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Ethereum [ETH] is the most used smart contract platform says CEO of eToro

Anvita M V



Ethereum [ETH] is the most used smart contract platform says CEO of eToro
Source: Unsplash

In a recent interview on Crypto Trader, crypto-influencer, Ran Neu-Ner spoke to Moshe Hogeg the CEO of Sirin Labs, Daniel Peled the CEO of Orbs, Yoni Assia Founder and CEO of eToro, and Yaniv Feldman the CEO of One Alpha about the chances of Ethereum in the wake of an ICO bust.

Giving a brief overview of the situation of ICO fundings in the month of August, Ran Neu-Ner stated that the funding has gained an uptick after reaching over $500 million from the July low of $417 million.

Neu-Ner said that the funding has seen an overall rise. The figures in August reveal that $100 million was raised for the hash graph and a $54 million for the tZero raise.

The current markets have sent the Bitcoin dominance over 53% raising concerns about the long-term viability of the Ethereum network which is the primary platform for raising money for ICOs, he explained.

On being questioned if the utility token market was dead, Moshe Hogeg stated that the market is not dead. In his opinion, the ICOs raised a lot of money, but due to the need for these projects to pay salaries to their employees, they convert the Ethereum back into fiat currency. He further added:

“Actually supporting the industry, but fighting it at the same time, without understanding. But, this is what happens, the market started to go down a lot of people lost a lot of money.”

However, the CEO of Sirin Labs feels that it is the right time for investors to join the market because of the value the ICOs created in the last deal.

Ran stated that Sirin Labs has raised a lot of money mainly in Bitcoin [BTC] and Ethereum [ETH] but has got advertising costs and development costs in U.S Dollars. When asked if the Sirin Labs was releasing ETH into the market at a value of $250, Moshe nodded in agreement.

Hogeg confessed that they were in a way responsible for pushing the process down. He said:

“We need to pay salaries, we need to pay suppliers. But, this money doesn’t go out of the market It goes back into the market by creating value.”

Additionally, Moshe stated that after the launch of their farm in the next three months, all the converted fiat will come back into their token. Despite having only 20-30% of their money left after they joined the race, Moshe stated that they sold some of it during the year, also adding that those who did not, lost a lot of money.

According to Daniel Peled, there exists a negligible amount of utility tokens in the market, this year. He explains that the immature infrastructure layer is to be blamed for the same. He pointed out that the utility tokens had a lot of hype at the beginning of 2018. In 2019, the primary focus would be to build a third generation blockchain on top of Layer 1 and 2 to solve problems like scalability, governance, and privacy, he said.

Yaniv explained that the Ethereum blockchain has fundamental problems in the way it uses ETH as gas, but does not specifically signal the end of utilities.

The CEO of eToro revealed that he is bullish on Ethereum. According to him, it is the most used smart contract platform. Moshe and Daniel, both believe that in the next five years or so the Ethereum blockchain will have a lot of dApps built on them and it will have at least a minimum of 10,000 daily users on them and are even willing to take up a bet against Jimmy Song on the same, they stated.

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Anvita Mysore Vadiraj is a full-time content writer at AMBCrypto. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies.


Ethereum [ETH] might have caught a break from bears due to formation of ‘Golden Cross’




Ethereum [ETH] might have caught a break from bears due to formation of 'Golden Cross'
Source: Unsplash

Ether, more commonly known as Ethereum, is the world’s second largest cryptocurrency and it might have turned bullish due to the initiation of the ‘Golden Cross’ in the daily chart. Golden Cross, is when the 50-day simple moving average crosses above the 200-day simple moving average, which indicates that the price has turned bullish and that the cryptocurrency has bottomed.

Source: TradingView

Historically, Ethereum’s last Golden Cross took place in February 2017, when the price of ETH was ~$10; the price after this cross was bumped to $1,600, which was a meteoric rise of 15,000%. As bullish as this sounds, this might not be the good news that the crypto community is hoping for, as the ‘Golden Cross’ isn’t absolute and there are times when the crossover could be a fakeout. Crossover fakeouts had occurred for Bitcoin in 2014.

The weekly chart for Ethereum has been consistently forming higher highs since 2019, which is a bullish indication. The MACD indicator and the RSI indicators are both indicating a steady rise since 2019.

All aboard the ‘Speculation Train’

If another meteoric rise is to be expected from the crypto ecosystem, the price has to undergo a parabolic rise. The price of Ethereum at press time was $174 and had a market cap of $18 billion; assuming approximately 10,000% increase [instead of the 15,000% rise], the price of Ethereum would reach approximately $8,000 by March 2020.

A Reddit user @alkalinegs commented:

“if you look at the last golden cross early 2017 it took a few days till something happend. death cross 2018 even resulted in a bulltrap. -> dont expect an immediate reaction.”

Quite a few people use the exponential moving averages and disagree with the use of Simple Moving Averages, which is opinionated. Another Reddit user, @DeliciousPayDay commented:

“I strongly disagree. SMA 200 is more important and everyone in crypto looks at it. After breaking the 200MA at $151 ETH went straight to $180 before being sold off, and bounced directly off the 200MA the next day turning resistance into support. The 50/200 golden cross just happened on the SMA and the last time that happened ETH went from $12 to $1400.”

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