Bitcoin Price Recovers as Ethereum Developers Try to Fix High Gas Fees, IOTA and ATOM Post Decent Gains
- Regulating Bitcoin will promote adoption
- EIP-2751 proposal to fix high Gas fees
- IOTA, ATOM, and DEX tokens post impressive gains
Trending News: Bitcoin, Ethereum, IOTA, Cosmos, Polkadot, and DEX Tokens
Bitcoin is here to stay. It is emergent money that is transforming finance, especially in Africa as per a Reuters report.
Even so, there is a need to formulate fitting regulations as leaving the space as it is, is counterproductive for adoption, according to a former Visa executive and CEO of the Crypto startup, Crypterium, Steven Parker.
In his analysis, he says payment network processors like MasterCard and Visa have broad and developed infrastructure, which will not be rebuilt.
The only way to spur adoption is to re-use existing rails and create a hybrid solution in such a way that Crypto firms can easily strike deals with traditional players.
Will EIP-2751 Fix the High Gas Costs?
Troubling Ethereum is the prohibitively high Gas fee. Thanks to DeFi and the irresistible offers by some of its dApps, the smart contracting platform continues to draw demand. The result is a steady price with projections of better prices ahead of the Beacon chain mainnet launch in the next few months.
Before then, there are plans of addressing and eventually arresting Gas prices from spiraling to unreasonable levels.
To tame Gas prices and bring normalcy, Alexey Akhunov’s EIP-2751 is getting renewed attention. This EIP proposes the removal of the tokenized Gas system, which risks making Gas fees permanently high.
IOTA, Polkadot, Cosmos, and DEX Tokens Register Impressive Gains
In the past week, notable performers include IOTA—a project that is recently activated Chrysalis 1.5. IOTA is inherently scalable, boasting of a fee-less network.
Others are Cosmos, Polkadot, and DEX tokens like LEND and SNX.
Bitcoin Price Analysis
The Bitcoin price is consolidating in lower time frames.
However, it is down 12 percent against the USD, but leading ETH in the last week of trading.
Technically bearish, candlestick arrangement points to a ranging market. With immediate resistance at around $10,500, an important resistance—previous support level, bears are in control in line with last week’s price action.
In the immediate term, buyers will only be in charge if prices not only soar pat $10,500, but completely reverse losses of Sep 3. As it is, the Bitcoin price is consolidating inside the conspicuous bear candlestick with low trading volumes.
A sharp break below $9,800 may force BTC prices back to $8,800 or worse $8,000. Conversely, a high volume break above $10,500 could spark demand, lifting BTC back to $11,000.
Technical chart courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author. This is not investment advice. Do your research.
Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies.