According to reports, the second-largest digital asset by market capitalization Ethereum will join the Hyperledger Consortium. Ethereum is set to become the first Blockchain network to join the open-source Hyperledger consortium. This is reportedly the first that a public Blockchain network is joining the Hyperledger Consortium.
The report was confirmed after the technical steering committee of the Hyperledger Consortium opted to approve a proposal to adopt the Pantheon project. The Pantheon project is based on the Ethereum Blockchain and is backed by ConsenSys.
Pantheon Project Provides Ethereum Based Services
The Pantheon project is basically designed to give a number of Ethereum-backed services that have been built by the ConsenSys’ strong engineering team known as PegaSys. The Pantheon Ethereum project sent a proposal to Hyperledger’s mailing list earlier in the month. On August 8 precisely. Thus, if this proposal is eventually accepted by the Hyperledger Consortium, Pantheon will be renamed to Hyperledger Besu.
Such a move would be similar to previous Blockchain projects including the Hyperledger Fabric by IBM and the Hyperledger Sawtooth by Intel.
Pantheon Ethereum Client Builds Enterprise-level Apps
As seen in an earlier report, the Pantheon project will reportedly be the number one ‘public’ Blockchain project that will work under the Hyperledger consortium. This means that the Pantheon code will be easily available on networks like the GitHub page. It will also be open to all developers who are contributing to the project.
Apart from running via the Ethereum Blockchain, Pantheon can also run on private networks. The initiative can run on test networks like Rinkeby, Ropsten and Görli.
It is safe to say that HyperLedger’s association with the Ethereum network is nothing new. It should be recalled that last year, in October to be precise, Hyperledger entered a collaborative process with Enterprise Ethereum Alliance. The goal was to establish common standards that will promote the Blockchain space. Hence, because the Blockchain sector remains scattered to date, the project is designed to reach a common standard. That is a standard that can serve the good of multiple industry participants.
Hyperledger Consortium Was Created by the Linux Foundation
The Hyperledger consortium was created for the purpose of developing open-sourced Blockchain by the Linux Foundation. In similar fashion, the EEA is also a 500-member standards entity that builds private business applications based on the Ethereum Blockchain network.
Both entities are of the view that the alliance between them “will allow Hyperledger developers to prepare code that is in line with the EEA specifications. Which will be certified through the EEA certification testing initiatives.” According to Brian Behlendorf who serves as Hyperledger’s executive director:
“The agreement is a two-way street. There aren’t many groups out there that are effectively following the standards set in the blockchain space. The EEA has set the standards. The question is what can we add to this momentum set by the EEA?”
ETHEREUM STILL COUPLED TO BIG BROTHER, IS ETH ABOUT TO CRASH HARDER?
It was largely predicted that when bitcoin corrects, the altcoins will capitulate. That appears to be happening this week and Ethereum hasn’t escaped as it dumps almost 15% since the weekend.
Digital asset markets are in free fall today, since Monday over $30 billion has been dumped, with over half of that leaving the space in the past 24 hours.
From their 2020 peak above $300 billion total market cap has dumped over 15% to current levels and it looks like the pain is not over yet.
ETHEREUM FALLING FAST
Bitcoin has corrected around 13% from its peak price this year which is a lot less than Ethereum’s losses. As predicted by Bitcoinist last week, the altcoins are capitulating as BTC corrects and fails to hold key support levels.
Since its 2020 high, ETH price has corrected 19% to current levels, hitting a low of $235 during Asian trading this morning. Over the past 24 hours the asset has dumped 11% from an intraday high of $265.
ETH price 1 hour chart – Tradingview.com
Three lower highs since mid-February have mirrored the action on bitcoin’s chart as Ethereum remains hopelessly coupled to its big brother still.14 BTC & 30,000 Free Spins for every player, only in mBitcasino’s Crypto Love Affair! Play Now!
Analysts have also observed the correlation despite hopes that ETH would begin to move independently this year.
“So just understand that this is no reflection on #Ethereum and 100% tied to what $BTC does next. They have not been decoupled.”
At the time of writing BTC has broken down to this level and ETH is still falling so $225 could well be on the cards.
Zooming out shows a healthier picture with Ethereum prices still up 80% since the beginning of the year but this will only remain healthy if the pullback slows down. Any asset that has made such rapid gains is bound to correct harder and faster than slower moving ones and ETH has been on a roll this year.
There may have also been some liquidation from DeFi markets as the total amount of ETH locked has fallen to $2.8 million. The dollar value has also dumped below a billion but that is due to falling ETH prices.
Without pointing out the obvious, the past two months have been a mirror of the price action in June and July last year. The only negative at the moment is that overall high was lower this time around.
Bitcoin really needs to find support above its previous bottom of $6,500 in December for crypto markets to stabilize and a new rally to begin. Only then will Ethereum start to climb again.
Ethereum (ETH/USD) forecast and analysis on February 26, 2020
Cryptocurrency Ethereum (ETH/USD) is trading at 263. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bullish trend on Ethereum. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator strip.
Ethereum (ETH/USD) forecast and analysis on February 26, 2020
As part of the Ethereum exchange rate forecast, a test of level 258 is expected. Where can we expect an attempt to continue the growth of ETH/USD and the further development of an upward trend. The purpose of this movement is the area near the level of 292. The conservative buying area Ethereum is located near the lower border of the Bollinger Bands indicator strip at 256.
Cancellation of the option to continue the growth of the Ethereum rate will be a breakdown of the lower border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and closing of quotations of the pair below the area of 248. This will indicate a change in the current trend in favor of the bearish for ETH/USD. In case of breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.
Ethereum (ETH/USD) forecast and analysis on February 26, 2020 implies a test level of 258. Further growth is expected to continue to the area above level 292. The conservative buying area is located near area 256. The breakdown of the growth option for cryptocurrency will be the breakdown of level 248. In this case, we should expect further fall.
Ethereum’s improving on-chain metrics offset market downturn
Of the top-ten digital currencies, Ethereum has managed to outperform the rest of the lot since the start of 2020. Valuation-wise, Ethereum had managed to hold a 100%+ hike at press time and its fundamental data statistics have relatively improved as well.
Following the performance of Ethereum over the first two weeks in February, the sentiment has now turned relatively bearish with major crypto-assets failing to register significant spikes in price. However, in spite of such conditions, Ethereum boasted of positive on-chain metrics over the last 30 days.
According to Coinmetrics’ State of the Network report, the number of active addresses on ETH blockchain had risen by about 41 percent in the month of February. The number of addresses improved from 236,095 to 320,273. A rise in the number of active addresses usually indicates that users are making use of the blockchain and more and more Ether transactions are taking place. In comparison to ETH, BTC active addresses only improved by 1 percent.
In terms of adjusted transfer value growth, Ethereum stomped its ground here as well, outperforming the likes of Bitcoin, Bitcoin Cash, and Litecoin. ETH’s transfer value growth was registered to be around 132 percent, whereas Bitcoin could only incur an 11 percent hike in the past 4 weeks.
Another one of the key metrics where Ethereum managed to outperform Bitcoin was in terms of transaction growth involving exchanges. The chart suggested that Ethreum has been involved in more transactions involving different exchanges, an observation that implied that the user base of different institutions may be increasing their accumulation of Ether.
Additionally, the Bletchley Ethereum Index witnessed a new record as well. The CMBI Ethereum Index recorded 9 weeks of positive returns, underlying ETH’s strength in the market, in spite of the market’s overwhelmingly bearish sentiments.
Looking over at the ETH Options volume chart, it can be identified that over 465 contracts set to expire on 27 March were predicting ETH to cross $360, whereas 400 contracts believed it will scale up to $800 by 25 September.
Such bullish sentiments should allow Ethereum’s price to stabilize up the charts, but with increasing volatility over the past week. That being said, a state of turbulence may trigger a change to the aforementioned statistics