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- The fundamentals of Bitcoin (BTC) and Ethereum (ETH) with an upward trend indicate an imminent price increase.
- Bitcoin’s mining rewards total $ 20 billion as the network is in good health.
- Bitcoin Jack analysts are forecasting an Ethereum price of $ 2000 for the fourth quarter of 2020 or early 2021.
Despite the severe measures that the BitMEX and OKEx trading platforms have faced due to the investigations of the authorities, the fundamentals of Bitcoin and Ethereum remain solid. Both blockchains are in record moments of activity indicating an impending price hike.
Adoption drives the price of Bitcoin (BTC)
A relationship of research firm Arcane revealed that there was a positive shift in market sentiment after Bitcoin broke the $ 11,000 resistance once again. Two days ago, Arcane recorded a change in the Fear and Greed Index which rose to 50 to place it “out of the fear zone”, as shown in the image below.
Source: https://twitter.com/ArcaneResearch/status/1315994335289184256/photo/1
This is combined with an increase in the Bitcoin hash rate to an all-time high of 140 exahashes per second (EH / s) at the time of publication. In contrast to the beginning of 2020, the Bitcoin hash rate increased by 36%, as shown in the image below.
Source: https://twitter.com/ArcaneResearch/status/1315994342641762306/photo/1
The main reason behind Bitcoin’s rise in fundamentals appears to be its high levels of adoption. Investment announcements from companies like MicroStrategy and Square have had a positive impact. Analyst Chris Russi said this is demonstrated by examining the health of the network activity.
The daily number of active Bitcoin addresses is at higher levels than in 2017, when BTC reached its all-time high of price and stands at one million active addresses per day. Furthermore, transactions and transfers have increased since the beginning of the year. The rewards for mining and blocking amount to $ 20 billion.
8 / Network activity is thriving and signals strong adoption
-The number of daily active addresses has exceeded 2017 levels and is regularly> 1 million / day
– The number of trxns and trnsfers is trending⬆️ since January.
– The number of new addresses continues to⬆️
– & # addresses with non-zero balance at ATH pic.twitter.com/qV52FZ0gVB– Chris Russi (@chrisrussi) 13 October 2020
Ethereum 2.0 at the new short-term ATH price
In that bullish trend line, Ethereum follows with 68% of its investors presenting profits at the current price of ETH ($ 365), according to Blockchain.com. In one year, ETH showed an increase of 105.96% and 57.06% in the last three months. The above was reflected in Ethereum’s increased network hash rate, as shown below.
Source: https://twitter.com/glassnode/status/1313474333378072576
As the image above shows, the Ethereum hash rate is at high levels with a daily average of over 262,450 terahashs per second. Analysis firm Glassnode indicates that the hash rate of the Ethereum network has increased by 80% since the beginning of the year. Unlike Bitcoin, Ethereum appears to have multiple reasons to strengthen its fundamentals.
First, the launch of Ethereum 2.0 phase 0 is very close. Analysts like Adam Cochran said the upgrade will shock ETH’s offering. Furthermore, the emergence of the DeFi sector in Ethereum which stands at $ 11 billion, according to DeFi Pulse. Looking at the fundamentals and health of the Ethereum network, analytics firm Santiment he expects Ethereum to head towards its sixth consecutive month of “bullish divergence”, as shown below.
Source: https://twitter.com/santimentfeed/status/1316187912074129414/photo/1
In this sense, Bitcoin trader Jack has predicted a new all-time high for the price of Ethereum. Via his Twitter account, the trader stated that the cryptocurrency could approach $ 2000 by the end of this year or early 2021 as two “not impossible” possibilities.
Ethereum new ATH is scheduled
Q4 or early next year is not impossible pic.twitter.com/8v0MD68eBd
– // Bitcoin ack 🐐 (@BTC_JackSparrow) 11 October 2020
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