Ethereum [ETH] was priced at $238.381 and fell by 5.88% over the past 24 hours. With a market cap of $25.312 billion, ETH was ranked 2nd on the list of the world’s top cryptocurrencies. ETH had a 24-hour trade volume of $10.622 billion, at press time.
ETH saw an uptrend from $157.671 to $262.903, but started slowing down as ETH’s price closed at $235.712. Resistance stood at $266.142 and the support lines stood at $150.453 and $104.64.
Bollinger Bands indicated high price volatility in the ETH market
Awesome Oscillator presented a bullish buying opportunity as the short-term momentum was greater than the long-term momentum
Chaikin Money Flow depicted bullish trend as the money flowing into the market was more than the money flowing out of the market. However, the indicator was starting to fall by press time
TRX slipped to 12th on the list of top cryptocurrencies. TRX was priced at $0.026, with a market cap of $1.77 billion, at press time. TRX fell by 6.04% with a 24-hour trading volume of $697.061 million.
TRX saw its first uptrend from $0.030 to $0.031, and the second uptrend from $0.028 to $ 0.031. The graph showed a downtrend from $0.030 to $0.028. Resistance line stood at $0.030. and support was at $0.022.
Parabolic SAR suggested a bearish trend as the dotted markers were above the candlesticks
Moving Average Convergence/Divergence [MACD] indicator showed a bullish trend as the MACD line crossed over the signal line
Relative Strength Index indicator revealed that the buying pressure was high
After weeks of upward movement, both Ethereum and Tron were ravaged by the bears. Largely bearish projections were predicted for both coins in the near term. However, some bullish signs remained visible in the market.
Subscribe to AMBCrypto’s Newsletter
Bitcoin and Ethereum Classic find themselves on opposite ends of the 51% attack spectrum
Every revolutionary product comes with its own fallacy. However, to its internal metrics, in order for that product to remain adherent to the principle it hopes to expound, the cryptocurrency world is no less. Bitcoin [BTC] and other Proof-of-Work [PoW] cryptos have an in-built fallacy as well, the dreaded “51 percent attack.”
A recent study by cryptocurrency analytics firm LongHash, detailed the cryptocurrencies that are the closest to being subjected to the aforementioned attack.
The report looked at ten of the most significant PoW coins including, Bitcoin, Ethereum [ETH], Bitcoin Cash [BCH], Litecoin [LTC], Dash [DASH], Bitcoin SV [BSV], Zcash [ZEC], Monero [XMR], Ethereum Classic [ETC], and Bitcoin Gold [BTG].
Prior to detailing the study, Longhash listed out the two key points required to execute a 51 percent attack. First, a single mining pool/entity/individual would have to control over 50 percent of a network’s mining power. Second, the energy expenses related to the same, based on renting or sheer purchase of mining power.
Dividing the parameters of performance into two key parts, LongHash initially looked at the one-hour attack cost based on data from OnChainFX as on June 19, and consequently, the percentage of mining power available for rent on NiceHash. The matrix for an unsuccessful attack would be a high one-hour attack cost with low power availability, deeming the network “quite safe.”
Bitcoin took the top spot, with the report stating that there exists “very little power available to rent,” coupled with a “very high hourly attack cost.”
Traversing down the estimate cost Y-axis, several coins are scattered including, LTC, ETH, BCH, ZEC, BSV, DASH, and XMR, citing low power available via NiceHash. However, the estimated cost to rent the mining power is fairly low.
The report added,
“Most tokens, however, are clustered in the bottom-right corner of our chart, with low mining power availability and hourly attack costs north of $10,000, which makes them appear relatively safe.”
Moving horizontally further down the total mining power X-axis, BTG is the sole cryptocurrency exhibiting around 35 percent mining power availability on Nice Hash, with the lowest estimated cost to rent 51 percent of mining power for sixty minutes.
The biggest worry by far, was Ethereum Classic. The ETH hardfork had more than 80 percent of its mining power available on NiceHash, while the hourly attack was estimated to cost less than $10,000.
Earlier this year, the ETC network was the subject of a 51 percent attack, with several exchanges pausing ETC-related transactions in the process. The attack led to several cases of network double-spends and re-organisations totaling around $1.1 million or 219,500 ETC.
Subscribe to AMBCrypto’s Newsletter