ETH surged to $ 2,800, beating the high price of $ 2,762 reached on Wednesday. Which means that the second largest cryptocurrency on the market, Ethereum, continues unstoppable.
Various reports associate this increase with the existing enthusiasm regarding the milestones that both the Ethereum ecosystem and its digital currency have been reaching. Specifically, yesterday a report revealed that the ETH market already has a market capitalization higher than that of PayPal. Ranking 32nd among the assets with the most lucrative markets today.
Likewise, a report earlier this week from digital asset manager CoinShares showed that Ether funds and investment products attracted $ 34 million last week. While Bitcoin funds lost $ 21 million.
«The demand is changing“Meltem Demirors, chief strategy officer at CoinShares, told CNBC earlier this week, adding that capital is moving from one asset to another.
Meanwhile, the developers are expecting the Ethereum 2.0 update or the switch to a proof-of-stake consensus mechanism by the end of this year or early next.
After that, Ethereum founder Vitalik Buterin plans to implement a ‘sharding’ upgrade. In an attempt to expand Ethereum’s ability to process transactions by dividing its database into 64 mini-blockchains. That can lower transaction fees, generating more network activity and higher demand for Ether.
Ethereum has been seen to continue unstoppable, but why is Bitcoin failing to take off?
Data from monitoring resource Bybt shows that at -8.3%, April 2021 is the worst April for Bitcoin on record and the first since 2015 to make a loss. While Ethereum continues unstoppable. And, yes, the largest altcoin, which hit new all-time highs this week, is particularly uncorrelated with Bitcoin. At least under current conditions.
Now, the fall seen in the price of Bitcoin for many is within expectations, precisely because tomorrow a significant number of contracts for derivatives trading expire. In this sense, various analysts argue that, as has happened on other occasions, the liquidation of these would lead to a drop in the price of the digital currency. But quite possibly later it can get up and continue its bull run to new all-time highs.
For now, Bitcoin is trading at USD 53,645, decreasing by -1.83% in the last 24 hours. Whereas, Ethereum stands at $ 2,739, varying + 0.80% during the same time period. This is pointed out by our Crypto Online tool.
Messari report notes that hacks and exploits in the DeFi sector total $ 285 million since 2019
The growing popularity of decentralized finance since 2019 has made the emerging market segment a target for hackers and opportunistic speculators.
According to a report by cryptocurrency research firm Messari, DeFi protocols have lost around $ 284.9 million in hacks and other exploit attacks since 2019. This figure is about 0.65% of the market’s adjusted total locked value. Ethereum-based DeFi, according to data from DappRadar.
Almost half of the DeFi hacks covered in Messari’s report were flash loan attacks. Which provides further evidence that it is the most popular vector of exploits in the DeFi landscape. In fact, many of DeFi’s major “hacks” have been flash loan attacks that sometimes take advantage of temporary flaws in oracle pricing sources.
Coinbase offers its customers a way to buy cryptocurrencies using PayPal
Coinbase users with PayPal accounts will now have another way to buy cryptocurrencies through the exchange.
In a Coinbase announcement today, the cryptocurrency exchange said it would allow its US-based clients to purchase cryptocurrencies using debit cards and bank accounts linked to their PayPal accounts. Coinbase said the move would allow many users to bypass the automated clearinghouse and wire transfers. Methods that the exchange still offers, to finance purchases of cryptocurrencies.
The integration would allow Coinbase users with PayPal accounts to “buy cryptocurrency instantly.” Without adding bank account information or credit card numbers directly to the exchange. Users will be able to buy up to USD 25,000 in cryptocurrencies daily using PayPal payment methods.
According to Coinbase, the new funding feature is currently only available to users in the United States. However, the exchange said it would expand to more countries in the coming months. As of the first quarter of 2021, Coinbase reported that it had 6.1 million monthly active users, while PayPal recorded 377 million total users in 2020.
Ethereum continues unstoppable How far do you think it will go?