Ethereum Burning 1000s of Dollar With Bitcoin Rising in Price
Last week was definitely a crazy week as a lot of things happened in Crypto World. From Bitcoin boosting in price to Ethereum London Hard Fork going live, it was very exciting. NFTs also escalated quickly in popularity, and not just in price. So, here is everything that happened last week.
Bitcoin To The Moon:
Let’s start with Bitcoin. The past week was definitely good for bitcoin holders as it jumped from around $38K on the first day of the week to a whopping $45K on the last day of the week. That’s a great return for the investors who invested while it was still low. Now it has officially made its supporting point above $40K making it safer to trade. You might not want to miss out again as it seems to go up more.
Credit: Twitter/linaseiche
P.S.: Don’t be the blue guy
Ethereum London Hard Fork is Live
The long-awaited and much-discussed Ethereum London Hard Fork is finally live. You may have also heard it as Ethereum 2.0 as well. So, what does it mean? It means the current proof-of-work protocol is replaced by proof-of-stake that is designed to be more easier and efficient to use. It is a massive upgrade to Ethereum as it can reduce massive energy usage and can make Ethereum more sustainable.
As the Ethereum gas fee is so high, the update brought a noticeable upgrade to the high fee structure with EIP-1559. So, how is it going to lower fees? It is going to lower the fees by burning part of the miner fees. As this move directly affected miners by decreasing miner revenue, it caused some controversy.
Also, they are adding the “difficult bomb” which is designed to slowly increase the difficulty level to mine on ethereum.
This will cause a lower amount of Ethereum circulation, which will create deflationary pressure that should raise the Ethereum price. From now on USD 8 million worth of ETH will be burnt per day. Even Uniswap is burning a lot of them as mentioned by the Founder of Uniswap, Hayden Adams.
https://twitter.com/haydenzadams/status/1423292792617402371 Embed Twitter Post
NFTs Increaring Price and Popularity
NFT stands for Non Fungible Token which is a type of digital asset made for expressing someone’s ownership of a virtual item, that can be anything like memes, posts, arts, or any picture/videos.
Jack Dorsey, the Founder of Twitter, sold his first tweet as NFT for $2.9 million, and the disaster girl meme sold for half a million dollar!. Yes, you can make real money out of your artwork if it’s unique.Lately, people are selling NFTs containing music, basketball videos, etc. The price is definitely going up. Even YouTubers and creators are auctioning their own NFT into the marketplace and using their viewers as buyers. Recently, a rare avatar known as CryptoPunk has been spotted in the market which sold for over $11.7 million at sothebys.
Can you ever imagine a simple pixelated digital avatar having such a high value?
Do you think having NFT as collectible is beneficial for long term? You can share your thoughts. And also do use XcelPay wallet if you are confused which wallet to use for holding or making use of your crypto. You can book over 2.3 million hotels and 450+ flights at XcelTrip with our Wallet. Also, it is secure, powerful and decentralized making you have full control over your wallet.
