Chain News Daily Official TheBitTimes.com

Ethereum, the second-largest cryptocurrency by market capitalization, recently made headlines with a significant burn of $7 million worth of Ether (ETH). This monumental burn, involving 3,219.96 Ether, underscores Ethereum’s transition towards becoming a deflationary currency.  Let’s delve into the details of this burn and its implications for the Ethereum network. Understanding Ethereum’s burn mechanism The concept of burning in the cryptocurrency realm refers to the process of permanently removing coins or tokens from circulation by sending them to an unusable wallet. In Ethereum’s case, this burn occurred as a result of transactions, where a variable base fee, introduced through Ethereum Improvement Proposal 1159 (EIP-1159), is now included in each transaction. EIP-1159, implemented on August 5th, 2021, overhauled Ethereum’s fee model by introducing this variable base fee. This fee adjusts according to the current demand f...

Ethereum is looking to break above a key resistance level at $2,150. Crypto analyst Michael van de Poppe says ETH price could jump to between $3,100  and $3,600 if a breakout happens. Catalyst for the market include a spot Bitcoin ETF approval and developments on Ether spot ETF applications. Ethereum (ETH) traded to highs of $2,136 last week, before giving up some of the gains over the weekend to touch $2,016. The top altcoin has however seen an uptick on Monday, rising to change hands around $2,120 as buyers looked for a first green candle in three days. Various market observers see a potential approval for a spot Bitcoin ETF as a catalyst that could catapult both BTC and ETH . While many experts opine that the most likely period for approval is early January, there’s a window for the SEC to greenlight the first spot Bitcoin ETF for the US market.  This window is open until November 17. Reminder: There is currently a window open this wee...

Analyst Geoff Kendrick explains his super bullish view on Ether. He expects Ethereum to reclaim its dominance in smart contracts. Kendrick also sees new uses cases as catalyst for price appreciation. Ether has been in a downtrend over the past three months but a Standard Chartered analyst remains super bullish on the cryptocurrency. The bull case for Ether Geoff Kendrick expects Ether to hit $8,000 by the end of 2026 that translates to a whopping 5x growth in about three years. The analyst is convinced that Ethereum will reclaim its dominance in smart contracts. New use cases, he added in a research note this morning, will also help drive its price up moving forward. Layer 2 scaling solutions … are likely to grow in importance over time. This should help in … increasing its [EHT’s] P/E ratio over the next couple of years. Earlier this month, Grayscale filed with the Securities & Exchange Commission to convert its Ethereum trust ...