Ethereum fees were 6X those of Bitcoin in September, Monero Rallies Ahead of Hard Fork
In Brief:
- Bitcoin is activism against unverifiable financial systems
- Ethereum Gas fees rose to $166 million in September
- Gamers in Japan can receive their salary in XRP
- Monero rallies ahead of Oct 17 hard fork
Trending News: Bitcoin, Ethereum, Ripple, Monero, ZCash
Bitcoin means different things for different people. Understandably, some participate because of the money. However, others are neck-deep in Bitcoin’s philosophy. The tech proved a concept when the global economy was at its knees continues to shape lives.
Bitcoin is Direct Activism against Unverifiable Financial Systems
In Jack Dorsey’s view, Bitcoin is direct activism “against an unverifiable and exclusionary financial system .”
Admittedly, central banks across the board now have in place loose monetary policies that are proving consequential to savers. It may prop the economy, true.
But in the long term, lives will be wrecked as inflation erodes their purchasing power, sinking them into more desperation.
Ethereum is as active as it has ever been. Last month, Ethereum miners outperformed BTC’s by several folds.
Record Ethereum Transaction Fees in September, Spadina Fails
With $166 million generated from transaction fees versus $26 million in Bitcoin, it only goes to show how DeFi is developing into this juggernaut that is disrupting traditional finance. Still, its vibrant ecosystem faces scalability challenges. Eth2 seems to be the solution in the future.
Problem is, the Spadina Testnet was buggy and had technical issues. The Ethereum Foundation is now readying Zinken. This quashes the Eth2 Phase 0 launch of the Beacon Chain mainnet in November.
For now, Synthetix planned migration to Optimistic Rollups following the launch of Optimistic Ethereum could trigger other “intensive-heavy” DeFi protocols to follow suit. Uniswap and Aave have already declared their intention and their next iterations will include Layer-2 options.
Gamers can Receive Salaries in XRP
Professional e-sport players in Japan can now their salaries in XRP. This follows a deal between SBI e-Sports and VC Trade.
Both are under the SBI Group, the Japanese Finance Giant, a firm working closely with Ripple in expanding XRP and On-Demand Liquidity in SE Asia.
SBI e-Sports was launched in July and will be responsible for coordinating e-sports media and consulting and fielding of professional teams.
Monero Rallies ahead of Oct-17 Hard Fork
Notable performers this week include Monero (XMR), Zcash (ZEC), and Aave (LEND). Monero plans for a hard fork on Oct 17 while Gemini now allows withdrawal of shielded ZEC.
Monero (XMR) Price Analysis
The Monero price is one of the top-performing assets. Registering double-digit gains versus BTC and USD in the last week of trading, the coin is now trading at new 2020 highs.
From the daily chart, not only are trading volumes rising–traders are positioning themselves for likely gains after a scalability-enhancing hard fork is implemented in mid-October, but the close above Feb 2020 highs is hinting of underlying demand.
Presently, the divergence of Bollinger Bands signal demand and volatility. As long as candlesticks are banding along the upper Bollinger Band (BB), bulls are firmly in control. Therefore, every dip above $95 in a retest could present a buying opportunity with targets at $120 or July 2019 highs.
Sharp, high volume losses below $90 invalidates this projection.
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.
