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Are Bitcoin and Ethereum’s price also reacting to its tech developments?

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The collective crypto ecosystem exhibited a significant decline on the 21st of January. Bitcoin dropped down to $28,880 and after registering a new all-time high, Ethereum dropped down to $1081. However, while Ethereum and other altcoins have managed to recoup higher levels in the charts, Bitcoin is still struggling below its immediate resistance range.

At press time, Ethereum was valued at $1425, whereas Bitcoin was priced under $34,000.

Ethereum

Source: Twitter

According to Santiment analysis, Bitcoin and Ethereum have both enjoyed fierce competition between each other, as both have registered strong dominance since the end of December 2020. Now, data suggested that over the course of January, both the asset’s technical development has mirrored its price proficiency.

It is fundamentally important for all digital assets, let alone Bitcoin and Ethereum, that the development side of things should always be moving forward. The chart above is a positive indication of how the price and underlying technology progress.

However, if the price is currently following development, and if it continues to follow in the future as well, Ethereum may witness increased dominance over Bitcoin.

Github comparison between BTC and ETH

Ethereum has been at its technical ‘cutting-edge’ since the start of 2019 and now its development sector might be starting to reap the rewards. ETH 2.0 successfully launched its phase 0 in December 2020 but this difference can also be highlighted between Bitcoin and Ethereum’s GitHub activity.

Ethereum’s GitHub site is buzzing with consistent activity and according to the site, it currently had 247 active repositories. A repository is a storage section that contains project files and each file’s revision history. The number 247 could mean that there are currently 247 active projects under development on Ethereum.

In comparison, Bitcoin had only 4 repositories.

The above difference should be taken with a grain of salt since Ethereum is technically a platform for several projects while Bitcoin is independently working on its own development.

However, it does not take away the fact that developers are joining Ethereum’s ecosystem more than Bitcoin. According to a recent report, Bitcoin monthly active developers have grown by 70% in the last 3 years but the number of Ethereum developers spiked by a massive 215% in the same time period.

Is Ethereum at a place of greater advantage?

From a logical point of view, the answer is yes but technological development may not continue to mirror price action at all times. Bitcoin is still vastly popular among major investors and traders, and market sentiment plays a huge role.

Ethereum is only beginning to get some attention from accredited traders, so their dominance solely based on development activity might not manifest much over Bitcoin, at least just yet.

Source: https://ambcrypto.com/are-bitcoin-and-ethereums-price-also-reacting-to-its-tech-developments/

Amb Crypto

Miami Mayor dismisses Treasury Secretary Yellen’s criticism of Bitcoin

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Over the past few weeks and months, Miami and Mayor Francis Suarez have been working towards positioning the city as the country’s premier crypto-hub. “We want to be one of the most crypto-forward and technological cities in the country,” Suarez had said in a recent interview, with the comments coming on the back of reports […] Source: https://ambcrypto.com/miami-mayor-dismisses-treasury-secretary-yellens-criticism-of-bitcoin/

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FD7 Ventures launches $250M Micro-Fund in India for Cardano, Polkadot-based projects

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A few days after FD7 Ventures, a Dubai-based crypto-investment fund, made news after it announced its decision to sell its Bitcoin holdings worth $750M to buy more Cardano and Polkadot, the fund is in the headlines again. According to a press release, FD7 Ventures has now launched a $250M Micro-Fund in India to invest in […] Source: https://ambcrypto.com/fd7-ventures-launches-250m-micro-fund-in-india-for-cardano-polkadot-based-projects/

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Why Mark Cuban is looking forward to Ethereum’s use cases

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Entrepreneur Mark Cuban is in awe of Ethereum network and thinks that blockchain technology could be a game-changer for various industries. In a recent interview, Cuban said that it is the “simplification of smart contracts” on Ethereum that gets him “excited.” He said: Because now, all these SaaS companies, all these different companies, I could […] Source: https://ambcrypto.com/why-mark-cuban-is-looking-forward-to-ethereums-use-cases/

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Litecoin, EOS, Enjin Coin Price Analysis: 01 March

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Litecoin seemed positioned for additional losses after the long-term moving average closed in on the short-term line. EOS moved within a descending channel after finding support at $3.5. Lastly, ENJ went past a key resistance and saw its price rise on the charts. Litecoin [LTC] Losses in the last seven days amounted to over 25% […] Source: https://ambcrypto.com/litecoin-eos-ftx-token-price-analysis-01-march/

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