Posted 7 months ago | by Catoshi Nakamoto
As of 12:01am on Tuesday October 26th, the worlds second largest crypto asset by market cap, Ethereum, closed its daily candle above $4,000 dollars for the 3rd day in a row. As ETH is inching its way closer towards price discovery, it is evident that there is enough gas in the ETH rocketship to propel us into unchartered territory. With the Altair upgrade happening on my birthday, whales accumulating more ETH at an alarming rate, ETH NFTs gaining more and more traction as well as whispers of and Ethereum ETF reverberating through the crypto-space, it’s only a matter of time until Ethereum lands on the moon.Read More
Lets get it!
Welcome to BitBoy Crypto. Home of the Bitsquad, the largest crypto community in all of the interwebs. My name is Ben. Every day on this channel I show YOU how to MAKE MONEY in Crypto. If you like money and crypto then make sure to hit that subscribe button. In this video, we will discuss recent news regarding Ethereum, factors that will inevitably lead to price discovery as well as a quick look a notable Jurassic Ethereum NFT.
Since the introduction of the EIP-1559 update, Ethereum has been running up the hill ExAcTly as I predicated. In the past month alone, the price of ETH has gone up an astounding 44%, 10% just in the past week. With Bitcoin surpassing previous all time highs, it’s only a matter of time until we go into to phase two of this cycle when Bitcoin Dominance pulls back and Ethereum pumps even more than it already has. Since EIP-1559, over 2 Billion dollars worth of ETH has been burned. That’s around 616 hundred thousand tokens, but since then just over one million Eth has been minted. The more of activity that happens in the market, the more ETH gets burned off. According to Arman Shirinyan from u.today, “At the current pace, the Ethereum burn rate remains at 0.58 with more Ethereum burned than earned by miners. If the network remains in the same condition until the year 2023, Ethereum will become a deflationary coin, which means the circulating supply will start to decrease progressively.” By then, Ethereum 2.0 will be completely transitioned from proof of work to proof of stake. With the coin being deflationary, as well as more scalable, faster and efficient in more ways than one, this will drastically impact the price of ETH in the future.
Starting on my birthday, October 27th, The Altair upgrade will go into effect. According to Jeff Benson from decrypt.co “Altair is the first time the beacon chain, which is helping transition the network away from proof of work, is being upgraded on the main network.” The beacon chain is essential the blueprint for the Ethereum 2.0 network. It is a separate proof of stake chain that runs parallel to the proof of work chain which future transactions will be validated from. Altair is likely to be the only update to the beacon chain before the merge to proof of stake. According to ethereum.org “The Beacon chain will conduct or coordinate the expanded network of shards and stakers.” This will introduce staking to the ETH network, which is great news for investors because the more people stake their ETH, it will make the network more secure, more decentralized, it will add more liquidity and you can earn more ETH by staking. Although you will not be able to withdraw your staked ETH until a later upgrade sometime in 2022, this is a crucial step towards a complete transition to ETH 2.0. One of the reasons Cardano is so successful is because over 71% of all ADA is staked. This is a major incentive for investors to use their money to make more money. Now this will soon become possible with Ethereum as well. The Altair upgrade also prepares the mainnet for shard chains. These “shards” will increase the capacity of the network by spreading the network’s load across 64 new chains. This will be essential for the future functionality of Ethereum because it will reduce network congestion, increases scalability, increase transaction speed per second and increases network participation.
In crypto, you will commonly hear people say, “swim with the whales”. You hear this phrase over and over because doing so can be very beneficial for your portfolio. It’s not a secret. Keeping your ear to the ground by paying close attention to daily volume, along with news, trends and tendencies can separate a red trade from a green one. According to a tweet from Santiment, “In the past 10 weeks, addresses with 1 million to 10 million ETH have accumulated 13.9% more to their bags.” Saying that this is bullish for Ethereum would be a serious understatement. Considering that ETH has risen over 10% in the past week indicates that the whales are comfortable buying Ethereum well above the $3,800 dollar level. This shows that they are confident that the price of ETH will rise much higher than the previous all-time high.
Yuri Molchan from u.today also reported, “Crypto whales now hold five times more Ethereum on non-exchange wallets than other whales hold on exchange addresses”. This is a contributing factor to the reason ETH has been running so fast up the hill, because whales are putting massive amounts of ETH into LONG TERM storage. Not to mention, since the approval and roll out of the Bitcoin ETFs, a precedent has been set for more crypto ETFs to get approved in the near future. Naturally, Ethereum would be the next logical option. Think about it. What was a major catalyst for Bitcoin reaching it’s new all time high in October? The markets reaction to the Bitcoin ETFs injected billions of dollars into the industry. This shows outside investors that this medium can be trusted and that there is a lot of money still left to be made for everyone. In an article from Markets Insider by Isabelle Lee, Trey Griggs, US CEO of crypto trading firm GSE pointed out that “The heavy lifting has been done with the launch of the Bitcoin-futures ETF” (An Ethereum ETF) “Could be done THIS year”. He also stated, “ I don’t believe that the SEC will require the same long time in order to approve an ETF for what is effectively an identical product with a slightly different underlier.” It’s clear that Bitcoin effectively laid the groundwork, but now the flood gates could be opening to Ethereum, as well as other layer one projects, to have ETFs get approved. This is very bullish news that could very well land us on the moon much faster than previously expected.
Before closing this video, I want to give a shout out the impressive new Jurassic Ethereum NFT, Metasaurs. This is what you get when the Bored Ape Yacht Club merges with the ferocity of a Tyrannosaurs Rex. Dr.DMT, formally known as Bored Ape Yacht Club #4588, has been in the lab constructing a refreshingly original NFT drop as well as an interactive community. He’s somewhat of a mad scientist. You might have thought he had mustard on his tank top, but actually it was residue from MetaDNA chemicals left over from when he genetically engineered 9,999 Metasaurs. These dinosaur NFTs will live on the Ethereum blockchain forever. The public sale of these took place on October 15th and they quickly sold out. Luckily, they are still available to buy on opensea.io with a floor price of 0.42 ETH. Dr. DMT is still cooking up new ideas in the lab and on November 30th this year, the doctor will reveal the MVP (minimum viable product) of the Metasaurs Game. This is where the kings of the Metaverse can play together, level up and earn rewards. It’s the NFTs that come out that have fun interactive games and utility that will most likely be the most successful. Being created by the most a member of the Bored Ape Yacht Club gives this drop an obvious advantage over many others. The Metasaurs will probably not go extinct any time soon.
Ethereum is on the brink of price discovery. In a matter of weeks, Bitcoin Dominance is likely to drop and Ethereum is going to have its time to shine. I’ve said it once and I’ll say it again, the patient will prevail. Between the Altair upgrade, whales accumulating, ETH burning and rumors starting to circulate of a possible Ethereum ETF, I personally believe that November is going to be an explosive month for Ethereum. Rumor has it Dr. DMT said it could be Dino-Mite! xP
That’s all I got, be blessed. BitBoy Out!