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The cottage season is coming: Ethereum and DeFi are ready for another hot summer



Runaway Commentary: Is the Shanzhai season already here? ETH, DOGE, and other altcoins rallied to new highs this past weekend, driven by DeFi and Ethereum’s promise of a London hard fork. Altcoins such as Ether (ETH), Dogecoin (DOGE), and Ethereum Classic (ETC) are leading a new alt season. As a rising tide naturally lifts all boats, there are several other cryptocurrencies that are benefiting from the growing interest in altcoins. However, ETH may be the one to make waves. The price of the flagship altcoin ETH has increased by more than 65% in 30 days, finally surpassing the $3,500 mark on May 6. This puts the coin on a yearly gain of more than 1,500%, as it was trading in the $215 range this time last year. The price surge led to its market capitalization surpassing $400 billion for the first time. Cointelegraph asked Joshua Frank, CEO of The TIE, about the social media trends surrounding ETH and what the cryptocurrency’s gains mean for altcoins. He replied that "many investors consider Ethereum to be representative of the altcoin market, and since July 2020, Twitter volume has continued to multiply... with an incredible 59,000 tweets in 24 hours, Because Ethereum continues to push the highest level in history.” Analyst: Altcoins may fall further by 30%: According to news on July 11, cryptocurrency trader and analyst "Rekt Capital" said that if altcoins overcome key resistance levels Lose the fight and another big drop could be on the way. In an unfavorable scenario, its price could drop by 30%. Bitcoin, on the other hand, is oversold based on data science models, according to Rekt Capital. At the same time, the analyst said that Bitcoin’s price action does not change the fact that there is not much activity. (U.Today) [2022/7/11 2:06:06] In percentage terms, Ethereum Classic — a fork of the original Ethereum blockchain — has grown in value even more than its sister blockchain, which is more popular. Currency welcome. According to data from CoinGecko, the price of ETC rose nearly 400% in seven days, hitting an all-time high of $167 on May 6. After The DAO's smart contract was hacked in 2016, most developers migrated to the now more popular Ethereum blockchain, the Ethereum Classic blockchain came into being, and the protocol lost $50 million in ETH. Bitcoin’s dominance has also declined from the 70% range it had stuck at the start of the year. It has since declined, sinking to a year-to-date low of 45.70% on May 6. The market dominance metric basically compares BTC’s market cap to the sum of all other cryptocurrencies’ market caps. Analyst: MFT, RGT and other altcoins will see explosive growth: Cryptocurrency trader and market analyst Elliot Wainman lists a number of altcoins that will explode. He believes that Mainframe (MFT) will be the next Aave, Rari Governance Token (RGT) is "baby YFI (", in addition, he also pays attention to PAID, YOP, BMI, PROS and AKT, saying that these altcoins have great potential. (The Daily Hodl) [2021/2/6 19:04:07] When altcoins instead dominate the interest of cryptocurrency investors, BTC dominance typically declines. The only time the indicator was below current levels was before the 2018 cryptocurrency market crash, when investors were desperately looking for alternatives to bitcoin, which had fallen more than 60 percent by then. Eric Anziani, chief operating officer of cryptocurrency exchange, explained to Cointelegraph why he believes Bitcoin’s dominance is declining this time around. "Price behavior is synchronized with investor psychology and the dominant narrative in the field, so it moves in a cyclical pattern." He further added: Bitcoin's dominance has fallen for 229 days Some analysts say that another round of altcoin season may open: According to news on April 20, in the past 229 days, especially since September 5, 2019 (when it reached a high of 73.9%), Bitcoin's dominance (encryption market share) has been on a downward trend. Compared to historical data, Bitcoin dominance is between 62.5% and 52.5%, which is a very important trading range. From September 2018 to July 2019, altcoins rallied significantly during this period. A drop in Bitcoin dominance below 62.5% could lead to further losses. As for Bitcoin's dominance in the encryption market, there are many comments that this will lead to the arrival of "altcoin season". The encryption trader Damskotrades also tweeted the crypto market share of Bitcoin and altcoins, and the price chart of Litecoin, saying that in view of these combined factors, altcoins will start to rise and start another round of altcoin season. (BeInCrypto) [2020/4/20] "As the narrative around institutional adoption of Bitcoin has weakened, investors have begun to move to blockchains and protocols other than Bitcoin... despite Bitcoin being a very robust store of value , but the market as a whole is waking up to how critical altcoins and their respective projects are to the future of cryptocurrencies.” This change in market dynamics is also evident in the derivatives market. On May 5, the trading volume of Ether futures briefly surpassed that of Bitcoin. ETH’s contango has normalized to 25% after peaking at 45% in mid-April. Exclusive | The explosive growth of FoMo3D series counterfeit contracts have been detected as high-risk Dapps: After the third-party rating agency RatingToken reported on FoMo 3D contracts for 2 consecutive days, more counterfeit smart contracts have emerged today, and large and small funds have successively emerged Flow into this type of counterfeit Dapp. The website monitors that new contracts such as AirDropMe, F3D Plus, FoMo Now, and FoMo Lightning are all "modified versions" of FoMo 3D. These counterfeit smart contracts not only plagiarized the code (only changed the countdown in the FoMo 3D contract code to 3 minutes and 10 minutes respectively), but also copied the source code of the website at the pixel level, so there are also various high-risk vulnerabilities inevitably. For example, the website, which ranks first in the risk list, has a smart contract score of only 2.0 points (out of 5.0 points), and there are 18 loopholes in total, and there are major security risks in the funds in the contract. RatingToken reminds Dapp players to stay away from such Ponzi scheme games with major security loophole contracts. [2018/7/23] This shows that although ETH is pushing to new highs every day, the optimism is not close to the peak, thus indicating that when the price is compared with the market sentiment, there is still room for growth. London hard fork will bring more rapid growth of DeFi , Don’t invest money that you can’t afford to lose. To test the waters, only invest in the top 30 digital currencies in the world, so that the chance of losing everything is greatly reduced. Don’t touch counterfeit coins that cost a few cents. Don’t touch projects that you don’t understand and only read a few lively words to fool your eyes. Don’t touch those without reliable entrepreneurial experience and a reliable entrepreneurial team. Don’t touch those without reliable investment Try not to scratch the person who endorsed it. [2018/1/11] The price surge of ETH basically happened after the Berlin upgrade of the Ethereum blockchain on April 15th. This hard fork incorporates four Ethereum improvement proposals voted on by the developer community. Two of these involve gas costs for specific types of transactions, and while they reduce the cost of certain types of transactions, they increase the cost of "opcode transactions" that could be used in denial-of-service attacks. Two other proposals expand the categories of transaction logic. James Beck, director of communications and content-zce at ConsenSys — the blockchain technology company that powers the ethereum infrastructure — told Cointelegraph, “A nice effect of the Berlin hard fork is that gas prices for DEX aggregators have become cheaper. For example, Using MetaMask’s swap functionality will now cost 40,000 GWEI less.” Ethereum is the most used blockchain in the decentralized finance market, and its price tends to move in tandem with the growth of DeFi. As of this writing, the total value locked in DeFi has reached a new high at just over $82 billion. TVL in DeFi has been growing rapidly since the beginning of the year, nearly doubling since early February. Flora Sun, managing director of Binance X — the developer program of cryptocurrency exchange Binance — offered her opinion on the reasons for this growth. "There are many innovations in the current DeFi protocol. In the past, lending and DEX were the main DeFi protocols, but now starting from AMM, there are various types of DeFi that meet various needs, such as vaults and insurance. The rate of return of DeFi is still Much higher than traditional finance, so it naturally attracts a lot of cryptocurrency liquidity.” Automated market makers, or AMMs, are now an integral part of the DeFi ecosystem. As the name suggests, AMM is an automated trading model used by decentralized exchanges, rather than the order book used by traditional, centralized exchanges. When the protocol uses AMMs to provide liquidity pools, it means that the price of the asset is calculated by a fixed, predetermined mathematical formula, based on the supply of the two tokens participating in the transaction/swap. According to ConsenSys’ Q1 DeFi report, only 1% of Ethereum addresses are currently using DeFi platforms. So, as more and more investors look to prioritize decentralization in their portfolios, the room for adoption appears to be enormous. The report also shows that in the first quarter of 2021, nearly 51% of total fees were paid on the Ethereum blockchain, more than double that of the Bitcoin blockchain. Decentralized exchange Uniswap itself takes nearly half of what Bitcoin takes in fees. Additionally, another Ethereum improvement, EIP-1559, has been approved by the developer community as part of the London hard fork scheduled to occur in July. Anziani further spoke about the hard fork: "This upgrade will start burning transaction fees, which will naturally reduce Ethereum's inflation rate. If network usage is high enough, Ethereum may even become deflationary. This is a highly bullish The market is just starting to price it in.” In addition, ETH shows low levels of global leverage on various exchanges, which means that ETH holders trade more in the form of spot holdings rather than indulging in using Leverage to go long Ether. Frank offers his opinion on what this might mean. “This shows that holders intend to hold ether in their wallets and/or use ether to interact with DeFi or other protocols in the ecosystem, rather than using leverage as a purely speculative game to profit.” Other altcoins also welcome Due to the growth of DeFi, alternative platforms to Ethereum, such as Binance Smart Chain and Cardano, have seen an increase in DeFi protocols and decentralized applications, as people want to avoid the high gas fees of Ethereum, which has become A question from users everywhere. BSC and Cardano have accommodated some of the DeFi growth in 2021 due to gas fee issues that have been going on for some time. Regarding this issue, Sun pointed out: “Since BSC was launched in September 2020, in 8 months, more than 500 projects have been built on BSC, and its ATH daily transaction volume has exceeded 450% of that of Ethereum. It has $56 billion in its DeFi ecosystem. All projects built on top of BSC have contributed to this growth." Binance Coin (BNB) is the native cryptocurrency of Binance Smart Chain and Binance Chain. It quickly rose from trading in the $50 range on February 1 to an all-time high of $679.82 on May 3. This is a figure that has increased by more than 1200% in less than 100 days, leading to the rise of BNB to the third largest cryptocurrency by market capitalization. According to data from CoinMarketCap, the token has a market capitalization of nearly $100 billion at press time. Cardano’s native ADA coin also jumped to an all-time high of $1.7 on May 7. The cryptocurrency has grown by more than 3,200% over the past year. Over the past month, Cardano has also announced various partnerships and product launches. Still, Beck favors layer-two solutions over Cardano, saying, “More DeFi users will flock to Ethereum-compatible layer-two networks. DeFi developers are looking to move their applications and users to Layer 2 to take advantage of lower gas fees.” According to L2 Beat, TVL in layer 2 solutions has increased nearly 20-fold, from $38.4 million on January 1st to about 7.18 at the time of writing One hundred million U.S. dollars. In March and April, it even surpassed $1 billion briefly. Beck further stated: “Synthetix and dYdX have announced that they have been keen to integrate with layer 2 solutions. Synthetix has been working with Optimism for several months, and dYdX recently announced that their new cross-margin perpetual has been implemented in Starkware STARK-based rolling solutions go live. We expect this trend to intensify for the rest of the year.” Of the several coins that saw unprecedented gains — besides Ethereum and Ethereum Classic — the Shiba Inu-themed Dogecoin (DOGE) is the one that has attracted the most mainstream media attention. It's getting so much attention that it could be a leading indicator of copycat season. The currency broke through the range of $0.06-0.07 on April 12, reached an all-time high of $0.69 on May 5, and then began to fall.


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