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Ethereum

Ethereum Is Set To Explode, Says Prominent Crypto Analyst Nicholas Merten – Here’s Why

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Ethereum as ultra-sound money

Closely followed crypto analyst Nicholas Merten says Ethereum is gearing up to explode into a new bull market phase.

In a new strategy session, Merten takes a look at Ethereum’s market dominance, which shows ETH’s market share relative to all other crypto assets. He notes that Ethereum’s market dominance is poised for a breakout as it threatens to take out a crucial resistance area.A

“Even with a variety of other cryptocurrencies now that Etheruem has to compete with or outpace to maintain market share, it’s been generally holding up at a resistance range we saw back here between March and May of 2017, around the 19% to 20% range for market dominance.

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And this showcases that this is a really critical metric we need to watch for…And that is a huge psychological level because once we broke through that range, we climbed all the way up here to 32% market dominance, an over 50% increase of previous ownership of market share.”

A rise in Ethreum’s market dominance indicates that the leading smart contract platform is gaining in value faster than other crypto assets.

The analyst also says that Ethereum’s EIP-1559, the much-awaited upgrade that would burn a portion of the transaction fees, could help the bullish case for ETH by putting deflationary pressure on it.

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“[EIP-1559] at the end of the day is going to mean we’re going to have less and less supply, and in fact with Ethereum’s monetary policy, the way that it’s currently working, if there is enough activity in the network, then it could actually turn ETH not only into an asset that has some form of a fixed supply, but also a truly deflationary supply, where the available ETH in the market starts to truly actually decrease rather than increase, even with staking rewards. And that’s a really interesting dynamic here that we have to keep in mind.”

According to Merten, Ethereum looks as ready as any crypto for a sizeable secondary bull market in the near future.

“I think Ethereum is a safe bet as we go into the bull market here. The continuation of altcoins, as we go into the secondary wave… We might very well have that secondary shoot-up like we had back here in the middle of 2017.”

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Ethereum

Will Smith’s Son, Rapper and Actor Jaden Smith, Posts Mysterious “ETH” Tweet

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Jaden Smith joins the crypto-celebrity list with two tweets in a row

The “Icon” author, rapper, Hollywood actor and mega-star, Will Smith’s son Jaden Smith, has posted a mysterious “ETH” tweet that followed a “Web3” publication shortly after.

The purpose behind the two tweets has not been disclosed, but it is most likely tied to the rising popularity of the two industries. Previously, Ethereum’s price has reached the new ATH, which might have caught the famous rapper’s attention.

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Both crypto-related tweets have been warmly welcomed by the audience, collecting approximately 8,000 likes and more than 1,000 retweets on Twitter. In the comment section of the Web3 tweet, Jaden said that he actually owns an NFT just like his industry partner Snoop Dog.

With the rapid price increase of the Bitcoin, DeFi and NFT industries, more celebrities are exploring cryptocurrencies and blockchain technologies. In addition to giving significant investment returns, digital assets technologies may potentially change the banking, finance and art industries in the future.

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Ripple

Ripple CEO Says the SEC Helped Ethereum to Surpass XRP as No.2 Crypto

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  • Ripple CEO aired his opinion on the crypto market and regulations.
  • Brad Garlinghouse said the US SEC granted Ethereum regulatory green light.

At the DC Fintech Week virtual conference on October 21, Ripple CEO Brad Garlinghounse aired his thoughts on the state of the crypto market and regulations. Besides, he holds a grudge over the financial regulator’s approach to Ethereum.

In addition, Garlinghouse declared that the US Security and Exchange Commission (SEC) granted Ethereum regulatory green light that enabled it to surpass his firm’s XRP token.

Likewise, the Ripple boss feels that his firm has been played out. But, at the same time, Ethereum’s subsequent success is at least in part down to more favorable treatment by the US SEC. Also, Garlinghouse stated that it is affecting its market. He said,

“Within the last few years, XRP was the second most valuable digital asset. As it became clear the SEC had given a hall pass to ETH, ETH obviously has exploded, and that clarity has helped.”

To clarify, XRP was the second-largest crypto asset by market cap in late December 2017. But, currently, it has dropped to seventh place while Ethereum has kept the second spot ever since.

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Furthermore, the reason why XRP dropped is the US SEC pursuing Ripple over claims that XRP is unregistered security. In fact, in January, Ripple filed a Freedom of Information Act request with the US SEC demanding to know why it didn’t consider ETH security.

As a result, later in July, a district judge allowed the firm to depose a former official who declared in 2018 that ETH was not a security.

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Ripple

Ripple CEO reinstates SEC bias towards ETH, claiming XRP could’ve been No.2

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It is not news that the ongoing XRP lawsuit has got the better of Ripple’s XRP token. Ripple CEO, Brad Garlinghouse recently questioned the SEC’s bias towards Ethereum, claiming that XRP would’ve been at the No. 2 position instead of ETH if it weren’t for the commission’s partial crackdown. Garlinghouse spoke at the DC Fintech Week virtual conference yesterday, arguing that the U.S. Securities and Exchange Commission alleged Ripple’s XRP as unregistered security while granting Ethereum a regulatory free pass, which in turn helped ETH shoot through the roof.

“Within the last few years, XRP was the second most valuable digital asset. As it became clear the SEC had given a hall pass to ETH, ETH obviously has kind of exploded and that clarity has helped.”

XRP secured the position of the second-largest crypto asset by market capitalization during the latter half of 2017. However, the token has dropped down to seventh place while Ethereum stands strong as No. 2. Furthermore, Garlinghouse claims that the SEC’s exclusively aggressive anti-crypto stance to allegedly protect the consumers is in fact anti-investors. Referring to the XRP lawsuit, Ripple CEO emphasizes that “nearly 50,000 U.S. people who hold XRP who are trying to sue the SEC for ‘protecting them’”.

XRP Holders left with bearish and frozen funds

Earlier this week, Attorney Deaton Filed a Letter Motion on behalf of the XRP Holders (Movants) that contended SEC’s extension request, with the main argument concerning the XRP holders’ frozen funds because of the consistent postponement of the lawsuit’s final verdict. During the ongoing bull run, XRP remains considerably bear because of the regulatory crackdown on Ripple. However, the court has overlooked the community’s concern and granted the extension explaining that in lieu of pending motions, extra time will only facilitate both parties to complete pending fact discovery and thoroughly prepare for upcoming expert depositions.

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“The lack of liquidity within the United States, coupled with the mass de-listings prevents XRP Holders from trading, selling, transferring, or converting their XRP. It is because of this de facto in place seizure of their property that XRP Holders took the extraordinary step to seek intervention as defendants… Any delay in the underlying action marks yet another day XRP Holders do not have access to their funds.”, wrote Deaton.

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