In a new development which could open a new era in the history of the cryptoverse, Emin Gun Sirer, a professor at Cornell University, is looking at launching his own cryptocurrency and network. He will be receiving funding from several big VCs in the field.
Sirer said that the AVA network was going to be of a higher throughput, which will also be looking at reducing transaction time. The blockchain will also have an application which tracks supply-chains and keeps a tab on securities and gold.
Sirer said,“Many existing blockchains tend to be specialized, focusing on ensuring user privacy or functioning as a store of value. Ava aims to run as many transactions per second as Visa and with 1.35 second confirmation latency, which should enable all these applications, plus ones that aren’t even possible yet.”
Sirer stated that “every certificate will one day be represented on the blockchain,” while adding that the Ava network was trying to create the correct foundation for making that vision happen.
Ava Labs Inc. has already raised $6 million in funding, with the investors being Andreessen Horowitz, Polychain and MetaStable. The test version of the network will be rolled out on Thursday and the coins are expected to be released after Ava is launched publicly in a few months.
Avalanche protocol is one of the latest developments from Ava Labs. Team Rocket, an anonymous group, had last year come up with a new distributed way to verify transactions. The Avalanche protocol was designed to be more flexible and able than Bitcoin.
Emin Gun added,“You can create a digital asset on top of Ava, a coin X, And then you can say, I want my coin to support Bitcoin transactions as well as Zcash –- you can mix and mash features from different languages. And I want these features to be supported on this set of nodes.”
According to Sirer, Ava is also working towards securing large corporations as partners, and is planning to establish Ava chapters in cities throughout the world.
However, Cornell isn’t the only institution at the forefront of the crypto, blockchain revolution. According to reports, professors from seven universities have come together and are working on a digital currency called “Unit-e,” an initiative by Distributed Technology Research, a non-profit foundation.
Ava is expected to compete with Ethereum since the network will provide all the services that Ethereum already does.
Ripple vs Ethereum: XRP and ETH Gearing Up for Much Awaited Price Recovery
After a week-long bearishness, the crypto market seems to be witnessing a mild rise in its valuation. Yesterday, Bitcoin had dropped heavily below $10,000 and its price is still below $10,000 but is on the way of price recovery.
Major altcoins, Ripple and Ethereum are also taking an uptrend but a bit slowly as ETH is still below $230 but has moved up notably from yesterday’s low price at $193.99.
Meanwhile, XRP has also crossed the price barrier near $0.30 and has been trading above $0.30 since 12:28 UTC yesterday. The coin is consolidating near $0.31 at present.
|Statistics||Ripple (XRP)||Ethereum (ETH)|
|Price (USD)06:59:17 UTC||$0.3162||$219.59|
|Circulating Supply||42,832,704,971 XRP||106,946,048 ETH|
|Return on Investment (ROI)||5,271.41%||7,619.73%|
XRP/ETH Price Chart:
Yesterday morning, XRP was as low as $0.29 and it gradually rose above $0.30 and then reached to $0.32. It then corrected down to $0.31 and has been remaining above $0.30. Since today morning, the coin has been traded above $0.31 except one low swing near $0.308. In the last 24 hours, XRP has increased to 6.21%. ETH was already below $200 and it managed to reach above $219 and then pulled back to $210. The coin is currently correcting up above $215.
XRP may see further resistance at $0.3236 and $0.3367 and, while it will see support levels at $0.296 and $0.2815. Also, Ethereum’s immediate resistance can be at $221.64 and $231.81, and support levels at $197.65 and $183.83.
Ethereum (ETH) More Likely To Rise To A New Yearly High Than Bitcoin (BTC)
Ethereum (ETH) is more likely than Bitcoin (BTC) to rise to a new yearly high. ETH/USD has found support on the key 61.8% fib extension level and is expected to rally hard from here if it closes the week above this level. Ethereum (ETH) has seen a brutal correction and might finally get some time to stage a relief rally now. Investors have long been waiting for an altcoin season in this market.
They may finally get it if Ethereum (ETH) continues to outpace Bitcoin (BTC) like it has been doing since it completed the correction. The price eyes further upside from here and it would not be surprising to see Ethereum rise past $250 and potentially to a new yearly high this year.
Ethereum is still better positioned for thar type of rally compared to Bitcoin. Moreover, the market makers need to convince retail traders that the bear market is over. This kind of narrative would be helped a lot by rise in altcoins. If Ethereum and other altcoins begin to rally, investors might finally be convinced that the bull market has indeed begun and ETH/USD is headed towards a new high.
This is nothing new and we saw the same happen during the previous bear market. Investors bought the dip thinking the bear market was over when it was only getting started. So, considering Ethereum’s long term outlook, yes it is a mistake to buy and think the bear market is over. The price is heavily overbought on larger time frames and even though it could still see a relief rally to the upside, it is falling hard once that rally is complete.
If we take a look at the weekly chart for ETH/BTC, we can see that the price broke an important support and is now attempting a retest of this support turned resistance. As long as this resistance is not broken, we do not expect an altcoin season. Certainly, we could see a mini altcoim season short term but it will be very short-lived. On the other hand, it ETH/BTC does break past this support turned resistance, we could see a sustained altcoin season as alts rally hard against Bitcoin (BTC).
Ethereum (ETH) like most altcoins dances to the tune of Bitcoin (BTC) but it is known for making independent moves at times. This could be another one of those moments where the price just rallied harder compared to Bitcoin (BTC) with no significance. If it ends up closing above that support turned resistance, then it will be significant.
The reason we expect Ethereum to rally hard and even harder than Bitcoin is because we expect a short term trend reversal. Ethereum has been pushed around hard in the past few months.
The market has been brutal on it and imvestor focus shifted from major altcoins like Ethereum to Bitcoin. Just when everyone is giving up on Ethereum, I think it could be the time we might see a strong rally in the price not only against the US Dollar but also against Bitcoin (BTC).
Ethereum technical analysis: Bears step in to negate bullish movement
- ETH/USD is currently trading for $210.15.
- Relative strength index (RSI) is creeping right next to the oversold zone.
ETH/USD daily chart
ETH/USD is currently trading for $210.15 in the early hours of Thursday. This Wednesday was bullish for ETH/USD as its price went up from $200 to $211.The price is trending above the 200-day simple moving average (SMA 200) while below the SMA 50 and SMA 20 curves. The SMA 50 is looking to cross over the SMA 20, which is a bearish sign. The relative strength index (RSI) is creeping right next to the oversold zone.
ETH/USD 4-hour chart
The 4-hour chart shows a spike in the ETH/USD value where it went up from $196.15 to $213. Since then, the bears took over and the price is trending in a downward channel. The price chart is trending below the green Ichimoku cloud. The moving average convergence/divergence (MACD) indicator shows four straight bullish sessions of increasing intensity.
ETH/USD hourly chart
The hourly ETH/USD price is trending in the upper half of the 20-day Bollinger band having found support on the upward trending line and the SMA 20 curve. The market sees immediate resistance at the SMA 50 curve. The Elliot oscillator shows four straight bearish sessions.
|Today last price||212.98|
|Today Daily Change||1.66|
|Today Daily Change %||0.79|
|Today daily open||211.32|
|Previous Daily High||220.02|
|Previous Daily Low||192.1|
|Previous Weekly High||318.46|
|Previous Weekly Low||262|
|Previous Monthly High||363.54|
|Previous Monthly Low||226.48|
|Daily Fibonacci 38.2%||209.35|
|Daily Fibonacci 61.8%||202.76|
|Daily Pivot Point S1||195.6|
|Daily Pivot Point S2||179.89|
|Daily Pivot Point S3||167.68|
|Daily Pivot Point R1||223.52|
|Daily Pivot Point R2||235.73|
|Daily Pivot Point R3||251.45|