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Bitcoin and the Crypto Market Could Go Down Again—Market Recap and Price Analysis

Updated at 17 September 2020, 5:05 pm UTC

Recently, the overall crypto market seemed to have been driven by Bitcoin exclusively with many of the popular altcoins falling with Bitcoin’s rise this week. This is a reverse of the trend that saw Bitcoin’s market dominance fall in May when Ethereum based DeFi tokens became the new craze.

Some substantial good news contributed to raising the price. MicroStrategy bought 16,796 Bitcoins (BTC) for $175 million. MicroStrategy now holds 38,250 Bitcoins with an aggregate purchase price of $425 million and the average Bitcoin price is around $11,111. Bitcoin’s price movement seems to be in an ascending channel. However, after a 3-day continuous rise, the upward momentum now appears weak.

Source: TradingView, Bitcoin Dominance

The 30-day MA, which is currently around $11,050, is still a strong resistance level for the Bitcoin price. If Bitcoin goes up to overcome the resistance level of the 30-day MA, we can expect another uptrend to the upper line of the ascending channel, which will be at around $15,000. But what we need to pay attention to is that the 30-day MA resistance level which is still very strong. The overall crypto market and stock market movements are not very positive, and it appears likely that Bitcoin could experience a significant price dip again very soon.

Source: TradingView, Bitcoin Price Chart

Ethereum (ETH) price analysis

As the main infrastructure of DeFi, Ethereum has had a busy week of its own, on-chain market maker UniSwap just announced today that it has launched its own token—UNI, which came without any surprise as it sought to regain an advantage over Sushiswap and its SUSHI token. Although Ethereum rose by 4.5% over the last 24 hours, its movement appears headed for a correction and its momentum is much weaker than Bitcoin. The 90-day MA is strong as the support level while the 30-day MA is apparent as the resistance level. The Ether price has even been unable to challenge the 30 day MA resistance level and will most likely fall further.

Source: TradingView, Ethereum Price Chart

SushiSwap (SUSHI) price analysis

Sushiswap and SUSHI Token are some of the recent hot topics in DeFi. Sushiswap has had a profound influence on the development of decentralized exchanges. The Sushi token price surged to around $16 following its official launch on Sept. 1. However, the price of the token soon collapsed to a near $1.13 within a few days. Given the controversy surrounding its creation and possible market manipulation and scam concerns following SushiSwap as well as the launch of UniSwap’s governance token UNI, the Sushi token price could even drop below $1 as we predicted yesterday. Today it dropped to $1.336 and there appears to be no end in sight to its downtrend.

Source: TradingView, Sushi Token Price Chart

The US stock market

Although the markets have been stimulated by some exciting vaccine news, the real adoption of the COVID deterrent is still without a clear timetable.

Yesterday, the Federal Reserve announced it will hold 0% interest rates most likely until 2023. The Fed Chairman Jerome Powell’s speech appeared to be a signal to cash out, as not long after it ended—the Dow went up 0.13% while the Nasdaq went down 1.25% and S&P 500 also fell 0.46%. Today the US stock futures also fell, which is a bearish signal for the US stock market in the short term.

Source: Bloomberg, US Stock Futures

Bitcoin price summary

Given all the factors, it is likely that the bitcoin and crypto market could drop again soon.

With additional reporting by Lucas Cacioli

Bitcoin and Ethereum are Risking a Second Price Dip

Bitcoin price, the 30-day moving average is a strong resistance level

Bitcoin went up to overcome the resistance level of the 30-day moving average (MA) and hit a high of around $11180 on Sept. 19 since its plunge earlier this month. As analyzed previously, the 30-day moving average has become a very strong resistance level for both Bitcoin and Ethereum. Over the last two days of trading, the Bitcoin price has now dropped to around $10,700.

Source: TradingView

Ethereum price, the 30-day MA is a much stronger resistance level than that of Bitcoin

The 30-day moving average resistance level of Ethereum is much stronger than that of Bitcoin. On Sept 19, the Bitcoin price action of the whole day stood above 30-day MA. But for Ethereum, after a few rejections trying to move above the 30-day MA, it ultimately failed, plunging for two days and now the Ether price sits below the resistance level. It appears that the 30-day MA resistance level becomes an even stronger deterrent for Ethereum than previously anticipated. The support level of 90-day MA is around $333. So technically we can expect the next dip very soon.

Source: TradingView

DeFi hype, new tokens become wealth if you cash out for dollars

Bitcoin is getting more and more mainstream attention. Recently, CNBC’s most famous stock market pundit Jim Cramer changed mind, finally buying bitcoin. MicroStrategy’s CEO has become a Bitcoin maximalist from a skeptic a few years ago. He even tweeted that “Bitcoin dominance has advanced from a low of 71.05% on Dec. 20, 2017, to 93.57% today” to rally Bitcoin during its dip. But the Bitcoin price chart has its own way of movement.

The DeFi, especially decentralized exchange hype, has pushed up requirements for Ethereum and put tremendous strain on its network. And the decentralized exchanges, especially Uniswap and SUSHI token, have created more tokens, or in other words, wealth based on sentiment and market expectations. It may be time to cash out soon. There is no doubt lots of people prefer dollars over these new DeFi tokens.

Reasons Why the Bitcoin Price will Plunge Soon

Images updated on 24 September, 2020, 02:23 (UTC) Bitcoin Price Technical AnalysisThe Bitcoin price will plunge again if the 90-day moving average (MA), currently the strong support level, turns into a resistance level.

Source: TradingView, Bitcoin Price Daily Chart

Consistent with our previous analysis, Bitcoin and Ethereum appear to still be at risk of a significant price drop. The market so far has verified our analysis. After the Bitcoin price plunged, the price action now sits below the 90-day MA, and 90-day MA is now forming as a stronger resistance level for BTC. This is a dangerous signal and may cause a price plunge again.

Ethereum and DeFi Token price technical analysis

Ethereum is weaker than Bitcoin. But the 90-day MA as a support level for Ethereum is much stronger than the 90-day MA for Bitcoin. The Ethereum price action has been above its support level since it is plunge two days ago.

Source: TradingView, Ethereum Price Daily Chart

Ethereum price is highly correlated to the leading Defi project tokens fluctuations, especially DEXs. The decentralized exchanges are promising, but the token price hype seems to be collapsing. After taking advantage of UniSwap’s work, with SushiSwap’s excellence in marketing, Sushi token skyrocketed to around $16 on the first day of its launch on Sept 1, then it dropped sharply.

Source: TradingView, Sushi Token Price Daily Chart

Now the Sushi token price is around $1.2 falling consistently over the last 23 days. Feeling seriously threatened by SushiSwap’s series movements, UniSwap issued its own native token UNI in a rush on Sept 17. The UniSwap UNI token surged to $15 on the first day of listing. Although the UniSwap token is receiving a warmer welcome than Sushi, with Coinbase listing UNI and snubbing Sushi after its issuance, UNI’s price plunged just the same as the Sushi token has experienced. Now UNI has dropped to around $4 only over the last 7 days. Both tokens have created huge wealth in a very short time and it is quite natural to sell the token before the hype and craze are over and the bubble is realized by everyone.

Source: TradingView, UNI Token Price 6-h Chart

Both Sushi token and UNI token are in the downtrend without any sign of a substantial reversal. Sushi’s token price may even drop below $1 as we previously analyzed. The falling of DeFi tokens will consequently pull down the Ethereum price. As the 90-day MA is an important support level for Ethereum, the loss of support level will put significant pressure on the Ethereum price. This in turn will pull down the Bitcoin price as well. As the Bitcoin 90-day MA is becoming weak as a support level and getting stronger as a resistance level, we can expect the next plunge to occur soon.

Gold Market, US dollar index

The US dollar index is getting high these days but there seems to be nowhere near enough momentum to continue its rise. The rise of the US dollar strength is not good news for assets. The gold price index dropped in response to the rise of the US dollar. US stock continues to stumble along weakly these days, given the turbulent factors including economic discovery uncertainty, the Death of Supreme Court Justice Ruth Bader Ginsburg, the Incoming fierce Presidential election, the still ongoing numbers of COVID-19 case, and the looming danger of military conflicts between the US and China.

Source: MarketWatch, US Dollar Index chart (5 days)

It seems there is a strong correlation between the gold price and the Bitcoin price. But Bitcoin price has its own movement pattern. Although Bitcoin as the internet currency, which has the potential to replace fiat money in some sense, most financial behaviors like loans are measured by the US dollar. The whole world is eager for US dollars. The rise of the US dollar index and the weak stock market is no doubt having a negative effect on Bitcoin and the whole crypto market.

Summary

Given the conditions of the COVID economy, stock market, US dollar rise, and technical analysis, we can expect both Bitcoin and Ethereum prices will drop soon.

With additional reporting provided by Lucas Cacioli

Market Watch: Stock vs Crypto Performance, Tesla, Apple, Bitcoin and Ethereum Compared

In this article, we compare the performance of the stock market and crypto market to date since the announcement of unlimited quantitative easing (QE) by the Federal Reserve. We research and compare the performance of some leading stocks and cryptocurrencies: Apple, Tesla, Microsoft, Bitcoin and Ethereum.

The Corrections after the Close of the US stock market on 24 September

A correction is a 10 percent or more drop in stocks from their most recent peak.

S&P 500 rose 0.3%, down 9.3% from Sept. 2 high of 3580.84.
The Dow Jones Industrial Average rose 0.2%, down nearly 12% from its Sept. 2 record highs
Nasdaq Composite rosed 0.37%, around 12% off its Sept. 2 all-time high.
Tesla stock rose by 1.95% to $387.79 close, it corrected 22.83%. It corrected 30% compared to the low on Sept 24.
Apple rose 1.03%, down 21.57% from the record high and down 25.28% compared to the low on Sept 21.
Microsoft (MSFT) rose by 1.3%, down 12.74% from the record high, and down 15.72% compared to the low on Sept 21.
Bitcoin rose around 3.6% over the last 24 hours, it was down around 15.5% from Sept. 1. Bitcoin reached around $12,470 of 1-year high on Aug 17. Bitcoin reached around $14,000 of 2-year high on June 24, 2019.
Ethereum rosed around 7% over the last 24 hours, it was down 35% from its two-year high before 24-hours.

During this period, the Ethereum price dropped more significantly than Bitcoin. We will analyze why below.

Lows of this year

S&P 500 reached 2,191.86 of one-year low on March 23.
The Dow Jones Industrial Average reached 19,094.27 of one-year low on March 20.
Nasdaq reached 6,686.36 of one-year low on March 18.
Tesla stock reached $70.10 of this year low on March 20.
Apple stock reached $53.15 of this year low on March 23.
Microsoft stock reached $132.52 of this year low on March 23.
Bitcoin reached $3,800 of one-year low on March 13.
Ethereum reached $86 of one-year low on March 13.

It seems Bitcoin and Ethereum are more fragile than the stock market.

Record high and Yearly high

S&P 500 reached 3,588.11 of record high on Sept 2.
The Dow Jones Industrial Average reached 29,199.35 of record high on Sept 3.
Nasdaq reached 12,074.06 of record high on Sept 2.
Tesla stock reached $502.49 of the record high on Sept 1.
Apple stock reached $137.98 of the record high on Sept 2.
Microsoft stock reached $232.86 of the record high on Sept 2.
Bitcoin reached around $12,470 of 1-year high on Aug 17.
Ethereum reached around $490 of 2-year high on Sept 1.

On September 2, S&P 500, Dow Jones, Nasdaq, Apple, Microsoft all reached record highs, while on September 1, Tesla and Ethereum reached their own price high, which are stock and crypto market lead separately in the half-year bull market. It seems Ethereum has a correlation with Tesla.

Maximum gain

S&P 500, 1.64 times.
The Dow, 1.53 times.
Nasdaq, 1.806 times.
Tesla: 7.17 time from $70.10 to $502.49 USD.
Apple: 2.6 times from 53.15 to 137.98 USD.
Microsoft: 1.76 times from 132.52 to 232.86 USD.
Bitcoin, 3.28 times from 3,800 to 12470 USD.
Ethereum: 5.7 times from $86 to $490 USD.

Tesla was the major giant lead for the stock market which and performed even better than Ethereum.

Insights:

(1) As always, monetary policies have the most important and direct impact on asset prices. On March 23, Federal Reserve announced unlimited QE and sets up several new lending programs, which meant enough money provision into the market without limits. Since then, both the stock market and the crypto market started a bull run. The monetary policies are the most important factor to watch for market performance, or there is no overall bull market for both the stock market and the crypto market in the short term.

(2) The stock market is led by the tech-giants, particularly Tesla, then FANG. although there is Bitcoin dominance rising in May, the crypto market has been mainly led by the Ethereum and DeFi boom. In DeFi, especially Decentralized Exchanges (DEXs) created many requirements and use cases for Ethers. Bitcoin got more and more attention from institutional investors, MicroStrategy is among them which bought twice a total of 38,250 bitcoins for $425 million. When the stock market starting correction overlapped the SushiSwap’s Sushi token launching and collapsing simultaneously, the Ethereum price crashed immediately.

Source: TradingView

(3) The crypto market seems more sensitive than the stock market in the response to bad news. Both the Bitcoin and Ethereum plunged earlier than Tesla and Apple.

(4) The Bitcoin and crypto market are highly correlated to the stock market currently. The major reason is that the half-year bull markets of the stock market and crypto market are mainly driven by monetary policies and new money supply expectations.

(5) The US national debt is around $26.8 trillion. There are not much more space for monetary policies. It is necessary to keep a very low or even 0 interest rate to avoid the problem caused by the high volume interest of the national debt and market panic. The current monetary system seems to be collapsing.

(6) The Covid-19 pandemic continues without apparent signs of reversal. The UK even hit highest daily COVID-19 cases at 6,634 today. The upcoming US presidential election is very likely to cause more market chaos.

(7) At this point, it seems very unlikely that the downtrend of the stock market is finished. As for the crypto market, it appears even less optimistic than the stock market.

With additional reporting by Lucas Cacioli

Ethereum (ETH) Price Analysis – March 3, 2021

Grayscale, a well-known digital currency investment fund and trust company, has sold 217 Ethereum in the past 24 hours, only to scoop up more Ethereum – Grayscale purchased 19,238 Ether in the past 7 days to expand its Ethereum Trust.

Within the month of January alone, Grayscale Asset Management has purchased an additional 243,302 Ether, which is valued at more than $380 million. The digital asset manager currently manages 3.17 million Ethereum in all.

Source: Grayscale via Bybt

Which Support Level Will Trigger Bullish Reversal for Ethereum?

On March 1, Ethereum’s price was affected by the bullish cryptocurrency market, resulting in the cryptocurrency rebounding from a low point of $1,293. Ethereum (ETH) rose by 10.48% during the day and successfully broke through many resistance levels to consolidate at around $1,500.

Source: Ethereum/U.S. Dollar 4-hour chart via TradingView

Ether stood in the middle of the exponential moving average ribbon once again, trading between $1461 and $1592. However, the follow-up ether market is not optimistic. After yesterday’s hitting the high test, the pressure level of $1,600 received strong resistance. The selling power was strong, suppressing the price to a 50-day moving average above $1,489. Fortunately, the support strength of the 50-day Moving Average was strong enough. At the time of writing, the trading price of ETH is $1,557.

Judging from the short-term 4-hour candlestick chart, after a small adjustment in the pricing market, the current price is once again close to the upper resistance levels of $1,560. If Ether can break through the $1,560 threshold in the future, it may further rise to the $1,682 pressure level. However, currently, the upward momentum of the bullish trend is not strong and the battle between the buyers and sellers is fierce. If Ether fails to break above $1,560, its first line of support will be $1,400. For investors, this is a key support level to pay attention to, because if the bears succeed in driving the price of ETH below $1,400, the cryptocurrency might retrace and drop to $1,223. This will translate to an overall loss of 61.8% from its all-time high of approximately $2,050.

However, if the bulls manage to take charge and push the price of Ether above the pressure level of $1,682, the currency pair may retest its all-time high of $2,049.

Ethereum (ETH) Price Analysis – March 18, 2021

Digital asset company CoinShares released its weekly fund flow report. The report pointed out that because the price of Bitcoin surged to as high as 60K, some investors may sell their Bitcoin holdings to realize the benefits. Therefore, the data shows that approximately $39 million of funds have flowed out in the past week.

But Ethereum has a different situation.

According to the fund flow data chart, Ethereum is very popular among investors. Nearly half of the total flow of funds went into Ethereum, and the total inflow in the past week was approximately $113.5 million.

The report added that available pricing data suggests passive investment products continue to outperform their active peers. Compared with active investment, investors still prefer passive management strategies, with an asset management scale of $5.41 billion. Only $786 million is listed under active management.

Ethereum (ETH) Price Analysis

Source: ETH/USD Daily via TradingView

The current trading price of Ethereum (ETH) is $1,844, a drop of more than 9% compared to its all-time high of $2038.84 on February 20.

At a market value of $212,459,515,466, the world’s second-largest cryptocurrency ETH managed to find a natural support level on the daily 20 Exponential Moving Average (20-EMA).

Judging from the daily candlestick chart, ETH is now in an ascending channel, and candlesticks in recent days have all closed above the 20-day Moving Average. This is a good sign that proves that the bulls have not hesitated and are still defending the price at a higher level. At the same time, the upwardly curved moving average distribution also confirms this point.

From a technical perspective, the stochastic RSI indicator shows that the blue K-line has turned upwards and has overlapped with the yellow D-line, which is a sign that a bullish crossover has formed.

If the bulls can actively defend the rally near yesterday’s intraday high so that the two lines can climb upwards and approach the 80 overbought zones, the new momentum may push ETH to the first resistance at $1942. If ETH/USD successfully breaks through this resistance, the bulls retest their all-time high of $2038.84. Any further increase will likely make ETH/USD a new round of rising.

The MACD indicator is in the bullish zone, the blue MACD line has been hovering above the yellow Signal line and both lines are running above the zero axes.

If the bulls are not strong enough, repeated retesting of the 20-EMA support level of $1,757 will weaken the support level. If the bears lower the price around $1,757, the ETH/USD currency pair may gradually begin to fall to 50-EMA of $1,623.

If the bulls fail to hold this support level at the $1,623 level, then the ETH/USD currency may fall to the key support level of $1,422.

Ethereum (ETH) Price Analysis – March 25, 2021

On March 24, 2021, Stratis, a company based in London that provides blockchain-as-a-service (BaaS) to eliminate the complexities associated with launching a decentralized chain, announced that it was now interoperable with Ethereum.

The implementation of this operation is designed to help global enterprises access blockchain services while enabling the company to use Stratis Technologies’ ease of use to attract millions of Ethereum users.

As decentralized finance (DeFi) products continue to receive attention, they are showing exponential growth. This phenomenon has accelerated the development of Stratis’ interoperability solutions. Stratis InterFlux will provide interoperability between the Stratis (STRAX) blockchain and the Ethereum blockchain, introducing wSTRAX into the Ethereum blockchain.

Ethereum(ETH) Price Analysis

Source: ETH/USD Dailly via TradingView

Judging from the daily candlestick chart, the price of Ethereum (ETH) has fallen below the ascending channel drawn in the figure, succumbing to the selling pressure. Ether fell below the Exponential Moving Average ribbon on March 24.

The bulls are currently struggling to push the price back above the moving average and send Ethereum on an upward trend. At the time of writing, Ethereum is trading at $1,575.

The MACD indicator has formed a bearish crossover. The blue MACD line and the yellow Signal line have both been dipping downwards below the zero axes. The downward sloping moving average indicates that the short-term market is still dominated by the bears.

An important support level for ETH is pinpointed at approximately $1,422. in terms of trading volume, it is still relatively small compared to the previous decline from February 22 to February 28. The stochastic RSI indicator has been glued at the 0 point in the oversold zone, which is an indication that a bullish crossover will potentially be formed in the short-term. After that, the stochastic RSI indicator will rise from 0 and jump up by 20 mark, out the oversold zone. Ethereum’s price will usher in a corresponding rebound. Therefore ETH may rebound above $1,422.

If the ETH/USD continues to decline and hits $1,400, then ETH/USD is likely to fall to $1,295.

If the buyer succeeds in pushing the price of ETH above the 20-Exponential Moving Average of $1,717, ETH/USD may try again to reach its all-time high of $2,038.34. Breaking and closing above this resistance level of $2,038.34 can result in the resumption of an upward trend, and the next target for Ethereum will then be $2,500.

Ethereum Surges Past $1,800 – What's Next?

Ethereum (ETH) is a stone’s throw away from its all-time high (ATH) price of 2,000. The second-largest cryptocurrency based on market capitalization is hovering around the $1,937 price at the time of writing, according to CoinMarketCap.

Santiment has noted that this price surge has triggered crowd skepticism, but this is a bullish sign. The on-chain metrics provider explained:

“Ethereum has wobbled its way back above $1,800, and the crowd has serious doubts on whether it’ll last. This extreme level of crowd skepticism is historically bullish for crypto coins.”

This renewed ETH upsurge is backed by varying bullish fundamentals, the latest of which is the announcement by Visa Inc., the payment services giant, who chose to settle USDC transactions using the Ethereum Blockchain.

Moreover, more participants have been joining the ETH network, as alluded to by on-chain data provider Glassnode that Ethereum addresses holding more than one coin have hit a new ATH of 1,202,746.

Ethereum eyes the $2,500 price level

According to crypto metrics provider FXScrypto:

“Ethereum to target a 36% move in case of triangle breakout, ETH/USD projects target of $2,563 on potential rally while IntoTheBlock’s IOMAP reveals lack of resistance levels ahead.”

If this is accomplished, $2,500 will emerge as the new ATH, even though market analyst Michael van de Poppe believes that a price of $5,000 will be inevitable for the second-leading cryptocurrency.

Moreover, the amount of Ethereum locked in decentralized finance (DeFi) protocols recently reached a 30-day high at 9.7 million.

This figure represents 8.42% of the circulating ETH supply. DeFi has played a pivotal role in Ethereum’s bull run as some of its products like smart contracts are in high demand in this sector. ETH, however, has to get an amicable solution to its high gas fees because they have been detrimental to its continued growth.

Ethereum Hits New All-Time High as More Participants Join the ETH Bandwagon

Ethereum (ETH) continues showing its potential by scaling new heights. The second-largest cryptocurrency has soared to a new all-time high of $2,159.30, as acknowledged by market analyst Holger Zschaepitz.

The previous record was $2,151.63, set on April 6. Nevertheless, a correction occurred almost immediately, and Ether plummeted to $1,930 on April 7.

Ethereum’s rally has been backed by various bullish fundamentals. For instance, late last month, payment giant Visa Inc. announced that it has settled for the Ethereum blockchain to undertake USDC transactions.

According to crypto data firm IntoTheBlock:

“As the price of ETH continues to climb up, the fundamentals behind it are getting stronger. Supply in exchanges continues to decrease (-4.6m YTD), open interest is above $6b, 10.65 million ETH locked in DeFi, and steady growth in daily active addresses.”

The decentralized finance (DeFi ) area has played a pivotal role in Ethereum’s bull run as some of its products like smart contracts are in high demand in this sector.

Total Value Locked in ETH 2.0 Surpasses $8 Billion

More participants are joining the Ethereum bandwagon, as alluded to by Glassnode. The on-chain metrics provider explained:

“The number of Ethereum addresses holding 0.01+ coins just reached an ATH of 13,872,315.”

Glassnode also revealed that the total value in the ETH 2.0 deposit contract surged past the $8 billion mark, which is an indication that investors are betting big.

Ethereum 2.0 went live in December 2020, and it seeks to transit the current proof-of-work consensus mechanism to a proof-of-stake framework, which is touted to be more environmental friendly and cost-effective.

The proof-of-stake algorithm allows for the confirmation of blocks to be more energy-efficient and requires validators to stake Ether instead of solving a cryptographic puzzle.

Additionally, Ethereum’s transition to proof-of-stake will allow the blockchain to see upgrades, including sharding, which would improve scalability.

Ethereum Hits Fresh Record High of $3000

Ethereum’s remarkable bull run continues shedding light on what the second-largest cryptocurrency by market capitalization has to offer. ETH hit an all-time high (ATH) of $3,000.

This uptrend now makes Ethereum more valuable than Paypal, with a market capitalization of $332.63 billion compared to the latter’s $318.33 billion.

Market analyst Lark Davis believes that Ethereum has a lot of potential and will cement its status as a deflationary currency by the end of this year because its value will continue increasing with time. He also expects ETH to be running on a proof-of-stake consensus mechanism during the same time frame.

Ethereum could hit $10,000

According to market analyst Holger Zschaepitz, ETH’s journey to $10,000 looks set. He explained:

“Ether could hit $10k, FundStrat says, touting network value vs Bitcoin’s. Ethereum’s market cap has risen to ~30% of Bitcoin’s over recent weeks. During the last market cycle, Ethereum broke this level and headed as high as 80% of Bitcoin’s value.”

Additionally, Ethereum settles double the transactions that the Bitcoin network handles per day, according to Spencer Noon. The crypto data provider noted:

“Ethereum settles $30.5 billion worth of value per day, far more than Bitcoin and every other blockchain – to put this into context, PayPal settles ~$2.5 billion daily.”

TVL in ETH 2.0 surges past $11 billion

According to on-chain metrics provider Glassnode, the total value in ETH 2.0 deposit contract has rallied to an ATH of $11,534,772,184.

Ethereum 2.0 went live in December 2020, and it seeks to change the current proof-of-work consensus mechanism to a proof-of-stake framework, which is touted to be more environmentally friendly and cost-effective.

The proof-of-stake algorithm allows for the confirmation of blocks to be more energy-efficient and requires validators to stake Ether instead of solving a cryptographic puzzle.