Well, it seems that the market has settled down and most of the top coins have registered moderate gains in the past 24 hrs. After the surge that we saw last week, things are more or less stable this week with EOS and Bitcoin Cash being the big winners. The total market cap of the crypto industry stands at $122.1 billion and has gained more than $10 billion in the last week. The flagbearer of the crypto community, Bitcoin has settled down around the $3650 mark and has been more or less stable since Tuesday. The largest altcoin in terms of market cap, Ethereum reclaimed the coveted second position from XRP on Monday and since then has been hovering around the $125 million mark and is currently well above the 100 hourly simple moving average. At the time of print, ETH is the second largest cryptocurrency and it stands at $12.9 billion in terms of market cap with XRP following close on its heels at $12.7 billion.
At the time of print, the digital asset is trading at $122.01 which is up by 2.27 percent and has registered a trading volume of $3 billion in the past 24 hrs. The ETH/USD pair traded below the $122 level but it found support at $117 which prevented further losses. Currently, the price of ETH is well placed above the $122 level and there are chances that the coin might continue its journey north. At the time of print, the support level for the coin stands at $105.5600 and the key resistance level is at $120.50. The hourly RSI indicator stands at 56.7411 and it is fast approaching the overbought territory. The MACD shows that the coin is in the bullish zone and 100 EMA line shows an uptrend.
At the time of print, ETH is up by 1.76 percent and one ETH is equivalent to 0.03384493 BTC.
Earlier this month, the Ethereum Foundation put to rest all the rumors surrounding the alleged plans to spend $15 million on the development of Verifiable Delay Functions (VDFs) for use in its transition to a Proof-of-Stake (PoS) network. In a private correspondence with Cointelegraph, Justin Drake said, “ The Ethereum Foundation is not looking to spend $15m. We are looking to split funds 50/50 with Filecoin or other financial partners.”
In another important development, developer Paul Hauner announced that Phase 0 of Ethereum 2.0, the beacon chain, is on track to launch its testnet. Paul Hauner, an Eth 2.0 Developer at Sigma Prime said that “All implementing teams are aiming for a testnet in March, I see no reason why we can’t achieve that.”
See Also: Ethereum Foundation not mulling over spending $15 million on VDFs
Ethereum losing its charm against Tron, EOS in dApp market
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