Cryptocurrency

Ethereum Prices Stable, Maintains Status Quo

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Ethereum has been able to maintain a certain kind of stability compared to Bitcoin and other cryptocurrencies which have been dealing with massive gains and losses in quick succession. The digital asset has been able to limit substantial price fluctuations in recent weeks providing more confidence to investors.

Ethereum registered trades worth $2.8 billion last weekend and is apparently is in very high demand. The cryptocurrency is expected to gain the number 2 ranking in the coming days.

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Interestingly, the digital asset collaborated with Kriptomat, a cryptocurrency exchange, and Enjin, a leading blockchain ecosystem developer recently. The ERC-1155 token standard is to be integrated into the Enjin platform in the upcoming weeks. This is the first time that a cryptocurrency exchange has chosen to adopt blockchain-based virtual items to gamify user experience.

“Kriptomat will natively integrate ERC-1155 tokens so users can receive trading points, referral rewards, collectibles, and gaming items that provide trading discounts. Several top-tier blockchain game developers, including War of Crypto, 9Lives Arena, CryptoFights, Forest Knight, Cats in Mechs, and Alterverse, have also expressed interest in integrating Kriptomat collectibles into their games, which means traders may soon be able to earn valuable blockchain-based gaming items simply by using the Kriptomat exchange,” read a blog post in Kriptomat website.

Though no significant price shifts were observed for Ethereum, experts say that the asset remaining neutral is a good sign considering the significant losses sustained in the previous year.

Unlike other cryptocurrencies, Ethereum encourages an environment where the primary focus is on discovering new use cases for blockchain technology. It uses Smart Contracts which allows anyone and everyone in the world to build “unstoppable applications.” Such applications can operate without any expected downtime, fraud, or interference by third parties. Decentralized apps, or dApps, are one of the main selling points of Ethereum first and foremost.

Ethereum has a lot of growth to be achieved in the coming years. It still has to improve and solve its ‘lack of scaling’ problem. There is also potential switch to Proof-of-Stake, though that has been delayed indefinitely. There is also a proposal for Progmatic Proof of Work (ProgPoW) which has caused a fair few discussions over the past few months. Experts claim implementation of ProgPoW will trigger major market movements. Though, presently it seems like Ethereum is capable of holding on its own.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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