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ETH Price Nears Pre-Black Thursday Levels. Rallies 30% in a Week

Ethereum Price: $172.21
Ethereum Price (BTC): 0.023231BTC
ETH Locked in DeFi: 2.77M (2.51% of circulating supply)
Market Cap: $19.00B
ETH Network Dominance*: 62.85%
7 Day Candle**: $133.23 / $178.28 / $128.73 / $172.21

Ethereum is making an incredible come-back. After trading at a low of $88.02 on March 12th, the price of ETH has nearly doubled to $172.21 in a few short weeks. Ethereum is now just 10% down from its pre-March 12th price.

Perhaps the most surprising outcome is that the market has corrected itself in quick succession. A series of equally massive drops did not follow in the days after March 12th and sentiment has improved.

The recovery is hopefully here to stay. When considering some of the fundamental properties of Ethereum, it’s hard to imagine that the market was behaving with any semblance of rationality:

  • Exclusively digital.
  • Overwhelming majority of work is done remotely.
  • Businesses operate with remote teams or are capable of pivoting to remote teams.
  • Many businesses require absolutely no workforce to operate (dApps).

Recent user activity on Ethereum also makes it quite clear that the Coronavirus had no negative impact on its usage. This story does not fit the one of an asset whose value plunged by 50% on news of COVID-19 sending the world into lock down.

eth gas usage over time

Credit: Etherscan.io

Of course, the real reason for the plunge was a flight to the “safety” of cash (money printer go brrrr). But shrewd investors would have seen this as little more than the wild over-selling of a misunderstood asset.

That said, it’s unclear how much of this recovery is being propped up by the onslaught of global stimulus packages and how much is being driven by fundamentals. Whether this is temporary is yet to be seen, but it’s hard to ignore the vast number of economic forces falling into play here.

Calculate Expected Yield in ETH 2

After several delays and missed deadlines leading to investor apathy, Ethereum 2.0 is now finally on course to take its first step from research and specification to production. The ETH 2 Calculator has been updated with the latest estimates on expected return for validators who stake ETH in ETH 2.

Those with idle ETH would do well to investigate the staking process, which could provide returns in the region of 15%.

Gitcoin Grants

Ethereum freelance and crowdfunding platform, Gitcoin, is soon to close its 5th round of funding for Ethereum public goods projects. The grants, which are matched by a pool of $250K (see quadratic funding) has attracted a total of 564 different Ethereum projects – 418 of which are focused on Ethereum tech. It’s expected that the turnout for this latest grant will be near double what was seen in round 4 just a few months ago.

tBTC Raises $7.7 Million

The Keep Protocol is due to launch their Bitcoin to Ethereum bridge in the coming weeks and last week closed a $7.7 million funding round. In 2018 Keep also received funding from a number of venture capital firms including a16z, a firm that was also an early investor in MakerDAO.

It has been speculated that the involvement of a16z hints towards the inclusion of tBTC as a collateral type in Maker, allowing users to leverage Bitcoin to invest in other assets including Bitcoin itself.

Augur Version 2

The prediction market platform that took $2 million in wagers on the 2018 mid-term elections is set for a major upgrade in the coming weeks. Most notably, the platform will allow users to bet on predictions with the stablecoin DAI. Version 2 will also feature an affiliate program, allowing users to earn revenue by promoting prediction markets to others.

With the 2020 general election coming up, it’s likely that Augur will see a great deal of activity from across the world including those wanting to hedge the outcome. It’s possible that V2 will support one of the most liquid markets for betting on the 2020 election result, throwing Augur (and Ethereum) into the spotlight once again.

Nick, Owner EthereumPrice.org

* calculated as: (ETH Market Cap / Ethereum Network Market Cap)
** open / high / low / close