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Bitcoin (BTC) is currently exhibiting a positive trend, trading above key Exponential Moving Averages (EMAs) like the 50, 100, and 200, signaling a bullish outlook and potential for continued upward movement[1]. Notably, the 200-week Moving Average (WMA) for Bitcoin stands at $33,000, a significant level that analysts are closely monitoring for potential breakthroughs[2]. Additionally, Bitcoin recently experienced its first-ever "Golden Cross" on the weekly price chart, where the 50-week Simple Moving Average (SMA) crossed over the 200-week SMA, traditionally seen as a positive indicator for long-term price appreciation[3]. Despite recent price fluctuations and a temporary stall in the rally following the introduction of exchange-traded funds (ETFs), indicators like the Mayer Multiple and blockchain activity suggest that Bitcoin still has room for growth and is far from being overvalued[4]. This data indicates a promising outlook for Bitcoin's trend, supported by technical analysis and market dynamics.
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Kusama (KSM) is the native cryptocurrency of the Kusama Network, serving as a testbed for Polkadot innovations. With a current price around $32.05[5], Kusama operates on a proof-of-stake model, rewarding users for validating transactions through staking, creating an inflationary asset with a 10% yearly inflation rate[1]. Founded by Gavin Wood in 2019, Kusama shares the same white paper as Polkadot and uses a nominated proof-of-stake consensus algorithm for blockchain validation[4]. Kusama's governance structure allows for quicker protocol upgrades compared to Polkadot, offering a platform for experimental development and innovation in the blockchain space[4]. The network's relay chain connects various blockchains, enabling parachains to run independently while sharing data and security within the ecosystem[4]. Kusama's price history has seen significant fluctuations, from an all-time low of $0.9143 in 2020 to a peak of $623.75 in 2021, showcasing its volatility and potential for growth[1].
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Ethereum (ETH) is the second-largest cryptocurrency by market cap, currently trading at around ₹191,549.03 per ETH[1]. With a circulating supply of 120,183,304.181 ETH, Ethereum has a total market cap of over ₹22.9 trillion[1]. In the past year, Ethereum's price has increased significantly, with a 44.95% rise in the last 24 hours alone[1]. However, it's important to note that Ethereum has experienced major price swings in the past, crashing by 94% in 2018 before eventually recovering[2]. Ethereum is a decentralized computing platform that enables developers to build and run distributed applications[4]. It uses the ERC-20 token standard and supports smart contracts, allowing for a wide range of applications beyond just payments[4]. One key unit of Ethereum is Gwei, which is a denomination of ether used to pay for gas fees on the network[5]. Gas fees are necessary to execute transactions and run smart contracts on the Ethereum blockchain[5]. As Ethereum continues to evolve, with recent upgrades like the Merge, it remains a significant player in the cryptocurrency space[4]. However, investors should be aware of the potential risks and volatility associated with investing in Ethereum and other cryptocurrencies[2].
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Here is a concise update on Ethereum for a layman: The Ethereum network is undergoing a major upgrade called the Shanghai upgrade, which will unlock previously staked ETH on the Beacon Chain[1]. This will make over $24 billion worth of ETH immediately available for withdrawal, which could lead to volatility in ETH and NFT markets as some stakers sell their holdings[1]. The upgrade also includes the EVM Object Format (EOF), which aims to improve inefficiencies in Ethereum's code format, lower high execution costs, and fix certain security concerns[1]. Additionally, there are several other Ethereum Improvement Proposals (EIPs) included, such as making direct coinbase payments less expensive and establishing a forward-looking cost system for init code[1]. While the technical changes will not significantly impact NFTs, the increased liquid ETH could lead to volatility in NFT floor prices, at least initially[1]. The Ethereum network is also transitioning from proof-of-work to proof-of-stake, which is expected to reduce energy consumption by up to 99.95% and enable faster transactions[3]. However, stakers will not be able to withdraw their staked ETH until after the Shanghai upgrade is complete[2]. Overall, these upgrades are aimed at improving the scalability, security, and sustainability of the Ethereum network as it continues to grow and evolve. $ETH #CMEBitcoinSpotTrading #ETHETFS #buythedip
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Ethereum, the second-largest cryptocurrency, has unique features compared to Bitcoin. Ethereum has no supply limit, making it non-deflationary, unlike Bitcoin. Its block creation time varies from 12 to 18 seconds, faster than Bitcoin's 10 minutes. Ethereum uses Ethash as its security algorithm, distinct from Bitcoin's SHA256. Ethereum's programming language is Turing complete, while Bitcoin's is C++. Ethereum's mining reward dropped from 5 to 3 units per block, unlike Bitcoin's constant 12.5 units. Ethereum has 18 decimals in its division, offering more precision than Bitcoin's. $ETH #notcoin
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