Archiv | Februar 2021

Ethereum at $1,710 – new all-time high!

Ethereum at $1,710 – new all-time high! But gas fees explode again

Ethereum gas fees continue to rise after the recent all-time high. Trading volume on the decentralised exchange (DEX) is also on the rise.

Ethereum (ETH) is perhaps the most popular cryptocurrency right now in terms of blockchain usage. However, transaction costs are still a major hurdle for the second largest cryptocurrency by market capitalisation.

On Friday, 5 February, the cryptocurrency briefly broke through $1,710 per coin. Decentralised Finance (DeFi) is also partly responsible due to the Bitcoin Revolution growing demand of DEXs built on the underlying Ethereum blockchain.
Gas fees go through the roof

According to Gasnow, Ether transactions climbed almost to 500 Gwei (Ethereum’s version of Satoshis) on the day.

This means that even slow transactions cost a minimum of around $7. But DEXs like Uniswap (which use smart contracts) have seen transactions of over $70 in recent days.

Is Ethereum heading for $2,000?

ETH has broken its all-time high again and is likely to keep doing so in the coming weeks. The world’s second most popular cryptocurrency is set to push towards $2,000 per coin after the recent price action.

The bullish sentiment on Ethereum has led to an increase of about 140% since the beginning of the year. The remarkable rise can be attributed to several possible factors.

The Uniswap DEX is currently reaching a daily volume of $1.89 billion. This is more than crypto exchange Kraken in terms of volume. Then there’s Grayscale, which recently reopened its Ethereum trust. Buying over $38 million in Ether is likely a factor in the recent surge.

Ethereum at $2,000 may sound like a dream. However, strategists at Fundstrat Global Advisors LLC believe ETH could rise much higher – to $10,500.

Fundstrat believes that the growing popularity in the DeFi sector is a major reason for Ethereum’s recent rally (Go to Buy Ethereum Guide). With so many DeFi projects running on the Ethereum blockchain, the euphoria is likely to create massive demand.

More and more ETH is being used for staking

The number of ETH used in version 2 of the project is now around 2.94 million. This is more than 2.5% of the circulating supply and means that the ETH 2 contract is now worth more than $5 billion.

With ETH 2.0 on the horizon, ETH is likely to continue to rise, spurred by increased usage from the various DEX and DeFi projects.

Dieser Beitrag wurde am 8. Februar 2021 in Bitcoin veröffentlicht.

Coinbase explains: outages were not controlled, but problem-related

The crypto exchange could only be reached to a limited extent during the GameStop affair, which had caused criticism that has now been invalidated.

On January 29, users had the crypto exchange Coinbase about problems with the purchase and sale of some crypto currencies reported

This quickly got a bad aftertaste, as the influential trading platform had previously only one day to decide to stop the sale of the shares of the video game retailer GameStop temporary. This was interpreted as a kowtow on high finance, as some hedge funds suffered massive losses from the share pushed by small investors.

„On Friday, January 29th, was down between 4:25 am – 9:31 am (PST),“ as Coinbase confirmed on February 5th . „During this time, many of our users received an error message when accessing the Coinbase app, the buying, selling and trading of crypto currencies was only possible sporadically,“ the blog entry continues. Coinbase Pro, the company’s own platform for professional traders, was easily accessible.

The crypto exchange cites difficulties in collecting and converting exchange rates as a possible reason for the failures:

“We quickly noticed that the problem was a Redis cluster that provides exchange rates for converting between crypto currencies and local currencies. The provision of these exchange rates plays an essential role because they are required for the conversion and presentation of crypto assets in the respective national currency of a user. “

“Any functions that make use of these exchange rates in the broadest sense have therefore failed. Accordingly, our users could not use many important functions on our platform, ”as the blog entry summarizes.

In short: An important function in the background of the crypto exchange did not cope with the rush on the crypto market, which was largely triggered by the hype about GameStop and the affair about Robinhood, and buckled. Coinbase then tried several solutions and was ultimately able to fix the problem, after which the trading platform was back to normal.

Finally, Coinbase discusses several changes IT has made to prevent such an issue in the future. In the past, the crypto exchange had to struggle with failures again and again . In November 2020, Coinbase boss Brian Armstrong personally confirmed that his platform is working flat out to fix all known problems.

Dieser Beitrag wurde am 6. Februar 2021 in Bitcoin veröffentlicht.