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Ethereum Price Breaks $500 Barrier for First Time Since July 2018

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Ethereum price breaking above the $500 level is a confirmation of the long-awaited bull rally.

The second-largest digital asset by market capitalization Ethereum has surpassed the $500 level for the first time since July 2018. The price of Ethereum (ETH) was around $502.64 at the time of writing having jumped approximately 6.4% in the past 24 hours according to the metrics provided by CoinGecko.

The Ethereum ecosystem is a major project that holds the success of most crypto projects. Particularly in the decentralized finance (DeFi) industry that has experienced a significant demand in the past few months. Although not with notable challenges, the booming DeFi industry has over $20 billion in market capitalization thus guaranteeing the future prospects of the Ethereum ecosystem.

Ethereum (ETH) Price Rally

Apparently, Ethereum price breaking above the $500 level is a confirmation of the long-awaited bull rally. Particularly with Bitcoin that is around 10% shy of its all-time high of $20k, although, Ethereum is 65% shy of its all-time high, $1448.18. According to CoinGecko data analysis, Ethereum has added approximately 36.4% in the last 30 days. In addition, the asset has jumped 20.7% in the past two weeks through Thursday and managed to add 8.6% in value over the past seven days.

Ethereum has a market capitalization of $56,715,317,189 with its past 24 hour trading volume at $13,533,707,018 according to CoinGecko. Notably, its trading volume in the last 24 hours is almost the same as the total market capitalization of XRP. The number of Ethereum in circulating supply stands at 113,502,651 with an infinite market supply. However, with the asset globally traded thus reciprocating to high demand, its value is poised to skyrocket perhaps in a similar version as Bitcoin.

The Bigger Picture

Ethereum developers are working round the clock to meet the deadlines outlined for the phase 0 of Eth 2.0 to be launched. Several testnets have taken place giving varying outcomes although some are yet to be completed.

The Madella mainnet which has been running for the past few months has had issues with the number of validators. Previously, Ben Edgington, the lead product owner at ConsenSys Quorum Protocol Engineering advising on Ethereum 2.0 development across the ConsenSys organization, told the media outlet Cointelegraph that the validator number may vary at the end of the testnet.

“I expect that the pace of deposits will accelerate sharply as the cut-off date nears. There’s little benefit in staking early, so I think people are just taking their time. Whether there will be enough to push us over the threshold in time is hard to judge, but I remain optimistic. If there is a delay to genesis, I expect it to be short,” he said.

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Algorand (ALGO) price strengthens as institutional investors back the project

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Consolidation periods tend to follow strong rallies but they also present a good opportunity to survey the field and evaluate projects that have strong fundamentals.

One project that continues to gain traction in terms of price recovery and network adoption is Algorand (ALGO), a pure proof-of-stake (POS) blockchain network that has secured new partnerships and real-world use case applications, as well as support from multi-million-dollar funds in recent weeks.

Big funds invest in Algorand-based projects

Raising funds is one of the biggest challenges many projects face and in the last month the Algorand network announced that Arrington Capital, a digital asset manager, had pledged $100 million in funding meant to help accelerate additional development across all facets of the smart contract platform.

This development came on the heels of the June 2 announcement that Borderless Capital, a venture capital firm, had created a $25 million fund aimed at supporting Miami-based blockchain startups developing digital payment solutions on the Algorand network.

Related: Exodus Wallet raises almost $60M in crypto in regulated offering

New partnerships lure investors

A scroll through the Algorand Foundation Twitter feed shows a growing list of cryptocurrency projects across a variety of sectors that have joined up as part of the Algorand community to take advantage of the low fee, POS environment.

The nonfungible token (NFT) sector is showing some interest in the network following a partnership with Curate that will allow for the minting of NFTs as well as the release of a bridge by Curvegrid that will allow businesses to build NFT and blockchain technology into their business and consumer mobile applications.

Other recent examples of adoption include a partnership with the Bermuda-based MAPay healthcare payment solution, which will host its payment solution on Algorand blockchain in an effort to improve efficiency and reduce healthcare costs, as well as a partnership with Xfinite and Eros Now to create a blockchain-based content engagement platform for the 224 million registered users of Eros Now.

These new partnerships come after a busy year for the network which also included the integration of USD Coin (USDC) and Tether (USDT), the two largest stablecoins in the cryptocurrency ecosystem. 

The growing list of network partnerships and investments from players in traditional finance suggests that ALGO is well-positioned to see future growth as the blockchain sector sees continued adoption and the crypto market recovers from it recent sharp correction.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.