Nov 20, · If the concept “Bitcoin is the digital gold” could be embedded into crowds’ minds deeply and undoubtedly, it will widley benefit the development of Bitcoin and the blockchain industry. However, Bitcoin’s trading volume still accounts for less than 1/10 of the traditional gold market. Interest by affcrypto.de provides you with the best places for you to lend and borrow cryptocurrencies. We compare all the different interest rates that all the different platforms offer so that you can make the best decision for your money. Coinmarketcap is a website for tracking capitalization of various cryptocurrencies.
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Bitcoin made a new high, but instead of new money rushing in, old money cashed out. Subscribe here! It might be a little too early to crack open the champagne — for several reasons. All of this is relevant when we take a look at Nov. Bitcoin came pretty close to an all-time high 2. At least it managed to set a new record for the highest-ever monthly close 3. Reaction to the rollercoaster ride on Crypto Twitter has been… well… mixed.
Subscribe to our newsletter! Share this: Twitter Facebook. Along with the high level of activity from institutional participation, Bitcoin has appreciated remarkably. Ultimately, the next few months are likely to play a key role defining the mid- to long-term path of Bitcoin amidst the macroeconomic environment. Phase 0 consists of the launch of the Beacon chain, a proof of stake chain processing transactions and reaching consensus in parallel to the legacy proof of work blockchain.
Through the proof-of-stake consensus, users locking their ETH supply on the staking contract are able to receive passive earnings on top of their deposits. All of these trends have helped push Bitcoin forward in its latest move. The minimum threshold for ETH 2. The total amount of Ether deposited more than doubled within the last two days for the target. At the time of writing, the Beacon chain has reached a total of 2, unique depositors, supplying over , ether.
This is now nearly twice the minimum threshold that had been set for the launch of phase 0 of ETH 2. Given the magnitude of the inflows of ether into the deposit address, liquidity had to decrease elsewhere. In this case, DeFi protocols have seen a significant reduction in the total amount of ETH locked in their smart contracts.
Throughout the last month, the total amount of Ether supply locked in DeFi protocols has decreased by approximately 2 million. This trend accelerated after the ending of UNI liquidity mining rewards in Uniswap. While a large portion of the Ether withdrawn from this indicator ended up in the deposit contract, it is likely that some also ended up in smaller, newer DeFi protocols not accounted for in the metric.
This seems to be the most likely scenario as centralized exchange inflows for ether remained stable throughout the month. Along with the positivity from reaching this milestone, Ethereum is also showcasing strong growth in on-chain metrics.
For instance, the total number of daily active addresses DAAs on a given day reached a new three-year high on Nov. This points to ether currently being priced at a discount relative to daily activity on its blockchain.
While this is certainly not the only factor to consider when attempting to value Ethereum, the growth in DAAs does point to its increasing utility. Similarly, the number of ether holders has grown consistently, approaching the 50 million landmark. Overall, the launch of the Beacon Chain marks the beginning of a new era for Ethereum.