Crypto News Ethereum

Ethereum Profitability Dumps To 2-Year Low As Price Corrects Below $2,000

Ethereum has been on a downtrend along with the rest of the crypto market. This has seen the value of the cryptocurrency plunged below $2,000 and efforts to recover above this major resistance level have been futile. Naturally, the decline in the value of the digital asset has affected its profitability. What has resulted from this is Ethereum wallets that are in profit at current prices have now declined to a two-year low. Ethereum Profitability Declines Ethereum remains the second-largest cryptocurrency by market cap but when it comes to profitability, it tells another story. Data shows that the percentage of ETH wallets that are in profit has declined significantly in the last couple of months. Along with the price, most of the profitability decline has happened in the last six months. Related Reading | Market Sentiment Dangerously Negative As Crypto Fear Index Drops To Two-Year Low IntoTheBlock shows that only 56% of all Ethereum investors are currently in profit. This puts a total of 43% in the loss while only 1% of all investors are sitting in the neutral territory, meaning that they purchased their tokens at current prices.  Data from Glassnode supports this metric although it puts the number of addresses in profit at a slightly higher percentage. The data aggregation tool shows that 58% of all ETH investors are still in profit. However, what is notable about this figure is that the last time that Ethereum profitability was this low was almost two years ago, back in July 2020. ETH price trading at $1,781 | Source: ETHUSD on TradingView.com It is no coincidence that the majority of those in profit has been investors that have been in the market for more than a year. The long-term outlook for the smart contract network has always favored those who followed it compared to those in the short term.  Small Wallets Ramp UP Even through the downtrend that has rocked the digital asset, support has still not waned. Smaller investors have continued to throw their hats in the ring with Ethereum. This is evidenced by the growing number of wallets holding at least 0.01 ETH reaching a new all-time high. It is now sitting at a new record of 22,874,566 addresses. 📈 #Ethereum $ETH Number of Addresses Holding 0.01+ Coins just reached an ATH of 22,874,566 View metric:https://t.co/XXb0u19ouH pic.twitter.com/gYKCAAlgcZ — glassnode alerts (@glassnodealerts) May 27, 2022 This metric has hit multiple all-time highs in just the first two quarters of 2022. It shows renewed interest from smaller investors but unless this interest becomes evident in the largest ETH investors, there may not be any significant change in value. Related Reading | Bitcoin Dominance Remains High As Market Sell-Offs Settle As for the price of the digital asset, Ethereum’s price is down more than 60% from its all-time high in November. It is currently trading at $1,770 with a market cap of $213.9 billion. It remains the largest DeFi platform with over $67 billion in TVL. Featured image from Coingape, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… 

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Ethereum (ETH) Creator Vitalik Buterin Says Algorithmic Stablecoins Shouldn’t Be Dismissed

Ethereum (ETH) founder Vitalik Buterin is weighing in on the future of automated stablecoins as the dust settles after the collapse of TerraUSD (UST) earlier this month. In a new blog post, Buterin stresses the need for balance when evaluating the merits and risks within the world of decentralized finance (DeFi). “The greater level of […]

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Crypto News Ethereum

Blue Chip NFTs 101 – What’s The Secret Behind CloneX? Built For The Metaverse

The secret behind CloneX is Takashi Murakami and the RTFKT team, that’s the short answer. The NFT collection is the result of the once-secret collaboration between the legendary Japanese artist and the experts in creating virtual sneakers. Steven Vasilev, Chris Le, and Benoit Pagotto founded RTFKT, which reads “Artifact,” in 2020. The CloneX public sale took place in the last days of November 2021. These people work fast. The goal of the Ethereum-based CloneX collection is quite simple, to serve as avatars in the metaverse. These NFTs aren’t merely profile pictures. Through the upcoming Clone vault, the CloneX holders will have access to the avatar’s 3D files. The idea is that these figures will work in any metaverse. Plus, RTFKT has expressed metaverse ambitions of its own.  In any case, RTFKT Studios co-founder Benoit Pagotto told Forbes: “We envision a new kind of relationship forming between owners and 3D creators who will create bespoke content for the avatars, replicating what we’ve seen with Fortnite 3D models ripped by blender creators, creating content for Twitch streamers and YouTubers. It’s a full ecosystem, being built live, and the avatars are just the tip of the iceberg.” Very nice, but let’s focus on the avatars for now. About CloneX And Takashi Murakami The project’s official site describes them as, “CloneX is our most ambitious project yet, the beginning of a whole ecosystem for our community, quality-focused, high-end avatars, ready for the metaverse.” Japanese contemporary artist Takashi Murakami designed all of the CloneX traits, from their eyes and their mouths to their clothes and their helmets. Murakami lives in the line between pop and high art. He has worked with Pharrell and Kanye West, with brands like Louis Vuitton and Vogue, and also with Supreme, Vans, and Billionaire Boys Club. There are 20K CloneXs total, and those are divided among eight different DNA types: 50% are Human. 30% are Robots. 8.75% are Angels. 8.75% are Demons. 1.25% are Reptiles. 0.6% are Undead. 0.5% are Murakamis. 0.15% are Aliens. ETH price chart on Kraken | Source: ETH/USD on TradingView.com About The Controversial Initial Sale The CloneX public sale was supposed to take place on November 29th. The demand was there, they sold 13K out of 20K before RTFKT had to pull the plug for the day. Their website was under attack. According to themselves, “Due to our website still being attacked and unusable, we’re pausing the minting till when we’ll have all fixed and upgraded.”  The last 7K CloneX were minted on the 30th. Some people maintain something suspicious went on. At the moment, the rarity of each CloneX was still a mystery, so all the NFTs were theoretically worth the same. The public sale was supposed to be a Dutch auction starting at 3 ETH. In the second round, each of the 7K sold for 2 ETH flat.  Considering that at the time of writing the floor price for a CloneX is 12.9 ETH, participating in any of the two rounds would’ve been extremely profitable. Curious Facts About The CloneX Collection At first, the code name for the project was: Akira. All CloneX holders received a Space Pod as an airdrop. Check this Twitter account for “an ongoing thread of all the items being made for RTFKT Space Pods & Loot Pods by the CloneX community.” Secondary market royalty for this NFT collection is a steep 5%.  Holders own the IP of their avatar and can commercialize it for up to $1M. The avatar’s 3D files will be available in the following formats: Unreal Engine, Daz3D, .blend, .obj, .fbx, .MA, and glb. RTFKT will host “Forging Events,” where CloneX holders can forge real-life physical items based on your NFT. For the virtual world, holders will be able to clothe their avatars through Clonex Wearables. Both RTFKT and independent creators will offer different garments. At the moment you can only buy the avatars on the secondary market. They’re available on OpenSea. In the real world, four white gold CloneX chains exist. They were created by Crown Collection in association with Murakami and RTFKT. And that’s everything you need to know about CloneX at the moment. There are many more things to learn about RTFKT, though. Do your homework on that. And, while you’re at it, read “Blue Chip NFTs 101’s” other guides: Moonbirds and Proof Collective in Ethereum, and DeGods in Solana. More to come. Featured Image: Murakami from the official site | Charts by TradingView

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Vitalik: How to create algo stablecoins that don’t turn into ponzis or collapse

vitalik:-how-to-create-algo-stablecoins-that-don’t-turn-into-ponzis-or-collapse

“What we need is not stablecoin boosterism or stablecoin doomerism, but rather a return to principles-based thinking,” Vitalik Buterin emphasized. Ethereum co-founder Vitalik Buterin has shared two thought experiments on how to evaluate whether an algorithmic (algo) stablecoin is sustainable.Buterin’s comments were sparked by the multi-billion dollar losses caused by the collapse of the Terra… More

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Crypto News Ethereum

TA: Ethereum Dives 10%, Why ETH Might Test $1,500

Ethereum extended decline below the $1,820 support against the US Dollar. ETH tested $1,730 and remains at a risk of more downsides in the near term. Ethereum gained bearish momentum and declined below $1,820. The price is now trading below $1,800 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $1,910 on the hourly chart of ETH/USD (data feed via Kraken). The pair is struggling and remains at a risk of more losses below $1,700. Ethereum Price Gains Bearish Momentum Ethereum remained below the $2,000 resistance zone and 100 hourly simple moving average. As a result, there was a sharp bearish reaction below the $1,920 support. The bears were able to push the price below $1,820 and $1,800. The price declined over 10% and traded below $1,750. A low is formed near $1,727 and the price is now consolidating losses. On the upside, an initial resistance is near the $1,770 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,911 swing high to $1,727 low. The next major resistance is near the $1,820 level. It is close to the 50% Fib retracement level of the recent decline from the $1,911 swing high to $1,727 low. The main resistance is now forming near the $1,920 level. There is also a key bearish trend line forming with resistance near $1,910 on the hourly chart of ETH/USD. A close above the $1,920 level could open the doors for a steady increase. Source: ETHUSD on TradingView.com In the stated case, ether price could rise towards the $2,000 resistance zone. Any more gains may perhaps send it towards the key $2,085 resistance zone. More Losses in ETH? If ethereum fails to recover above the $1,820 resistance, it could continue to move down. An initial support on the downside is near the $1,730 zone. The next major support is near the $1,700 level. A downside break below the $1,700 level might call for another sharp decline. In the stated case, the price could dive towards the $1,650 level. Any more losses may perhaps call for a move to $1,500. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 40 level. Major Support Level – $1,720 Major Resistance Level – $1,820

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Binance Coin (BNB) and These Two Altcoins Are Flashing Short-Term Bullish Signals: Analytics Firm

A leading crypto analytics firm says three altcoins could be on the verge of short-term price bounces, starting with Binance Coin (BNB). BNB is in its fifth consecutive week of having a higher volume of transactions at a loss compared to transactions in profit. That metric indicates BNB has a higher likelihood of a short-term […]

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