Bitcoin Mining Difficulty Surpasses 50 Trillion for the First Time, Reaching a Record 51.23 Trillion

On Wednesday, Bitcoin reached a new milestone as its mining difficulty increased by 3.4% at block height 792,288, setting a fresh record. The difficulty level surpassed the 50 trillion mark for the first time in Bitcoin’s history, hitting an unparalleled 51.23 trillion. Bitcoin Mining Difficulty Jumps 3.4% Higher Data reveals that around 373 exahash per [...]

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Getting Cheaper, Getting Higher? Ethereum Dencun Upgrade And The Potential For ETH To Rise Back Above $4,000

The highly anticipated Dencun upgrade for the Ethereum (ETH) ecosystem is on the horizon, promising to bring significant cost reductions and notable changes to Layer 2 (L2) networks. The update, scheduled for March 13, will introduce a new data storage system known as blobs, reducing congestion on the Ethereum network and driving key new features in various areas.  Ethereum Dencun Upgrade As highlighted in a recent Bloomberg report, Dencun aims to reduce the cost of Layer 2 networks such as Arbitrum (ABR), Polygon (MATIC), and Coinbase’s Base by enabling previously costly transactions to become significantly cheaper.  In particular, transactions that used to cost $1 can now cost as little as one cent, the report notes, while others that used to cost cents can be reduced to a fraction of a cent. This cost reduction is expected to improve the end-user experience greatly and is a significant improvement over previous upgrades such as the September 2022 Merge. Related Reading: Solana Demand Soars As Institutions Buy Up SOL At A Massive 870% Premium One of the most crucial aspects of the Dencun upgrade is the introduction of blobs, a new type of data repository for Layer 2 networks. Currently, Layer 2 blockchains store their data on the Ethereum network, leading to substantial storage costs passed on to applications and users.  However, with blobs, Layer 2s will store their data for a significantly shorter period, about 18 days, resulting in lower costs. While this shift sacrifices storing a complete record of all transactions forever, it frees up more space on the Ethereum network for other transactions, reducing congestion. AI-Driven Trading Strategies According to the report, introducing blobs through the Dencun upgrade also paves the way for using artificial intelligence (AI) in various applications. For example, games can incorporate AI-driven non-player characters, enabling advanced gameplay capabilities and a deeper experience.  In decentralized finance (DeFi), automated market makers can incorporate “complex trading strategies” driven by AI models. This newfound flexibility and complexity are expected to foster innovation and drive the development of advanced applications in the Ethereum ecosystem. In addition, the Dencun upgrade is expected to reduce the operating costs of Layer 2 chains significantly. Previously, launching and operating a Layer 2 project required considerable venture capital backing. However, Bloomberg reports that with the cost reductions brought about by Dencun, small teams may be able to launch and maintain Layer 2 chains.  While the adoption of blobs and the associated cost advantages are expected to drive immediate benefits, it is worth noting that the cost of blobs may increase over time as demand grows.  How Could Dencun Boost ETH Price? While the price of ETH has corrected by over 3% in the past 24 hours, resulting in a current trading price of $3,916, the Dencun upgrade holds the potential to have a positive impact on its price. The upgrade aims to significantly reduce costs for Layer 2 networks and enhance the overall user experience, making Ethereum a more appealing platform for decentralized applications (dApps) and other use cases. By lowering transaction fees and improving scalability, Dencun could attract more users and developers to the Ethereum ecosystem, potentially driving up demand for ETH tokens. Related Reading: Expect A Bitcoin Scarcity Crisis In 6 Months, BTC To $100,000? Despite the ongoing correction, it is worth noting that the current price of ETH is not far from its two-year high of $4,084. However, it’s important to consider that the price has formed a double top pattern on the daily time frame for two consecutive days, which may present a near-term hurdle for ETH’s price. The market’s reaction and the ability of ETH to surpass its nearest resistance level remain to be seen. Featured image from Shutterstock, chart from TradingView.com

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Solana Sees Surge in Unique Contracts Since January, Bolstering Ecosystem

The number of unique smart contracts deployed in Solana has increased despite recent challenges that blockchain has faced.

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The Bob Ross Approach To Investing In Crypto

It’s tough out there right now. Crypto is in a real “s**t or get off the pot moment.” After hovering above 40k for a good chunk of 2022, Bitcoin has found itself in a tailspin. It’s now trading at an area of critical support (34K). When considering what to do next, charts make for a […]

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Ethereum Address Creation Spikes, Adoption On The Rise?

On-chain data shows that the Ethereum network has been observing high address creation recently, a sign that adoption could be going up. Ethereum Network Growth Has Registered High Values Recently According to data from the on-chain analytics firm Santiment, ETH’s network growth has now hit its highest level in around four months. The “network growth” here refers to a metric that keeps track of the total amount of new addresses that are being created on the Ethereum blockchain. When the value of this metric is high, it means that a large amount of new addresses are coming online on the network. New addresses may be considered analogous to new users joining the chain, so this kind of trend can be a sign that the cryptocurrency is observing high adoption at the moment. On the other hand, low values of the indicator can imply not many new investors are coming to the network as there aren’t many new ETH addresses being created. Such a trend can be a sign that the asset isn’t looking very attractive to the general public currently. Now, here is a chart that shows the trend in the Ethereum network growth over the last few months: Looks like the value of the metric has been quite high in recent days | Source: Santiment on Twitter As displayed in the above graph, the Ethereum network growth has been observing a rise recently. This would suggest that addresses are being created at increasingly faster rates right now. Related Reading: Bitcoin Exchange Supply Continues To Slip, Holders Not Interested In Selling? Generally, adoption picks up during periods of high price volatility as the investors usually find such price action exciting, and so, the network growth indicator can register a spike. Recently, however, the asset’s price has been mostly moving sideways below the $1,900 level, making it interesting that the indicator has been going up nonetheless. Perhaps the general investors saw the rally that lead up to this period of consolidation and now think that it may pick up again eventually. During the past week alone, the metric has seen a combined value of 550,800, meaning that 550,800 new addresses have just been created on the Ethereum network in this period. Usually, adoption can have a constructive effect on the cryptocurrency’s price, as it shows increasing interest in the asset, which is generally also accompanied by an influx of more capital into the coin. Related Reading: Solana Registers 20% Rise In Past Week, But Can SOL Keep This Up? Though, the impact from such a growth in the network doesn’t usually immediately appear; the effect on the cryptocurrency’s market cap may be visible in the long term. Still, the adoption accelerating while the rally has slowed down to a crawl can be a positive for those hoping to see the price surge restart, as it at least means that interest in the asset hasn’t died down yet. ETH Price At the time of writing, Ethereum is trading around $1,800, down 1% in the last week. ETH has been mostly moving sideways recently | Source: ETHUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net

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Bitcoin Hashrate Reaches All-Time High of 491 EH/s, Close to Half a Zettahash, as Network Preps for Next Difficulty Change

While the next difficulty change for Bitcoin is just two days away, the network’s hashrate soared to unprecedented heights, reaching 491.15 exahash per second (EH/s) on May 02, 2023, at block height 787,895. This staggering amount of computational power came tantalizingly close to a half zettahash or five hundred quintillion hashes per second. Bitcoin’s Hashrate [...]

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