• Transaction fees on the Ethereum network declined by 3.66% over the previous week.
• The Open Interest (OI) for ETH increased in preparation for the Shanghai hard fork scheduled for April 12th.
• Staking activity on the Ethereum network saw steady growth, with total validators reaching 564,951 and new value staked increasing.
Ethereum [ETH] Price Increase & Shanghai Hard Fork Upgrade
The price of Ethereum (ETH) has seen a 3.36% increase in the 24-hour period to $1813.97, as per CoinMarketCap, along with an 11% increase on a month-to-date (MTD) basis fueled by a broader crypto market recovery. This rise in prices made investors‘ holdings profitable and reached its second consecutive 11-month high as per Glassnode data.
Transaction Fees & Open Interest
Earnings from transaction fees on the network declined by 3.66% over the previous week, however this was offset by an increase in Open Interest (OI). In preparation for the upcoming Shanghai hard fork which is scheduled to go live on 12 April, Ethereum [ETH] developers have asked all network validators to upgrade their nodes and execute one final mainnet shadow fork a week before launch.
Despite a dip in participation rates due to validator nodes not upgrading during Goerli’s last testnet launch of Shapella, staking activity on the Ethereum network saw steady growth as per data revealed by Glassnode with total number of validators reaching 564,951 and an increase of 5%. However there was decline in new players entering the ecosystem and new value staked growth which might be attributed to lower revenue collected by validators according to Staking Rewards data.
All Core Developers Consensus Call
During All Core Developers Consensus Call updates were given about latest releases after which Alex Stokes asked all stakeholders to follow relevant distribution channels before taking next steps regarding launch of Shanghai Upgrade.
The successful launches of Shapella upgrade on various test networks along with rising ETH prices are positive indicators for Ethereum ahead of its much anticipated Shanghai hard fork scheduled for April 12th 2021
• Binance Coin [BNB] has seen a 20.5% surge within four days, with the daily market structure turning bullish.
• Positive confluence of support is found at $292, and the POC lies at $304.2.
• Spot CVD has surged past February highs in response to demand and long positions are dominant in the market.
Bullish Market Structure for Binance Coin [BNB]
Binance Coin [BNB] reacted extremely positively over the past two days of trading. The bullish euphoria over Bitcoin’s gains translated across the crypto-market and BNB gained by 20.5% within four days. A retracement before a sustained move higher up the charts remains possible too.
Daily Technical Analysis
On the daily timeframe, the market structure for Binance Coin seemed to be bullish once more. The recent lower high at $294 was beaten during the latest reversal, but the $309-mark has posed some resistance over the past 24 hours. A strong confluence of support at $292 was observed along with a set of Fibonacci retracement levels (yellow) were drawn based on the latest surge that showed 78,6% retracement level lay at $276.7 which was almost same as Value area high[VAL]. Moreover, price action from early March showed that region between 285-292 had significant support on lower timeframes . The RSI crossed over above 50 level which suggested that bullish momentum had taken root in market and OBV also recorded gains which could continue further higher.
Positive Demand & Long Positions
The funding rate had been negative over last two days but it slowly climbed above into positive territory which implied that long positions were once again dominant in market signs of possible flip in sentiment . Spot CVD has surged past February highs due to strong demand while Open Interest dipped slightly during last 48 hours . Despite this price appreciated showing weakening bulls in short term .
Longer term buyers can wait for retracement into 285-92 zone or risk averse traders can look for positive reaction for three days before buying & trading with trend .
The information presented does not constitute financial , investment , trading or other types of advice and is solely writer’s opinion
• Shiba Inu has announced the launch of its Shibarium public beta platform this week.
• This platform will provide various benefits such as faster and cheaper transactions, increased scalability, and enhanced security.
• The release of Shibarium is expected to increase SHIB adoption, spawn a new ecosystem of custom tokens, and help reduce the massive supply of SHIB tokens.
Shiba Inu Announces Launch Of Shibarium Public Beta Platform
Shiba Inu has announced that the Shibarium public beta platform will be launched this week. This Layer-2 solution aims to provide the SHIB community with several benefits such as faster and cheaper transactions, increased scalability, and enhanced security. The team has cautioned users to be wary of scammers who may attempt to take advantage of the public beta’s launch.
Key Features Driving Adoption
The Shibarium platform consists of three key features driving adoption: Shiba Inu wallet, community-driven ecosystem, and SHIB-related marketplace. The wallet will enable users to store their funds securely while the community-driven ecosystem will allow developers to create fast, low-cost, and highly scalable applications. It is also expected to spawn a new ecosystem of custom tokens that can be traded for gas using Bone ShibaSwap (BONE).
Impact On Price Of BONE Token
The impending launch contributed to a significant hike in the price of BONE token which was trading at $1.72 at press time following a hike of 11% over the last 24 hours. Moreover, with virtual land plots available on Shiba Inu Metaverse users with be able to rename them for a fee paid in Shiba Inu tokens which will be burned to help reduce the massive supply.
Increased Transaction Speeds & Reduced Gas Costs
In addition to increasing SHIB adoption, Shibarium is also expected to significantly increase transaction speeds and reduce gas costs within its own network. Lead developer Shytoshi Kusama stated that “It’ll allow us to grow Shibarium’s reach with professional companies” when speaking about what impact it would have on existing relationships between businesses connected with it in past months before its release.“
Overall, this project looks very promising for both developers looking for an efficient way build their applications as well as investors hoping for an increase in SHIB adoption through increased use cases such as renaming virtual land plots on Shiba Inu Metaverse or trading custom tokens within its own network which should both result in further price appreciation of BONE token due reduced supply caused by burning system implemented by developers behind this protocol layer solution.