CRYPTO NEWS

Ethereum (ETH) Transactions Hit 1-Month High

<p>While the price of Ethereum (ETH) has dipped substantially since The Merge went live last week, its network activity increased. The data from Glassnode shows that the total number of ETH transactions (7-day moving average) reached 47,982 yesterday, which is the highest level in one month.</p><p>On 14 August, Ethereum crossed the price level of $2,000 for the first time in three months. However, the price of the world’s second-most dominant <a href="https://www.financemagnates.com/cryptocurrency/" target="_blank">cryptocurrency</a> has plunged by approximately 35% since then. Just in the past five days, ETH has dropped by over 20%.</p><p>The rise in the number of Ethereum transactions across the network shows that overall activity has increased. In a massive crypto transfer on Tuesday, a prominent Ethereum address moved <a href="https://whale-alert.io/transaction/ethereum/c93fe27d151193da4f4042ddcd52e80761c1ff6b791f03100a7ca3b7f52932f3" target="_blank">250,000 coins</a> worth more than $338 million to the digital exchange Binance.</p><p>“The price of ETH has dipped below a recent support level of $1,400, but there is a much wider market struggle in play that is distracting investors from meaningful improvements to the network. Price volatility is being experienced across the board in crypto thanks to major macroeconomic factors beyond its control – in the same way, equities are experiencing significant sell-offs,” Simon Peters, a Market Analyst at eToro, commented.</p><p>Network Upgrade</p><p>While the <a href="https://www.financemagnates.com/tag/ethereum/" target="_blank">network upgrade</a> of Ethereum has made ETH more energy-efficient, it has increased volatility in gas fees.</p><p>“The fall in ETH’s value in the past few days will be pointed to as evidence of the failure and overhype of the Merge – but like any investment and market – it won’t be judged on a tiny snapshot of performance. The Merge was an inherently long-term change to the way the Ethereum network is governed, and how it uses its resources. The promise of overnight miraculous change is an anathema to grown-up long-term sustainable development and should be treated with caution by any investors observing,” Peters noted.</p>

This article was written by Bilal Jafar at www.financemagnates.com.

Cardano Founder Calls Out Ethereum Community, Developers

The Cardano network has always been a fierce competitor for the Ethereum network. Naturally, this has translated into a prolonged rivalry between the communities of the two blockchains. This time around, though, Cardano founder Charles Hoskinson has also joined in on the banter between the two communities, coming directly from the Ethereum community and the::Listen

The Cardano network has always been a fierce competitor for the Ethereum network. Naturally, this has translated into a prolonged rivalry between the communities of the two blockchains. This time around, though, Cardano founder Charles Hoskinson has also joined in on the banter between the two communities, coming directly from the Ethereum community and the developers who work on the blockchain.

Cardano Founder Addressing The Ethereum Community

In a Twitter thread, Charles Hoskinson shared his thoughts about Ethereum and its community. He started out by stating that they had refused to let go of his short stint working on the blockchain, which, to be fair, really should not be mentioned as much as it is given that Hoskinson had only spent six months at Ethereum almost a decade ago.

This has always spilled into the criticism from the Ethereum camp regarding the Cardano blockchain, which Hoskinson had founded shortly after leaving the former. He addresses the fact that the Ethereum community continues to ignore the advances that the Cardano network has made over the years.

“I repeatedly pointed out that the core engineers of Ethereum completely ignored Ouroboros throughout the last five years,” Hoskinson said in a tweet. “It’s a crime on that side of the fence to even mention Cardano.”

ADA fails to move above $0.5 | Source: ADAUSD on TradingView.com

Hoskinson also went further to address the ‘cult’ references often used to describe the Cardano community. The close-knit nature of the community has always led to cult jokes all over. But Hoskinson reasons that this does nothing but hurt the crypto community at large. He urged users to refrain from falling into this trend, saying it “means that many users are now forced into design decisions that hurt them instead of help. I guess that’s human nature. But at least we can make a choice to not succumb to it.”

He further added that “We don’t need to hate anyone or develop bizarre, conspiratorial thinking in order to accomplish our goals. The reality is that Cardano doesn’t need cryptocurrency to be successful in order to succeed.”

Addressing this had become pertinent after the continued hate on the network following its Vasil hard fork. The founder had previously lamented the laser-like focus on the 3-month delay experienced by Vasil when rival Ethereum had delayed for about 2 years to complete its own upgrade.

In closing, the founder explained that Cardano was solving real-life problems, which has always been its mission. This, he says, will help the network grow to billions of users without needing cryptocurrency. “I believe none of that will matter in the end because we are going to change the world,” Hoskinson concluded.

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Ethereum (ETH) Transactions Hit 1-Month High

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