Bitcoin (BTC) and Ethereum (ETH) Prices Could Become More Reliable Indicators Than Stocks and Bonds, Analyst Says

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Sun, 06/21/2020 - 14:53
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Vladislav Sopov
Blockchain analyst Chris Burniske commented on the pale performance of Bitcoin (BTC) and Ethereum (ETH) and predicts a bright future for both of them.
Bitcoin (BTC) and Ethereum (ETH) Prices Could Become More Reliable Indicators Than Stocks and Bonds, Analyst Says
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Seasoned analyst Chris Burniske, author of the first cryptocurrency tokens price evaluation model, foresees hard times for Bitcoin (BTC) and Ethereum (ETH).

Short-Term Volatility, Long-Term Trend

Mr. Burniske announced that the ongoing 'flat' prices for Bitcoin (BTC) and Ethereum (ETH) may eventually force them to test new support levels. However, these drops would be only 'jitters' in the long run.

Chris Burniske foresees another leg down for Bitcoin (BTC) and Ethereum (ETH)
Image via Twitter

That being said, traders and holders shouldn't treat these ugly red candles as indicators of the exhaustion for both products. The fundamentals of Bitcoin (BTC) and Ethereum (ETH) still look good according to the analyst.

These 'jitters' don't look like something specific for the cryptocurrencies segment. Rather, it is more likely that they are common macro performance patterns of several assets.

As previously cover by U.Today Crypto News, Mr. Burniske highlighted that Bitcoin (BTC) still looks great, but should be evaluated without obsession. Any 'obsession' about the health and price performance of the flagship cryptocurrency may cloud the rationality of traders

Crypto Assets as New Macro Indicators

Mr. Burniske also emphasized that top cryptocurrencies may establish themselves as more reliable macroeconomic indicators as compared to traditional assets.

In this particular function, the most popular digital assets may replace stocks and bonds due for two fundamental reasons.

First of all, digital assets are less subject to government interference. It is worth noting that this factor was repeatedly mentioned by top financial speakers during the ongoing market recession period.

Bitcoin (BTC) and Ethereum (ETH) may also evolve into reliable and useful indicators of macroeconomic processes due to their 24/7 liquidity, which fuel trading of cryptocurrency assets.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

News
Fri, 01/15/2021 - 18:02
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Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
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Contents

While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)