Bitcoin Crypto News Ethereum

Ethereum: Can The Top Altcoin End Bitcoin’s Dominance Post Merge?

Ethereum (ETH), dubbed as the ‘leader of all altcoins’ has long carried the burden and pressure of supplanting Bitcoin (BTC) as the king of all cryptocurrencies. To this date, it hasn’t succeeded or has come close into completing that mission. Not even The Merge could catapult Ethereum to the top and frankly, it hasn’t been able to even just leave a dent on the wall that was built by Bitcoin to keep its position. In terms of price, there is considerable gap between the two crypto assets. Tracking from CoinGecko shows that as of this writing, Bitcoin is trading at $19,003 while Ethereum is at $1,338. Both currencies experienced price drop for the last seven days, 5.8% and 14.9%, respectively. Related Reading: Bitcoin Price Bottom To Take Place In Q4 This Year, Crypto Expert Predicts Image: Zipmex Misplaced Confidence And Hopes With Merge Last July during an interview, Ethereum Researcher Vivek Raman expressed confidence that The Merge will enable to altcoin alpha to finally topple the biggest of its hurdles and surpass Bitcoin, becoming the new most prominent cryptocurrency. The Merge refers to an upgrade that was completed this September that will put Ethereum to a proof-of-stake (PoS) system. It was also deemed to change the network’s monetary policy, making it more environmentally friendly while reducing ETH supply. But since the migration, Ethereum hasn’t been able to respond with an appropriate bullish run. Instead, along with Bitcoin and all other altcoins, it continues to deal with plummeting prices. Related Reading: Bitcoin May Retest $20,000 Zone Before It Drops To $18,000 Level A Moment Of Victory For Ethereum While it still fails to rise in the same level of prominence as that of Bitcoin’s, Ethereum did have a moment of victory against the crypto king after The Merge, courtesy of a rather strange observed trend reversal in crypto market.  Bitcoin’s trading dominance came to an abrupt end after ETH trading volume soared to greater heights and ultimately hit an all-time high. Experts, however, believe that this effect of The Merge to Bitcoin is minimal and there will be resultant price movements, it will be transient. This is because the shift to a proof-of-stake mechanism has always been part of the plan for Ethereum since day one. Hiro CEO Alex Miller said Bitcoin has already established itself as “the core asset,” calling the crypto “the digital gold.” For that matter, he believes Ethereum surpassing its rival in terms of market capitalization remains improbable as of this time. ETH total market cap at $165 billion on the daily chart | Source: TradingView.com Featured image Coinpedia, Chart: TradingView.com (The analysis represents the author’s personal views and should not be construed as investment advice).

Crypto News

Why Cradles: Origin of Species Will Change Your Mind About NFT Gaming

NFT gaming, while probably a novelty aspect in blockchain gaming, can no longer be considered a niche but an established part of games built on blockchain. With the ability to earn being a major pull for gamers, NFT gaming has attracted a large number of new players. At some point in 2021, there were game streamers who were posting earnings in the thousands of dollars every week due to their participation in these NFT games. Naturally, given that most of these games had been launched during the bull market, their token prices had soared, and so did the earnings of gamers. But these NFT games are now being put to the test as the crypto market has entered another inevitable bear market. As prices have collapsed, so has the interest from gamers. A large number of games that had been popular due to their growing token prices are now suffering in the bear market. Even large players such as Axie Infinity have seen interest plummet significantly during this time. This has called for more innovation and less focus on token prices when it comes to NFT gaming. That is if these games plan to survive the current bear market. Token Price Should Not Be The Focus A problem with existing blockchain games is the fact that the value of the entire gaming ecosystem depends solely on how their token prices are doing. When the price of their tokens is rising, they see a lot of interest, but any decline sees players leave in large numbers. It is evident that such a model is unsustainable, and some industry experts have even referred to the current models as being akin to Ponzi schemes that need a steady flow of new entrants to keep it going. Using such models only attract gamers who only care about the price of the tokens they earn. The result of this is the mass exodus that has taken place in the gaming sector as crypto has welcomed another bear market. A new entrant into the space has taken the initiative to tackle the problems that currently plague the NFT gaming space. Cradles: Origin of Species is a blockchain game that focuses on innovation and its community rather than on token price. This game promises to bring never-before-seen capabilities to NFT gaming in a bid to transcend beyond the questionable models employed by existing blockchain games. How Cradles Differentiates Itself Cradles: Origin of Species focuses on innovation to keep its community engaged and interested rather than token price. Taking a gamer-first approach, the creators introduce new metaverse gaming experiences. These range from popular aspects of the play-2-earn ecosystem to new metaverse features that make it more than just a virtual reality gaming experience. One of the innovations from the Cradles: Origin of Species team has been the introduction of the EIP-3664 proposal for a new type of NFT. It follows in the footsteps of the ERC-20 by introducing revolutionary features when it comes to how tokens are created. Unlike ERC-721 or other token standards currently used for NFTs, EIP-3664 contains several new attributes that permit various types of fungible and non-fungible aspects. Players can add and remove components to and from their NFTs, as well as give them new traits, which will enable continuous and dynamic gameplay, unlike traditional NFTs, whose traits are pre-set and unable to change. Props, characters and operation modes of games using EIP-3664 can be fully represented as smart contracts. This promotes different gameplay and expands the types of NFTs on the Ethereum network to bring about a stronger and more diverse gaming experience. Play And Earn, Not Play To Earn Cradles’ gamer-first strategy has seen it move away from the traditional play-to-earn model and bring players towards the new world of play and earn. This helps shift the focus of players from the price of the token being earned in the game to playing the game for pure enjoyment. This way, the tokens earned by gamers become just an added incentive for playing as they progress through the game, not the core motivator for playing. It is also the first subscription-based game to grace the blockchain gaming space. This allows all players to immediately access the game without having to purchase expensive NFTs upfront. By buying a monthly card, users can play and earn in Cradles for the whole of that month. The game also has zero transaction fees for small transactions. These are transactions that happen between players and peer-to-peer transactions. For transactions involving more valuable items, there is a small tax. Staking Into NFTs As mentioned already, Cradles: Origin of Species players do not have to make a significant initial investment before playing Cradles. Another invention that makes this possible is the Staking Into NFTs (SIN) feature in the game. This allows users to stake into the NFTs already held by their favorite steamer or professional player. So if a player does not have access to a powerful weapon in the game and a streamer does, they can stake their tokens into the streamer’s NFT to help boost the power of the weapon. This gives the streamer an edge over their opponents to help them claim victory and win the prizes, which are distributed between the streamer and those who staked into their NFT. All of the in-game items in Cradles: Origin of Species are also created by the players. There are no external NFTs being sold before entering the game, and players can freely move and trade items with each other thanks to a completely decentralized item supply. Cradles recently raised $5 million in a private funding round to build out its metaverse. The game is backed by some of the largest players in the space, including Animoca Brands, Signum Capital, and Huobi Global, among others. The innovation behind Cradles: Origin of Species is what puts it ahead of all other blockchain games. By successfully detaching the value of the game from the token price, it makes sure that its community is always involved regardless of whether the price of the token goes up or down. A complete game that kickstarts the evolution of the metaverse.    

Bitcoin Crypto News

Bitcoin ETF Inflows Returns After Abysmal Phase

The outflows from bitcoin ETFs in the last couple of months suggested strong bearish sentiment among institutional investors. However, there seemed to be a change in the tide last week when a remarkable inflow trend was recorded over a three-day period. These inflows into the BTC ETFs that provide long exposure showed that investors were expecting further upside for the digital asset, and the decline in short BTC exposure speaks truth to this.  ProShares Outflows And Inflows The ProShares Bitcoin ETFs are the most popular in the market. The BITO ETF is one that offers long exposure, while the much newer BITI ETF allows investors to capitalize on short exposure. BITI, being launched in a bear market, grew quickly in terms of BTC exposure. However, the past week has shown a reluctance on the part of investors to bet against the price of bitcoin. Related Reading: Bitcoin Must Hold This Level Or Risk Falling To $10,000 BITI outflows for last Friday came out to a total of 1,060 BTC in a single-day period, the largest outflows the ETF has recorded since it launched. Furthermore, the outflows would continue into the new week, when BITI saw another 425 BTC leave. This brought the total exposure of BITI down to 3,580 BTC as of Monday. BITO ETF records inflows | Source: Arcane Research As for the BITO, it has been all shades of good news in the last week. A consecutive three days of inflows saw 1,650 BTC flow into the ETF. This follows a month of outflows for the ETF, showing more demand for long exposure to the digital asset.  While BITI had seen 1,050 BTC in outflows on Friday, BITO had recorded inflows of 700 BTC on the same day. It suggests that investors are pulling out of their short positions and putting them into long positions. Bitcoin Not Out Of The Woods Even though there have been a lot of inflows into long bitcoin ETFs, the numbers still do not suggest a complete shift to the bullish sentiment among investors. BITI’s BTC exposure shows that even though there might be some movement to long ETFs, betting against the price of bitcoin still remains on the minds of investors. BTC declines to $20,000 | Source: BTCUSD on TradingView.com BITI’s current total exposure sits at 3,850 BTC, the same as it was back at its June and July peaks. So even though there have been outflows, there is still a strong sentiment to continue to short the digital asset. Related Reading: Investor Sentiment Sees Sharp Positive Spike Following Crypto Market Recovery BITO had recorded its strongest single-day inflows back on Friday, but it is yet to reverse the bearish trend completely. Even with such high inflows, the ETF is currently sitting at a three-month low. However, a positive from the three-day inflows was a recovery on the CME basis. Featured image from CryptoPotato, charts from Arcane Research and TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

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Kevin O’Leary Names Two Ethereum Rivals That He Believes Could Challenge ETH’s Dominance

Shark Tank’s Kevin O’Leary says the shortcomings of Ethereum (ETH) leave the smart contract platform exposed to competition. In a recent Stansberry Research interview, O’Leary says anything could still happen in the young layer-1 sector. But really, at the end of the day, ETH is slow and it’s expensive. So if it doesn’t fix itself, it’s […]

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Altcoins

Vermont State Regulator Says Celsius CEO Made ‘False and Misleading’ Claims to Investors on Social Media

Vermont’s financial regulator is accusing the CEO of embattled crypto brokerage Celsius Network of making false and misleading claims regarding the company’s financial health and compliance with securities laws on social media. In a new filing with the United States Bankruptcy Court in the Southern District of New York, the Vermont Department of Financial Regulation […]

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