Content of article:
- Ethereum
- Cardano (ADA)
- XRP
- MY PREVIOUS ARTICLES
The anticipated correction after Bitcoin's steep rises for months came with a tough selling pressure. Whether this move of Bitcoin is a sharp correction after the sharp rises or the uptrend is replaced by a downtrend, it is watched with unease among cryptocurrency investors.
Bitcoin, which has been increasing its popularity with its rapid rise since October 2020, occupying the agenda with manipulations, making a strong impression with its recent rises while trying to adapt to institutional investment and global finance, retreated to $ 44,900 with a sharp decline from $ 58,480. During this drawdown, many Altcoins fell sharply and my cryptocurrency traders suffered serious losses. Altcoin investors need to closely monitor the rising volatility of Bitcoin pricing and Bitcoin dominance. The fall of the Bitcoin price and Bitcoin dominance together can cause sharp drops in Altcoins. With bitcoin pricing remaining stable or rising, and the decline in dominance can keep the Altcoin rally going.
Ethereum
Ethereum repeat transaction fees, which failed to hold on to the $ 2,000 level and retreated to $ 1,350, came back on the agenda. The earnings that Ethereum miners earned from transaction fees alone came close to $ 50 million. It was stated that while the Ethereum price was falling, very high fees were paid due to the network congestion, and a Defi user paid 25 ETH transaction fees.
Interesting developments were seen in some stock markets during the sharp decline. It was stated that the price of Ethereum instantly fell to $ 700 on the Kraken stock exchange. It was stated that Kraken had a problem on the Trade Engine side, that the sharp decline occurred for this reason, and it is not known how many users suffered damage after the situation. With the decline in the last two days, positions close to $ 6 Billion have been liquidated.
It can be said that the three biggest factors that can affect Ethereum pricing are Bitcoin pricing, Bitcoin dominance and scalability development.
Cardano (ADA)
According to Cardano Founder Charles Hoskinson, he predicts that Cardano will experience several important updates in the coming period. In an interview with Financial Fox, Hoskinson explained that many "smart contracts" will be implemented in the network in the next two to three months. The IOHK executive also announced that over the past few months it has met with the teams behind Celsius, SingularityNET, Fireblocks and Prime Trust to include their support for Cardano. He stated that prioritizing which of these entities will get an integration first has certain challenges.
In addition to all this, it was stated that on March 1, the Mary hard fork will be officially added to the main network and will bring expected local multi-asset functionality to the Cardano network. These fundamental developments will have a major impact on Cardano's release and maturity. It can be said that such developments may have a positive effect on pricing as they may cause existing investors to increase capital inflows and / or to attract new investors to Cardano.
XRP
A pre-hearing of the Ripple and SEC case took place. Mutual accusations were discussed at the hearing held in public. Ripple's claim about the SEC was particularly striking. According to Ripple's claim, the SEC did not warn the exchanges it met that XRP was a security, and it was stated that the cryptocurrency exchanges decided to list XRP by conducting their own research. Ripple's lawyers, including the former SEC chief, stated that the SEC was involved in manipulative transactions, and this case manipulated the entire market. After these developments, XRP increased by 5.3% within 1 hour.
MoneyGram, a major American money transfer company, has relinquished Ripple's capital and announced that it has suspended its relationship with Ripple. MoneyGram, which has been collaborating for 3 years, allowed money transfer with Ripple with the agreement it made 2 years ago. This agreement involved MoneyGram's use of the XRP token for cross-border payments. Ripple paid $ 12 million to MoneyGram in 2020 for this, and MoneyGram was charging a market development fee from Ripple to promote XRP every quarter. Now, MoneyGram has added that Ripple does not expect to benefit from market development fees.
The SEC case and Bitcoin pricing, which can be seen as the most important development for XRP pricing, should be followed closely.
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