Ethereum is considered a secret favorite and has become a force to be reckoned with. As a successful cryptocurrency, Ethereum stands for an outstanding technology, which in turn is backed by a first-class idea. The price developments can be considered positive, there are increases almost every day.
More and more investors feel attracted and shift their speculations from Bitcoin to Ethereum. No wonder, because Bitcoin is pretty much over the top. At over 40,000 $ per Bitcoin, it has become quite expensive, whereas Ether – the exact name for the currency – currently costs around 1,500 $.
And thus, Ethereum is also quite expensive relative to Redcoin, Dogecoin and other trendy currencies. Its popularity has meanwhile brought it all the way to the casino market. Best Ethereum Casinos allow easy, fast and secure payment.
The concept behind Ethereum
Ethereum – just like Bitcoin – is supposed to contribute to the simplification of digital processes and data transfer. The current system seems slow, outdated and in need of an overhaul. The developers of Ethereum wanted to establish a new system that makes contract processing even easier. This is possible due to the elimination of central instances.
Even better, Ethereum’s latest developments show that this is not the only issue. The system behind the coveted cryptocurrency is currently planning and implementing the creation of countless apps relevant to everyday life. With their help, we can quickly execute processes and save time. What is special about the apps supported by Ethereum is that they are safe from fraud and manipulation. They can be considered unmodifiable after creation. At the same time, they do not require maintenance or control by a single person. This saves costs and personnel.
Ethereum and the Blockchain
Just like Bitcoin, Ether also uses the blockchain technology. As the name suggests, the blockchain consists of blocks and chains. Both are connected to each other in alternation. Inside the blocks is the data. The confirmation of the entire blocks leads to the transmission of data and finally to the further establishment of the blocks. Behind each block are specific codes. Hacking these codes and thus accessing them illegally is almost impossible.
The blockchain publicly records transactions with Ether, whereby the participants remain anonymous. Only the transactions are transparent. If contracts are made, all participants must agree. If this does not happen, the respective contract does not come into effect. Verification of the participants takes place automatically. At the same time, the data is no longer sent to a central network and only reaches the final instance after the verification.
By comparison, well-known apps for chatting use a central structure. Anyone who sends a chat message first sends it to the central office. From there, it reaches the actual recipient. If someone hacks into the control center, personal data is lost. This does not happen with the blockchain.
Where Ethereum will be used
Ethereum makes sense wherever the blockchain technology is in demand. The financial system is potentially benefiting from it. Our banking system is developing enormously with the use of blockchain.
Branches will become superfluous and the savings will go to the customers. Account maintenance fees will then only be in the low range and transactions will not require a bank card or a cumbersome on-site account opening.
However, blockchain is not only the future of banks. It is also in demand in the education sector, travel providers will opt for the technology and even in medicine, people are already thinking about its integration.
Buying Ethereum? Here’s what to watch out for!
Of course, you cannot buy Ethereum in a classic supermarket. After all, it is a digital currency that, unlike FIAT money, cannot be purchased physically. The currency resides in the blockchain. It cannot be detached from it. To participate in the market, an account with a crypto exchange or within a crypto marketplace is required. Those who want to focus specifically on Ethereum must choose an exchange offering this cryptocurrency.
After registration, it is possible to buy Ethereum in exchange for euros or dollars. In doing so, interested parties buy the crypto coins from the exchange directly or from a private seller. The latter cannot set the price individually. The value is valid everywhere and is based on the current price developments. Fluctuations are normal for cryptos, but the better known crypto becomes and the more investors are involved, the more stable the value will get.
After the purchase, the buyer should open his wallet. The wallet should be created in advance and is accompanied by a private key. All encryptions are for security purposes. Any codes and keywords should be kept in a safe place. Some people purchase USB hardware for this purpose. It is particularly secure and especially interesting for those buyers who enter with larger sums.
After safely storing the coins in the wallet, it is necessary to wait. Every day brings changes. Buyers should constantly keep themselves informed about developments. Only in this way can they profit from the advantages of Ether and other cryptocurrencies in the long term.
Ethereum Whale Bought 276,592,553,073 SHIB, Is Something Big Coming?
- An anonymous Ethereum whale decided to go on SHIB coin shopping.
- The whale bought 276,592,553,073 #SHIB tokens ($11,510,207 USD).
Investors seemed highly interested in Shiba Inu since the total value locked (TVL) climbed close to $2 billion in June and July. Recently, an anonymous Ethereum whale decided to go on SHIB coin shopping, buying close to an enormous 276 billion SHIB.
On October 26, a Twitter account by the pseudonym Shiba Inu News tweeted the news first. The user said,
Wow… An Ethereum whale just bought 276,592,553,073 #SHIB tokens ($11,510,207 USD). We haven’t seen a whale transaction THIS BIG in quite some time. This is massive and sends a clear signal that He/She knows something is coming.
This move comes after Shiba Inu token had an impressive rally from the last few days, surging by over 340% in the past 7 days and reaching a new all-time high of over $0.000046.
The last time an anonymous whale bought an enormous 6.3 trillion coins, a couple of weeks later, the Shiba Inu (SHIB) token went bullish, hitting a new all-time high. So, the Twitter user said that this latest whale might know that something big is coming that’s why he or she bought this much SHIB.
Less Than 48 Hours Until Ethereum Altair Update, But 30% of Nodes Are Not Yet Ready
With Ethereum Altair update coming, users are not being dexterous
Ethereum’s main network is getting closer to the new Altair network, which means that the absolute majority of the nodes on the network have to update their clients. According to the Nodewatch service, currently around 30% of nodes remain unsynced.
The new upgrade for Ethereum is aimed purely at validators, and it does not change anything for general coin users. The update affects only the beacon chain consensus mechanism. In addition to users, updates will not have any effect on contracts.
If users act as validators, they will need to download the latest version of their software, which they will be able to find in the table on the Ethereum blog, and restart their nodes as usual.
If node holders decide not to update to the latest version of the software and join the upgraded chain, they will be synced with the old chain after an upgrade on Ethereum occurs. While functioning on the incompatible chain, users will not be able to receive proper rewards and realize them on exchanges.
Validators running on the old network will receive penalties for not participating in the upgraded consensus with respect to the upgraded mainnet.
When the Ethereum community has decided which changes should be made to the network, the change is written by the clients functioning on the network. The changes to the beacon chain protocol go live in a specific epoch (the Altair update goes live at epoch 74240).
Any new nodes with the old ruleset will remain abandoned on the old chain without being able to use new functions, participate in the current network or, in general, utilize the cryptocurrency.
Ethereum killer Solana hits $13.65 billion in TVL as SOL price locks in on $300
- Solana price is hovering around $208.76 after a new all-time high at $219.27.
- A minor retracement to the $185.30 to $204.44 demand zone is likely before a 16% advance.
- The total value locked on the SOL ecosystem hits a record high of $13.65 billion.
Solana price seems to be unaffected by Bitcoin as it set up a new all-time high on October 25, and so did the Total Value Locked (TVL) on the SOL ecosystem. With the altcoin currently retracing to a support zone, investors can expect another leg-up to kick-start a new uptrend.
Solana TVL goes through the roof
Solana has been a buzzing ecosystem with NFT projects, yield aggregators, liquidity mining and more. This massive ecosystem, which is set to rival Ethereum, has reached two new milestones, a new all-time high for Total Value Locked and the market value of SOL hitting a record high.
The top six projects on Solana have more than $1 billion in TVL. Saber leads the pack with $2.06 billion worth of SOL locked in its ecosystem.
Moreover, the Ethereum-killer narrative for Solana seems to be working out well, as plenty of projects have jumped ship. As a result, SOL has rallied a whopping 14,665% in 2021, reflecting the demand for an ETH alternative in the cryptocurrency space.
With Bitcoin slowing down, altcoins, especially Solana and a handful of other DeFi coins, are rallying. Moreover, Ignition saw 5,879 projects sign up for the 4th global hackathon on Solana. The prize pool is hovering around $5.1 million with a grand prize of $75,000 and famous faces in the cryptocurrency ecosystem like FTX founder and CEO Sam Bankman-Fried, Coinshares’ CSO Meltem Demirrors, Circle founder and CEO Jeremy Allaire and so on judging these projects.
SOL price prepares for lift-off
Solana price rose 43% from October 19 to October 25 and created a new all-time high at $219.27. This run-up was an explosive one with minor retracements. Therefore, investors can expect SOL to undergo a short-term corrective action before embarking on a new leg-up.
The support area ranging from $185.30 to $204.45 is where the pullback finds a cushion and receives enough buying pressure to reverse its trend. Assuming the reversal occurs here, SOL needs to flip the $216.91 resistance barrier into a support floor. Doing so will allow Solana price to take aim at the new all-time high at $238.67 or the 161.8% Fibonacci extension level.
In a highly bullish case, Solana price could extend its run-up to $301 after a 50% ascent to the 261.8% Fibonacci extension level.
SOL/USDT 6-hour chart
While things are looking good for Solana price, a breakdown of the demand zone ranging from $185.3 to $200.37 will be catastrophic. In this situation, SOL could retrace to the $175 support floor and, in dire cases, $151.05. While this downswing does not invalidate the bullish thesis, it will delay it.