Ethereum (ETH) Network Hits Key Milestone Amid Crypto Bear Market

Ethereum Eclipses 50M Addresses

According to data compiled by The Block from Etherscan.io, the number of unique Ethereum addresses (not wallets) has recently surpassed a key, round number milestone at 50 million — a monumental accomplishment for any network. Interestingly, even amid 2018’s dismal unpredictable bear market, the growth of this figure hasn’t slowed (much), as depicted in the graph below.

Yet, this statistic’s current growth prospects are a far cry from those seen in early-January 2018, which was when ETH surpassed $1,000, and while demand for DApps and Ethereum (token) trading shot through the metaphorical roof. For example, on January 4th, as the altcoin mania was nearing its peak, 352,888 new addresses were created in a single day.

Today, approximately 70,000 new addresses are added to the network each and every day, which is far from a measly sum, to say the least. This could indicate that tens of thousands of consumers still see value in what Ethereum has to offer, as processes have become even cheaper, specifically due to market qualms.

 

It Isn’t All Sunshine And Rainbows 

While the network’s continual growth is a welcome sight, it isn’t all sunshine and rainbows, so to speak. As noted by The Block, the number of active addresses, or accounts that send and receive transactions on the day-to-day, has actually fallen, even while total addresses have been well on the rise. On January 16th, 2018, 719,093 Ethereum addresses sent and/or received transactions, that same figure sits at a dismal 232,085 on Saturday — not the end of the world, but a harrowing sight nonetheless.

Worse yet, active Ethereum addresses only account for 0.46% for all unique addresses in existence, a far cry from the ~3.5% seen in January.

The number of daily transactions on the network has also fallen, from 1,349,890 on January 4th — a seeming important date in Ethereum’s multi-year history — to 551,916 as of yesterday. To give the latter figure some perspective, 551,916 daily transactions amount to 22,996 an hour, 383 a minute, and 6.4 a second — a far cry from what Visa processes.

 

ETH Posts Slight Gain In ‘Sea Of Green’

In spite of the caveats of Ethereum’s current state, Ether has performed relatively well over the past 24 hours. According to Coin Market Cap, the asset is up to $85.5 apiece, while posting a slight gain of 1.2% in the past day. Although ETH is outperforming its rivals in Bitcoin (BTC), XRP, and EOS by less than 1%, it has underperformed a number of other prominent altcoins — Litecoin (+7.61%), Bitcoin SV (+11.09%), and Maker (+7.92%).

At the time of writing, the market capitalization of cryptocurrencies is at $103 billion, with volume backing the market moves amounting to $10.4 billion (unadjusted).


Source
Author: Nick Chong
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Bitcoin Price Facing Uphill Task Near USD 7,400

auBitcoin traded further higher during the past three sessions and broke the USD 7,350 resistance. BTC/USD tested the next important resistance at USD 7,400 and it is currently consolidating gains. To the topside, the USD 7,400 and USD 7,500 levels are crucial hurdles for buyers. Therefore, the next move depends whether buyers are able to push the price above these levels. On the other hand, there was a minor downward move in major altcoins like ethereum, bitcoin cash and ripple, but they all are still trading above key supports.

Total market capitalization:

Bitcoin
Bitcoin price gained more than 1% recently and tested the USD 7,400 resistance. BTC/USD is currently (UTC 08:20 AM) trading with bullish moves above the previous resistance (now support) at USD 7,350. However, buyers need to push the price above the USD 7,400 barrier and then USD 7,500. Both are important resistances for a move towards the USD 8,000 handle.
If buyers fail, there could be a downside correction towards the USD 7,250 and USD 7,050 support levels in the near term.

Ethereum
Ethereum price could not settle above the USD 290 resistance and it slowly declined. ETH/USD is down around 1%, but it is still trading above the USD 275 support, which is a positive sign.
Buyers need to gain momentum above the USD 290 resistance for more upsides towards USD 300 and USD 310 in the short term.

Bitcoin cash and ripple
Bitcoin cash price remained confined in a tiny range above the USD 620 support. BCH/USD needs to break the USD 640 and USD 650 resistances to start a fresh upward move. On the other hand, a break below the USD 620 range support could ignite bearish moves in the near term towards USD 600 and USD 580.
Ripple price seems to be struggling to gain buying interest and it is currently down more than 1.2% to USD 0.328. XRP/USD could continue to move down towards the next supports at USD 0.325 and USD 0.323.

Other altcoins market today
The market sentiment was mostly positive for small cap altcoins like dropil, STRAT and bytecoin, PIVX, MOAC, NPXS, GAS, MCO and PAY. Out of these dropil climbed around 17% and STRAT gained roughly 12%.
To sum up, bitcoin price remains in an uptrend above the USD 7,250 support. However, buyers are likely to face a lot of selling interest near the USD 7,400 and USD 7,500 resistance levels. Should there be a close above USD 7,500, there could be solid gains in BTC and altcoins in the coming days.


Source
Author: Aayush Jindal
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