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Ethereum Foundation Expects No Shady Business in Upcoming Fork

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In just a few days, Ethereum will initiate one of its biggest-ever upgrades. The Ethereum Foundation insists it will be pretty uneventful – a view shared by most participants of the world’s no. 2 blockchain.

Nothing to See Here

The hard fork protocol, which is projected for Sunday night, is consistent with Ethereum’s roadmap. The fork will implement the Byzantium code, which is part of the larger Metropolis upgrade. The Metropolis protocol has been effectively pushed back due to ongoing development, a clear indication that the Ethereum Foundation is erring on the side of caution.

Byzantium gets the ball rolling by fixing a slew of technical problems related to ‘returndata’ operations, difficulty adjustments and transaction return data, among others. A total of nine Ethereum Improvement Protocols (EIPs) will take effect with the Byzantium fork, thus creating a more efficient network.

Ethereum has been very careful in introducing substantial changes to its protocol. Though past forks have been successful, an emergency fork last year triggered a chain split in the digital currency. A new asset, Ethereum Classic, was born in its wake. Both tokens are identical in every way up until block 1,920,000.

While the Foundation has reassured market participants it’ll be smooth sailing this Sunday, investors can never be too sure when there’s money on the line (not to mention Ethereum Classic in the rear view).

The second hard fork of Metropolis is called Constantinople, but there is currently no timetable for its implementation.

Hard Fork Optimism Lifts Ether

Ether’s price is climbing steadily ahead of the proposed upgrade. The digital currency rose 11.5% against the dollar on Friday and has gained more than 15% since Monday’s low near $292. At press time, ether was trading around $336, the highest level since early September.

Like other cryptocurrencies, ether is also following bitcoin prices higher. Bitcoin gained nearly 30% this week en route to new record highs.

Bitcoin’s total market value is $94.5 billion, easily tops among digital currencies. Ethereum is a distant second at $32.2 billion.

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4.6 stars on average, based on 649 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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Altcoin Update: Basic Attention Token (BAT) and Ravencoin (RVN) Soar Amid Downturn

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Two of the weekend’s better performers, Basic Attention Token (BAT) and Ravencoin (RVN), extended their gains into the new week amid Monday’s market downturn.

Around $3 billion left the global market cap from Sunday into Monday, as Bitcoin fell back down to the $6,400 range. The altcoin market fared much worse as most alts shipped between 5% and 10% of their value.

Basic Attention Token (BAT)

Yet just over a dozen altcoins either retained or gained value overnight, and Basic Attention Token (BAT) continued to ride the momentum gained from the Coinbase speculation over the weekend.

The value of one BAT jumped 24.3% overnight, climbing from $0.236148 up to the morning’s peak of $0.294794. The token price continues to rise at time of writing, helped by a near three fold increase to trade volumes which jumped from $9 million to $26.5 million.

That’s nearly double the volume that floated BAT to 42% growth over four days last week, and once again most of it has come through the BAT/BTC pair – which accounts for 56% of the total volume.

The last two weeks saw BAT climb 88% in value, and as of now the source of the rise appears to be largely based on Coinbase speculation. BAT could be up next for a Coinbase listing following the listing of Ox (ZRX) – another ERC-20 token.

Ravencoin (RVN)

Ravencoin (RVN) hit the headlines on Sunday after sailing into the market cap top one-hundred based on 118% gains for the week.

RVN had been soaring since October 11th when it gained a listing on Binance. Since then the coin has grown 351% in value, and the growth for the last twenty-four hours continues that ascension.

From Sunday into Monday, the value of RVN rose from $0.034691 up to $0.062574 – a 78% spike.

As noted previously, trade volumes for RVN rose 23,000% –  from $200,000 to $49 million over the last ten days. Today that surge continues, with RVN volumes rising to $122 million in the last twenty-four hours.

That means RVN volumes have grown by over 100% since yesterday, and by 60,000% in the last eleven days. Binance continues to house over 87% of trades, predominantly in the RVN/BTC pair. Across all exchanges, the RVN/BTC pair accounts for over 98% of daily trades.

Ravencoin appears to still be feeling the benefits of its Binance listing from earlier in the month, however the rise in the coin’s fortunes also coincides with a major fundamental development which is due to hit at the end of the month.

On October 31st the development team will update the blockchain to bring its ‘Asset Layer’ onto the mainnet. Ravencoin is an open-source blockchain for the registering of digital assets, and the mainnet upgrade on Halloween will mark the one-year anniversary of the project’s inception.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 82 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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Litecoin Price Analysis: LTC/USD Developers to Slash Transaction Cost, with Upcoming Core Update

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  • Litecoin fees are set to be largely reduced in the forthcoming upgrade, in an attempt to boost adoption.
  • LTC/USD remains heavily dictated by triangular pattern, behavior suggests a breakout is imminent. 

Litecoin Fees to lower by 10x in next Core Release

The Litecoin foundation will be updating the Litecoin protocol to version 0.17, following an announcement via Twitter. This update will ultimately reduce the network’s fees drastically compared to its already nominal costs.

It is reported that with this upcoming upgrade, the network fee will go down to $0.005. Their goal is to encourage greater adoption of Litecoin. Currently, the average transaction fee is floating around $0.05. Bitcoin’s transaction fee is currently seen around $0.10.

At the back end of 2017, a large bull market was observed. Bitcoin prices were up at heights around $20,000. Users as an alternative started to use LTC, given its inexpensive nature, in comparison to Bitcoin. It is interesting to note also that Bitcoin transactions were as much as $55 during those highs. However, Litecoin remained by far competitive, facilitating lower transaction fees, less than $1. During the peak, LTC fees reached $1.5.

Litecoin’s Core lead developer, Adrian Gallagher, was commenting on the upgrade intentions, saying: “To encourage more adoption and usage of Litecoin, I think lowering the fees are a good thing. We’re not even close to block limits and the block size on disk is pretty small (20GB) relative to other coins. Technically people can already adjust their fees right now to the one above, because of the more relaxed min relay/dust relay fee.”

Elsewhere, he was speaking about the current market conditions, believing that the bear market being observed, will not last. Predicting that in the next three to six months, prices could start to rise again. He stated: “With lower fees, it would be possible to lay down the foundation for a fee rate, that can grow proactively rather than re-actively.”

Technical Review – Daily Chart

LTC/USD daily chart

Looking via the daily time frame, LTC/USD price action remains trapped and dictated by a triangular pattern. This is seen across several of the other cryptocurrencies. The calls of an imminent breakout make much sense, with this type of price behavior seen.

Over the past few days, upside has been capped around the $55 mark. Further north, resistance is seen at the $56.50-60, the upper part of the triangular pattern formation. A breakout higher should allow a run well into the $60 territory. Testing the 27th September high ($65.85) would be probable. Supply is seen running from that high up until $70, where the price faltered on 4th September.

In terms of support, $53 has proven to be an area of comfort, over the last five sessions. The lower trend line of the above-mentioned pattern is seen tracking at $51.50. Finally, a demand zone is seen just below running from the big $50 mark, down to $0.47.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 33 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Stellar Lumens Quietly Leads Crypto Market Recovery as Fidelity Rumors Circulate

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Stellar Lumens has put up double-digit gains over the past week, buoyed by improving fundamentals and rumors of a potential partnership with Fidelity Investments.

XLM/USD Update

The XLM price experienced little movement on Sunday, as the overall market made tepid gains. At the time of writing, XLM was down 0.8% at $0.2415. Against bitcoin, the cryptocurrency was down 2%, according to CoinMarketCap.

Compared with seven days ago, XLM has gained more than 13%. Lumens peaked near $0.2500 on Saturday. Over the same period, the broader cryptocurrency market rose 4%. Bitcoin is up just 3.4% over the same period while Ethereum gained 3.7%.

At current values, the Stellar blockchain has a total market capitalization of $4.6 billion. Trade volumes in the last 24 hours reached $48.1 million. Binance, BitMart and BCEX are the largest markets for XLM trades, according to the latest available data.

This isn’t the first time XLM has outperformed the broader market. Lumens managed to hold its ground during the mid-August slump, a period that was associated with a 21% drop in Ethereum and a nearly 40% plunge in IOTA.

Fidelity Rumors Circulate

The latest upsurge in Stellar’s price follows speculation that Fidelity Investments may consider adopting the XLM blockchain for its digital asset business. The speculation is tied to Tom Jessop, a Fidelity executive who used to run a promising blockchain startup by the name of Chain. The Chain project was recently acquired by the Stellar Development Corporation. Following the merger, the Stellar Development Corporation re-branded as Interstellar.

From an institutional standpoint, Fidelity is considered an early adopter of cryptocurrency. The asset manager has been mining cryptocurrency for the past four years and recently announced plans to develop a new suite of blockchain-focused products.

Stellar has been subject to other positive speculation in recent months as large corporations seek entry into the blockchain arena. In August, Business Insider speculated that Facebook was eyeing a potential partnership with Stellar. Although Facebook denied the rumors, there’s strong reason to believe that the social media network will soon enter the blockchain arena, which makes Stellar a prime candidate for adoption.

Last month, IBM announced it had officially launched its new money transfer business on the Stellar protocol in a move that could springboard digital currency adoption across the globe. IBM Blockchain World Wire, as the system is known, utilizes Stellar to settle cross-border transactions in a matter of seconds.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 649 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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