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Reported by Zhao Yi, Hu Jinhua, a reporter from China Times (www.chinatimes

After the current overall market adjustment, Ethereum experienced a reversal in the middle of the week. This correction was accompanied by a sharp drop near $1900 and has remained calm since then

Recently, Ethereum has completed its "Shanghai upgrade", with ETH breaking through the $2000 barrier. The surrounding ecosystem of Ethereum Layer-2 has also been hyped, especially after the Airborne drop of Orbitrum, a large amount of funds have poured into the Layer-2 track, which is exceptionally popular.In the past week, the number of transactions on the Ethereum main network was 7.296 million, while the total number of transactions on Layer-2 was 19.469 million, of which Orbitrum alone accounted for 10.405 million transactions, more than half. That is to say, the number of transactions on the L2 track is more than twice that of Ethereum, and the number of transactions for a project on the Arbitrum (10.405 million) is significantly higher than the number of transactions on the Ethereum main network (7.296 million).We know that Layer-2 is the ecological construction layer of Ethereum, and in the future, most of the ecology will migrate. Therefore, it is expected that the prosperity of L2 in the future will surpass that of Ethereum's main network. The ecological explosion of Layer-2 in the future can also be expected.However, after observing ETH's on chain data, it is believed that in terms of price alone, ETH still has some hidden concerns in the long termShort term ETH prices have little impact and remain a hot topic in the marketThe ecological explosion in Layer-2 has resulted in minimal gas consumption. In the past week, the destruction of Ethereum gas was 19818, while the destruction of Arbitrum was only 632, accounting for 3.2%.It should be noted that Arbitrum has been heavily hyped recently, with an on chain activity of 140% compared to Ethereum, but gas accounts for only 3.2%, and other Layer-2 public chains are even lower.It cannot be denied that the surge in ETH from 2020 to 2021 and the decrease in supply have had a significant impact. The ETH2.0 beacon chain has successively pledged over 10 million ETHs, and the EIP1559 agreement has destroyed over 3 million ETHs. After the official conversion of ETH to the POS mechanism in September 2022, the supply decreased by 90%, resulting in deflation since the launch of ETH2.0.All of the above have led to ETH's strength in the secondary market.Layer-2 is one of the future competition tracks and the core battlefield of the Ethereum ecosystem, but it is still mainly hyped, and in this case, gas only accounts for about 5% of the total ETH consumption. However, it is difficult for the ecosystem around Ethereum to grow explosively in a short period of time, as the core applications are still defi, NFT, stable currency, etc., with less demand.The current gas model of Ethereum is still the same as before the ETH2.0 upgrade. The next upgrade is the "Cancun Upgrade", which focuses on significantly reducing transaction fees. V God once said that when Ethereum matures, gas will decrease by 99%. Now, Ethereum processes over 1 million transactions per day. If we want to maintain gas consumption, the number of transactions will need to exceed 100 million.Weinao believes that this will take a relatively long time to achieve, soAfter the hype of "Little Spring" in 2023 is completed, there may still be some pressure on the prices in the ETH secondary market before the next bull market arrives.

Four days after upgrading Ethereum (ETH) Shapella, over 1 million Ethereum has been withdrawn.According to the data, out of 491037 extractions, 1

In the past week, several traders have participated in trading ETH for meme tokens. As a result, the usage of gas has surged, bringing considerable revenue to blockchain

Bitcoin has plummeted again! As of 18:10 on January 24th, the price of Bitcoin has dropped below $34000 per coin, marking the first time since July last year. The past week has seen a drop of over 20%, and this year it has fallen by nearly 30%, almost halving from the historical high of $68928.9 in November 2021.Analysts point out that since the beginning of this year, the higher intensity of regulation by global regulatory agencies on cryptocurrency assets, including Bitcoin, as well as the strengthening expectations of the Federal Reserve's tightening monetary policy, and the widespread selling of US technology stocks, have been the main reasons for Bitcoin's sharp decline.Falling below $34000Coindesk

Recently, with the price of Bitcoin exceeding $31000, the cryptocurrency market has been fully activated.According to market data, driven by the positive upgrade of Ethereum in Shanghai, Bitcoin rose to $31043 on April 14th, with Ethereum reaching a maximum of $2157.However, since then, the market has entered a significant downward trend. As of writing, the price of Bitcoin is $27475 and the price of Ethereum is $1842, and the market is still in a clear downward trend.Although the current market trend is in a downward trend,However, this round of rise still laid the foundation for cryptocurrencies to completely break free from the bear market cycle and provided optimism for subsequent market developments.At present, it is widely believed in the market that the cryptocurrency bull market has gradually started, especially with only one year left for Bitcoin's fourth halving and the traditional financial market facing a recession. Two major positive factors will drive the bull market to arrive early: 1、 According to the halving of Bitcoin and the bull market pattern, cryptocurrencies will usher in a new bull market next year.The halving cycle of Bitcoin is four years. The last halving occurred on May 12, 2020, and it is expected that the next halving may occur between March 2024 and June 2024. 2、 Traditional financial markets may face recession, providing a broader basis and logic for cryptocurrencies to rise.Federal Reserve policymakers expected a mild recession later this year at their March meeting, followed by a recovery in the next two years. This is the first time since 2020 that the Federal Reserve has publicly stated its expectation of a recession.The leading indicator index of the World Federation of Large Enterprises also shows that an economic recession is approaching.Justyna Zabinska LaMonica, senior manager of business cycle indicators, a think-tank, said that it was expected that the economic weakness would intensify and expand in the coming months, leading to a recession from the middle of 2023.With the view that the bull market has already started, market predictions for Bitcoin prices next year are also emerging one after another. According to market information, there are currently three main types of market predictions for Bitcoin prices: 1、 Bloomberg analysts predict that Bitcoin prices will reach $50000 in April next year.Bloomberg industry research analyst Jamie Douglas Coutts said that based on previous cycles,The upcoming halving of Bitcoin is currently reflected in approximately 50% of market quotes。 Coutts prediction,By April 2024, Bitcoin may reach $50000

Edited by: Bi LumingData shows that Bitcoin has risen by 40% this year, while Ethereum has risen by more than 30%.

A highly regarded cryptocurrency strategist has stated that Bitcoin (BTC) may lay the foundation for a significant rise in the coming months as the king of cryptocurrencies replicates the parabolic rebound of nearly a decade ago.Pseudonym analyst TechDev told his 409100 Twitter followers that multiple technical indicators suggest that Bitcoin may be mimicking the 2015 bull market, during which it rose from less than $200 to $20000 in about two years

On April 11th, the financial industry reported that Bitcoin has climbed to over $30000 for the first time since June 2022, with an annual cumulative increase of over 80%. This rebound is even stronger than the nearly 20% increase in the Nasdaq 100 index (where Bitcoin often rises in sync with the index)

The cryptocurrency market is currently in a bad state as there are more and more problems and there seems to be no signs of easing.The price of Bitcoin has fallen by 75% since its previous historical high, but it may still fall further

Reported by Zhao Yi, Hu Jinhua, a reporter from China Times (www.chinatimes