Ethereum

Has The Federal Reserve’s Decision Pushed Ethereum To The Bulls?

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Dec 16, 2021

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Highlights

    Ethereum alongside Bitcoin and other altcoins witnessed a boost following the FOMC meeting.

    Ethereum continues to escalate higher with the blockchain’s widespread use cases.

The coin market has been showing signs of relief, as the market rises from the panic and FUD encumbering the industry. The market cap of the crypto industry is currently up by 2.5% at $2,396,305,346,728.

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The volume of trades for 24-hours are at $132,075,850,258. The dominance of the star crypto is at 38.8%, while that of Ethereum is at a praise worthy 20.1%.

The second largest cryptocurrency Ethereum has risen alongside Bitcoin and other altcoins following the FOMC meeting. Which was expected to prevail the other side round. Ethereum continues to sail the rough tides undeterred, with the blockchain’s widespread use cases.

A Breakthrough From The Cage?

  The Federal Reserve’s FOMC meeting which was expected to be bearish for the crypto markets. Whilst implementing a hike in interest rates, and tapering. However, the market has rebounded from the FED’s decision of keeping the interest rate at 0-0.25%. As a measure to curtail the burdening inflation. 

The crypto analyst cites that the interest rates are expected to rise three times in 2022. While the tapering would accelerate to $30 billion a month. The lower interest rates have helped Bitcoin, Ethereum, and other cryptos, alongside the equity market rise from shadows, while the dollar falls to weakness. 

Ethereum’s Growl On Dominance?

  According to substantial sources, Microsoft’s blockchain director is bullish on Ethereum’s future. As he predicts Ethereum to become the decentralized appstore by 2023. 

  • Whilst offering low fees vs app store revshare.
  • No commerce lockpin to Apple.
  • No single point of control by one large corporation.
  • Distributed, decentralized, single sign in across applications.
  • Payments, identity, and commerce.

Sorare announces that users can withdraw sorare cards to any Ethereum wallet. Sorare cards are fully interoperable on Ethereum. ECOMI has officially moved to Ethereum, with over 3 million premium NFTs are now 100% carbon free, and are available for gas free trading on VeVe. Powered by Immutable X, which is claimed to be Ethereum’s leading NFT scaling program. 

Collectively, Ethereum has been sailing undeterred despite the cyclonic winds in its way. The EIP-1559 upgrade has led to over 1.2 million ETH coins being burnt at 6.28 ETH burn per minute.

The increase in NFT transactions, stable coins, and DeFi tokens have persuaded the increase in burn rate. Which edifies how widespread the network’s use case is, hopefully with ETH 2.0 coming in picture ETH could see a massive moonish move. 

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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