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Ethereum

These Ethereum Whales Transfer $27M in Ethereum

for the First Time in Four years

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In the midst of the relentless bear market, whales seem to be waking from their slumber and moving their ETH holdings which have remained untouched for approximately four years.

According to the blockchain security company Peckshield Alert, large amounts of ETH were transferred on December 18th by two addresses that have remained dormant since October 2018.

Dormant ETH Wakes Up

22,982 ETH, which is worth approximately $27.2 million at current prices, were moved to two new addresses.

The emergence of old wallets in hibernation is a common phenomenon that elicits greater public interest, particularly if it’s tied to troubled entities.

Meanwhile, in addition to ETH transfers, bankrupt crypto lender Three Arrows Capital (3AC) also moved a sizable chunk of ETH on December 19. The tokens in question – 2,000 ETH worth around $2. 38 million – were withdrawn from Binance, while the embattled company’s address still holds 6,595 ETH worth nearly $7. 85 million.

This latest development follows significant market price corrections. Ethereum, for one, has shed over 20% of its gains seen since the past month dragging its price to a previous support level. After forming a local top at $1,352 last week, sellers took control to catalyze another leg down to $1,184.

Demand to Ethereum

2022 has been monumental for the Ethereum network (despite being disastrous for the overall crypto market). The much-hyped Merge, which introduced staked ETH as an out-and-out cryptocurrency-native yield-bearing instrument, managed to eclipse other collateralized yield-bearing services. Nansen’s recent report highlighted the significant demand for liquid Ethereum staking solutions as the cryptocurrency continued to be staked across several platforms in the months following the shift to proof-of-stake (PoS) consensus.

While stETH saw over 127% increase in average daily trading volume since the upgrade, there have been very few material changes in ETH’s price. However, some big price action may be expected as the network anticipates another hard fork, called “Shanghai,” slated for March 2023 release.

The next stage in Ethereum’s development is the introduction of Sharding, a feature that is expected significantly to increase transaction throughput.

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Ethereum

Arthur Hayes Says Cardano Is A ‘Shitcoin’ – Here’s Why

Cardano (ADA) is a “shitcoin” without purpose that has no distinct advantage over competitors, according to BitMEX co-founder Arthur Hayes.

“Who gives a fuck? Zero?” said Hayes when asked “What about Cardano?” in an interview with Coin Bureau published on Sunday.

Cardano Is A Shitcoin, Says Hayes

Continuing to describe the cryptocurrency – a top ten digital asset by market cap – Hayes did not mince words: “The first wannabe Ethereum, and probably the first one to go to be irrelevant,” he said.

Typically, the popular crypto essayist and trader is well known as one of the loudest long-term Bitcoin (BTC) and Ethereum (ETH) bulls, and often expresses interest in small-cap cryptos for short-term trading.

During the same interview, Hayes even expressed interest in the memecoin “dogwifhat” calling it the “best dog money of this bull cycle.

“I love Rare Pepe’s… I think we’re going to see a resurgence of NFT trading volumes,” he added.

The writer’s unique callout of Cardano ruffled some feathers online – especially with the network’s founder, Charles Hoskinson. On Tuesday, Hoskinson asked Hayes why he was “throwing shade” at Cardano.

“Cause your coin is a piece of shit man,” Hayes replied. “Just buy some ETH and chill.”

What Makes Cardano Unique?

Much like Ethereum, Cardano is a smart contract platform for developing decentralized applications. It also popularized as one of the first well-developed proof-of-stake cryptocurrencies, which use crypto rather than energy to secure its network.

However, many popular blockchains today now use the same mechanism, with Ethereum undergoing a massive upgrade in 2022 to adopt proof of stake. In terms of both market size and DeFi TVL, Cardano is still outsized by competitors like Ethereum, Solana, and Binance Smart Chain (BSC).

On Tuesday, Hayes published a list of the world’s most popular Dapps, and asked which of them had originated or grown most popular on the Cardano blockchain.

“From my very limited knowledge, it looks like none of them do,” he said. “That’s why ADA is dog shit.”

On Bitcoin, however, Hayes remains a bull, expecting strong money printing from the Federal Reserve to drive the asset’s price up soon.

“When printing money happens and you debase the value of time and human labor, we rejoice and say great, fuck you, we’re gonna take Bitcoin to a million,” he told Coin Bureau.

Late last year, Hayes predicted that Bitcoin would reach between $750,000 and $1 million by the end of 2026.

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Ethereum

Crypto Markets Experience Minor Setback as Major Coins Dip, While Select Tokens Buck the Trend

On Wednesday, the crypto market experienced a modest downturn, with a 1% decrease in its overall value across the board, as bitcoin and ethereum saw declines of 0.51% and 0.45%, respectively. Bitcoin momentarily reached the $53,000 mark the day prior, while ether soared past the $3,000 threshold on Tuesday…
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Ethereum

Ethereum Technical Analysis: ETH Highlights Resilience Across Several Timeframes

Ethereum started Monday with its price hitting $2,934 per unit, marking a week filled with a strong 14.9% increase. Over the preceding fortnight, the second-leading crypto asset by market cap witnessed a substantial 25.9% upswing. Kicking off this week, ether’s trading volume over the past 24 hours has hovered around $24.74 billion…
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