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‘Once in a While You Get Shown the Light’— Jerry Garcia Art to be Auctioned as an NFT for $1 Million – Bitcoin News

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The now-deceased and former lead guitarist for the Grateful Dead, Jerry Garcia, will have a rare piece of his artwork sold as a non-fungible token (NFT) collectible asset. The NFT is a digital piece called “Gift” and is being sold by the Jerry Garcia Foundation, a nonprofit that supports “environmental, artistic and humanitarian causes through the beauty of music and art.”

‘One Man Gathers What Another Man Spills’

On May 5, The Jerry Garcia Foundation released a newly minted NFT for auction called “Gift,” a piece of artwork crafted by the late Grateful Dead guitarist. The Grateful Dead was a well known American psychedelic rock band that formed in 1965 and toured up until 1995 playing approximately 2,350 shows.

Moreover, the Dead had a massive following known as “Dead Heads,” as thousands of individuals followed the group around the world. The Dead’s lead guitarist Jerry Garcia was not only an extremely popular musician, but he also dabbled in fine art as well.

'Once in a While You Get Shown the Light'— Jerry Garcia Art to be Auctioned as an NFT for $1 Million
The NFT called the “Gift” (pictured left), Jerry Garcia, lead guitarist for the Grateful Dead who passed away in 1995 (pictured right).

The Garcia art that was listed on Wednesday is held on the NFT marketplace Superrare.co, and the Jerry Garcia Foundation wants 309 ETH. Currently, the 309 ETH listed value of Garcia’s “Gift” is worth over $1 million using today’s ether exchange rates. The Superrare seller is titled “@jerrygarcia” and the author description tells a little bit about the Dead guitarist’s life. The SF Chronicle notes that the Jerry Garcia Foundation plans to donate a portion of the NFT’s auction proceeds toward the preservation of coral reefs.

‘One Watch by Night, One Watch by Day… If You Get Confused, Listen to the Music Play’

The auction house Superrare also has a description written on the NFT as well.

“Meeting ‘Gift,’ he greets us just landing, coming into our view from blue sky-walking and fluffy cloud-surfing. We see the congenial face of ‘Gift,’ a smiling forward-thinking interstellar being. He plays a musical staff,” a summarized description of the NFT notes.

The “Gift” summary further says:

We experience his colorful epiphany of giving and receiving in a range of rainbow hues- purples, reds, oranges, yellows, greens, and blues. We experience “Gift” as a realization of gratitude, an uplifting vision perceived through tangible abstractions. Familiar forms and geometric shapes adorn his garment. “Gift” plays by ear.

2021 has been a phenomenal year for digital artists and creators of NFTs. Statistics from the last seven days alone show there’s been 127,393 sales worth $321 million, according to nonfungible.com’s market history. Further, a large swathe of luminaries, socialites, and celebrities have been jumping on the NFT bandwagon. Bitcoin.com News recently reported on NFTs from the hip-hop phenomenon Eminem and a set of rare photos of Kurt Cobain turned into collectible NFTs.

As far as the Jerry Garcia NFT is concerned, currently, there is a bid for the artwork at 35 ETH or $122k using today’s ether exchange rates. The bid below that is for 4 ETH or $14k worth of ethereum for the NFT art.

What do you think about the Jerry Garcia NFT that’s being auctioned on Superrare? Let us know what you think about this subject in the comments section below.

Tags in this story
Artwork, Coral Reefs, dead, Dead Heads, ether, Ethereum, Ethereum (ETH), Garcia Art, Grateful Dead, Hippies, Jerry Garcia, Jerry Garcia Art NFT, Jerry Garcia Foundation, nft, Non-fungible artwork, Non-fungible Token, Superrare

Image Credits: Shutterstock, Pixabay, Wiki Commons, Jerry Garcia, Grateful Dead,

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



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Bitcoin price analysis for May | Invezz

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The cryptocurrency market is advancing this Friday, Bitcoin is trading very close to $58000, and for now, everything indicates that the price could advance above this level very soon.

Fundamental analysis: Institutional demand continues to grow significantly

Bitcoin continues to enjoy the support of both developers and user communities while the fundamentals of this cryptocurrency are constantly improving. Bitcoin has stabilized above $50000 support, the daily volume of this crypto remains high, and Bitcoin continues to grow following an influx of new capital into the market.


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The cryptocurrency market continues to attract “big players”, eBay is considering a crypto payment option while Mastercard and Visa made improvements to integrate cryptocurrencies into their payment networks. Goldman Sachs announced this week the formation of a new crypto dedicated team and two derivative products: Bitcoin NDFS and CME Bitcoin Futures.

The Crypto trading team will be a part of Global Currencies and Emerging Markets (GCEM) and a centralized desk for managing cryptocurrency risk for the clients of Goldman Sachs. Goldman Sachs entered in partnership with Cumberland DRW in order to make the best solutions for its clients.

“Institutional demand continues to grow significantly in this space, and being able to work with partners like Cumberland will help us expand our capabilities. The new offering is “paving the way for us to evolve our nascent cash-settled crypto-currency capabilities,” said Max Minton, Goldman’s Asia-Pacific head of digital assets.

JP Morgan and Morgan Stanley have also started to offer Bitcoin exposure for their institutional clients, proving that even big players like have confidence in the future of Bitcoin.

Despite this, the price of this cryptocurrency can weaken in the upcoming weeks, and maybe it is not the best time to invest in Bitcoin(BTC). If bigger investors unexpectedly sell a substantial amount of Bitcoin, it could result in an extreme correction as a small price change could provoke liquidations from traders with high leverage.

The risk/reward ratio is not good currently, and my opinion is that there are lots of cryptocurrencies with more opportunities.

Technical analysis: The major trend remains bullish

According to technical analysis, Bitcoin could advance above the $60000 resistance in the upcoming days or even hours.

Data source: tradingview.com

The main trend of this cryptocurrency remains bullish, and for now, there is no signal of the trend reversal. If the price jumps above $58000 again, it would be a signal to trade Bitcoin, and the next price target could be around $60000.

On the other side, if the price falls below $50000 support, it would be a firm “sell” signal, and the next target could be around $45000.

Summary

Bitcoin has successfully attracted the attention of institutional investors this year, and according to the latest news, Goldman Sachs announced the formation of a new crypto dedicated team and two derivative products that include Bitcoin NDFS and CME Bitcoin Futures. Bitcoin could advance again above the $60000 resistance; still, if the price falls below $50000 support, it would be a firm “sell” signal, and the next target could be around $45000.

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Uniswap, Stellar possess this particular edge over other Altcoins

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Uniswap, Stellar possess this particular edge over other Altcoins

The entire altcoin market is currently giving out mixed signals. There are massive fluctuations in price, and the correlation between assets is relatively inferior. While Ethereum Classic registered its largest rally in 2021, reaching a top of $179, other alts were either consolidating between key ranges or indicating a trend shift. From a development perspective, Uniswap had a major announcement, with its V3 going live on the Ethereum mainnet.

Stellar Foundation also announced its Q1 2021 report, which highlighted significant positive developments in the network. Keeping these factors in mind, these alts could potentially be gearing up for a steady rally in a few weeks.

Uniswap V3 launch had a different effect on the price

UNI/USDT on Trading View

Uniswap spiked close to 33% towards the end of April. Breaking above its previous resistance range (highlighted in the chart), UNI was able to test immediate resistance at $44. The announcement of the launch was expected to carry the asset forward towards $53. Yet, following the V3 launch, UNI’s value tanked in the chart.

However, it is important to take a deeper look into the fundamentals and according to Uniswap.org, activity on the DEXs was pretty high.

Source: Uniswap.org

Between 5th May to press time, total value locked (in USD) on the V3 platform had jumped from $135 million to $422 million. The total cumulative trading volume over the past 3 days is more than $250 million, with 24-hour transactions reaching nearly 28,000. That is a significant amount of activity within days of the V3 launch.

UNI’s price may possibly exhibit bullish characteristics on V3’s accord as well. On analyzing the price chart above, UNI’s present position could be a buying opportunity, before it addresses a new rally in the market.

Stellar: $1 dollar possible or not?

Stellar reached a new peak of $0.601 during the massive rally in February. However, since then the asset has oscillated between support at $0.40 and $0.69. A new peak was attained in mid-April, and the price is currently in that range again.

Over the past couple of days, Stellar has experienced a 28% hike, and the possible reason could be its Q1 2021 findings. According to Stellar, relevant asset transactions for XLM tokens reached $280 million. That amounts to a massive 2,798% YOY growth in cross-border and cross-currency transactions.

Image

Source: Twitter

The total number of payments also reached 24.8 million payments, compared to 9 million in Q1 2020. Additionally, the total number of operations and average daily DEX volumes also grew, collectively indicating development growth for the XLM market.

XLM/USDT on Trading View

In 2021, development statistics have aided in indicating price appreciation. This was seen in the cases of Cardano and Polkadot. Stellar’s growth from a functionality point of view may collectively take an effect on its price. $1 appears to be a legitimate target based on the above chart, which could be attained in the next few weeks.

Taking a page out of ADA and DOT’s growth, Stellar and Uniswap could be heading in the same direction, based on adequate fundamental growth.


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Crypto Derivatives Exchange FTX Starts Offering Lumber Futures Amidst Commodities Price Boom – Economics Bitcoin News

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FTX, one of the largest derivatives exchanges, has started to offer lumber-based futures markets for its customers, given the recent interest in speculating on commodities prices. Lumber has been one of the key commodities that have skyrocketed in price during these last months, affecting and halting many building projects all across the U.S.

FTX Starts Offering Lumber Futures Markets

FTX, one of the main cryptocurrency derivatives exchanges, has announced it would start offering lumber futures in its product lineup, amidst a resurgence in the interest of traders on this commodity.

Sam Bankman Fried, CEO of the exchange, stated the FTX futures team reacted to the requirements of its users in just 12 hours, programming the logic behind it in just two hours. The contract gives customers exposure to the price of softwood lumber for July 2021, expiring on August 12th. This represents a stark contrast with the time that other institutions like CME spend to launch equivalent products.

FTX has been always quick to react to the interests of its users, launching highly demanded derivatives contracts. Last year, FTX also launched oil futures when interest in the product reached peak levels after its price plummeted to zero when the demand for oil touched minimums due to the coronavirus-derived restrictions, and also offered U.S. presidential election-based futures.


Lumber and Other Commodities Skyrocket

This interest of traders in lumber is derived from the amazing price development of the commodity in the last months. According to an article from Fortune, the price per thousand board feet of lumber got an all-time high of $1,359 this week, and analysts agree that it could rise even more.

The reasons are related to the effects of the coronavirus pandemic on the production of lumber and the rising demand for the product due to the housing boom now in place.

While sawmills stopped production and distribution attending coronavirus safety protocols, the demand soared thanks to stay-at-home politics that enticed Americans to start hobby projects, decreasing the available inventory. Now, builders are upset and many construction projects have been halted to wait for a decrease in lumber prices, but the demand is unlikely to decrease in the short term, and due to the nature of the commodity, production won’t increase anytime soon.

This price overheating is also affecting other commodities, as production fails to cope with the immense demand for products from countries that have already left coronavirus behind. This is the case of iron ore, the material used to produce steel, corn, copper, soybeans, and other important agricultural products, that have touched all-time high prices during the last month.

What do you think about the newly launched FTX lumber futures? Tell us in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



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What is the driving force behind the increase in XRP sales this quarter?

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What is the driving force behind the increase in XRP sales this quarter?

Ripple, San Francisco-based fintech firm, published its Q1 2021 market report on May 6. As expected, there were some key insights with regard to the sale of XRP amid the ongoing SEC feud.

One would find it hard to believe this, considering the legal battle ongoing against America’s regulatory watchdogs, but Ripple reported a surge in XRP sales compared to Q4 2020.

As per the insights provided by Ripple, total XRP sales had jumped from $76 million in Q4 last year to almost $150 million in Q1 2021. This incline was directly attributed to the growing demand for RippleNet’s On-Demand Liquidity or ODL service.

“The increase in XRP sales can be attributed to deeper engagement from key ODL customers. For well over a year, Ripple has not sold programmatically. Ripple continued to engage in sales to support ODL and key infrastructure partners as part of providing increased XRP liquidity to improve the ODL experience of certain customers, eliminating the need for pre-funding and enabling instant global payments.”

The same can be observed in the given stats published by Ripple,

Source: Ripple

What’s the significance?

The rumors circulating about Ripple following the footsteps of Coinbase to launch its IPO/direct listing may have aided in boosting XRP sales as well. Another example of Ripple’s growth was its recent 40% acquisition of 40% stake in Asian cross-border payments pioneer Tranglo as part of its expansion of Ripplenet’s On-Demand Liquidity (ODL) in Southeast Asia. This partnership would help Ripple meet its growing demand for ODL.

XRP’s global volume, as well as daily volume, highlighted a surge that directly resembled the upward trend in its ODL operations.

  • Global XRP Volume: According to CryptoCompare, the total volume for Q1 overshadowed that of Q4 (2020) by almost 38%

Source: Ripple

  • Daily XRP volume too painted a similar picture. CryptoCompare Top Tier reported that the daily volume for XRP increased significantly in Q1 2021 from Q4 2020. The average daily volume reported was $2.26B in Q1 vs. $1.61B in the previous quarter.

 

Source: Ripple

 


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Binance CEO CZ Defends Binance Smart Chain’s Ethereum Copycats – Decrypt

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In brief

  • Binance CEO Changpeng “CZ” Zhao appeared at the Ethereal Summit.
  • He answered questions about apparent Ethereum knockoffs on Binance Smart Chain.

Several months after the world’s biggest cryptocurrency exchange Binance launched Binance Smart Chain (BSC), its own blockchain to host decentralized applications, the company took heat for invading Ethereum’s turf—and potentially some projects’ intellectual property.

Appearing at the Ethereal Virtual Summit powered by Decrypt on Friday, Binance CEO Changpeng “CZ” Zhao suggested that’s all just part of being an innovator.

“Ethereum did not invent blockchain,” he said. “Ethereum copied blockchain from Bitcoin… And obviously, people will look at what’s popular on Ethereum and try to copy it onto BSC.”

That can even be a good thing, he implied. He pointed to PancakeSwap, the decentralized exchange (DEX) that has surpassed Ethereum-based Uniswap in trade volume. 

“Uniswap probably did invent the automated market maker, the liquidity pools, et cetera, so that’s great, but in a decentralized world your concepts will get copied very quickly,” he said, referring to DEX staples that allow people to trade directly with one another without an intermediary.

Zhao then intimated that historically high Ethereum network transaction fees created an opening for products that were similar but better. “Honestly, if you stay on a blockchain that costs like $100 per transaction, you’re not going to get that many users,” he said.

Average transaction fees on Ethereum over last 6 months. Image: BitInfoCharts

Decentralized finance, or DeFi, refers to financial products that replace banks and brokers with code on a blockchain, usually Ethereum. Since BSC went live in September, it has siphoned off Ethereum DeFi traders with the promise of lower fees and faster trading. 

Developers building atop BSC (not necessarily associated with Binance), aware of Ethereum’s first-mover status, also borrowed from Ethereum-based projects such as Euler Beats, Hashmasks, and CryptoPunks to create BSC versions called Musical Beats, Bashmasks, and Binance Punks—with very little effort made to otherwise hide their origins.

“That’s a very natural thing for people to do,” CZ said. “This is the same thing as, if some startup project is popular in the U.S., and they’re blocked in China, guess what? The Chinese will try to do a copycat within China. China’s a huge market, it’s like one fifth of the world’s population. And why not, right? That’s why there’s a copy of Google, there’s a copy of Facebook, there’s a copy of Twitter, there’s a copy of pretty much everything you can imagine, there’s a copy of PayPal. So that’s quite natural. And it’s impossible to protect concepts. I think the copyright laws, patents work, but they’re typically very difficult.”

CZ’s argument relates to the practicality and desirability of enforcing copyright on blockchain-based products, which are maintained by distributed networks of computers rather than a central actor. But it doesn’t negate the potential illegality of creating knockoffs. 

“People equate decentralization with just total abdication of rules and rights,” ConsenSys General Counsel Matt Corva told Decrypt in March. Even with open-source software, which contains code that can be modified and built upon, Corva said, “It’s not a free license to just copy and past their entire business and product and release it under your own brand.”

With DeFi and NFTs—unique digital assets that indicate ownership and can be verified via a blockchain—becoming major parts of the crypto economy, the turf war is far from over.

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Binance CEO CZ: Coinbase Listing Gave Us ‘Very Clear Playbook’ in the US – Decrypt

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In brief

  • Changpeng Zhao, Binance CEO, described Coinbase’s direct listing as “humongous.”
  • He said the development provides a very clear playbook for Binance in the future.

Binance and Coinbase are rivals in the cryptocurrency exchange business. But that doesn’t mean Binance won’t take a page from its competitor’s playbook. According to Binance CEO Changpeng “CZ” Zhao, Coinbase’s direct listing on the Nasdaq last month gave other crypto companies a “very clear playbook” for the future. 

“Now, in the U.S., in one of the world’s most advanced economies, a cryptocurrency exchange can IPO on the Nasdaq,” CZ told Decrypt editor in chief Daniel Roberts during this year’s Ethereal Virtual Summit. “That’s humongous.”

What’s more, CZ said explicitly that Binance will aim to follow in Coinbase’s footsteps. “If we do everything they do, then there shouldn’t be any problems. So now, there’s a playbook in the U.S. and I think in the U.S. it’s easy to copy. And also outside of the U.S., many countries probably will copy many of the regulations the U.S. adopted.”

CZ didn’t clarify exactly what “copying” Coinbase in the U.S. would look like, but he is especially optimistic when he compares his company’s trading volume to Coinbase’s. “On the day of the Coinbase IPO, Binance US trading volume was 40% of Coinbase’s trading volume,” CZ said, adding, “That percentage has been on the uprise for the past little while.”

On the other hand, every crypto exchange makes claims about its size. FTX.com says it is the biggest exchange in the world outside of China, a claim that raised CZ’s eyebrow when relayed to him during the Ethereal interview. Coinbase says it’s the biggest exchange in the U.S.

“Everybody wants to claim that they’re the biggest exchange,” CZ said at Ethereal. “We actually always say Binance is one of the biggest exchanges in the world, we don’t say we are the biggest exchange. Depending on how you measure it, there’s many different ways to segregate markets. But globally, we are by far, I think, by trading volume, by number of active users, by third party web traffic analysis, by mobile downloads, we’re by far the largest in all of those metrics.”

Building up Binance in America

CZ has high hopes for Binance US, especially after a key recent hire: former U.S. financial regulator Brian Brooks was recently named Binance US CEO. Brooks previously served as the acting Comptroller of the Currency—his office oversaw the supervision of over 1,000 national banks in the United States. 

By having Brooks take over Binance US operations, many crypto folk concluded CZ is gearing up to push for compliance with US regulations.

“We want to show that we take compliance very, very seriously, but we also want to grow the business,” CZ said. “I think Brian is one of those very unique individuals that has a very strong compliance background and compliance credibility, but he also understands crypto deeply.”

He also pushed back at what he believed to be an unfair assumption—that Binance doesn’t want to abide by U.S. regulations. “Binance is actually the most compliant organization in the world, I think, in the crypto space,” he said.

It is important to note here that, historically, Binance has had regulatory issues all over the world. Last year, the Malaysia Securities Commission alleged that Binance was illegally operating within the country. 

The US Commodity Trading Futures Commission (CTFC) has also taken aim at Binance, alleging that Binance US allegedly allowed American traders to place trades violating US regulations. Decrypt asked CZ to comment about the CTFC investigation last month, but he declined to do so.

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Central Bank of Iran Bans Foreign Deposits; ‘Locally-Mined BTC Only’ Policy for Bitcoin Users

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Legal & Regulation

Central Bank of Iran Bans Foreign Deposits; ‘Locally-Mined BTC Only’ Policy for Bitcoin Users

Iran’s central bank has introduced a ban on all Bitcoin (BTC) – just not those mined in the country. According to a report by Iran International, Bank Markazi, the central bank of Iran (CBI) has prohibited the trading of Bitcoin not mined in the country. The latest directive by the CBI aims to preserve capital in the sanctions-ridden economy, having previously banned any BTC trading in the country.

The country introduced legal Bitcoin mining contracts for sanctioned miners in the country. These miners leverage the cheap electricity from its large oil reserve deposits, making it cheaper to mine BTC than in most countries.

At the height of US-Iran tension that caused multiple sanctions on Iran, placed by the Trump Administration, Iran turned to Bitcoin to save their hyper-inflated Iranian rial. In January 2020, Iran’s Ministry of Industries, Mining, and Trade granted over 1,000 Bitcoin miners licenses in a bid to increase their foreign exchange reserves. Later in the year, the Iranian government allowed citizens to use Bitcoin mined in the country for international trade – in a bid to bypass the dollar due to U.S. sanctions.

However, the new laws bring about challenges on how exactly they will be implemented. How will the government separate the locally sourced BTC from foreign ones?

Speaking on the subject, Swiss Attorney Fatemah Fannizadeh stated the law might not be easily implemented to individuals. “Exchange platforms can basically not operate,” Fatemah explained. “But instead of a blanket ban, it allows banks and forex offices to use Iranian crypto for international transfers.”

With the recent calls for locally mined BTC growing stronger, Iran aims to bypass all sanctions while saving its currency from hyperinflation, she further said. Additionally, allowing exclusive Iranian BTC in the country may spike the number of miners the country in an effort to produce more BTC.



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US Senator Elizabeth Warren Bashes Cryptocurrencies Citing Environmental Impact, Investor Protections – Regulation Bitcoin News

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US Senator Elizabeth Warren sees several issues with bitcoin and other cryptocurrencies. She said that “we need a good strong regulatory agency that can continue to update,” claiming that cryptocurrencies invite “investors to come in without the ordinary protections of the transparency and disclosures and auditing.”

Elizabeth Warren Bashes Bitcoin and Other Cryptocurrencies

Elizabeth Warren, the U.S. senator from Massachusetts, was asked about cryptocurrency, bitcoin, and how they should be regulated in an interview with Influencers’ Andy Serwer on Yahoo Finance Thursday.

Recalling that Warren previously said that bitcoin was speculative and might end badly, Serwer asked how cryptocurrencies should be regulated and whether they should be regulated at all.

“It’s a good question,” Senator Warren replied. “I put this one again, with the SEC [U.S. Securities and Exchange Commission], a reminder why we need a good strong regulatory agency that can continue to update. You know, the last time we wrote … how money operates for sure was long before anything like cryptocurrency had come along.”

She elaborated:

It’s not just bitcoin. It’s one after another after another inviting investors to come in without the ordinary protections of the transparency and disclosures and auditing that you get when a regular company is out there offering its stock for trade in the market.

The senator then turned her attention to the environmental issues often associated with bitcoin. She opined:

I also think with bitcoin, and the other cryptocurrencies, I think there’s a real issue about the environmental impact as well.

“This whole notion of how much energy is consumed just to keep the currency tracking going, you know, you don’t consume that kind of energy in order to have money on deposit at a bank or a mutual fund,” she added.

Warren concluded: “In that sense, Bitcoin is very different. And in the 21st century, we’re becoming a lot more sensitive to the worldwide impacts of the choices we make.”

On bitcoin wasting so much energy, a number of people have come out with research debunking the claim. Ark Invest, for example, wrote in its report debunking several claims about bitcoin that “Bitcoin’s energy consumption is more efficient than that of gold and traditional banks,” emphasizing, “Contrary to consensus thinking, we believe the environmental impact of bitcoin mining is di minimis.”

The firm detailed: “Traditional banking consumes 2.34 billion gigajoules (GJ) per year and gold mining 500 million GJ, while Bitcoin consumes 184 million GJ, less than 10% and 40% of traditional banking and gold mining, respectively. Additionally, Bitcoin mining’s estimated dollar cost per GJ expended is 40 times more efficient than that of traditional banking and 10 times more efficient than that of gold mining.”

What do you think about Senator Elizabeth Warren’s comments about bitcoin and other cryptocurrencies? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



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The truth about Ethereum’s rally you need to know, if you’re an ETH investor

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The truth about Ethereum's rally you need to know, if you're an ETH investor

When the year began, Bitcoin’s dominance in terms of market cap was as high as 72%. At the time of writing, it was down to 46%. In the meantime, the world’s largest cryptocurrency has surged, and surged incredibly, with YTD returns of almost 100%. The market’s altcoins, however, have overshadowed the performance of the world’s largest cryptocurrency with astounding returns of their own.

While yes, Bitcoin’s general bullishness and new ATHs have played a role in the same, it can be argued that another altcoin has had a greater role to play in rallying the rest of the altcoin market – Ethereum.

The world’s largest altcoin has hiked by almost 400% since the start of the year, with YTD returns of 372% at press time. What’s more, like Bitcoin, the altcoin has hit and breached one ATH after the other over the past few weeks and months. Unlike Bitcoin, of late, its uptrend on the charts has been a little more consistent, something that has encouraged the aforementioned alts to hike despite BTC’s insistence on trading within a set price range.

In the last 4 days alone, ETH has breached the $3000-mark, before surging to go past the $3,500-mark.

What the scale of ETH’s movement suggests is there is a lot of bullishness behind the altcoin’s movement, bullishness the kind of which is perhaps missing in the Bitcoin market.

Ergo, the question – Is this too good to last? Is Ethereum’s price rally likely to be sustainable? That’s an important question to ask, especially if you’re a trader or an investor. However, it would seem that on-chain metrics are backing Ethereum for more upside, at least in the short-term.

This was the subject of Santiment’s latest Insights report, with the same finding that corresponding to ETH’s price hikes, the social volume associated with the altcoin has shot through the roof too. ETH-related mentions on social media, for instance, grew by over 255% in 10 days. In fact, the social volume for ETH on the 3rd of May went past levels seen in 2017.

Source: Santiment

What’s more, as the altcoin hit an ATH of $3,550 on the charts, ETH’s exchange flow balance strongly favored “coins moving off exchanges more than on.” According to Santiment, “this implies a higher chance of continued growth and lower risk of major selloffs.” This is so because more and more people are now moving their ETH back to their wallets for HODLing purposes, instead of keeping them on exchanges for possible sell-offs.

By extension, this finding also highlighted the confidence many investors and hodlers have in the price performance of the crypto-asset over the long term.

Source: Santiment

The aforementioned finding and its implications can be supported by the fact that over the past few months, ETH supply held by top exchange addresses has steadily dropped on the charts. Further, the top-10 non-exchange whale holdings have doubled over the past 8 months.

The past 8 months have seen ETH hike dramatically, especially on the back of recent ETH 2.0 developments and the wider market’s bullishness. While non-exchange whale holdings have peaked, smaller retail holders of ETH have also spurred the cryptocurrency to newer heights.

At the time of writing, Ethereum’s daily active addresses count had surged to 959.64k. A year ago, the figure for the same was as low as 400k, according to BitInfoCharts.

Finally, while ecosystem-centric developments like the progress with ETH 2.0 and the S&P Dow Jones launching an Ethereum index have contributed, what has also fueled such growth is how well DeFi is doing. Decentralized Finance has emerged to become a hit over the past year and since most of it uses the Ethereum blockchain as a platform, the former’s popularity and growth have brushed off on the latter.

This was evident in the last 10 days or so as coupled with exchanges losing supply and falling gas fees, value locked in DeFi doubled in just three months.

Source: Santiment

In the near term, therefore, ETH looks very likely to claim more upsides on the charts. Its long term, however, is a little more uncertain thanks to its strong correlation with Bitcoin. If the bouts of depreciation back in April were to repeat themselves, the alt might see corrections once more.


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