Ethereum (ETH) price is rising with this news.
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The second most popular cryptocurrency, Ethereum, has shown growth after recent events, exceeding $ 2,400. ETH, which reached $ 2,410 during the day, has accelerated its growth with the launch of Ethereum 2.0 staking service provided by digital banking giant Sygnum.
The reason for the growth of Ethereum (ETH)
Sygnum has supported the growth of the largest altcoin by launching an ETH 2.0 staking service for its users from their existing wallets. However, the giant banking institution became the first digital bank to offer the Ethereum 2.0 staking service. However, Celsius CEO Alex Mashinsky said that Ethereum could outperform the leading cryptocurrency Bitcoin. And the owners of the best ethereum wallet think the same way.
Believing that this trend will spread to the broader market, the successful CEO stated that the market value of Ethereum will exceed Bitcoin, and ETH will be the number one in the cryptocurrency market. Additionally, Mashinsky explained that Celsius’ ETH reserves exceed BTC, the firm manages around $ 17 billion in deposits, and the number one dollar-denominated cryptocurrency is Ethereum. In addition, the veteran CEO has speculated that by 2022 and 2023, ETH will surpass BTC’s market cap.
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London hard fork
Meanwhile, Ethereum developers recently introduced a new bill to allow the London hard fork. This account also includes the highly anticipated Ethereum EIP-1559 update. The new account will be activated on August 4th. This event raised investors’ of SafeTrading expectations of a price hike, and there were hours of volatility in the ETH / USD pair.
At the time of this writing:
- Ethereum is trading at $ 2,385.
- ETH bulls pushed the price up to $ 2,410, but it was rejected at that level.
- A break above the $ 2,415 level could push the price up to $ 2,641.
- ETH is breaking out of the Descending Triangle pattern at $ 2,350 per 4-hour chart.
A breakout to the upside at this level will move the price of ETH into the $ 2,600 price range.
Is the bitcoin bear market coming to an end?
In the previous week, Bitcoin has experienced many ups and downs in terms of its network metrics and price. The cryptocurrency didn’t seem to see much gain for most of the week. While others seem to be following a historical path, it was only this week that BTC made history with multiple indicators. On the other hand, an indicator called Difficulty Tape showed an unusual move. Could this be a sign confirming the end of the bear market?
The king’s currency has remained in the $ 32,000- $ 36,000 range for the past 7 days, reaching a weekly high of $ 36,460 and a low of $ 32,775. This could be a sign that the coin may no longer be volatile and is about to enter a period of long-term consolidation. In fact, its impact has also been seen on several other metrics such as hash rate and mining algorithm.
The impact of restrictions on mining in China has peaked, and as a result,Bitcoin has faced some serious negative repercussions. For the first time in Bitcoin history, the hash rate has suffered a lot as mining times hit an all-time high. The average block interval indicates the time it takes to mine each block in the blockchain, and this “time” increases with decreasing hash rate.
This week, on average in 24 hours, the time taken to mine the block reached 32.6 minutes, or 1958 seconds. This is 226% longer than the average block time of 600 seconds. While this is most likely a temporary situation, it highlights the implications of a massive shift to mining.
However, this caused confusion because the last time the average blocking time was so high was when Bitcoin was created. In 2009, when bitcoin was not yet appreciated. This peak also coincided with a decrease in the average hash rate.
Reducing the hash rate. Typically, the hash rate on the network is between 160 and 200 EH / s, with an average of 180 EH / s. However, as the average block time increased this week, the hash rate dropped to a local low of 65 EH / s. Recently, hash rates have fluctuated between 88-110 EH / s due to the mining ban in China. However, the lower bound is estimated to be 38–49% below the current average. This also affected the mining difficulty protocol.
The difficulty bar shows the effect of the established protocol difficulty. Literally this week at some point, the biggest change in history was a 27.94% change in difficulty. This caused the difficulty ribbon to be reversed. This inversion of the difficulty band is very rare and represents the surrender of the miners.
The reason this rarely happens is that such events only happen near the end of a bear market or after a cut in half – said analyst of SafeTrading. This could be a sign that the bear market, which has been much speculated about, is now over. On the other hand, this discovery does not mean that Bitcoin will rally.
* The metric, called the difficulty bar, consists of eight different simple moving averages of the difficulty levels of mining on the Bitcoin network. The indicator is based on the correlation between changes in the difficulty level of bitcoin mining and the seller pressure exerted by miners in the market.