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7 October 2022
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Ethereum, the second-largest cryptocurrency, has gained interest from not only retail traders but also institutions over the past year. The key catalyst for its abrupt rise to fame in recent times has been its much-anticipated upgrade Ethereum 2.0. ETH/BTC ratio has almost tripled in the last 6 months. What does this mean for the altcoin in the long term? While many showcased their bullish optimism in the space, few skeptics weren’t shy to say otherwise. Reality check Ethereum, like other alts, suffered a major price correction. At press time, it was trading at the $2,334 price level; it did however witness a surge of a mere 1% in 24 hours. As per the On-chain analyst platform Glassnode’s recent tweet, In a recent interview, CEO of Nvidia Jensen Huang spoke about Ethereum’s impressive rise. He stated: “It’s now established that Ethereum is going to be quite valuable. There’s a future where the processing of these transactions can be a lot faster, and because there are so many people built on top of it now, Ethereum is going to be valuable.” When asked if he was excited about proof of stake? The CEO was quick to acknowledge this: “Am I excited about proof of stake? The answer’s yes. I believe that the demand for Ethereum has reached such a high level that it would be nice for either somebody to come up with an ASIC that does it, or for there to be another method… There’s a lot of credibility. It works well. A lot of people depend on it for DeFi and other things. This is a great time for proof of stake to come. While projecting a bullish sentiment about Ethereum, he further reiterated the same for the entire crypto space. He added: “I believe that cryptocurrency is here to stay. It’s a legitimate way that people want to exchange value.” Furthermore, he said: “More important, Ethereum and other forms like it in the future are excellent distributed blockchain methods for securing transactions.” It’s because of this vote of confidence in this sphere, his billion-dollar company Nvidia created a new product called CMP. As per the official announcement, “This fresh off-the-line product is designed for professional crypto mining.”

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Ethereum, the second-largest cryptocurrency, has gained interest from not only retail traders but also institutions over the past year. The key catalyst for its abrupt...
News

Crypto Buds’ Unveils Full Collection of 10,000 Collectible Digital Playing Cards for Sale – Representing First NFT Card Collection Ever Created for a Booming Crypto Art Market

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Crypto Buds has released a completely original, inaugural collection of 10,000 NFT digital playing cards for sale to the general public. At the time of writing...
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TL;DR Breakdown Whales storing up Ethereum may cause the price to rise. The surging interest in NFT may also trigger a price surge. Ethereum will become a 5-digit asset, says analyst Lark Davis. Ethereum Whales holding on strong to ETH The number of whales holding ETH has not dropped in about four months as they refuse to sell their holdings, reveals Santiment. According to the data, Ethereum whales are still holding on strong even after the price hit a new ATH not quite long. This could cause the price of Ether to rise in the long run. Crypto analyst, Lark Davis, noted that the price of Ethereum may surge due to the current supply shortage compared to demand. He said that he expects the price to rise more than 400% which would take it above $10,000. He continued that one possible trigger will be the increasing number of Ethereum Whales that are holding the asset for long thereby causing a supply crunch. Lark mentioned that the current NFT mania could also drive the price to higher highs. There is no doubt about this since NFTs (non-fungible tokens) are created on a smart contract platform like Ethereum. Considering that Ethereum is the major market for the NFT, this may also cause a price surge.

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Ethereum Whales increase their buying spree Earlier this week, Ethereum Whales moved 235,000 ETH from centralized exchanges in just an hour. This happens to be the second-largest ETH outflow...