull cycle

Crypto trader Michael van de Poppe recently shared a chart while noting that Ethereum could be at the start of a new bull cycle. The trader explained:

“The #Ethereum chart is the primary example of the start of a new bull cycle. Points of interest for longs; $425-460. The next higher high in the impulse wave is most likely going to be $850 or $1,150. Buy the dip.”

Ethereum price chart.png

Source: TradingView via Twitter

Crypto analyst and CEO of Nuggets News Alex Saunders said that “Ethereum could pull a Bitcoin” soon. He further explained:

“$ETH will pull a $BTC soon. Just as everyone was calling for a pullback at $10k, $12k, $14, $16k, $18k, retail sold early & one never really came. Well look at the $ETH chart. We’re headed to $1k-$2k, it’s barely moved & people are already for a pullback again?”

While Ethereum is set to process more than $1 trillion in transfers this year, Ryan Selkis believes that ETH is still inferior to Bitcoin as money, wall street veteran Raoul Pal believes that Ethereum could flippen Bitcoin in 10 years.

The Real Vision CEO Raoul Pal believes that Ethereum’s utility in the world, other than in the financial markets, could give Ethereum a leg up for its price as its blockchain could see more adoption.

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Source: https://blockchain.news/news/ethereum-addresses-hit-35-month-high-eth-price-predictions-bullish

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Internet Computer (ICP): Everything You Need to Know

After Internet Computer ICP tokens were listed on a number of leading cryptocurrency exchanges, its price even exceeded the maximum of $750, briefly surpassing Ripple, Dogecoin, and Cardano, and re

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The trading performance of Internet Computer (ICP) token skyrocketed after it was listed on a number of leading cryptocurrency exchanges.

ICP figures among the top ten cryptocurrencies by market capitalization currently in circulation. According to Coinmarketcap, ICP is ranked as the eighth-largest cryptocurrency with a market cap of $40.8 billion. Currently, the token is trading at $339.63.

What is an Internet Computer (ICP)?

Internet Computer is the world’s first decentralized public network with an unlimited capacity established by the DFINITY Foundation. Its function is to provide public internet services and to allow back-end software to be hosted on the network. This decentralized cloud computing platform helps software developers freely share their open-source software frameworks on the Internet without relying on technology giants such as Amazon and Facebook, or servers and commercial cloud services.

What is an Internet Computer token?

Internet Computer (ICP) token runs on its own proprietary protocol called Internet Computer. It aims to establish protocol governance and facilitate network transactions. With the ICP token, ICP holders can vote for governance proposals. Another network transaction function is that ICP can convert to cycles that fuel the computation. Its holder can use the token to pay for transaction fees. Compared to the current Ethereum network, the ICP fee has a fixed price for transactions.

DFINITY Foundation

DFINITY Foundation, a non-profit organization, was founded in 2016 by Dominic Williams in Zurich, Switzerland. Its goal is to transform the Internet into a decentralized public computing platform.

DFINITY has currently set up three research centres globally, and the team has recruited more than 100 researchers, engineers, and teams for operations. Since 2015, this project has successively won the favour of well-known investors such as Andreessen Horowitz (A16Z), PolychainCapital, SVAngel, AspectVentures, VillageGlobal, MulticoinCapital, ScalarCapital, etc.

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Source: https://blockchain.news/analysis/internet-computer-everything-you-need-know

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Ethereum Gas Fees Surge to a Monthly High, Supply on Exchanges Continues to Decline

Ethereum’s total fees has hit a monthly high of 746.026 ETH.

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After hitting highs of $4,350 recently, Ethereum (ETH) retraced to $3,871 at the time of writing, according to CoinMarketCap.

The crypto market experienced shock waves after Tesla, the American electric car manufacturer, decided not to accept BTC payments, citing concerns of negative environmental impact.

The Ethereum network has enjoyed notable milestones ever since the second-largest cryptocurrency breached the previous record of $1,400 set in 2018.

For instance, the total fees paid hit a monthly high of 746.026 ETH, as acknowledged by on-chain metrics provider Glassnode. Moreover, ETH’s dominance reached a record high of 19.13%.

Ethereum’s supply on exchanges continue to be depleted

According to market analyst Joseph Young:

“The supply on exchanges continues to nosedive. Feels very different from the last bull cycle.”

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Glassnode had previously reported that ETH on exchanges dropped to 12% of circulating supply, as Ether in smart contracts rose to 22.8%.

CryptoQuant CEO Ki Young Ju attributes this trend to Ethereum’s usability and ecosystem, which has made ETH holdings decrease both in derivative and spot exchanges. As a result, the sell-side liquidity crunch has been intensified.

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Crypto addresses with at least 10,000 ETH hit ATH

Lex Moskvoski, the CIO at Moskvoski Capital, noted that crypto addresses with more than 10,000 ETH broke the record in the last 30 days. He explained:

“Number of Ethereum addresses with more than 10k ETH are repeatedly hitting ATH in the last 30 days. Looks like the beginning of massive accumulation. Smart contracts are excluded in this chart.”

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Furthermore, decentralized finance (DeFi) projects on the Ethereum network has expanded at an incredible rate, absorbing more than $100 billion in liquidity in less than a year. Ethereum smart contracts are one of the most sought after features in DeFi.

Time will tell whether ETH will hit the psychological price of $5,000 this year, given that Ether has enjoyed a remarkable bull run in just the first quarter of 2021. Many are inclined to think that Ether will eventually reach $5,000 in value. Dallas Mavericks owner Mark Cuban seems to think that Ethereum will dwarf Bitcoin in the future, given the reliance of other blockchain projects on its network.

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Source: https://blockchain.news/news/ethereum-gas-fees-surge-monthly-highsupply-exchanges-continues-decline

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Bitcoin Struggles to Maintain Its Dominance

Bitcoin’s dominance has fallen to 44%, which is the lowest level BTC has gotten since 2018.

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Bitcoin’s consolidation continues. Ever since the top cryptocurrency hit highs above $64,500, it has not been able to breach the $60K price level. Last month, Bitcoin even plummeted to lows of $48.5K.

This downtrend was triggered by speculations that the American administration would increase capital gain taxes, which would affect crypto investments. Bitcoin is trading at $55,179 at the time of writing, according to CoinMarketCap.

The lack of an upward momentum has been partly triggered by Bitcoin’s dominance falling to 44%, which is the lowest level BTC has gotten since 2018, as alluded to by market analyst Holger Zschaepitz. He explained:

“Crypto market value hits $2.5tn as Ether hits record high >$4k. Bitcoin’s price is currently ~$59k w/its dominance reaching 44%, lowest since 2018, while Ethereum’s dominance is at a record 18%.”

Despite Bitcoin’s dominance falling, Square Inc. recently announced a BTC revenue of $3.51 billion during the first quarter of 2021, which is an increase of more than 11 times over the same period last year.

Institutions bought the recent Bitcoin dip

According to Glassnode co-founders Yann & Jan, panic selling by retail investors caused Bitcoin to plummet. They said:

“While retail investors panic sold, institutions bought this recent Bitcoin dip.”

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They had previously said that new market entrants caused the recent BTC panic selling, which saw the cryptocurrency’s price nosedive to the $48K level.

Bitcoin whales are, therefore, in an accumulation mood, as noted by Santiment. The on-chain metrics provider explained:

“Of the 16,104 Bitcoin addresses holding between 100 to 10,000 BTC currently, they own 9.1M BTC ($531.3B in USD). After declining holdings from April 10 to May 4, this group is showing signs of accumulating again with 20k added BTC the past 2 days.”

On the other hand, Bitcoin’s selling pressure from miners has fallen, as stated by a crypto trader tweeting under the pseudonym “Crypto Baby.”

“BTC selling pressure from miners is dead. They sent a large amount of BTC to exchanges in Feb this year, but they are moving a relatively small amount of Bitcoins these days. The sellers today seem not long-term investors and miners, but short-term profit takers.”

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Although Bitcoin is eyeing the $60K price level and has been struggling to retest it, 2021 has still proven to be a record-breaking year for BTC.

Image source: Shutterstock

“Crypto market value hits $2.5tn as Ether hits record high >$4k. Bitcoin’s price is currently ~$59k w/its dominance reaching 44%, lowest since 2018, while Ethereum’s dominance is at a record 18%.”

Source: https://blockchain.news/news/bitcoin-struggles-maintain-its-dominance

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