Ethereum Blockchain Network Crosses More Than 200000 ERC20 Tokens Benchmark

These tokens are issued based on a smart contract. These contracts do not have to be ‘smart’ or super practical, therefore, it is a slightly unfortunate …

Regardless of what you think of Ethereum (and altcoins in general), it is a fact that this network has had and had a great impact on the entire industry. While bitcoin is considered primarily as a means of payment, during the huge increases in 2017, the ether was the driving force and the means of payment in many cases.

The Ethereum network was really forced to assume that role: the tokens in the network shot up like mushrooms. Suddenly, everyone wanted to issue the so-called ERC-20 token. Since the launch of the network, more than 200,000 Tokens have been issued on the Ethereum network according to EtherScan.

ERC-20 is a technical standard for implementing tokens in the Ethereum chain. Almost all the coins or tokens issued on this platform belong to this category. The most important example is the ether. That is the fuel of the Ethereum network and it is also an ERC-20 token. With ether, it pays to make transactions, but also to execute smart contracts, for example.

These tokens are issued based on a smart contract. These contracts do not have to be ‘smart’ or super practical, therefore, it is a slightly unfortunate name. However, these smart contracts ensure that the network and tokens must comply with certain rules. Therefore, you can program your tokens in a certain way and give it certain properties.

In 2017, the initial coin supply trend began. Everything and everyone had to have their own record. Often that was only possible with ETH. Which resulted in prices well above $ 1,000 per ether. Current hodlers can only dream of that. Millions could be collected. And if you could make a good marketing talk, you could charge wonderfully. Because investors were ready to push their ETH earned so hard to another new company.

Billions in investments in projects, most of which have never added anything to the crypto space. On the other hand, there are some outliers. If you look at the top 100, most remain an ERC-20 token. The largest token, after ETH, is currently Binance Coin (BNB). But that currency will eventually move to its own chain. But also other currencies that are popular this year, such as Chainlink (LINK) and Basic Attention Token (BAT) have been issued on the Ethereum network.

(Visited 19 times, 19 visits today)
Walter Schulze

Walter Schulze brings all the breaking news stories in the tech and startup world and to ensure that Startup Fortune offers a timely reporting on the trends happen in the industry. He now works on a part time basis for Startup Fortune specializing in covering tech and startup news and he also sheds light on investment opportunities and trends.

Related Posts:

  • No Related Posts

Ethereum Dumps Over 40 Percent But Uptrend Remains Intact

The sentiment around Ethereum has shifted from ultra bullish to bearish in less than a month. On June 26, investors were extremely bullish as the No.

The sentiment around Ethereum has shifted from ultra bullish to bearish in less than a month.

On June 26, investors were extremely bullish as the No. 2 cryptocurrency as its price rose from a 2018-bottom of $83 to the 2019-high of $363.30. That’s a massive gain of over 337 percent in six months. Since then, Ethereum has been plunging and media outlets have been overwhelmingly bearish on this altcoin.

Bearish SentimentBearish Sentiment
Close to nine out of ten news articles have been bearish on Ethereum | Source: Coinwatch

Nevertheless, a 40 percent-plus nosedive from the yearly high as the crypto token is trading close to $200 can be healthy for the long-term outlook of the market. We looked at the charts and two things are clear. First, an Ethereum bounce could be on the horizon. Second, the long-term uptrend of the coin remains intact due to robust fundamentals.

Ethereum Bulls Look Ready to Strike Back Hard

Ethereum looks like it may have more downside potential. However, a close examination of the daily chart shows that bears are overextended and bulls are exploiting the situation.

First, we see the cryptocurrency barely touch our range support of $188. On July 16, the market dropped to $191 and buyers quickly responded by buying the dip. Bears even attempted to drive the price back down on July 17 but bulls pushed back hard and sent the cryptocurrency to as high as $219.47 on the same day.

Ethereum daily chartEthereum daily chart
Ethereum daily chart showing multiple bullish signs | Source: TradingView

We attribute the recent bounce to oversold conditions on the daily RSI. We are seeing selling relief as market participants appear to lose interest in dumping the coin at current levels. With supply drying up, buyers appear to front-run each other once again. The slight volume surges over the last few days validate this assumption.

Market participants are doing this because they can see that Ethereum is being buoyed

by three supports around $188. The first one is the horizontal support or our range support. The second is the diagonal support which tells us that the uptrend remains intact. Lastly, we have the 200-day moving average acting as an additional cushion.

With these three key supports being respected, it is possible that the cryptocurrency will resume its uptrend and bounce to our range midpoint of $244 at the very least. Above that, the next target is $300.

We have trader Scrembo Paul providing an in-depth analysis on Ethereum that matches our target price:

Ethereum Fundamentals Remain Strong Despite the Correction

If you’re still doubtful of the cryptocurrency’s ability to reassert its bullish steam, then perhaps you should consider its strengthening fundamentals.

Ethereum leads all cryptocurrencies in terms of the number of active developers per month by a huge margin. An Electric Capital report reveals that the No. 2 cryptocurrency has 216 active developers per month. That figure is more than four times the number of active Bitcoin core developers per month.

ETH Active DevsETH Active Devs
Ethereum has the highest number of active devs amongst all cryptocurrencies | Source: TrustNodes

With more active developers, Ethereum is in a great position to lead all cryptocurrencies in innovation and rate of development.

In terms of demand, Ethereum is also flexing its muscles.

Etherscan reveals that the number of transactions per day is on the up and up. The crypto token is hovering close to 1 million transactions per day, which is a steep rise from the below 500,000 daily transactions number at the start of the year.

Demand for EthereumDemand for Ethereum
Demand for Ethereum is rising as the number of daily transactions soars this year | Source: Etherscan

Bottom Line

Ethereum may have dumped but it looks like the worst is over. As this round of correction concludes, it’s possible the cryptocurrency will resume its uptrend due to technical analysis and strengthening fundamentals.

Disclaimer: This article is intended for informational purposes only and should not be taken as investment advice.

Related Posts:

  • No Related Posts

Buterin’s Proposal Regarding BCH Caused a Wave of Criticism

Ethereum has faced difficulty scaling: the network processes only 15 transactions per second [TPS]. Against this background, Vitalik BUTERIN …

Ethereum has faced difficulty scaling: the network processes only 15 transactions per second [TPS]. Against this background, Vitalik BUTERIN proposed the use of the Bitcoin Cash (BCH) blockchain as a temporary solution for scaling, but this triggered a negative reaction from Ethereum supporters.

In the said proposal, Buterin listed high data throughput, low fees, cheaper BCH block verification, and “a friendly BCH community” as main reasons for the proposal, deeming Bitcoin Cash blockchain as one of the worthy contenders.

However, the alleged integration has confused many ETH supporters. The event caused massive disputes among the community, which led to the fall of Ethereum by more than 8% per hour on July 14. The latest one to join the wing of critics is Tuur DEMEESTER, Founding Partner at Adamant Capital. His tweet read,

“Vitalik proposes to store Ethereum blockchain data on Bitcoin Cash. Terrible idea imo: nobody uses BCash and it has the same mining algo as Bitcoin, making it extremely vulnerable to 51% attacks.”

The Co-founder of blockchain consulting firm, Catallaxy, Francis POULIOT, had termed the team-up as “humiliating” and as something that would eventually “delay the scalability crisis.”

Image courtesy of Bitcoin Exchange Guide

Read the best crypto news analysis here! bitnewstoday.com Bitcoin, investments, regulation and other cryptocurrencies

Found a mistake? Select the text and press CTRL+ENTER

Related Posts:

  • No Related Posts

Vitalik Buterin proposes Ethereum Classic blockchain as criticism over considering BCH grows

Despite the much-hyped 2.0 version, which was all set to roll out next year, Vitalik Buterin had planned on abandoning its native blockchain for a short …

Ethereum ran into scalability difficulties, processing only 15 transactions per second [TPS]. Despite the much-hyped 2.0 version, which was all set to roll out next year, Vitalik Buterin had planned on abandoning its native blockchain for a short period and instead, deploy other blockchains.

The Co-founder’s latest proposition of leveraging Bitcoin Cash [BCH] blockchain as a temporary scaling solution did not sit well with several Ethereum proponents. And as “radical” as it may seem, the supposed integration has left many in the ETH community baffled.

The latest one to join the wing of critics is Tuur Demeester, Founding Partner at Adamant Capital. His tweet read,

“Vitalik proposes to store Ethereum blockchain data on Bitcoin Cash. Terrible idea imo: nobody uses BCash and it has the same mining algo as Bitcoin, making it extremely vulnerable to 51% attacks.”

Bitcoin Cash miners executing a 51% attack on 15 May 2019 for “overwriting transaction history,” all in good faith to give the coins back to its “legitimate owner” questioned the two important factors of a blockchain – its censorship resistance and immutability, and the controversy does not seem to die down anytime soon.

In the said proposal, Buterin listed high data throughput, low fees, cheaper BCH block verification, and “a friendly BCH community” as main reasons for the proposal, deeming Bitcoin Cash blockchain as one of the worthy contenders. The development stirred massive controversy among its holders, leading to Ethereum dropping by over 8% in an hour on 14 July.

Following a fellow Twitter user questioning the Co-founder’s consideration, the latter revealed another potential blockchain and tweeted,

“I think ethereum classic could a great choice for this and better than BCH due to its shorter block times, if it adds (i) flyclient support and (ii) calldata gas cost reduction!”

Previously, the Co-founder of blockchain consulting firm, Catallaxy, Francis Pouliot, had termed the team-up as “humiliating” and as something that would eventually “delay the scalability crisis.”

Related Posts:

  • No Related Posts

Important Grayscale Ethereum Trust [Eth] (ETHE) Indicators (Just Released) (2019-07-15)

Our first news is that we’ve found some terrific services that we believe will help immensely if you are trading Grayscale Ethereum Trust [Eth] – take a …
EA Builder

REPORTING FOR 2019-07-15 | BUNDESPREMIERLEAGUE.COM: We have conducted a deep analysis of how Grayscale Ethereum Trust [Eth] (ETHE) has been trading over the last 2 weeks and the past day especially. On its latest session, Grayscale Ethereum Trust [Eth] (ETHE) opened at 55.0, reaching a high of 56.9 and a low of 54.2 before closing at a price of 55.5. There was a total volume of 26194.

VOLUME INDICATORS: We saw an accumulation-distribution index of 707.23684, an on-balance volume of 55.0, chaikin money flow of 1.84211 and a force index of 22.725. There was an ease of movement rating of -0.08273, a volume-price trend of 99.44525 and a negative volume index of 1000.0.

VOLATILITY: We noted an average true range of 90.3, bolinger bands of 55.73137, an upper bollinger band of 53.46863, lower bollinger band of 54.2, a bollinger high band indicator of nan, bollinger low band indicator of nan, a central keltner channel of 55.36667, high band keltner channel of 53.46667, low band keltner channel of 57.26667, a high band keltner channel indicator of 1.0 and a low band keltner channel indicator of 1.0. There was a donchian channel high band of 54.2, a donchian channel low band of 54.2, a donchian channel high band indicator of nan, and a donchian channel low band indicator of nan.

TREND: We calculated a Moving Average Convergence Divergence (MACD) of 0.01795, a MACD signal of 0.00997, a MACD difference of 0.00798, a fast Exponential Moving Average (EMA) indicator of 54.2, a slow Exponential Moving Average (EMA) indicator of 54.2, an Average Directional Movement Index (ADX) of unknown, an ADX positive of 20.0, an ADX negative of 20.0, a positive Vortex Indicator (VI) of 1.0, a negative VI of 1.0, a trend vortex difference of 0.06933, a trix of -12.02514, a Mass Index (MI) of 1.0, a Commodity Channel Index (CCI) of 66.66667, a Detrended Price Oscillator (DPO) of 64.645, a KST Oscillator (KST) of -543.94379 and a KST Oscillator (KST Signal) of -543.94379 (leaving a KST difference of 1.68286). We also found an Ichimoku rating of 55.95, an Ichimoku B rating of 55.95, a Ichimoku visual trend A of 143.28078, an Ichimoku visual trend B of 140.17406, an Aroon Indicator (AI) up of 4.0 and an AI indicator down of 4.0. That left a difference of 4.0.

MOMENTUM: We found a Relative Strength Index (RSI) of 50.0, a Money Flow Index (MFI) of 51.22086, a True Strength Index (TSI) of -100.0, an ultimate oscillator of -4.35871, a stochastic oscillator of 142.10526, a stochastic oscillator signal of 142.10526, a Williams %R rating of 42.10526 and an awesome oscillator of 3.9635.

RETURNS: There was a daily return of -54.39438, a daily log return of 1.46523 and a cumulative return of 1.47601.

What the heck does all of this mean? If you are new to technical analysis, the above may be gibberish to you, and that’s OK (though we do advise learning these things). The bottom line is that AS OF 2019-07-15 (if you are reading this later, the analysis will be out of date), our analysis of technical indicators for Grayscale Ethereum Trust [Eth] (ETHE) is telling us that this is looking rather bullish. Please comment if you disagree with this conclusion or if you find any errors in the analysis above.

For a more complete analysis, run all of this through the BTMA software. Also, to stay up to date with what is happening on Grayscale Ethereum Trust [Eth], we strongly advise Grayscale Ethereum Trust [Eth] investors to subscribe to MarketBeat.com’s daily email newsletter for updates, news and analyst ratings on stocks like Grayscale Ethereum Trust [Eth] – without this you are trading blind:

We will of course continue to cover the news and price action of Grayscale Ethereum Trust [Eth], but it’s easiest for you to just subscribe to MarketBeat’s newsletter above so you don’t miss anything.

DISCLAIMER: We are not registered investment advisers and the above analysis should be taken at face value only. We strongly advise against buying or selling Grayscale Ethereum Trust [Eth] (ETHE) based solely on our analysis above, and are not responsible for any losses that you may incur if you choose make any investment decisions based on the above.

Anthony Rankin

Anthony Rankin

I am Anthony Rankin and I’m passionate about business and finance news with over 4 years in the industry starting as a writer working my way up into senior positions.

I am the driving force behind BPL and a professional daytrader. I will be providing technical analysis of various stocks on BPL.

Anthony Rankin

Related Posts:

  • No Related Posts