This week, we saw the crypto market take a major leg up. Forecasts are speculating about this year’s outcome, with many aiming for the stars.
Ethereum has been on an absolute tear, hitting a three-month all time high of nearly $4,000. The Ethereum network has seen an 720% growth over the past year and was able to reach an almost $468 billion dollar market cap, which is more than 90% of JP Morgan Chase’s market cap of $479.36 billion. (Blockworks)
The “The Flippening'' meme has started to make a comeback on social media, the idea being Ethereum flipping Bitcoin’s market cap and becoming the number one cryptocurrency in the world. This recent rise in growth has been fueled by “DeFi summer 2.0” and the rising popularity of NFTs. (Cointelegraph)
What really matters is how fast Ethereum can scale while the market waits for the advent of Ethereum 2.0, as the network is actively congested and gas fees continue to soar. Some independent scaling projects are providing the network with hope, including the ETH Layer 2 scaling solution, Arbitrum One, which just went live. (MarketWatch)
Arbitrum One, developed by Offchain Labs, completed its mainnet launch this week and is designed to help with congestion on the Ethereum network. This was highly-anticipated, and there are reportedly more than 400 projects already building on the protocol. (Cointelegraph)
“Arbitrum is a leading L2 solution, its distinctive features in scalability, especially compatibility with Ethereum, lead this industry to recognize that it will optimize the user experience and enhance growth,” said Fernando Martinelli, Co-founder and CEO of Balancer Protocol (BAL), which just launched Arbitrum on its network. “L2s show the promise of reducing Ether fees and network congestion, and we are excited Arbitrum is available to the Balancer ecosystem.” (Cryptopotato)
While crypto adoption grows on chain, many are taking a macro-view of this bull-cycle. By many accounts, this cycle looks closer related to 2013 than 2017. This gives the potential for a strong double peak cycle, where the second peak is often more explosive and fast-paced. This would also suggest that we haven’t yet hit all-time highs for this cycle on many cryptocurrencies. (Benjamin Cowen)
Real Vision CEO, Raoul Paul, gave a very optimistic prediction, saying that by the end of March 2022, the Bitcoin price could reach between $250,000 to $400,000, and Ethereum could reach as high as $20,000 this market cycle. While those are some wildly optimistic predictions, we most definitely have time on our side. And things are only continuing to grow. (CryptoNewMedia)
El Salvador is just days away from claiming Bitcoin as a national legal tender. The government of El Salvador voted on a $150 million Bitcoin trust for economic recovery, with the proposition being favored by an overwhelming majority of 64 to 14 votes. If Bitcoin reaches anywhere close to Paul’s vision, this could be a major economic relief for El Salvador. (Cryptopotato)
The new initiative will be funded and administered by the state development bank of El Salvador. "The purpose of this law is to financially support the alternatives that the state provides, without prejudice to private initiatives, that allow the user to carry out the automatic and instantaneous convertibility of Bitcoin to the United States dollar,” a congressional document said. (Reuters)
And if that wasn’t enough, to top off the week, information was leaked online showing that Twitter is looking to incorporate Bitcoin and Ethereum wallets into Twitter profiles. We know previously they were working on integrating Lightning Network for its Tip Jar app feature. Jack Dorsey, Twitter CEO, is fulfilling his prophecy after saying Bitcoin would be a “big part of Twitter’s future” earlier this summer. (LiveMint)
As crypto finds its way deeper into social media, we can expect to experience another massive wave of adoption the likes of which we’ve never seen. Keep your vision clear, as things may move fast quite fast, and if you blink, you’ll miss it.
Solana now available on Voyager
Welcome a new addition to the list of 60+ industry-leading assets supported on Voyager. As of this week, you can now buy and trade Solana (SOL), one of the fastest blockchains in the world, on the Voyager app.
Top market movers as of September 3, 2021
- Solana (SOL) +76%
- IOTA (IOT) +54%
- Celo (CELO) +44%
- Golem (GLM) +35%
Blockworks > "DeFi Projects Trader Joe, Pollen Secure Millions"
Cointelegraph > "Crypto and blockchain jobs' share grew 118% in 10 months, new data shows"
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