We were recently reporting that Ethereum (ETH) was able to break two highs: the highest number of visitors and the highest transaction volume.
The first smart contract platform has been definitely showing its worth as it rose to the top in April, attracting over 263,000 visitors, and recording over $500 million in transactions.
Ethereum was the most popular smart contract platform in April, surpassing EOS not only in transaction volume, but also in the number of visitors.
Meanwhile, Cardano (ADA) was placed in the third place, having a low number of visitors that carried out high-value transactions.
Tron (TRX), on the other hand, had a high number of visitors who carried out low-value transactions.
These details suggest that the smart contract platforms are influenced only by the worth of transactions, and not the number of visitors.
ETH price forecast
Ethereum (ETH)’s price remains supported above the $164 level and it seems that the coin has recently managed to recover against the US Dollar.
NewsBTC notes that the digital asset is still struggling to clear the $172 and $173 resistance levels, despite the considerable gains of Bitcoin which managed to surpass the $6,200 level.
ETH may soon climb above $175
Ethereum is trading sideways with positive signs versus the US dollar but the coin declined further vs. Bitcoin.
NewsBTC offers an in-depth analysis of the price of ETH and they conclude by presenting a chart and noting that the price of ETH seems to be trading in arrange below the $172 resistance area.
A strong push towards the $185 level is likely
“There could be a couple of swing moves, but considering the recent rally in BTC, ETH could also start a decent upward move above $172 and $175,” the online magazine notes.
They continue and report that “A successful close above the $175 level is likely to open the gates for a strong push towards the $180 and $185 resistance levels.”
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.
Maker (MKR) is showing worrying signs, as the previously freedom-seeking decentralized lending operation is turning into an Ethereum-grabbing loan shark. The Maker protocol requires regular voting for a so-called “stability fee”, which has been steadily rising in the past months.
In one of its more recent votes, Maker voters raised the so-called stability fee to 19.5%, up from 14.5% in April. Given that Maker started off with extremely low fees of 0.5% and essentially offered Ethereum-backed loans that were competitive to banks, the current price level is becoming unsustainable.
Now, sending Ethereum (ETH) as collateral can allow Maker users to receive DAI, but only for a very high interest rate, which is the effect of the “stability fee”. The reason for the raised interest rate, or fee, is the drop of the DAI stablecoin below $1 at the end of March. Only a significant rise in fees managed to re-stabilize DAI to its dollar peg.
What is even more worrying, voters are urged to move their MKR coins from the voting smart contract, where a flaw was discovered that could lead to the loss of coins.
Following the news of the higher interest rate, MKR fell to $523.86. The asset has also lost a significant fraction of its value against Bitcoin (BTC) in the past month, falling from 0.13 BTC toward 0.08 BTC, with no end of the sliding trend in sight.
The current high effective interest rates may mean trouble for the Maker business model, in the end not getting enough Ethereum (ETH) backing to support the DAI, leading to a significant crash. Currently, the Maker collateral only accepts ETH, and the protocol for using various altcoins as collateral is not completed yet.
Currently, the mechanism for using multiple assets and tokens as collateral is being tested on the Kovan testnet for Ethereum. There is no deadline yet for releasing the protocol on the mainnet.
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Belfast beats other cities in the UK to be the first British city to launch an incentive-based digital currency. The city council announced that it is taking a different approach to tackling the economy and environmental problems in the city.
To launch the new virtual endeavor, Belfast partnered with Colu to create an incentive-based virtual currency that will be awarded to locals for a ‘job well done’ – with ‘job well done’ being relative in this context. According to the city council, this innovative solution will help to bolster the economy and promote green living by empowering local businesses, residents, and partners to adopt certain behaviors. These include strengthening local businesses, practicing safe environmental habits, etc.
By awarding them with the city coin for a ‘job well done,’ they will most likely stick with these ‘behaviors’ that are sure to drive the economic growth in the city.
The city’s coin dubbed Belfast Coin was developed as a part of the city’s participation in The Rockefeller Foundation’s 100 Resilient Cities. Being part of the six cities chosen for the 100RC call (more like a smart city call), Belfast is taking a leap further by creating a city-wide digital coin based on the innovative solutions on Colu’s platform.
The virtual currency, which is proposed to launch later in the year, is aimed at inspiring a tremendous change in both the economic and environmental state of the city. The coin, as an incentive, will inspire locals to support local businesses and shop at independent businesses in the city’s Cathedral Quarter. Additionally, the city authorities plan to use the virtual coin as an incentive to make them perform their civic responsibilities and increase green activities within the city. The coin also promises to unite potential partners, institutions, government authorities and local businesses.
Upon launching the Belfast Coin, the people of Belfast will be able to purchase goods and services using the digital coin. Currently, the city council is working hard to sign up a number of partners and create an ecosystem of stakeholder before the launch of Belfast Coin.
To participate in the ‘smart city’ platform, people are asked to download Colu app and link it to a credit card as a source of payment. Businesses who wish to apply before the launch can do so here. The Belfast Coin was made possible through the city’s partnership with the UK- & Israel-based tech firm, Colu. Colu is known for its zest to make cities thrive by driving social and economic progress through everyday interactions.
I guess the best way to fight economic and environmental challenges is to combine the power of everyone in the city. Great crypto news and Good call!