Crypto News Ethereum

Ethereum Fees Touch Monthly Lows As Transaction Volumes Plummet

Ethereum fees had touched new highs thanks to the popularity of the decentralized finance (DeFi) space. As network activity had grown, so had the transaction volumes. The effects continue to linger even into the bear market, although fluctuations between low and high are now more common in the space. Presently, transaction volumes have fallen sharply and ETH fees have now plummeted to monthly lows. Ethereum Transactions At $0.5 Ethereum transaction fees have declined to one of their lowest points this year. Gas costs which have been fluctuating between high and low seem to have found their resting place at lower prices. In the early hours of Monday, the gas costs for the Ethereum network had declined to their lowest point for June. It sat at only 19.8 Gwei per transaction at the time of this writing, which converted to about $0.5 per transaction on the network.  Related Reading | Bitcoin May Not Reclaim All-Time High For Another Two Years, Binance CEO This translates to a more than 80% drawdown from the peak of the gas costs last week at 151.3 Gwei per transaction. This coincides with a decline in transaction volume on the network, as shown on Messari. The data aggregation website shows that Ethereum’s transaction volume is down more than 80% from its monthly high. On the 13 of June, transaction volumes on the network had sat at more than $10 billion in real volume. Today, the real volume was sitting at $570 million, the lowest it has been for the month. ETH price declines to $1,179 | Source: ETHUSD on TradingView.com Supply has also taken a hit in the month of June. By the end of last month, there was more than 8.6% of all total ETH supply in DeFi. However, as of the time of this writing, there is less than 8.3% of the circulating supply in DeFi. This also translates to a dollar value of under $10 billion when three weeks ago, the value was at $30 billion. ETH Profitability Tanks With the recovery in the price of Ethereum has come some good tidings for investors. But, there is still a gap in the profitability levels from last year compared to this year. Going into the last month of the year in 2021, more than 80% of ETH investors had been swimming in profit. Given that the digital asset had hit a new all-time high in November, this was expected. However, there is a significant drawdown from this point. Data from IntoTheBlock shows that while the majority of ETH investors remain in profit, it is only by a small margin. 52% of wallets are currently in the green while 47% are in loss. This puts only 2% of all investors in the neutral territory, which remains shaky. Related Reading | Bitcoin Perpetual Open Interest Suggests Short Squeeze Led To Crash When it comes to the growth of the network, there is more negative sentiment among investors. The major reason for this is all of the competitors that are moving into the DeFi and NFT space. Solana especially has been giving Ethereum a run for its money in the NFT game, triggering an exodus towards the network which offers faster transactions and lower fees. Nevertheless, Ethereum remains the second-largest cryptocurrency by market cap. Currently trading at $1,200 at the time of this writing, the cryptocurrency boasts a market cap of $149 billion. Featured image from CryptoSlate, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Altcoins

Here’s What’s Next for XRP, Binance Coin, Cosmos and One Low-Cap Altcoin, According to Popular Analyst

Popular crypto strategist Michaël van de Poppe is outlining what he thinks is in store for four altcoins including XRP, Binance Coin (BNB) and Cosmos (ATOM) after a weekend that witnessed a bounce across the crypto markets. Van de Poppe tells his 613,700 Twitter followers that he believes XRP appears poised for a brief pullback […]

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Altcoins

One Ethereum Gaming Altcoin Stands Out From Rest of Emerging Market, According to Coin Bureau

The closely followed analyst and host of the popular Coin Bureau channel says that one metaverse altcoin has more potential than most crypto assets in the sector. In a new video update, the pseudonymous analyst known as Guy tells his 2.07 million followers that while its price action has looked underwhelming for many months now, […]

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Algorithm Known for Outperforming Bitcoin and Crypto Markets Reveals New Altcoin Picks for the Week

A robot with a reputation for outpacing the crypto markets is presenting its latest portfolio allocations as Bitcoin (BTC) and Ethereum (ETH) attempt to stay afloat. Each week the Real Vision Bot conducts surveys in order to create algorithmic portfolio assessments consistent with a “hive mind” consensus. The bot’s newest data finds that traders’ risk […]

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Top Analyst Says Altcoins Could Go ‘Ballistic’ This Week, Maps Out Path Ahead for Bitcoin (BTC)

A closely tracked crypto strategist is bullish on altcoins for the coming week and predicts that they sustain their current momentum. In a new strategy session, pseudonymous analyst DonAlt says that he’s closely watching the stock market because he believes crypto is still correlated to the S&P 500. According to the crypto analyst, the S&P […]

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Altcoins

Has Cardano Hit Rock Bottom? Analyst Benjamin Cowen Looks at State of ADA

Widely followed crypto analyst Benjamin Cowen is taking a look at the state of Ethereum (ETH) rival Cardano as ADA continues its multi-month downtrend. In a new strategy session, Cowen looks at previous periods when Cardano was in a long-term downtrend and notes that while ADA already looks fairly discounted after losing 83% of its […]

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Crypto News

Bit.com Plans to Double Workforce as Layoffs Mount in Crypto and Financial Markets

The crypto markets are going through a rough phase. Bitcoin has crashed more than 70% in 8 months. Amidst the crash, several companies are laying off their employees, desperately trying to save cash. However, not all companies are facing the hammer of fate. Bit.com, the second-largest crypto options exchange, seeks to double its workforce amidst layoffs. But why? Let’s explore. The Crypto Recession Crypto winter is frequently used in the cryptocurrency, DeFi and blockchain industry to denote the current recession that has hit the industry after it made phenomenal gains in 2021. The global economic condition, post-COVID economic losses and record inflation worldwide have led to mass layoffs in the industry. Coinbase recently trimmed off 18% of its employees to save cash. BlockFi announced the layoff of 400 employees. Crypto.com also wants to lay off a similar number of employees. However, these layoffs also bring an opportunity to hire some of the best minds in the industry. These are talented people suffering at the hands of fate. Bit.com is a full-suite cryptocurrency exchange offering spot, futures, perpetual contracts, options and savings. They are one of the top 3 exchanges for cryptocurrency options . The exchange is launched by Matrixport, which is already a Unicorn With a $1B Valuation in 2021. The exchange has its core principles built around security and risk management features. A top-grade firm, Cactus Custody, handles its security. Jihan Wu founded Matrixport in 2019 and the mining rig manufacturer Bitmain. Recently they have announced to launch USD options within the next few months as a part of their service portfolio. Bit.com hiring amid layoffs Bit.com is hiring because it is a golden opportunity. With so many qualified personnel joining the talent pool and ready to get hired at a moment’s notice, it is a dream come true for many. For example, several exchanges will be desperate to hire Coinbase employees. The reputation gives them a distinct advantage. Bit.com is taking the maximum benefit of this opportunity by hiring the best talents available in the industry. As per media reports, they are seeking to double their workforce, with a majority of the new hires to be engineers. Undoubtedly this workforce will have a majority of highly skilled employees hired at reasonable salary packages due to the ongoing market crisis. “We have experienced the ups and downs, and we also committed to the potential future. Crypto enthusiasts and experienced talents are welcome to join Bit.com” said Lan Yue, COO of Bit.com.  A drawback of such hiring could temporarily affect the company’s finances. But we can safely assume that the executives have thought about this before going on such a hiring spree. As claimed by Lan: ”Bit.com has been hiring and growing aggressively since the beginning of 2022. The recent collapse of the market has no direct impact on our original runway, we have the capacity to stick to our developing and hiring plan. Bear market may bring our users negative sentiment, it also brings us time to strenghten our product and risk management for the next bull market” A few benefits that they might derive from this hiring are, for example, that they can choose from a large, diverse talent pool. Also, they will get experienced candidates from top competitors that are difficult to get otherwise. Lastly, employees could join immediately without any notice or waiting period. Which will give Bit.com a fast push in its talent strategy. However, this could also backfire in several ways, starting from putting stress on finances. There is severe uncertainty in the US economy, a major source of capital funding for cryptocurrencies and a major market. Further, several jurisdictions have a severe regulatory crackdown on cryptocurrency companies, including high taxation (30% in India) while European countries seek a ban on the proof-of-work system. All of this, combined with high inflation, is expected to affect the buying capacity of crypto investors and traders. Conclusion The world’s economic downturn has also had a bad effect on the cryptocurrency and blockchain industry. With layoffs and cost-cutting from several big crypto companies, there is an opportunity for many companies like Bit.com to hire in good numbers. If this activity goes well with hiring, they could highly benefit from having top-of-the-line professionals in their company.

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Top Analyst Bullish on Ethereum and Its Rival Solana, Says Both ETH and SOL Could Ignite Huge Rallies in Coming Months

A widely tracked crypto strategist says he’s keeping an eye on smart contract platforms Ethereum (ETH) and Solana (SOL) as he sees the potential for both assets to rally big depending on how they close the month. Pseudonymous analyst DonAlt tells his 411,100 Twitter followers that he expects Ethereum to launch a nearly 80% rally […]

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