Ethereum Comes Under Pressure, as Other Blockchains Aim for Dominance

Ethereum Comes Under Pressure, as Other Blockchains Aim for Dominance

The growing use of DeFi protocols and decentralized applications built on Ethereum appears to have overloaded the network to the point of unsustainable transaction fees. That said, several cryptocurrency ecosystems are now in a race to usurp dominance from Ethereum amid this “slip up,” and Binance CEO, Changpeng Zhao, is rooting for Binance Smart Coin (BSC) to come out on top.

The CEO, popularly called CZ, attacked Ethereum on Twitter recently, highlighting the network’s fees as its “Achilles heel,” adding that only wealthy individuals could afford to trade Ethereum.

CZ’s claims are not unfounded, as the average transaction cost on Ethereum has soared from less than $5 on average last year to about $15 at press time. Just four days ago, the network’s fees peaked at about $40 on average. With that, traders operating on DeFi or yield farming platforms face transaction fees as high as $100 for each trade taken daily.

CZ doubled down on his offensive against Ethereum, tweeting that he was no longer using the network. Binance is currently developing two projects (Binance Chain and Binance Smart Coin) to compete with the two largest blockchains in the industry.

Binance Chain is getting designed to facilitate fast payments with low fees. This project will be a competitor with Bitcoin because of its limited purpose; sending and receiving funds. On the other hand, Binance Smart Chain facilitates the execution of smart contracts in a more efficient and pocket-friendly manner than Ethereum.

The Race to Dethrone Ethereum
The rapid rise of projects like Polkadot, Binance Smart Chain, and Cardano is a telltale sign that there’s an active race for a replacement to Ethereum. Just yesterday, Cardano (ADA) became the third-largest cryptocurrency, overtaking Binance Coin (BNB).

Like BSC, Cardano plans on executing smart contracts cheaply, quickly, and securely. However, Cardano runs a more complex network and a much longer roadmap compared to BSC.

Nonetheless, Ethereum developers are not sitting on their hands amid this jostle for dominance but are working on creating a newer and better version of their existing blockchain. Ethereum 2.0, as it has gotten dubbed, will have several layer-2 implementations. According to the CEO of Ethereum, Vitalik Buterin, the new blockchain will have the ability to facilitate hundreds of thousands of transactions per second once it gets fully deployed.

 

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Polkadot and Cardano Will Surpass Bitcoin in Value: FD7

Polkadot and Cardano Will Surpass Bitcoin in Value: FD7

The Dubai-based cryptocurrency investment fund, FD7, believes that the value of Cardano (ADA) and Polkadot (DOT) will surpass that of Bitcoin (BTC) in the coming years. Consequently, the firm has announced that it will offload about $750 million worth of its BTC holdings and increase its exposure in ADA and DOT.

FD7 (Fall Down Seven Times) Ventures describes itself as a cryptocurrency-focused investment fund that “invests in entrepreneurs who stand up an 8th time” and has more than $1 billion in asset under management invested in several crypto assets, including Bitcoin, Ethereum, Polkadot, Cardano, and Cosmos.

The investment firm noted that it has begun to slowly phase-out $750 million worth of Bitcoin while simultaneously increasing its holding in ADA and DOT.

FD7 affirmed that this investment shift would “better serve the needs of FD7 investors who are looking to diversify their portfolios in the growing cryptocurrency space.”

Meanwhile, the fund’s Managing Director, Prakash Chand, had some not-so-good remarks about the benchmark cryptocurrency following the announcement. He said that: “Aside from the fact that Bitcoin was the first to market and society has given it meaning as a store of value, I think Bitcoin is pretty useless.”

Furthermore, he highlighted the prospects of cryptocurrencies like Ethereum, Cardano, and Polkadot, noting that they “will be more valuable than Bitcoin within the next few years.”

FD7 Lauds ADA and DOT’s Founders
In other news, the press release lauded the founders of Cardano and Polkadot, Charles Hoskinson and Dr. Gavin Wood, describing them as “two of the brightest minds working in the crypto development space today” and highlighted their contributions to the establishment of Ethereum years ago.

The fund noted that its decision to venture into ADA and DOT was based primarily on the reputation of the cryptocurrencies.

Meanwhile, Hoskinson has responded to the news via his Twitter account, saying that FD7 was welcomed to the Cardano ecosystem and that he was ready to offer technical assistance if needed.

 

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Cardano Price: Would Bears Defend $1.11 Resistance Level? 

Cardano Price: Would Bears Defend $1.11 Resistance Level? 

ADA Price Analysis – February 23

The price may increase to $1.23 – $1.31 should the bulls gain more momentum and the daily candle closes above the $1.11 level. In case the bears defend the $1.11 level, the bears’ pressure may likely reduce the price.

ADA/USD Market

 Key Levels:

 Resistance levels: $1.11, $1.23, $1.31

Support levels: $0.98, $0.83, $0.73

ADA/USD Long-term Trend: Bullish

ADA/USD was exhibiting a range-bound movement within the $0.38 and $0.43 price level till February 03. The buyers gathered enough momentum to break up the resistance level of $0.43 on February 06; this is seen on the daily chart with the formation of strong bullish candles. The resistance level of $0.73, $0.83, and $0.98 were penetrated upside by the bulls’ pressure. It is currently pulling back from the resistance level of $1.11. 

ADAUSD daily chart, February 23

ADA/USD may increase to $1.23 – $1.31 should the buyers gain more momentum and the daily candle closes above the $1.11 level. In case the sellers defend the $1.11 level, the bear pressure may likely reduce the price. However, the next support levels can be found at $0.98, $0.83, and $0.73. The technical indicator RSI is at 70 levels with the signal line pointing downside which indicates a bearish signal.

 ADA/USD Medium-term Trend: Bearish

Cardano is under the pressure of the sellers in the 4-hour chart. The crypto was range-bound within the resistance level at $0.98 and the support level at $0.83 last two weeks; this scenario commenced on February 12 when the coin tested the resistance level of $0.98 and the level hold the price. Attempts were made by the bears and the bulls to break down the support level of $0.83 and resistance level of $0.98 respectively but the bulls prevailed on February 20 to test the $1.23 level. 

ADAUSD 4 hour chart, February 23 

The bulls’ pressure is getting weak and bears are dominating with the price trading below the 9 periods EMA and 21 periods EMA as a sign of bearish movement while the relative strength index period 14 is at 50 levels and the signal line showing a bearish signal.

 

 

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Have you invested in an extremely rare opportunity of a lifetime?

Have you invested in an extremely rare opportunity of a lifetime?

The Next “Buzz Word” Altcoins
Last month, the Bloomberg Galaxy Crypto Index was at 1414.37, following a low of 217.82 in early March. BTC had made a new high yesterday at $51,630.86. Today (February 17) and the index was at 2,295.61. That’s a huge gain for one month.

Let me put this into perspective. In late 2017, I said that cryptoassets were the biggest institution revolution since the Industrial Revolution and that they represented the investment of a lifetime. Institutions, however, were not ready or capable of participating in that revolution so they “pooh-poohed” it. The SEC decided that most altcoins were securities which precipitated a huge bear market. By the end of 2018, cryptos had undergone an 85% decline and BTC hit a low price of $3,236.76 on Dec 15, 2018. But then look what happened.
BTC was up 92.71% in 2019
It was up 305.94% in 2020
And it’s up 75.42% in less than 50 days of 2021….

What did I say in 2018? There was actually a period from October through November last year when I made over $3 million in 7 weeks. Cryptos are the investment of a lifetime.

While BTC could go up another 10 fold in the long run, I doubt that it will go much over $100,000 this year…. But the opportunity of a lifetime is not over because now the altcoins are starting to move. Here are a few examples, and this is just the movement in 2021.

BNB 289%
ETH 144%
LINK 178%
SNX 215%
AAVE 397%
CND 145%

And remember those gains are just from the 48 days of 2021….

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Update on Cryptoassets
I think that there are a number of altcoins that could go up 10 times or more during the rest of 2021. Now we might have a decline of 40% or more during the year, but it probably will be short-lived with a very quick recovery…
BTC was up 92.7% in 2019, 305.94% in 2020, and in the first six weeks of 2021, it’s up 74.22%. Let’s contrast that with the other hedge against the USD and disaster, gold. Gold was up 20.94% in 2019, up 18.32% in 2020, and it’s down 5.1% so far in 2021. The path of safety is now BTC.

Gold has about 10 times more market cap than cryptos right now (even though cryptos are now over a trillion for the 1st time). If all of the money in gold went into BTC, BTC’s price would be about $370,000…

People talk about BTC being volatile and risky. But where can you find something that has made over 1,000% in 3 of the last 11 years, over 100% in 8 of them, and had only two losing years? There is only one other place than BTC with anywhere near equal performance – other cryptoassets.
If you had bought BTC at the beginning of 2012 (well, not at the very beginning), you would have turned $1,000 into more than $7.1 million (up $4.5M last month)…

Remember these are 30-day percent gains. This is probably the easiest market possible to make a lot of money. You could, however, just as easily enter a position and immediately have a 25% drawdown – which could cause you to exit and then miss out on some nice gains. If you don’t have strong beliefs about cryptos like I do, crypto volatility will test you…

This newsletter makes no recommendations about cryptos but is a free service… I personally own positions in most of the cryptos mentioned in this newsletter.

Author: Van K. Tharp, PhD

Note: This article was culled and abridged from a monthly cryptos update by Dr. Van Tharp. The full article can be accessed here.

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Cardano Set to Launch Hard Fork Upgrade on March 1

Cardano Set to Launch Hard Fork Upgrade on March 1

Cardano (ADA), the tenth-largest cryptocurrency, has recently released the date for its long-anticipated Hard Fork Combinator (HFC) event termed “Mary.” According to the founder of the project, Charles Hoskinson, the network upgrade will occur on March 1, after a satisfactory developer checks and quality assurance result on the HFC on February 24.

Hoskinson noted that the HFC event would get executed five days from its initial trigger from the current epoch. This means that if the original trigger occurs on February 24, the hard fork will occur on March 1. However, he highlighted that some variables could alter the course of the schedule, including unfavorable weather conditions.

The founder is very optimistic about the trajectory of the upcoming HFC event, noting that a lot of work has been put into it to ensure a hitch-free event. He stated that “we’ve been testing it for almost a month on the testnet…looks good. Exchanges are happy. We’ve done a huge QA set, so…looks like it’s going to take off on schedule.”

Cardano’s Latest Version of Daedalus, Flight
Hoskinson added that existing Cardano network users would have to upgrade their node to enable them to have access to the new network upgrade by installing the latest version of Daedalus, Flight.

According to the founder, Flight will be the first version of the Daedalus wallet with the ability to support the native multi-asset interface. The wallet would also be upgraded to Flight in the first week of March.

Charles Hoskinson

That said, after a two-week burn-in, Flight will get upgraded to the Daedalus mainnet, the primary version of the wallet, in mid-March.

The Mary hard fork will be one of the most significant upgrades for Cardano and bring a truckload of opportunities for the Cardano community and companies using/hosted on the network. It has got noted that this upgrade will “fully unlock Cardano’s smart contract functionalities.”

Worth mentioning is that Cardano’s native cryptocurrency, ADA, has recorded immense price surges since the beginning of the year, as investor interest spikes. That said, the HFC event could attract even more investors to ADA.

 

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