Issue 142: Trade AAVE And Link! Could ETH Flip BTC?
July 8th, 2021
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Weekly Market Recap
Analysis: Another pullback in the last 24 hours brought most major coins into the red in the 7-day period. Bitcoin continues to hover in the 38K – 43K CAD range that it’s been trading in for the past 4 weeks. AAVE was up 44% on news they are debuting an institutional lending platform. Or… was it “the Bitbuy bump”?
Big Story: Could Ethereum Actually Flip Bitcoin?
After Bitcoin, many would agree the most well-known cryptocurrency is Ethereum. While many recognize it as second to Bitcoin in terms of market capitalization, recent statistics have proven the number of daily active addresses on its network have already overtaken the Bitcoin network.
The cryptocurrency analytics company, Santiment, determined Bitcoin’s total number of active addresses was 50,000 less than Ethereum, a decrease of over 38% in the last three months.
Since the Ethereum network or issuance of Ether are present in both, a greater number of transactions can be noted, further proving Ether’s dominance. With more people adopting cryptocurrency, the rise of Defi applications has also grown to more than $63 billion. This growth can also be noted in app developers, who have been growing at 20x for the past six years.
A secondary development that may impact the price of ETH is the Proof of Stake (PoS) algorithm, which is believed to drastically reduce the required computing power to mine ETH. PoS allows ETH holders to stake their tokens and run lightning software to validate blocks. Selections are made randomly but give more weight to addresses with a higher stake. With less computational power required, it’s believed it will create more demand to stake ETH and thus send the price higher.
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