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ETH Price Records New ATH as Berlin Upgrade Goes Live on Ethereum Mainnet

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The Berlin upgrade is one of the many improvements that will make the Ethereum blockchain attractive for DeFi-backed DApps.

The long-awaited Berlin upgrade has gone live on the Ethereum (ETH) mainnet, an event that is fueling a bullish market sentiment in favor of the digital currency. The upgrade went live at block number 1224400 and based on timing, the block figure was attained at 10:08 am UTC according to Etherscan.

Later Etherscan reported that a consensus error was detected at block number 12244294. According to the latest info, the issue affected only  OpenEthereum nodes.

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ETH Hits ATH

Ethereum (ETH) bulls are capitalizing on the future prospects of the Berlin upgrade to push the price of the cryptocurrency to a new all-time high (ATH). Earlier today, the digital currency which currently stands as the world’s second-largest by market capitalization surged to $2,489.49 after a gain of over 20% in the past week according to CoinMarketCap.

Ethereum’s price journey has been eclectic all week long as the coin has charted a path for itself by breaking away from the strong correlation with Bitcoin (BTC). Creating new support at the $2,400 price mark, the digital currency is well on track to discover new price territories and market analysts believe this Berlin upgrade can be the catalyst for the unprecedented rally.

There is a bigger life ahead of the Ethereum network as it fights to maintain its place as the world’s most used blockchain network through the decentralized finance smart contracts building on it. The Berlin upgrade is one of the many improvements that will make the blockchain attractive for DeFi-backed DApps and the general ecosystem as a whole. The upgrade is particularly needed at this time when other emerging blockchain networks like the Binance Smart Chain (BSC) are competing with Ethereum for the new crop of DeFi projects being launched.

What the Berlin Upgrade Means for the Ethereum Blockchain

The Berlin upgrade is a protocol that will help address the troubling issues of high network fees the Ethereum blockchain is experiencing. The Berlin upgrade which has been deployed on the Ropsten, Goerli, and Rinkeby networks back in March introduces four EIPs or “Ethereum Improvement Proposals” to the network, of which two of them (EIP-2929 and EIP-2930) affect how the gas cost of the transactions carried out on the blockchain is computed.

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“Both these EIPs [EIP-2929 and EIP-2718] are prerequisites in getting EIP-1559, the long-awaited transaction fee upgrade, deployed to the network this summer,” said project lead developer at Ethereum to accointing.com.

The EIP 1559 upgrade is expected in July, and besides the overall influence on the transaction cost, it will also make the Ethereum coin a deflationary asset.

According to an earlier report by Coinspeaker, with the EIP 1559 implementation, the gas fee will go directly to the network itself in the form of “burn”. The “burn” is also dubbed as a base fee with only an optional tip paid to the miners. Burning cryptocurrencies have been proven to increase the valuation of the asset and Ethereum bulls are particularly gearing up for this reality.

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Ethereum Challenger Terra Becomes Third-Largest Blockchain by Total Value Locked, Surpassing Solana and Avalanche

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Decentralized finance (DeFi) platform Terra (LUNA) has surpassed its rival blockchains to become the third-largest crypto by total value locked (TVL).

Crypto market intelligence firm Delphi Digital says that the Ethereum competitor has now overtaken Solana (SOL) and Avalanche (AVAX) in terms of TVL primarily due to value growth in Bonded Luna (bLuna), which is the token used by liquid staking protocol Lido as collateral to borrow stablecoin TerraUSD (UST) within the Anchor protocol.

“TVL on Terra network overtook Avalanche and Solana, making it [the] third-largest blockchain by TVL after Ethereum (ETH) and Binance Smart Chain (BSC).

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It’s important to note that TVL numbers are highly reflective alongside native token prices as they are commonly used as collateral in DeFi and as base pairs for DEXes. In Terra’s case, DEX base pairs usually utilize Tether instead of LUNA, therefore this growth in TVL is primarily contributed by value growth in Lido bLuna.”

The TVL of a DeFi platform is the total value held within its smart contracts. It is calculated by multiplying the amount of funds locked into the network as collateral by the current price of the assets.

Delphi Digital points to how LUNA’s rise has helped Terra’s stablecoin UST increase its overall supply by 4 billion tokens due to a proposal to mint UST on the Terra network.

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“The increase in UST Supply from under $3 billion to $7 billion across mid-November was due to this proposal to mint UST with LUNA in the community pool to grow the Terra ecosystem through UST usage.

UST did another ~$1 billion of growth in circulating supply after 19th November.”

LUNA is exchanging hands at $70.85 as of writing, an 46% increase from its 30-day low of $38.06.

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Fourth-Largest Ethereum Whale Pounces on Large-Cap Altcoin, Accumulating $580,000,000 in Crypto

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One mega-whale just loaded up on an Ethereum (ETH) token that powers a popular crypto marketplace.

The blockchain-transaction tracker WhaleStats reveals that the unnamed wallet received 14,000,000 FTT, the native token of the FTX exchange. The transaction was worth $581,444,018 at time of sending.

The whale now holds over $1.2 billion worth of FTT with a total value exceeding $3.8 billion and is now ranked fourth on the WhaleStats’ list of the top 1000 Ethereum wallets, excluding the ETH cryptocurrency itself.

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Source: WhaleStats

Popular crypto analyst Smart Contracter is also showing interest in FTT, noting that the Fibonacci ABC spacing between sharp highs and lows on the coin’s historical chart offers encouraging signs for future price action.

The trader says in a tweet to his 196,000 followers,

“Been a long while since I played FTT but I actually think a major bottom is in and we go to [all-time highs] from here.

Perfect ABC on super-high timeframes where ABC came below the 0.618 and bull/bear periods are almost 1:1 extension.”

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Source: Smart Contracter/Twitter

In late October news broke that FTX had purchased advertising airtime during the February 2022 Super Bowl as part of a wider push to bring crypto awareness to the mainstream.

Last week FTX also announced the launch of a marketplace for Ethereum-based non-fungible tokens (NFTs).

At time of writing, the FTT token is mostly flat on the day and trading at $42.73.

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Top Trader Says Ethereum Looks Exceptionally Bullish, Unveils Targets for Bitcoin and Explosive Altcoin Terra

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A popular crypto analyst believes Ethereum (ETH), Bitcoin (BTC) and one altcoin are about to blast off and leave the recent market-wide slump in the dust.

The pseudonymous crypto strategist and trader Kaleo tells his 454,000 Twitter followers that ETH’s time to shine has arrived as the “king” of the layer-1 blockchain protocols.

The analyst says,

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“ETH is so bullish after the most recent flush it’s not even funny.

We’ve seen a major rotation play among the alt [Layer-1s] the past few months.

It only makes sense that the king of the L1s finally has a chance to suck liquidity from the rest of the market and have a run of its own.”

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Ethereum is about even on the day, trading for $4,346 at time of writing.

Kaleo next looks at Bitcoin and says he still believes the top crypto will reach at least $100,000 during the current cycle.

“I’ve said it before and I’ll say it again – I still expect to see Bitcoin have a parabolic move to top out at $100K+ this cycle.

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I’ll gladly start scaling out around $150K. I expect it to go higher, but I’m not concerned with nailing the top. Until then, just keep stacking.”

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Source: Kaleo/Twitter

BTC currently sits at $50,900 after having battled back from a flash-crash low around the $43,500 level on December 3rd.

Lastly, the crypto analyst lays out his price prediction for the Terra (LUNA) protocol, whose native token LUNA underpins a suite of decentralized stablecoins.

Kaleo tells his followers that Terra reaching the $100 threshold is inevitable.

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“LUNA going to $100 from here is only a matter of time.”

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Source: Kaleo/Twitter

LUNA has seen some wild price action in recent days, with the altcoin tumbling from $69.66 to $53.64 late last week before surging to $77.37 on Sunday.

The 10th-ranked crypto has since corrected but is back up 5% on the day to $70.74.

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