The good days for Ethereum seem to continue. During the first hours of this day, Ethereum reached another all-time high. The second largest cryptocurrency stood out more and more against the rest of the day.
As Bitcoin continued to consolidate to the downside and other altcoins suffered a painful knock-on effect. During the trading session this morning, Ethereum reached $ 2,589, representing an increase of 15.5% compared to yesterday. While, Bitcoin registered a fall and failed to rise.
In this sense, analysts and enthusiasts associate this bullish behavior with the rise of the DeFi and NFT ecosystems. Which have a strong foothold within the Ethereum ecosystem. So ETH becomes the main exchange currency to operate within these sectors.
For its part, the price of Bitcoin continues to trend downward. For many analysts, this would be the sequel to the events that took place last weekend. When a general blackout affected a province of China in which much of the mining activities associated with Bitcoin were concentrated, resulting in a pronounced drop in the hash levels present on the network.
Likewise, analysts show diverse perspectives: On the one hand, there are enthusiasts who say that this is a setback in the bullish race that the digital currency will see in the coming months. While, others project that this drop could become even more pronounced in the days to come, taking Bitcoin below estimated supports.
At the time of writing, Ethereum is trading at USD 2,335 registering a variation of -4.6%. While, Bitcoin stands at $ 50,950, falling at least -6.76% in the last 24 hours. This is demonstrated by our internal tool, Crypto Online .
The debate on whether or not Bitcoin is ‘green’ resumes
Jackson, Tennessee is the latest city in America to move to embrace Bitcoin mining and payments. Following the recent crypto developments in Florida.
Jackson Mayor Scott Conger announced Wednesday that the city is actively exploring the option of paying its employees in cryptocurrency. As well as mining Bitcoin and adding it to the city’s balance sheet. The mayor hinted that the city is looking to enable payroll on various digital assets, mentioning currencies like Bitcoin, Ether (ETH), and Litecoin (LTC).
” The local government will lead the way in the adoption of Bitcoin and, together with it, will usher in a new industrial revolution with sustainable economies that will help close the wealth gap ,” Mayor Conger said in a tweet Thursday.
The latest announcement comes shortly after Mayor Conger joined the crypto community’s “laser eyes” flash mob, changing his Twitter profile photo to include laser eyes earlier this week. The laser eyes trend emerged in February, when industry leaders and users changed their Twitter profile avatars to include laser eyes in support of Bitcoin’s price surge.
Ripple Co-Founder Believes BTC Should Drop Proof-of-Work Consensus Mechanism
In a posting on his blog Wednesday, Larsen described the main vulnerabilities related to PoW. Noting the growing concern over Bitcoin’s carbon footprint.
According to the executive, PoW-based currencies such as Bitcoin should consider a code shift to carbon neutral validation methods. Like PoS or federated consensus, or something yet to be developed.
“ I would say that this change is vitally important for Bitcoin to remain the dominant cryptocurrency in the world. Current energy demand and the proof-of-work consensus carbon footprint are already unsustainable. Since only Bitcoin consumes an average of 132 TWh per year. That’s equivalent to about 12 million American households , “Larsen said.
The co-founder pointed out that altcoins that do not work with the PoW mechanism constitute 43% of all cryptocurrencies by market capitalization. With many new currencies choosing to avoid the PoW. ” It is clear in which direction the trend is moving ,” he said.
Larsen mentioned that the XRP ledger has been using federated consensus to secure its network and validate transactions for about nine years.