Crypto Twitter is trying to figure out why Ethereum is up 50% in 10 days

2020-8-3 07:03

As most readers are likely aware, Ethereum and Bitcoin faced a flash crash on the evening of Aug. 1. In the span of just about five minutes, BTC plunged $1,650 from $12,200 while Ethereum crashed by approximately $90 from its two-year highs at $415. It was a move that liquidated dozens of millions, even hundreds of millions, worth of futures positions. 

Both cryptocurrencies have since seen respectable bounces. Bitcoin now trades for $11,200 and Ethereum $385 as per CryptoSlate market data.

This means that even despite the worst crash since “Black Thursday” on Mar. 13, Ethereum is still up by 24.7 percent in the past seven days and just around 50 percent in the past ten days.

This extreme strength in the price of Ethereum has caught many traders off guard as they wonder what caused this move.

Qiao Wang, a cryptocurrency trader who formerly worked as the head of product at Messari, recently attempted to get to the bottom of this question by asking Twitter about what caused the move.

Crypto Twitter tries to figure out what caused Ethereum to explode higher

49 percent of Qiao’s followers, or at least the 1,014 followers that responded, believe that the biggest catalyst behind ETH’s recent price action is the narrative that “Everything is happening on Ethereum.”

This is a narrative that has been often discussed by the blockchain’s proponents, who argue that ETH is a form of money and that Ethereum is a multi-faceted tool for countless applications.

Andrew Keys, a former executive at ConsenSys, wrote the following in a blog post published earlier this year: 

“We will be able to trustlesstly and digitally represent fiat, gold, software licenses, equity, debt, derivatives, loyalty points, reputation ratings, and much much more that we can’t even conceive of yet. That’s a market opportunity estimated at well over $80 trillion dollars. Bitcoin is a singular use case. Comparatively, Ethereum has infinite use cases.”

The second-most popular response to the poll about Ethereum’s price action at 24.2 percent of the votes is the “correlation to the rest of the market.” It could be contested that this is an incorrect narrative as it is actually ETH that is leading Bitcoin and other digital assets higher.

The two other responses, which garnered relatively few likes between themselves, are “ETH 2.0 coming soon” and “People buying ETH in order to use it for gas.”

What's primarily causing the price of ETH to rise?

1. People buy ETH in order to use it for gas
2. ETH 2.0 coming soon
3. The "Everything is happening on Ethereum" narrative
4. Correlation to the rest of the market (positive to BTC and negative to USD)

— Qiao Wang (@QWQiao) August 1, 2020

A mix of everything?

Although a near-majority of respondents see the “Everything is happening on Ethereum” narrative as the one that is most likely driving the price surge, trader “Ceteris Paribus” postulated that it’s a mix of everything:

“all of the above, but strongest driver positive market sentiment across the board.”

The post Crypto Twitter is trying to figure out why Ethereum is up 50% in 10 days appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Ethereum (ETH) на Currencies.ru

$ 3285.1 (+0.79%)
Объем 24H $24.753b
Изменеия 24h: -1.35 %, 7d: -16.55 %
Cегодня L: $3238.6 - H: $3302.71
Капитализация $395.708b Rank 2
Цена в час новости $ 381.34 (761.46%)

ethereum days crypto trying twitter out figure

ethereum days → Результатов: 126


Ethereum Insider Ready For Battle: ETH Founders’ Fraud Proof Coming In 4-5 Days

Steven Nerayoff, one of the earliest advisors for Ethereum, has had various debates and discussions concerning Ethereum in the past few weeks. The former lawyer for the crypto firm has never wavered from his position that Vitalik Buterin and Joseph Lubin, the co-founders of Ethereum, engaged in fraudulent activity during the early days of the […]

2023-11-12 06:00


Gigantic Ethereum Buy Wall May Be Enough to Spark a Parabolic Rally

Ethereum has been closely tracking Bitcoin’s volatile price action as of late, which head led ETH to gain a firm position within the $140 region. The cryptocurrency’s bulls have shown signs of growing vitality over the past several days, which comes as the altcoin market begins flashing hints of having immensely bullish near-term potential. It... The post appeared first on NewsBTC.

2020-1-13 01:00


Coinbase Introduces Free Cash Withdrawals to PayPal for its U.S Customers

On the 5th day of the 12 Days of Coinbase event, the team at the exchange has announced that its customers in the United States can now withdraw cash balances to PayPal at zero cost. This new feature is available immediately and is aimed at providing users with faster access to their funds through the […] The post Coinbase Introduces Free Cash Withdrawals to PayPal for its U.S Customers appeared first on Ethereum World News.

2018-12-15 00:17


Why Popular 2018 End of Year Bitcoin (BTC) Price Predictions Are No Longer Valid

With the Holiday season in high gear, we have less than 3 weeks till we usher in the new year of 2019. Many individuals across the globe are probably decorating their Christmas trees and planning on how they will meet up with loved ones in the next few days as well as for New Year’s […] The post Why Popular 2018 End of Year Bitcoin (BTC) Price Predictions Are No Longer Valid appeared first on Ethereum World News.

2018-12-12 14:19


Фото:

Exploring the Chances of a facebook Cryptocurrency

The past few days has seen several publications and crypto enthusiasts notice that the popular social media giant of facebook has advertised 5 job vacancies related to blockchain technology. The open positions are all based in the company’s headquarters of Menlo Park, California, and are as follows: Data Scientist, Blockchain Data Engineer, Blockchain Software Engineer, […] The post Exploring the Chances of a facebook Cryptocurrency appeared first on Ethereum World News.

2018-12-10 13:56


Waves Rises 50% After Major Updates to its Wallet

The Waves token, a cryptocurrency native to the trading platform with the same name, seems to be having the best days of the year after experiencing growth of close to 50% in the last 24. An achievement that is quite important considering that the markets of cryptocurrencies have had a bearish behavior in that same […] The post Waves Rises 50% After Major Updates to its Wallet appeared first on Ethereum World News.

2018-12-6 04:42


Tron Almost Tripled Ethereum’s Transaction Number, “TRON will grow by 400% in December” Justin Sun Says

Two days ago, the TRON (TRX) team published a post with their latest updates, commenting that now in some aspects, Tron (TRX) can far surpass Ethereum. This common practice followed by TRON prevents users from feeling detached from the community by updating them not only on the achievements but also on the state of the […] The post Tron Almost Tripled Ethereum’s Transaction Number, “TRON will grow by 400% in December” Justin Sun Says appeared first on Ethereum World News.

2018-12-6 22:42


Gustav Gerig AG Swiss Food Company And Pacifical Blockchain Company To Track Fish Products

Swiss Food Company Partners With Blockchain Company To Track Fish Products Using blockchain for tracking food is something that is becoming increasingly common these days. Now, Gustav Gerig AG, a Swiss food manufacturer, is set to become the first company in Europe to use the Ethereum (ETH) blockchain in order to track fish products. The […]

2018-11-29 22:27


Bitcoin Price Analysis: BTC/USD Stable at $4,000, Paraguay Gives Green Light For the World’s Largest Crypto Mining Center

Latest Bitcoin News Coinciding with BTC market pull back is morale boosting news that the US state of Ohio will begin accepting tax payments in Bitcoin. Spearheading this drive is the State Treasurer, Josh Mandel, who term the move efficient, secure, transparent and cheap especially for merchants and businesses that in days to come will […] The post Bitcoin Price Analysis: BTC/USD Stable at $4,000, Paraguay Gives Green Light For the World’s Largest Crypto Mining Center appeared first on Ethereum World News.

2018-11-26 17:10