IOTA Price adds versus BTC and ETH.
PayPal trialing Ethereum smart contracts.
Institutions are buying more BTC than mined.
Trending News: The Bitcoin Supply Shock, IOTA Smart Contracts in Alpha
There are roughly four million BTCs in circulation, an analysis by GlassNode reveals. Worse for traders or investors putting off their digital gold investment, the supply shock could continue for a protracted period.
Over the last few months, there have been fewer coins in circulation as institutions race to scoop more BTC than they are mined. This is primarily because of the increasing interest from institutions.
Following MicroStrategy’s lead, more deep-pockets are flocking to crypto, keen on getting their hands on digital gold.
Tesla, Square, and more cumulatively own over $35 billion of Bitcoin through various channels, including Grayscale.
PayPal Trialing Ethereum Smart Contracts
Dan Schulman, the CEO of PayPal, has said the public company plans to set up a special crypto unit wholly dedicated to cryptocurrencies.
They further plan to launch a “super application” and are experimenting with Ethereum smart contracts.
Successful, these blockchain-based solutions would help further improve the way the company transacts its business, especially global payment.
Berlin Hard Fork Set for April 2021, will London go through?
Amid the positive development, Ethereum plans to activate the Berlin Hard fork in mid-April 2021. Five EIPs will launch on mainnet.
In the meantime, their primary focus will be on Gas fees and how best developers will address them. Most miners reject EIP-1559, but developers will discuss the proposal on Mar 5.
Rumors have it that the next hard fork, London, is set for activation at a tentative time in H1 2021. It is amid talks of Chinese miners planning to fork the network in disapproval of overhauling the current auctioning system.
IOTA Smart Contracts in Alpha, Coordicide on Track
IOTA, like Cardano and Ethereum, is transiting.
Their immediate goal is for complete decentralization via Coordicide, which eliminates the Coordinator. In the intermediate stage, Chrysalis is live and progressing positively.
Following the announcement of IOTA Oracles, the platform has released the IOTA Smart contracts in Alpha. The eventual activation opens up possibilities in the feeless, infinitely scalable DAG network.
IOTA Price Prediction
The IOTA price is steady versus the greenback, gaining a ballpark five percent versus BTC and ETH in the last week of trading.
From the daily chart, the IOTA/USD uptrend is firm. Even though prices are ranging inside Feb 23 bear bar, bulls are firm. They are sustaining prices above the multi-week support line offered by the middle BB, a net positive for prices.
In the immediate term, traders should adopt a wait-and-see approach. Gains above $1.30—or Feb 23 highs, preferably with high trading volumes, might invalidate the bear trend, opening up the IOTA price to $1.62—or Feb 2021 highs.
On the lower end, the 50 percent Fibonacci retracement level of the February 2021 trade range offers support for bulls. Loses below $0.90, therefore, might see the IOTA/USD price slide to $0.50—or Jan 2021 highs.
Chart courtesy of Trading View
Disclaimer: Opinions expressed are 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.