Altcoin Surge: Why is Everyone Talking?
For the last couple of weeks, altcoins have been sparking conversations hotter than a summer BBQ. Since 2020 kicked off, some altcoins have shot up higher than your hopes for the next season of your favorite show. Icon (ICX) is up over 200%, AION has climbed more than 120%, and WanChain (WAN) is riding a cool 60% wave. Analysts are buzzing with excitement, arguing that we might just be witnessing a full-blown altcoin season!
Ether: Quietly Stealing the Show
Meanwhile, good ol’ Ether (ETH) decided it wanted in on the action too. It dropped like a rock to $115.95 on December 18, 2018, but fast forward to February 6, 2020—it’s up a whopping 90%, hitting a cozy $220.81.
DeFi: The Golden Goose of Ether
As Ether’s price climbs, the total value locked in decentralized finance (DeFi) platforms has also taken a joyride, hitting the $1.01 billion mark. That’s a lot of dough! Right now, some 3.135 million Ether are tied up in DeFi platforms, just a tad less than the 3.195 million seen earlier this month.
Miner Mania: Ether Accumulators Unite
A new trend is surfacing as miners are hoarding Ether more than squirrels hoard nuts for winter. Analyst Maksim Balashevich noted that the mining community’s balance of Ether is nearly at an all-time high of 1.69 million Ether (around $300 million)! Talk about confidence in the project!
ETH 2.0: Throwing a Party (Not Yet)
Let’s talk about the potential party known as ETH 2.0, which is expected to launch in July 2020. Ethereum’s team is gearing up for what promises to be the largest makeover since… well, your last bad haircut? Plans are to shift from proof-of-work to proof-of-stake, meaning miners will have to stake 32 ETH to get in on the magic. Everyone is waiting with bated breath (and fingers crossed) that it actually drops in 2020.
Charting Ether’s Journey
But will Ether keep its party hat on, or is it poised to take a nap? On January 30th, it broke through crucial resistance levels, and analysts are eyeing a conservative run at $240 or even an adventurous $300. However, if the market takes a dip, Ether might coerce its way back to the $200 mark. Traders are advised to keep their eyes glued to trading volumes and various indicators to ensure they don’t find themselves stuck at an overbought party.
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