Ethereum Weekly (1/13/22)
Ethereum Weekly - Edition 6
Welcome to the sixth edition of Ethereum Weekly and Happy New Year!
Ethereum (ETH) had a very strong week rising $200 week over week and closing above the $1,400 mark for the first time in over two months. What was the catalyst for the uptick in ETH?
The CPI (consumer price index) was released yesterday in the United States and clocked in a 6.5% increase for December, down from the 7.1% increase the prior month. The annual inflation rate came in at the slowest amount since October of 2021 as gas prices dropped which resulted in other declines including airline prices. The slowest increase in 14 months signaled that we could be in store for a "soft landing" which is something we didn't expect based on the prior index readings. As a result, the Federal Reserve could pull back on raising interest rates which would be welcome news for investors who were battered throughout 2022.
What does all that mean? Most analysts had been expecting a recession and now that appears to be less likely. There will still be some bumps along the way, but glimmers of hope are starting to peek through what looked like a bleak start to the new year. The key driver for the US economy has always been the consumers and now it is up to them to limit the damage and keep the economy afloat. The good news is the job market remains strong so if the US can stay away from heavy layoffs and consumer confidence can stay high we should be in good shape which will boost the stock market and thus raise crypto prices, including Ethereum.
Ethereum itself has a catalyst for outperforming other cryptocurrencies over the next few months and that is the continued upgrades with the Shanghai Hard fork up next. The merge which occurred last September went off without a hitch and investors are betting that the next upgrade, which will allow investors to unstake their ETH, will encourage even more investors to start staking ETH limiting the supply for sale and putting upward pressure on prices.
The Crypto Greed and Fear Index highlighted below sits at 31 in the "Fear" range and is up five points from where it was at last week.
Ten Must-Read Ethereum and Altcoin Articles This Week
Crypto Traders Are Already Placing Bets on Ethereum’s 'Shanghai Hard Fork' (CoinDesk)
Why Every Investor Needs to Know About the Ethereum Upgrade Coming Soon (The Motley Fool)
Crypto Analyst Says Ethereum (ETH) and Altcoins About To Catch Traders off Guard With Massive Move (The Daily Hodl)
Ethereum Upgrade Could Make It Harder to Lose All Your Crypto (CoinDesk)
Can You Buy Bitcoin with Ethereum? 5 Things to Know (FinSMEs)
Mastering the Ethereum and its Blockchain (Apple Magazine)
Ethereum ($ETH) Shark Addresses Have 'Aggressively Grown (Cryptoglobe)
Yorke Rhodes Explains How Microsoft Is Leveraging Ethereum (The Defiant)
Ethereum Hits 500000 Validator Milestone (Blockworks)
Staked ETH Passes 16M (CoinDesk)
Ethereum Price Statistics (as of 1/12/2023, daily close)
Ethereum Price = $1,416
Last Week = $1,217
Weekly High = $1,430
Weekly Low = $1,248
Market Cap = $169,419,809,502
Market Cap Dominance = 17.989%
All-Time High = $4,878.26 on November 10, 2021
statistics provided by CoinGeckoEthereum Fun Fact of the Week
Ethereum has just surpassed 500K validators who are critical in guaranteeing the integrity and security of the Ethereum Network. To be a validator you must deposit 32 ETH coins to operate a dedicated staking node on the POS blockchain.
Ethereum Staking Statistics
Validators = 498,992
Block Time = 12.06 seconds
Staking Ratio = 13.85%
Total Supply = 122,373,866
statistics provided by StakingRewards
Crypto Fear & Greed Index
index provided by Alternative
What is Ethereum?
Ethereum (ETH) is a digital cryptocurrency that is known for being a blockchain technology that operates decentralized apps (dapps) such as decentralized finance (DeFi), non-fungible tokens (NFTs), stablecoins, lending, and more. First proposed by Vitalik Buterin who published a whitepaper in 2013 and went live as a network in July 2015, Ethereum claims it is not controlled by a centralized authority but that can be questioned. Ethereum went through the "merge" in 2022 moving from a proof-of-work to a proof-of-stake mechanism becoming much more environmentally friendly.
For more on Ethereum, please read the Top Things You Should Know About Ethereum (ETH) on Publish0x written by MuyAsk
For more on the Ethereum Whitepaper, please read the I Finally Read the Ethereum Whitepaper on Publish0x written by CryptoMasterMiner
Find Ethereum on Ethereum.org, Reddit, Twitter, Instagram, Facebook
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