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9 months ago
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ARTICLE AD BOX
Ethereum (ETH) has reclaimed the $4,000 level for the first time since December 2021, marking a significant milestone in its ongoing bull run.
This promising rally comes as the overall crypto market appears to be continuing its positive momentum on Monday morning.
Potentially boosting the bullishness further is the hype around Green Bitcoin’s (GBTC) ICO, which has now raised over $3 million in funding.
Ethereum Smashes $4,000 as Technicals & Short Squeeze Trigger Rally
Ethereum’s rally past $4,000 appears technically backed and driven by a flurry of trading activity.
The token’s momentum indicators, like the RSI and MACD, have been flashing bullish over the past week as buying pressure intensifies.
More than $22 billion in ETH volume has occurred on major exchanges in the past 24 hours – a staggering 82% spike from the previous day.
This heightened liquidity fueled ETH’s breakout as bulls aggressively absorbed sell-side action.
On-chain data shows that the uptrend has triggered over $24 million in liquidations from overleveraged ETH shorts on derivatives exchanges.
These forced buybacks have only compounded ETH’s rise.
The decisive break above $4,000 has also triggered a new wave of buying, with several pundits now eyeing $4,200 as the next upside target.
With ETH now just 21% away from its all-time high, a new peak could be in its crosshairs.
Anticipation Builds for Ethereum’s Major Dencun Upgrade
While technical factors are fueling Ethereum’s breakout, there may also be a strong fundamental undercurrent pushing price higher – excitement around the Dencun upgrade.
For those unaware, Dencun is one of the most significant updates mapped out for Ethereum as it continues its evolution.
Scheduled to activate on March 13, Dencun will lay the groundwork for scaling Ethereum through proto-danksharding and better integrating layer-2 rollup solutions.
In simpler terms, Dencun aims to drastically reduce fees and increase capacity on Ethereum by making it cheaper for rollups like Arbitrum to handle large amounts of off-chain data.
This paves the way for these layer-2 networks to support millions of users efficiently.
If successful, the implications of this upgrade are massive.
Dencun could finally transform Ethereum into the globally accessible platform for decentralized applications (dApps) that its core developers have long envisioned.
DeFi, NFTs, gaming, and microtransactions will become more attractive on Ethereum after Dencun – which is leading to growing investor optimism about ETH’s price prospects.
Due to this, the ETH price has surged in anticipation and breached $4,000 for the first time in over two years.
Green Bitcoin ICO Heats Up with Novel “Predict-to-Earn” Staking Mechanism
While Ethereum’s rise captures the spotlight, a new crypto project is also turning heads – Green Bitcoin.
This eco-conscious token has drawn massive attention to its ongoing ICO by combining two trending investment narratives: environmental sustainability and Bitcoin price predictions.
Unlike energy-intensive Proof-of-Work (PoW) blockchains, Green Bitcoin reduces its carbon footprint by using Ethereum’s more efficient Proof-of-Stake (PoS) consensus.
The project’s whitepaper claims GBTC is 10,000 times more eco-friendly than traditional Bitcoin mining to verify transactions.
However, Green Bitcoin’s key innovation goes far beyond sustainability.
It introduces a first-of-its-kind “Predict-to-Earn” mechanic that allows users to stake their tokens and earn rewards by accurately forecasting Bitcoin’s price movements.
This gamified model taps into the recent craze for real-money crypto prediction markets and Bitcoin’s inherent volatility.
The developers have already allocated more than 5.8 million GBTC – over a quarter of the total supply – to incentivize staking and prediction rewards.
With high APYs also on offer just for holding GBTC long-term, it’s easy to see why the project is drawing so much attention.
Green Bitcoin’s presale ICO has already topped $3 million and appears to be accelerating daily as rumors about future exchange listings begin to circulate.
As more people become interested in sustainable crypto alternatives, Green Bitcoin could well become a an interesting project to watch.
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