Crypto Market Analysis: 8th March 2021

David Derhy, Analyst, eToro: Ethereum prices are rebounding with proposals to change gas fees

Ethereum prices surged back above $ 1,700 over the weekend, hitting a multi-week high after a major upgrade to the network was announced.

Ethereum Enhancement Proposal 1559 will be implemented as part of the planned London hard fork for the network this July and will significantly change the way users conduct transactions.

Currently, users pay a miner a gas fee for entering a transaction into a block, which is a substantial part of the miners’ total income.

As part of the new proposals endorsed by users and application builders, gas charges are instead sent to the network in a new charge structure known as the “base charge”. Miners only receive an optional tip from users, with the basic fee set by an algorithm, making it easier for users to understand and verify whether or not they are paying a fair fee.

Both Ethereum and Bitcoin prices rebounded over the weekend amid the news and recent expectations for more government stimulus. Ethereum climbed to a high of $ 1,739 before pulling back slightly this morning to trade around $ 1,683, while Bitcoin also jumped to a multi-day high of over $ 51,000 before settling at just under $ 50,000 this morning.

Simon Peters, Analyst, eToro: Cardano hard fork successfully completed as price rockets

The Mary hard fork was successfully completed last week on the Cardano mainnet. Tokens are now being created on the Cardano blockchain. The update was a big development and has seen ADA increase its price over the past few months. Since early December, the valuation has risen around 900%, hitting a high of $ 1.45 per coin.

While ADA has pulled back from its peak, it remains well above the $ 1 mark. The next milestone is the Alonzo hard fork, which Cardano offers intelligent contract functions. It should happen sometime in the second quarter and complete the entire Goguen upgrade. This could really position Cardano as a rival to Ethereum in the coming years, especially since Ethereum is currently switching to 2.0 and gas fees for the current blockchain are still an issue.

Simon Peters, analyst at eToro: Argo Blockchain sets precedents for the CEO’s Bitcoin salary

Argo Blockchain, the UK-listed cryptoasset mining company, has started paying its CEO’s salary in bitcoin. Other employees were also offered the Bitcoin salary option, with monthly payments being automatically converted from fiat currency to Bitcoin at the daily market price via the Satstreet exchange.

In February, Argo Blockchain mined 129 BTC for $ 6 million in revenue. When it announced its new payment options, the company announced to the market that the 4,500 mining equipment leased from Celsius Network in February is now all operational, increasing mining capacity for Bitcoin and other SHA-256 cryptoassets to 1,075 petahashes.

David Derhy, analyst at eToro

Eco, a cryptoasset startup founded by the former co-founder of Uber, has raised $ 26 million.

Garrett Camp, who founded Uber, is one of the founders of Eco, which offers rewards for both crypto savings and spending at companies like Amazon and Uber.

The company claims to be building a new breed of financial platform and has been backed by a number of companies including 16z Crypto – Andreessen Horowitz’s digital assets investment arm – the Gründerfonds, Activant Capital, Slow Ventures, Coinbase Ventures and Tribe Capital, Valor Capital Group and others.

According to Eco, the platform is not a bank, checking account or credit card. We build something better than everyone else together.

According to a review by the company, users get up to 5% cashback on expenses and earn 2.5% to 5% annually with assets only in their accounts. The top price for savings depends on referrals to friends.

Simon Peters, analyst at eToro: Kings of Leon revolutionizes the way albums are released

The Kings of Leon released their new album in the form of an NFT – a non-fungible token. As the first band to do so, they offered three types of tokens, giving perks that weren’t available on more mainstream music platforms like Spotify or iTunes to improve the artist-fan relationship.

NFTs are expected to appreciate in value in the coming years and are already proving to be lucrative as seen by artist Grimes, who recently sold $ 6 million worth of art as NFTs.

David Derhy, Analyst, eToro: NFT Explosion Takes Place As CryptoPunks See Big Demand

The non-fungible token universe is seeing an increasing demand for collectibles. Tokens like CryptoPunks are causing an explosion in the bids for one-off digital images.

First introduced in 2017, CryptoPunks have become the most popular NFT. $ 16 million worth of CryptoPunks traded last week – nearly three times the next most popular NFT art market.

The 10,000 unique collectibles are a combination of art, technology and social experimentation and have already been created and sold. Further NFTs are emerging in various sectors. Jack Dorsey, CEO of Twitter, is now selling the first published tweet as an NFT.

This is a marketing communication and should not be construed as investment advice, personal recommendation, or an offer or solicitation to buy or sell financial instruments. This material has been prepared without considering particular investment objectives or financial situation and has not been prepared in accordance with legal or regulatory requirements to promote independent research. References to the past performance of a financial instrument, index or packaged investment product are not and should not be viewed as reliable indicators of future results.

All content in this report is for informational purposes only and does not constitute financial advice. EToro makes no guarantee and assumes no liability for the accuracy or completeness of the content of this publication, which was prepared using publicly available information.

Cryptoassets are volatile instruments that can fluctuate greatly within a very short time and are therefore not suitable for all investors. In contrast to CFDs, trading in crypto assets is not regulated and is therefore not monitored by any EU legal framework. Your capital is at risk.

Image by Miloslav Hamřík from Pixabay

Stay in the Loop

Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

Latest stories

- Advertisement - spot_img

You might also like...