The Ethereum project seemed promising to several investors and it continues to be. However, investors are expecting more out of ETH. Investors expect ETH to become powerful in terms of price than BTC. However, despite the Altcoin boom it does not seem like any push in price is due any time in the near now. The Bullish starts are not apt to the existing investor expectation.
However, Decrypt reported an all-time high of $1 billion for Ethereum Futures, which instills some hope of open interest. Reportedly, open interest is considered to be an important metric as it helps measure the stakes of raw amount issuers and buyers who still have their expiration dates in the future.
This is different from Futures volumes as it measures the value of existing futures contracts traded at any given point in time. The ETH futures went down after the crypto market crash induced by the corona pandemic. However, even the ETH futures have a long way to go up.
While all the traditional concepts are struggling in ranges through the uphill, Ethereum network reportedly have hit a new milestone as they have executed 3,000,000 contract calls while the Decentralized Finance Segment is touching an all-time high. Contract calls are specific requests for a particular type of smart contract function, which is not the scale used to identify how much the network is being used.
In this regards, Sydney Ifergan, the crypto expert tweeted: “There is no surprise about Ethereum Network having a high usage, what is needed is increased price and of course the long expected scalability.”
The Ethereum 2.0 final public is fast approaching and the developers have released the validator launch pad, which is expected to make things easier for node validators.
Validators will be able to educate themselves about the different facets of the process. The Medella Testnet is announced for August 04, 2020 and the Beacon Chain is set to follow there afterwards. The expectation is for it to happen somewhere before January 2021 per some sources.
While the price is not really comfortable for profit seekers, investors have their own reason to stick on to Ethereum. In the long run ETH will surely rack up lot of developers and they are going to set fantastic benchmarks breaking all the nays of the naysayers. Rome was not built in a day and therefore the best from ETH is yet to come.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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