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Category: EIP-1559

Ethereum: Bulls Maintains their Priority as Retail Investors Stack Up

As the Ethereum network journeys fast unto its proposed shift from the Proof-of-Work (PoW) network, to the highly anticipated Proof-of-Stake (PoS) blockchain dubbed Ethereum 2.0, a number of stakeholders in the blockchain ecosystem are positioning to get the best of from the anticipated changes. Just as previously reported, the challenges of the Ethereum network are

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Ethereum Price Slump is Not Deterring Small Bag Holders

Ethereum (ETH), the world’s second largest cryptocurrency by market capitalization is trading at a loss at present, and is down by 3.02% to $3,161.75. While still exchanging hands well above the $3,000 support zone, it is undoubtedly recording a series of higher highs, and lower lows, a trend that can stir an unprecedented price change

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Ethereum Fee Burns Clocks $100 Million, Here’s Why The Burn Is Important

The Ethereum network has now continuously burned base fees for a week straight and in that time frame, the amount of ETH burned has hit $100 million. With over 32,000 ETH burned in the space of seven days. The fee burn rate fluctuates given the network traffic, but the burn continues regardless. Depending on network traffic going forward, the burn rate is predicted to hit 4 ETH per minute very soon. Related Reading | Ethereum Set To Explode According To Market Dominance, Crypto Analyst The rate at which the ETH is burned currently sits at around 3.38 ETH per minute. This puts the current burn rate at over $10,000 burned per minute. The burn shows that the EIP-1559 upgrade is working as intended, which in the long run will hopefully make the nature of ETH deflationary. But that is not happening just yet. The burning of the base fee is still in its early stages, although it is working smoothly. It will take a while for the rate at which new ETH is burned out of circulation to be high enough that ETH’s supply becomes deflationary. But that remains to be the end game here. And this is why the burn is so important to the network. Related Reading | Here’s What Happens To All Of The Crypto Assets The IRS Seizes The fact that Ethereum does not have a capped supply like bitcoin means that an unlimited number of ETH can be put into circulation. This is one feature that ETH has in common with fiat, the unlimited supply. It is one of the main reasons why the move to ETH 2.0 is so important to the network. Putting Less ETH Into Circulation The ETH burn is basically taking away a huge chunk of ETH that miners would have been given for mining blocks and “burning” the coins. EIP-1559 introduced a base fee mechanism that is determined by the wallet where a transaction is generated and this base fee would be burned. Then the owner of the wallet where the transaction is generated can then add a ‘tip’ to a transaction if they want their transaction to be included in a block faster, basically leading to faster confirmation times. Related Reading | Why A Shocking Altcoin Season Could Be On The Horizon In just a week, 32,000 ETH has been burned. This 32,000 ETH would have formerly been added directly into circulation as it is given as a reward to miners. But now, this amount that would have added to supply has been completely taken out of the equation. For now, it may seem like miners are getting the short end of the stick with this, but ETH potentially becoming deflationary is a win for the market as a whole. Less supply would make ETH coins more valuable, which, in turn, would drive up the price of the asset. Ethereum Price Going Forward ETH price has had an interesting run these past three weeks. The asset price which had broken below $2,000 last month experienced a price surge that sent the price surging past $3,000 this month. Ending a two-month-long streak of a painful downtrend. ETH price dips as the week draws to a close | Source: ETHUSD on Following the launch of the EIP-1559 saw the Ethereal network become even more popular amongst investors. And as the popularity of the network grew, so did the popularity of its native token, ETH. With more investors coming into the market, the value of the asset has skyrocketed. Although now there has been a bump in the road as a dip in the price has sent ETH barreling back down below $3,100. Related Reading | Bulls Take Over Market As Ethereum Price Surpasses $3,000, Why Rally May Continue Short-term, recovery is imminent, as is the case following most dips. But the scale of the recovery will be hard to tell. A 3% price drop in the last 24 hours has seen ETH lose $200 off its price in the same time period. But overall, the market remains bullish and it looks like the dip is only a small obstacle that will be scaled in no time. Featured image from Coingape, chart from
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Is Ethereum’s Gas Fee Improved Now that the London Hardfork is Live?

The cryptocurrency ecosystem was agog when the Ethereum Improvement Protocol (EIP) 1559 went live last week. The EIP 1559 upgrade, also called the London Hardfork introduced a few improvements into the Ethereum blockchain which prior was notably plagued with congestion and high network fees. Prior to the launch of the hardfork, users engage in a

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Ethereum Surges Above $3,000 on Back of $26.5 Million ETH Burn

Ether (ETH) price surged above $3,000 for the first time since May registering a 12% surge over the past 24-hours. The second-largest cryptocurrency has built a bullish momentum in wake of the recently concluded London Hardfork. Ethereum network successfully upgraded five Ethereum Improvement Proposals (EIPs), out of these five EIP-1559 was certainly the most talked

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Price Analysis: BTC Hits New Monthly High as ETH Faces Major Resistance Point

The rally that was ignited with the launch of the Ethereum London Hardfork upgrade is yet to cool off. In response to the geared up sentiment as driven by Ethereum (ETH) and its associated tokens with a massive rub-off on Bitcoin (BTC), the global crypto market cap has inched upward by 3.61% to $1.74 trillion.

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London hardfork: Surprisingly Low Adoption of EIP-1559 Miner Fee Model on Ethereum

On Thursday, August 5, the much-awaited London hardfork finally went live with the implementation of the EIP-1559 protocol. However, it looks like the adoption of the EIP-1559 miner fee model is seeing a slow start. Data provided by Nansen shows that only 5% of the Ethereum transactions are currently using the EIP-1559 model. This indicates

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London Hardfork Upgrade: Here’s How Many Ether Has Been Burnt

The long awaited EIP 1559 upgrade, also known as the London hardfork has official gone live today. This upgrade has a lot of significance for the Ethereum blockchain, and may spell a move to address the aching challenge of high gas fees. Per an earlier Coingape report, the potentials of the London Hardfork which went

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Bullish Ethereum Fractal Appears As Important EIP-1559 Upgrade Debuts

All eyes today are on Ethereum as the long-awaited EIP-1559 launches for the first time. The supply-focused update could result in a the start of a spectacular show that could last another several months. A fractal has potentially appeared that mimics the price action just ahead of the most recent explosive Ether rally, which took the top altcoin by market cap from below $1,000 to more than $4,000 at the peak. And it all is happening as the London hard fork is implemented into the most important blockchain in the space. What Is EIP-1559 And Why Does It Matter? Today, Ethereum Improvement Protocol 1559 will be set live as part of the London hard fork. The upgrade will help to normalize ETH gas fees that during the peak NFT and DeFi boom of 2021, sent costs skyrocketing. Base fees will be algorithmically determined by the network, however, the user can also increase the fee to in essence “tip” a validator. To prevent validators from artificially flooding the network to keep fees high, validators don’t get this base fee, instead it is burned. By destroying coins and taking them out of the circulating supply, investors believe this can further impact the ongoing “supply shock” or lack of ETH reserves on exchanges currently. In addition to this new EIP-1559 upgrade that could impact supply, it is part of a greater Ethereum 2.0 update. More than 5% of the entire supply is now locked up in the ETH 2.0 smart contract, in addition to the massive amount of tokens tied up in DeFi protocols. With so few ETH to go around, the supply shock could be very real and it arrives at the same time that a potential fractal is appearing on the ETHUSD price chart. Does an Ether fractal point to another parabolic rally? | Source: ETHUSD on Supply Shock Ethereum Fractal Fits Blueprint To Substantial Highs Ethereum was among the cryptocurrencies hit the hardest from the historic Q2 selloff. From the exact peak to the low, the second largest coin in the space by market cap plummeted by 61.8%. Related Reading | The Ominous Ethereum Comparison That Will Leave Bulls Petrified The peak was followed by two consecutive bumps, followed by a break of downtrend resistance. Zooming out, shows that the same exact pattern formed just ahead of the cryptocurrency’s more than 1,000% rally. Taking the price action on the way up and juxtaposing it over the recent consolidation, and there’s a very similar trajectory potentially forming. Could the EIP-1559 upgrade cause an extended fifth wave? | Source: ETHUSD on Zooming out further, the entire structure fits and five-wave bullish impulse according to Elliott Wave Theory. Even the math adds up. Waves 1, 3, and 5 move up with the primary trend, while even numbers 2 and 4 are corrective phases. Related Reading | Fundamentals Suggest Cryptocurrency Is Massively Undervalued Waves 2 and 4 tend to swap in severity, with wave 2 this time falling under the weaker of the two. The top altcoin only then suffered a 38.2% drop – another Fibonacci retracement level. Wave 4 reached the full 61.8% in severity, and if the bottom is in, a whopping wave five could be next. Wave 1 resulted in 450% returns, and wave 3 added another 1300% to boot. An extended wave 5 could yield dramatic results. Is this what is to come next for Ethereum and could it be due to the EIP-1559 upgrade? Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from
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Ethereum’s London Upgrade is Live; Here’s “WHY” It Could Boost ETH Price

Ethereum’s London Hardfork went live on blocks 12,965,000 bringing 5 key changes to the network. Among these five Ethereum Improvement Proposals (EIP) implemented today, EIP-1559 is certainly the most talked-about upgrade. While there is a common perception that EIP-1559 would reduce gas fees, the reality is it would only stabilize the transaction fee bracket to

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Ethereum (ETH) London Hardfork: 65.6% Ether Nodes are Ready to Sync

The much-awaited Ethereum (ETH) London Hardfork is currently underway that promises to bring major improvements in terms of scalability and the growing gas fee problem. The upgrade could take approximately 2 more days as 65.6% of the total nodes are ready to sync while the other 34.4% is in the process.   The major network

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