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Ethereum (ETH), the top open-source cryptocurrency for decentralised applications (Dapps), has soared by over 15% over the past 24 hours with GameStop, a popular American video game store franchise, announcing an NFT (Non-Fungible Token) platform on the ETH blockchain.
Brief Analysis
Over the past year, ETH has mooned, going from about $200 to now over $2800. ETH begins with a bumpy road throughout 2020, but at the start of 2021 begins to gain momentum. It starts with a spike in early January 2021, fluctuating over the month, then spikes once more but at the start of February. It once again fluctuates at a resistance point, though unlike the previous trend in January, it dips towards the end of February. ETH then recovers through March, meets a smaller dip, before hitting a stronger momentum. From this point, ETH rockets upwards in an overall consistent trend with little crashes along the way, moving up to its peak midway through May. However, from the peak, ETH dumps down due to the notorious market week crash from a few weeks ago. Now ETH has quickly recovered from this crash and is pointing upwards, indicating a bullish run.
Going down into the past month for ETH, the crash becomes much more prominent, taking a considerable size of the graph. From the start, ETH has a steady trend upwards, but the turnover of May appears to have made it more volatile, its fluctuations becoming wider and wider as time goes. The largest fluctuates in this trend are evident on May 13. From May 13, ETH becomes to decline, first at a dip that recovers, then a massive dumps some days later. There appear to be two massive dumps, one around the 20th and another around the 24th of May. From the 24th of May, which is the lowest point ETH reaches in the scoped trend, ETH begins to recover, pushing higher and a plausible recovery run.
With the trend of ETH today, the great rise is evident from the start. ETH has a bullish run from the beginning of the day after experiencing a small dip, striking upwards in the first hours. From around 3 o'clock ETH hits a resistant point of around $2800, with not much movement occurring throughout the day. The greatest movement is around 7:30 am, spiking up to over $2900, but then quickly corrects back into the resistant zone. Currently, ETH is still stuck at this resistant point, and from the tendency of a recovery run, it is expected that when ETH breaks the resistance, it will go further upwards. It is important to note the day's trend for ETH is only for today in UTC (Coordinated Universal Time), the hours before having ETH experiencing great movement as well. Below is the TradingView day graph is the CoinGecko graph of ETH over the last 24 hours that better shows the recovery run of ETH.
The current statistics of ETH are as follows:
Price - $2824.73
24h Price change - $401.11 (+16.55%)
24h low / 24h high - $2,396.77 / $2,911.74
24 Trading volume - $46,949,412,978.46 (-8.32%)
Market dominance - 18.77%
Market rank - 2nd
GameStop's Announce Of NFT Platform On ETH Blockchain
The announcement of the NFT platform on the ETH blockchain from GameStop comes in the form of an interactive website that can be visited here: https://nft.gamestop.com/.
The website promotes the upcoming NFT platform of GameStop, including the slogan of "Power to the players. Power to the creators. Power to the collectors." It also has a smart contract wallet at the bottom. The wallet address on Etherscan can be visited here: https://etherscan.io/address/0x13374200c29C757FDCc72F15Da98fb94f286d71e. There is no detailed information on the projection of GameStop NFT, only seeming to be an announcement to gain attention.
At the bottom of the page comes an interesting statement from GameStop, which is the call for team members to help create GameStop NFT. The statement runs as follows under the heading of 'We are building a team':
We welcome exceptional engineers (solidity, react, python), designers, gamers, marketers, and community leaders. If you want to join our team, send your profile or something you've built to: nfteam@gamestop.com
Other than the given information above, there is not much else. What is funny is that inside the website is a cheeky easter egg, which may not be noticed by all. This easter egg is the small white dot on the top right of the website, which when clicked, leads to a humorously modified game of the Google dinosaur game.
Further Reading
CoinTelegraph - Ether sails past BTC’s daily volume as Grayscale ETH Trust trades at 11% premium - https://cointelegraph.com/news/ether-sails-past-btc-s-daily-volume-as-grayscale-eth-trust-trades-at-11-premium
CoinGape - ETH Spot Volume on the Rise Again, Surpasses BTC Volume - https://coingape.com/eth-spot-volume-on-the-rise-again-surpasses-btc-volume/
Crypto Briefing - GameStop to Build NFT Platform on Ethereum - https://cryptobriefing.com/gamestop-build-nft-platform-ethereum/
CryptoPotato - Ethereum Price Analysis: Following a 10% Daily Bounce, ETH Bulls Now Eye $3K - https://cryptopotato.com/ethereum-price-analysis-following-a-10-daily-bounce-eth-bulls-now-eye-3k/
