Ethereum transaction fees skyrocket as the price of the Shiba Inu token rises

Ethereum transaction fees skyrocket as the price of the Shiba Inu token rises

The price of the Shiba Inu (SHIB) token, which was created to compete with the Dogecoin, has risen 32,500 percent over the past 30 days, causing the Ethereum blockchain network to become crowded and commissions to rise.

According to Etherscan, the average Ethereum transaction fee at the time of writing is $ 9, and the average cost of transferring ERC-20 tokens is $ 28. Meanwhile, the token exchange fee at Uniswap Decentralized Exchange rose to around $ 260 in an instant yesterday.

"One of the main factors in the congestion of the Ethereum network could be the large volume of SHIB trade," said Larry Cermak, a digital currency analyst.

In fact, SHIB has become the center of attention of traders due to its price.
According to CoinMarketCap, the price of this token has increased by more than 500% during the last day and reached the highest figure of $ 0.0000195.
It is noteworthy that this token was traded more than a month ago at a price of $ 0.00000006.

It is not entirely clear what can accelerate the sudden and explosive growth of SHIB. Some users have referred to a recent tweet from Ilan Musk, CEO of Tesla and SpaceX, that his remarks have led to Dogecoin rising in price on several occasions in the past.

Mask responds to a tweet about real live dogs on May 7: "I'm looking for a SHIBA puppy!"

An overview of the cryptocurrency market today, May 9

An overview of the cryptocurrency market today, May 9

Bitcoin is approaching $ 60,000

As reported two days ago, the bears were in complete control of the market's first cryptocurrency, lowering the price to around $ 55,000. However, Bitcoin managed to reverse its trend and gradually increase its value.

BTC reached above $ 58,000 yesterday and continued to move after a slight correction. In the last 24 hours, Bitcoin has reached the level of $ 59,600. This is the highest price of this leading cryptocurrency since the market collapsed in mid-April.

However, BTC failed to continue its uptrend until it crossed the significant $ 60,000 resistance, thus falling below the $ 59,000 level. It has since risen 2% to its current level of $ 58027.

The benchmark for comparing the BTC market value with all altcoins also rose to 45% after 44% yesterday.

Set new records in Ether and Cardano

The Altcoin market has fluctuated sharply in recent weeks. Atrium, on top of all of them, has experienced intense price pumps. The market's second cryptocurrency broke the $ 3,000 level less than a week ago, and has now reached its all-time high of $ 3,980, setting a record.

Cardano, after setting his last record earlier this week, managed to touch the level of $ 1.73 and draw his highest price level in history. Binance Quinn has also increased to $ 650 in 24-hour timeframes.

Dogecoin, on the other hand, fell 25% to $ 0.55 after the long-awaited Elon Musk show aired.

The most important market winner today is Shiba coin. Inspired by Dodge Quinn, the token was able to enter the top 100 currencies in the market after 850% growth in one week. The currency has risen 160 percent in the last 24 hours alone.

Telcoin (32%), Polygon (28%), Bitcoin Diamond (16%), Venus (13%) and Qtum (10%) are next.

The total market value of cryptocurrencies rose to a record $ 2.460 trillion after rising $ 60 billion in one day.

The growth of the number of bitcoin wallets of institutions has started again with 100 to 1000 coins

The growth of the number of bitcoin wallets of institutions has started again with 100 to 1,000 coins

The chart provided by Golsnood shows that bitcoins stored in wallets are increasing by 100 to 1,000 coins.

Institutions are buying more bitcoins

The Golsoon chart, shared by the chief investment officer of Moskov Capital, shows that the number of Bitcoin wallets holding 100 to 1,000 BTC has risen again after falling slightly in April.

Lex Moskowski explains that wallets in the 100-1000 bitcoin range show that financial institutions use a specific protocol to store funds on platforms such as CoinBase, BitGo, and so on.

Lex also explained that CoinBase keeps funds in its wallets and divides them into categories of 100 to 120 bitcoins. He believes that this resumption of growth is good news for Bitcoin.

Earlier, U.Today reported that an unprecedented amount of Bitcoin - 12,234 BTC - had been withdrawn from the CoinBase exchange, which was probably done by institutions.

Bitcoin active addresses have reached a 3-month high

According to a recent tweet from Golsnood, the number of active Bitcoin addresses (seven-day average) has risen to a three-month high of 65,659.

The highest similar rate was detected on February 9, at 65,525 addresses.

Dogecoin's intense sales pressure disrupted Robinhood

Dogecoin's intense sales pressure disrupted Robinhood

Dogecoin has been waiting for weeks for Ilan Musk to host Saturday Night Live, hosted by Ilan Musk, as he was expected to use the opportunity to promote his favorite currency.

Although he (and his mother) mentioned Dogecoin several times during the show, the price did not rise as expected. Conversely, the price of the fourth largest cryptocurrency in the market, which was about $ 0.66 before the start of the program, fell to $ 0.51. The sales pressure caused by this drop was simultaneously accompanied by problems in the Robinhood mobile application.

Robinhood users raided two popular social networks, Reddit and Twitter, to report major bugs in the Dogecoin deal.

This is not the first time this has happened. By mid-April, Robinhood had experienced several disruptions to its service. Simultaneously with the broadcast of the program, Robinhood had announced that he would soon solve the problem caused by the fluctuations and the high volume of transactions.

Grayscale bought more altcoins Saturday, May 8

Grayscale bought more altcoins Saturday, May 8

According to recent information, Grayscale Investments, a subsidiary of Barry Silbert’s Digital Currency Group DCG for short, has added more coins than MANA, LPT, LINK and FIL.

Grayscale buys more altcoins for the trust!

Large cryptocurrency fund Grayscale has purchased more altcoins to add to its trust. These altcoins include MANA, LPT, FIL and LINK.

According to data from the Bybt analysis platform, these purchases have been made in the last twenty-four hours.

The highest amount of cryptocurrencies purchased with 16,710 tokens belongs to MANA.

The chart on the website shows that Grayscale has bought more of these cryptocurrencies over the past week and 30 days.

According to Bybt, the total amount of cryptographic assets under the management of Skill is now worth $ 51.41 billion.

Earlier this week, the LINK currency crossed the $ 50 level with a new price record.

 

Digital Currency Group continues to buy GBTC!

As previously reported by U.Today, Grayscale's parent company, DCG, which is run by Barry Silbert (Digital Currency Group), is still pursuing its plan to repurchase Grayscale's GBTC stock.

According to a recent report, DCG bought 1,695,217 shares in March as part of its $ 250 million repurchase plan.

However, Bitcoin Trust’s GBTC continues to trade at a discount of -12.62% at the time of writing.

JP Morgan CEO called on regulators to pay attention to the crypto market

JP Morgan CEO called on regulators to pay attention to the crypto market

Jimmy Damon, CEO of JPMorgan, during an May 6 interview with ICI President and CEO Eric J. Pan, called on regulators to pay more attention to digital currencies before the crypto market grows too large to tame. To be.

"Because when it's $ 3 trillion, then $ 4 trillion, then $ 5 trillion. "When grandmothers start buying it and people steal it and ransomware is everywhere, you wonder why you did not enact a law for them."

Demon, who is not yet a supporter of Bitcoin, claimed that it was time for a "legal, regulatory and tax-related framework" for the class, given the fact that the crypto market value now exceeds $ 2 trillion. Design a new asset:

"I'm not a fan of bitcoin, but it does not matter. There should be a legal, regulatory and tax-related framework for crypto. It is now worth $ 2 trillion. "When do they want to say, 'My God, is this market worth our attention?'"

Damon had previously stated that JP Morgan customers are interested in bitcoin.

EOS growth of more than 100% in two days , Friday May7

EOS growth of more than 100% in two days , Friday May7

As of May 5, the price of EOS has increased by more than 100% following the recent upgrade of its protocol.

 

Data show that after reaching a low of $ 6.18 on May 5, the EOS price rose more than 100% in the middle of the day, reaching $ 12.85 on May 6 and recording $ 15 billion in 24-hour trading volume. Appeared.

 

 The most important developments of the network during the last month have been related to resource allocation and receiving bonuses.

A recent Block.one report states that the protocol needs to increase inflation from the current rate of 1% to between 1.2% and 3.8% to increase the financial incentives of voters and bloc producers.

 

The second major development for the protocol is the EOS PowerUp model, which allows users to pay for a 24-hour network connection for a transaction fee.

 

The PowerUP model offers EOS token holders another way to earn returns by depositing unused EOS tokens to receive a percentage of the total "boost" costs generated by the network.

 

This option has become increasingly attractive as most traders look for ways to avoid high transaction costs on the Atrium network.

 

VORTECS data from Cointelegraph Markets Pro began identifying the EOS uptrend on May 4, before the recent price increase.

 

The VORTECS score is a comparison of the algorithm of historical and current market conditions, which is derived from a combination of data including market sentiment, trading volume, recent price changes and Twitter activity.

 

As can be seen in the chart above, the VORTECS for score for IAS in the first few days of May before reaching the green zone for a high score of 68 on May 4 was in the yellow range. It was just an hour before the price increase and within two days it started to accumulate 100%.

 

With cryptocurrency markets warming and new projects such as LightCoin (LTC) and Classic Atrium (ETC) reaching a new high in 2016, EOS is one of the major blockchain projects that could increase the declining cryptocurrency market. Continue yourself.

Ripple XRP sales grew 97 percent in the first quarter

Ripple XRP sales grew 97 percent in the first quarter

According to the published report, Ripple has increased its XRP sales by 97% in the first quarter of 2021.

The San Francisco-based company sold a total of $ 150.34 million XRP this quarter. Ripple attributes the increase to "deeper engagement" with customers who use XRP for overseas payments:

"Ripple continues to sell as part of providing XRP liquidity to improve the ODL experience for specific customers, eliminate the need for prepayment and enable fast global payments."

In December, the US Securities and Exchange Commission accused Ripple of illegally selling $ 1.3 billion worth of XRP and launched a protracted legal battle.

Long-term bitcoin holders have begun to buy, and Ethereum inside exchanges has dwindled

Long-term bitcoin holders have begun to buy, and Ethereum inside exchanges has dwindled

Long-term bitcoin holders are collecting bitcoins again, Golsnood co-founders Jan Happel and Jann Allemann tweeted a chart showing financial institutions buying bitcoins for long-term holdings.

Another tweet from Golsnood shows that the transfer of ETH to or from cryptocurrencies is declining sharply.

Long-term holders have begun collecting bitcoins

The chart shared on Twitter by the founders of Golsnood shows that the index for changing the position of long-term bitcoin holders has been green for the first time since October and has remained green since early April.

Long-term bitcoin holders are mostly whales and financial institutions that have recently been actively collecting bitcoins, pushing for stronger demand and higher prices.

Confidence in Ethereum remains high.

They also tweeted about Ethereum . The chart in this tweet shows that investors are still confident in the second largest digital currency, as ETH outflows from exchanges are high enough.

The data show that the bitcoin hash rate decreased in China and increased in the United States

The data show that the bitcoin hash rate decreased in China and increased in the United States

Although most bitcoin mining pools are still located in China, there are signs that they are shifting.

Chun Wang, founder of one of the largest bitcoin mining pools called F2Pool, reported that China had less than half the bitcoin network hash rate in April 2020. Wong said this was the first time in eight years that Chinese pools had represented a network hashtag minority. "This is a real change," he said.

Data released by Wang on April 22 by Barry Silbert, CEO of Digital Currency Group, shows that the US-based Bitcoin mining pool, Foundry, climbed in April and is among the top 5 pools in the world, accounting for 7.6%. Holds stock.

"The bitcoin hash rate is rapidly shifting from China to North America," Silbert claimed. Leading pool is still AntPool, which is operated by Chinese hardware maker Bitmain and accounts for 18.6% of the network's total hash rate.

The University of Cambridge calculated that the dominance of Chinese miners in April 2020 was about 65%. Referring to these figures in January 2021, the Miner Daily Mining estimated that China's share had reached 55% of the network hash power since the beginning of this year, with the United States accounting for 11%.

On April 30, Cointelegraph reported that China's digital currency extraction operations may be subject to stricter regulations in the future, which could lead to more network hash migration from the country. China is also recently considering miners' electricity consumption, given its carbon commitments.

In late February, officials in the Central Mongolia Autonomous Region reportedly shut down all local mining facilities to reduce energy consumption in the region. This region accounts for about 8% of the global hash rate.

In a May 5 article, Marty Bennett said that F2Pool findings confirm that a growing geographical distribution trend is emerging.

He added that this raises some concerns that the Chinese central government may dominate the bitcoin network.

"It is very good to have some data from Chinese pools that show that the percentage of total hash rate production at China's borders has decreased." And concerns about the energy consumption and environmental impact of bitcoin may be alleviated by further shifting mining operations to renewable energy, especially in the more stringent United States.

According to the Nasdaq report on May 4, Texas has become a Mecca of bitcoin mining fields due to low energy costs and the fact that most of them are supplied by renewable energy sources such as wind and solar.