Ethereum Weekly - Edition 29
Welcome to the latest edition of Ethereum Weekly!
Ethereum (ETH) had a fabulous week up over $2K from where it stood at this time last week. Welcome back Ether! In fact, the whole market had a great week thanks to the moves by traditional finance (TradFi) into the cryptocurrency market.
While the news of BlockRock filing for a spot bitcoin ETF was perhaps the biggest of them all, Fidelity Investments soon jumped into the crypto arena as well. Investco and Wisdom Tree, like BlackRock, also filed for a spot bitcoin ETF with the SEC. We also had the launch of the EDX crypto exchange backed by TradFi powerhouses Charles Schwab and the aforementioned Fidelity. EDX will offer four coins initially including bitcoin (BTC), bitcoin cash (BCH), litecoin (LTC), and Ethereum (ETH) which all saw nice bounces as a result. Bitcoin, of course, stands to benefit greatly from ETFs and has rallied over 20% since BlackRock's initial announcement and earlier today hit a 12-month high.
Over in Europe, Deutsche Bank revealed they had applied for a digital asset custody license in Germany. You just get the feeling that more TradFi players will be looking to jump into the crypto market as well as following these leads.
As for Ether, it was able to blow past a resistance level around the $1,850 mark and has held its gains after such a bullish move. The bears did peek from out of their short hibernations once ETH crossed $1,900 appearing to be the new resistance level to cross out. Ether now sits above its 100-day trading average.
Demand is strong for the second-largest cryptocurrency thanks to its recent upgrades. The staking feature of Ether, in particular, has pushed the coin higher and higher as more investors jump on the craze. The amount of Ether being staked has now reached 20 million which is double where it started the year demonstrating just how popular this feature has become to investors. Thanks to the Shapella upgrade, you can now withdraw Ether that has been staked and that availability makes the desire to stake ETH much more appealing as you can imagine. Soon, 20% of all Ether will be staked marking another milestone hit thanks to upgrades.
Future upgrades will help lower transaction fees on the Ethereum network, which will drive interest even higher just add more fuel to the fire.
The Crypto Greed and Fear Index highlighted below sits at 65 in the "Greed" range rocketing up 18 points from where it was at last week.
Ten Must-Read Ethereum and Altcoin Articles This Week
- Casa launches multisignature Ethereum self-custody vault (Cointelegraph)
- Bitcoin ETFs are all the rage — why not Ethereum? (Blockworks)
- Ethereum Micropayments Solution Volition Aims to Make 'Crypto for Coffee Transactions Viable' (Decrypt)
- Staked ETH hits 20M milestone, doubling since start of year (Blockworks)
- 3 reasons why Ethereum’s market cap dominance is on the rise (Cointelegraph)
- Ethereum Price Consolidates Below $1,920: What Could Trigger A Fresh Increase? (News BTC)
- Crypto Analyst Flips Bullish on Ethereum, Predicts Steady Rally for ETH in Coming Months (The Daily HODL)
- Winklevoss twins’ Gemini launches Ethereum staking in the UK (Cointelegraph)
- Will Ethereum Be a Trillion-Dollar Cryptocurrency by 2024? (The Motley Fool)
- Ethereum Scaling Network Optimism Rebranded to 'OP Mainnet' (The Block)
Ethereum Price Statistics (as of 6/15/2023, daily close)
- Ethereum Price = $1,872
- Last Week = $1,667
- Weekly High = $1,922
- Weekly Low = $1,667
- Market Cap = $226,638,249,316
- Market Cap Dominance =18.427%
- Trading Volume = $9,287,712,564
- All-Time High = $4,878.26 on November 10, 2021
Up-to-the-Minute Ethereum Price Statistics
statistics provided by CoinGecko
Ethereum Fun Fact of the Week
Participation in the Ethereum network does not require any ether (ETH) and anyone can run a node. Running a node allows individuals to synchronize a personal, self-verified copy of the Ethereum blockchain. However, individuals who wish to actively contribute to the network by building and validating new blocks are required to stake a minimum of 32 Ether.
Ethereum Tweet of the Week
Ethereum Staking Statistics
- Validators = 627,356
- Block Time = 12.16 seconds
- Staking Ratio = 16.5%
- Inflation = -0.07%
- Total Supply = 122,373,866
statistics provided by StakingRewards
Crypto Fear & Greed Index
index provided by Alternative
What is Ethereum?
Ethereum (ETH) is a digital cryptocurrency that is known for being a blockchain technology that operates decentralized apps (dapps) such as decentralized finance (DeFi), non-fungible tokens (NFTs), stablecoins, lending, and more. First proposed by Vitalik Buterin who published a whitepaper in 2013 and went live as a network in July 2015, Ethereum claims it is not controlled by a centralized authority but that can be questioned. Ethereum went through the "merge" in 2022 moving from a proof-of-work to a proof-of-stake mechanism becoming much more environmentally friendly.
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For more on the Ethereum Whitepaper, please read the I Finally Read the Ethereum Whitepaper on Publish0x written by CryptoMasterMiner
Find Ethereum on Ethereum.org, Reddit, Twitter, Instagram, Facebook
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