Foreign press, Ethereum (ETH) rise background
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April 28, 2021Ethereum (ETH) hit an all-time high. The highest of +6.55% compared to the previous day was $2688. Coinpost reported this on the 28th.
On the 18th, a massive liquidation of KRW 10 trillion also affected the bitcoin market, which fell sharply, and Ethereum fell along with it, but it recovered stably due to the strong will to repurchase after that. Funds flowed in from the cryptocurrency market, which rebounded sharply on the 26th of the week, renewing the high.
Ethereum ① is followed by ETFs traded on the Canadian stock exchange (a total of 4 products). ② There are a lot of materials that investors are aware of, such as the big update “London” hard fork scheduled for July, ③ the release of Uniswap “V3”, ④ the booming NFT·DeFi market, and ⑤ Ethereum 2.0.
In addition, there is a background of the movement of funds to the altcoin market accompanied by a sharp decline in BTC dominance (market share). The currency pair ETH/BTC (based on Bitcoin) is at a high level in 3 years. With the resistance line break attracting attention, its dominance over BTC is also expected to increase.
[Large update and Uniswap V3]
It is just after the implementation of the hard fork “Berlin”, which includes countermeasures against DDoS attacks and the introduction of subroutines for EVM (Ethereum Virtual Machine), but the current Ethereum chain (Ethereum 1.x) will continue to be updated. . The most important update is the large update “London” scheduled for July, and includes the gas fee improvement plan “EIP-1559”.
In addition to the plans to add changes to the Ethereum network fee system, which has become a big bottleneck, the incineration of the base fee (basic fee) is expected to have a good impact on the supply and demand side.
In addition, “V3”, which becomes a new version of DEX (Decentralized Exchange) Uniswap, is scheduled to be officially released on May 5.
V3 will implement several new features, such as improving gas fees and enhancing liquidity. In addition to the addition of a function to supply liquidity while specifying a price, it is responding to Optimism L2, which reduces gas fees, and expectations are rising that the convenience of the DeFi market will be greatly improved.
Due to the overheating of the DeFi market, the cost of DeFi transactions on Ethereum has risen significantly, and there is also a movement to move to other chains such as SOL, centering on individual investors with poor funding efficiency. Against the backdrop of high demand, there are also spreading observations that if the cost and funding efficiency of Uniswap improves, liquidity will rise significantly again in the Ethereum-related market.
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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.
