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PrimeXBT Research: What Is Behind Ethereum’s Recent 333% Rally?

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PrimeXBT Research

Move over, Bitcoin, Ethereum is coming through. While the top ranked cryptocurrency has rallied nearly 200% since its Black Thursday bottom in March 2020, the number one altcoin, Ethereum is up over 333% in the same timeframe.

Ethereum has been outperforming the rest of the crypto market for most of the year, and considering how far the asset remains down from its all-time high compared to Bitcoin, it likely has a lot more momentum cooking.

But what’s behind the sudden resurgence in Ethereum, and can it sustain into a new long term uptrend? PrimeXBT research has revealed data supporting Ethereum’s current demand and how to take advantage of the renewed interest and rally.

DeFi Bandwagon and Uniswap Crypto Casino

The recent decentralized finance craze has become boiling hot, with a variety of DeFi tokens going on insane rallies and causing tons of buzz across the industry. Each passing week, a new DeFi project is making headlines.

DeFi

At the center of the DeFi bandwagon, is Ethereum. Nearly all DeFi tokens are Ethereum based ERC20 tokens. The amount of ETH itself being locked up in DeFi applications is currently at an all-time high and growing by the day.

PrimeXBT Research

Over the last few weeks, coinciding with Ethereum’s rally from $250 to $400, there has been a boom in the dApp Uniswap. The crypto community often compares Uniswap to a casino, where new projects are launched and investors take high risks in unproven tech. The trend is reminiscent of the ICO boom that propelled Ethereum to over $1,400 a token.

Early Bitcoin Fractal and Silver A Step Ahead

Bitcoin was the first cryptocurrency ever, and Ethereum was created to solve issues like scaling and add in smart contracts and other more advanced tech.

Ethereum is following a price pattern fractal from the early days of Bitcoin. Bitcoin went through a similar bottoming process as Ethereum now is against the dollar. Interestingly, the price levels are also similar.

If the asset can get through resistance at $400, a push to $750 and higher is possible. That’s nearly another 100% ROI from current levels and after an already 300% rally. When Bitcoin finally broke above $750, it took off to $20,000 a coin. Could Ethereum do the same?

Silver

Silver, a precious metal also has been following a similar path, is one step ahead than Ethereum. Silver’s fractal shows that Ethereum may be just days away from a similar breakout and surge to $750. If the altcoin can take out that key level, it may see the same success as Bitcoin did years ago after its bullish breakout.

Bear Market Over: A Rising Tide Lifts All Boats

The aphorism “a rising tide lifts all boats” is true with Ethereum and the current state of the crypto market.

Looking at the top ten cryptocurrencies by market cap and their past 7-day performance is clear as day: the bull market is back. Or at the very least, the dreaded bear market and crypto winter is over. Altcoins are booming once again. Bitcoin is trading above $10,000. Even XRP has recovered from lows. Only Tether, a stablecoin backed by the dollar, is in the red.

Ethereum trading is not only benefiting from its own fundamental and technical reasons, but interest in the crypto market and a return to risk appetite has helped push the altcoin higher.

PrimeXBT: Finding Success In Ethereum’s Uptrend

Ethereum is one of the five cryptocurrencies offered by PrimeXBT, an award winning Bitcoin margin trading platform, including Bitcoin, Litecoin, Ripple, and EOS. The advanced trading platform also provides CFDs on forex, stock indices, gold, silver, oil, and much more.

PrimeXBT

All assets are available for trading with long and short positions, or can be used to develop a diverse trading portfolio. Built-in technical analysis tools from TradingView are provided, and the platform offers key competitive differentiators such as the upcoming Covesting copy-trading platform.

Traders can load up Ethereum price chart and perform their own technical analysis and execute a trading plan to profit from the current crypto market rally and interest in DeFi and other trends. With Ethereum in an uptrend, finding support and setting long orders on PrimeXBT is the ideal strategy for success.

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Blockchain Technology: The Driver for Social Change

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Driver for Social Change

Technologies are created to solve problems. Sometimes they make our work easier and efficient. Sometimes they bring in new ways to do them. The Internet and open-source revolution has already made our world better in many ways, while also bringing new problems of their own. Blockchain technology is the new forefront where similar things can happen. There are many applications of blockchain technology that aim at revolutionizing various industries and commerce. But can it really change our societies too?

In the words of Dev Sharma, CEO and founder of Blockwiz, “Blockchains have the potential to drive some much-needed social changes in our current structures. It can bring social justice through securing records like car ownerships and reduce malpractices by its transparency when applied to supply chains and government spending. The potential is vast and often threatening to authoritarian systems where power is used in the wrong way.”

The world has already started revolting against the misuse of authority and power by public and private institutions. This has brought us laws and policies that protect our privacy and security on the internet. Similar movements have come and faded in the past because efficient systems that can replace the current ones had been missing for the most part. However, with blockchain technology at our side, many such movements can find solid footing now.

Most resolvable social problems arise due to current systems being susceptible to tampering and lacking transparency. Being centralized and hierarchical, these systems have multiple points of failure. This leads to corruption, unreliability, and excessive resource costs. All this can be solved by implementing blockchains in these systems. They can also be used to automate traffic management, property management, tax, fine collections, etc; activities that are vulnerable to misuse and corruption.

“History suggests that centralized systems of governance had failed for the same reason. The unequal distribution of power and misuse had brought down empires. Democracy and federal governance being the closest to decentralization we could get, it is still very vulnerable to socio-political injustice. And needless to say, very inefficient as well. The last two decades have seen a tremendous rise in technology but their direct use to solve socio-political problems has been limited. However, blockchain technology can be a direct solution to many of them.”  added Mr. Sharma of the Canada-based crypto marketing agency.

The concept of smart cities has already taken these applications into account. While the use may be limited to public systems and operations, it can be easily extended to governmental and legal systems. Our current technologies are capable of managing and resolving many small needs of our societies without human intervention or oversight. The only roadblock to a technology-driven social change is the implementation and their use. Especially now, when we have the solutions and yet the problems remain!

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Blockchain and IoT – Is There a Future Here?

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Blockchain and IoT

Blockchain technology has disrupted the world of today, especially as the pandemic hit us. The restrictions and lack of engagement during the Covid-19 waves have diverted the attention of people all over the world to cryptocurrencies. While all that is going on, The technology kept evolving to provide many more use cases for Blockchains we see today. Some of these use cases can be utilized for many socio-economic applications too.

History has it that new technologies are often integrated with other technologies to give powerful applications for the users. One such combination that has been in talks is the integration of blockchain and IoT (Internet of things). Both the technologies are young and disruptive. The market for blockchain technology-based IoT systems has a huge potential in the global market.

“IoT has been one of the most exciting markets of the current generation. It had its issues with security and susceptibility to hacking. Blockchain technology can overcome these issues easily because of its tamper-proof and secure nature. While providers such as Amazon for Alexa devices and others have overcome this to a certain extent, they can still use the decentralized nature of blockchains to further the cause. Similar to what Android did for the smartphone market, blockchain can revolutionize IoT.” said Dev Sharma, CEO and Founder of Blockwiz, a global crypto marketing agency.

IOTA and its Tangle network aim to fulfill this gap in the market. Internet of Things (IoT) differs from most blockchains in crucial ways which makes them unusable for it. IoT can work on a system that supports multiple chains and nodes to connect multiple devices to the system. Conventional blockchains are based on a single-chain connecting and recording all activities to it. Also, as the number of activities (transactions) and the number of branches increase, the speed of transactions decreases and the cost per transaction increases. IoT requires a system that can do the opposite of this.

“The Tangle network is built on the principles of IoT and blockchain technology. As the branches increase, their speed increases while the cost remains negligible. Such a system can greatly increase the applicability and security of IoT activities. Also, being a publically available system, it can be used by developers for a wide range of applications at a very low cost. Being decentralized, it can be used by everyone throughout the globe. This is the heart and core of blockchain technology.” added Mr. Sharma of the Canada-based agency.

One of the most important advantages of using Blockchain technology for IoT is the secure accounting of all activities. This can be used to investigate any IoT system for tempering and misuse. This may not be possible with devices like Google Home, Alexa, and other systems since their data storage is centralized and inaccessible to users without legal intervention.

While many of us consider IoT devices being used in homes to control connected machines throughout our homes, the application of this tech is much more vast. Self-driving cars, traffic control, global supply chains, self-servicing machines, etc can all use IoT-like systems to enhance and automate our processes. However, the most important impact of the system is on the environment. Using lesser resources is the reason why such a system can have negligible transaction fees/costs which also points to savings on the environmental front.

The power of IoT with blockchain technology has the potential to automate large and complicated systems with low resource costs. We have all heard of the concept of smart cities, IoT is among the major technology that is used to define it. These concepts can easily become reality through a public blockchain system for IoT. Our world is changing continuously through technologies and the hope is that we can change it for the better, for us, and for the environment we live in.

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12 Days of Crypto: Playbetr Announces a Crypto Africa Giveaway – Here’s How to Take Part

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Crypto Africa Giveaway

Crypto betting platform Playbetr has announced the official launch of its Playbetr Africa Giveaway. The giveaway, according to Playbetr is designed for a specific category of users Premised on a long-standing tradition of “12 days of Christmas”. 

Ho-ho-ho, Santa Claus and Playbetr are already on their way to their best users with gifts! Playbetr, with the help of Santa Claus, is announcing a big contest for its African community! Each of them is designed for a specific category of users.

In this article, we will tell you about the “12 Days of Crypto” Giveaway.

Premised on a long-standing tradition “12 days of Christmas”. Santa Claus in partnership with Playbetr will be rewarding its growing family in Africa. 

How to Participate & Eligibility

You stand a chance of winning by taking part in any of the following activities.

  • Set up a Playbetr account.
  • Place a bet on our platform.
  • Show your support on our Facebook and Twitter pages.
  • Share your affiliate links with your friends.
  • Tag them under our posts on Social Media.
  • A random like, retweet, placed a bet, or comment under our post – all of these take part in this draw and help you win a prize. So, don’t waste your time and go get your reward.

The competition has a reward system. Each winner gets $10 in crypto in your Playbetr wallet. 

There will be 103 winners in total. The giveaway ends on January 2, 2022. Follow the hashtag across all socials for more details #PlaybetrAfrica.

Don’t waste your time and go get your reward. Good luck, have a great holiday, and bet on Playbetr!

12 Days of Crypto

Disclaimer: This is a sponsored post. Readers should do their own due diligence before taking any actions related to any company, product, or service mentioned in this article. BitcoinAfrica.io is not responsible, directly or indirectly, for any loss or damage caused by or in connection with the use of or reliance on any content, product, or service mentioned in this post. 

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