In today’s article we talk about Chainlink hitting a new record all time high price. Meaning everyone invested in Chainlink is in profit. Ethereum Test net also went live with 20K users and BTC rises as USD hits lowest prices since 2008.
And…. If your not the article reading type we have 2 other formats for you:
The current price of Bitcoin is at $11,247.82 down 0.54%
The current price of Ethereum is at $388.84 down 1.24%
The current price of XRP is at $0.2959 down 5.26%
The current price of ADA is at $0.1448 up 4.77%
The current price of LINK is at $9.60 up 2.11%
As always this publication is sponsored by CoinCasso cryptocurrency exchange. So if you’re unsatisfied with your crypto currency exchange, like Coinbase that crashes every single time that the price drops or goes up, consider checking out CoinCasso in the link.
Ethereum 2.0’s “final” and “official” public testnet, Medalla, is now live, according to the Ethereum Foundation.
Medalla is the final testnet before the launch of the Eth 2.0 network, which is tentatively expected by year’s end.
The correct number of peers joined the tesnet to consider it workable, according to a tweet from the Ethereum Foundation’s Hudson Jameson.
As reported by CoinDesk, Medalla was one of many Eth 2.0 testnets over 2019 and 2020. Unlike the other testnets, however, Medalla was public – meaning network validators were not centrally coordinated by developer teams.
Over 20,000 validators have joined the network with some 650,000 ether (ETH) staked, according to the Beaconcha.in block explorer. (Each testnet uses its own tokens not equivalent to real ETH.)
Medalla was joined by five clients including Prysmatic Labs’ Prysm, ChainSafe’s Lodestar, PegaSys’ Teku, Status’ Nimbus and Sigma Prime’s Lighthouse.
Eth 2.0 encapsulates years of research to switch the current Proof-of-Work (PoW) Ethereum network to a Proof-of-Stake (PoS) consensus algorithm. The expected launch later this year will be phase 0 of a multiyear overhaul.
The United States dollar index is currently testing the bottom of a 12-year trendline. But some traders are calling it the “most pivotal moment” for the global reserve currency since 2008, as they believe that continuous depreciation will likely boost the price of Bitcoin (BTC).
For over three months since April, the dollar has declined against other reserve currencies. Some investors believe that the fall in the value of the dollar has affected the price of Bitcoin. Prominent cryptocurrency trader Scott Melker said:
“This is arguably the most pivotal moment we have seen for the United States Dollar since it bottomed in 2008. This channel has been intact for over 10 years. If it breaks down, hide yo’ kids and buy a metric ton of Bitcoin.”
Why the U.S. dollar could have an impact on Bitcoin
In recent weeks, as BTC rose to as high as $12,000, investors pointed at the declining dollar. Jay Hao, CEO of OKEx, said a depreciating dollar raises the chances of a BTC rally.
The value of the dollar affects Bitcoin because traders typically price BTC against it. When the dollar depreciates, the asset that BTC is trading against is lower in value. Hence, when the dollar drops, it might increase the likelihood of BTC upside. Hao said:
“If the dollar continues to depreciate, there is a high probability that Bitcoin will continue to rise.”
Mark Wilcox, a Bitcoin analyst, raised a similar point. He pinpointed the biggest monthly drop of the dollar as the driving factor of BTC in the past several months.
Wilcox explained that rather than Bitcoin increasing in value, it is the dollar that actually declined in price. He said, “bitcoin didn’t go up, the dollar went down,” referring to the U.S. dollar index.
Analysts say the dollar has been declining relative to other reserve currencies due to the slowing U.S. economy. The U.S. has the highest number of coronavirus cases, which is causing the rate of economic growth to slow down.
“The thing that’s changed in the last few days is that it’s not just gold which has gone up against the dollar, but almost everything,” explained Société Générale’s global macro strategist Kit Juckes in a note. “That’s partly driven by a sense that the U.S. is having a harder time controlling the virus than others, which will see the U.S. economy underperform.”
Higher chances of a BTC uptrend
Traders are seemingly cautiously optimistic about the near-term trend of Bitcoin. At the same time, Bitcoin trading activity is reaching new highs in various markets, including institutional venues such as the CME and its BTC futures contracts.
In recent weeks, the open interest of the CME Bitcoin futures market has risen to an all-time high. It indicates higher activity from accredited and institutional investors. The rising appetite for BTC coincides with a falling dollar, which could further improve the sentiment around Bitcoin.
One pseudonymous trader said:
“Even big American banks are beginning to have doubts about the US dollar’s status as world reserve currency. If Satoshi was still around, he would have a grin on his face. The landscape literally couldn’t be better for Bitcoin.”
The confluence of an unstable dollar and the rapidly increasing demand for gold could both fuel the momentum of BTC in the short term.
Wall Street veteran Max Keiser, for example, predicted last week that Bitcoin is destined to continue beyond its all-time highs this year, possibly hitting as high as $28,000 before seeing a market correction.
The recent Chainlink (LINK) rally has led to some unconventional results — 100% of its supply is “in the money” or profitable.
This metric simply represents a comparison between the asset’s current price and the price at which it was acquired. If the current price is higher, then it is “in the money”, if it is lower, then it is “out of the money”, and if it is the same, then it is “at the money”.
Litecoin — 47%, Bitcoin — 90%
According to an intelligence company IntoTheBlock, currently, the entire supply of the LINK token is ‘in the money’. For reference, about 90% of Bitcoin (BTC) supply is currently in the money and only 47% of Litecoin’s (LTC).
The question is, how can 100% of addresses be ‘in the money’ at the same time? This is highly unusual for any asset and is only partly explained by the parabolic rise of the asset. Every trade needs a buyer and a seller, so in theory some addresses should be ‘at the money’.
It’s possible the price was bid up on exchanges without any getting withdrawn to a wallet before the snapshot was taken. Alternatively, the proportion of addresses not ‘in the money’ at this time may be very small and rounded off to zero. Another theory suggested on social media is that previous LINK purchasers (LINK marines) were the ones who pushed the coin to a new ATH, but as these addresses had bought previously, their average purchase price would be lower than the current price, pushing the address into profit. We’ve asked IntoTheBlock for an explanation and will update this story when we hear back.
Chainlink’s bull run is easier to explain. It has announced a number of key partnerships, integrations and milestones. Also, the project just announced a grant program that will be awarding funds to projects that will help usher in the era when smart contracts become “the dominant form of digital agreement”.
Ethereum 2.0 Testnet Medalla Goes Live With 20,000 Validators
‘High Probability’ Bitcoin Rises as USD Sinks to 2008 Levels, Says CEO
100% of Chainlink Addresses Are Currently in Profit
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