Since the past few days, the cryptocurrency market has neither seen a dramatic fall nor a rise. The price of all the coins seems to be stable even though they are controlled by the bear.
According to CoinMarketCap, at press time, Ethereum was trading at $121.51 with a market cap of $12.69 billion. The trading volume of the cryptocurrency is pictured to be $2.25 billion and the coin has plunged by over 4% in the past seven days.
In the one-hour chart, the coin shows a downtrend from $150.73 to $120.51. The uptrend for the coin is registered from $114.35 to $118.87. The coin has to first breach the immediate resistance level, which is set at $122.56 to proceed onto the strong resistance level, which is set at $129.47. The immediate support of the cryptocurrency is at $117.91 and the strong support is at $114.30.
Klinger Oscillator is currently forecasting the bull’s presence in the market for the cryptocurrency as the reading line is pictured above the signal line after a crossover.
RSI is showing that the buying pressure for the cryptocurrency is evened out by the selling pressure for the coin.
Bollinger Bands is picturing a less volatile market as the bands are seen closing in on each other.
The one-day chart demonstrates a downtrend from $618.63 to $115.91 and from $149.49 to $122.53. The cryptocurrency has recorded an uptrend from $83.74 to $115.61 and takes more steps forward to rest at $119.53. The immediate resistance for the coin is set at $156.06 and the strong resistance is at $218.94. The coin has set its immediate support ground at $114.17 and its strong support ground at $82.71.
MACD is forecasting a bearish market as the moving average line is currently seen below the signal line, after the two had a crossover.
Chaikin Money Flow is also predicting a bearish market as the money is flowing out of the market for the coin.
Parabolic SAR is on the same page as the dots have aligned above the candlesticks.
The coin will continue to be held captive by the bear as the long-term players are in its support. This includes MACD, Chaikin Money Flow, and Parabolic SAR from the one-day chart.
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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.
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