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Current crypto market update for Ethereum and Cardano

Written by  Jun 19, 2020

Ethereum (ETH) and Cardano (ADA) have been doing over the past 24-hour period, covers recent news that might have affected their prices (or might do so in the future).

Interesting tweets about these digital assets from prominent members of the crypto community are included.

To give you a rough idea of how well the crypto markets are doing today, 14 out of the top 20 cryptoassets (by market cap) are currently in the red (i.e. down against USD).

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All market data used in this article was taken from CryptoCompare around 09:20 UTC on 19th June 2020.

Ethereum

Bitcoin is currently trading at $230.35, which means that it is down 1.29% in the past 24-hour period:

24 Hour CC Chart for ETH-USD on 19 June 2020.png

In the year-to-date period, Ethereum, the second-most valuable cryptoasset by market cap, has gone up from $128.91 to $230.35, which means a 78.69% increase in value (against USD).

On June 17, Vitalik Buterin, the original author of the Ethereum white paper, noted that although the white paper predicted that the circulating supply of Ether (ETH) would be 159.8 million by now, in fact, the current circulating supply of ETH is only 111.3 million:

ETH supply that the whitepaper says we would have today: 150.8 million
Actual ETH supply today: 111.3 million

So please don't try to claim that ethereum is run by inflationist technocrats. pic.twitter.com/6CuPngDbHY

— vitalik.eth (@VitalikButerin) June 17, 2020

Earlier today, Austrian blockchain startup Bitfly, which offers three Ethereum mining pools, pointed out that Ethereum miners are considering increasing the Block Gas Limit (i.e. the maximum amount of gas that can be spent on the transactions within a block):

The #Ethereum miners are voting to increase the Block Gas Limit from 10,000,000 to 12,500,000. ⛏️

In theory, this means that the Ethereum network now has the capabilities to handle ~44 transactions per second, instead of ~35.

Another huge milestone for the community.??

— Bitfly (@etherchain_org) June 19, 2020

Of course, not everyone in the Ethereum community likes this idea.

For example, here is what Péter Szilágyi, team lead at Ethereum Foundation, had to say about it:

 

TL;DR: The #Ethereum miners don't give a fuck about the long term health of the network nor about DoS attacks. https://t.co/qamT0nakFA

— Péter Szilágyi (@peter_szilagyi) June 19, 2020

Although Buterin does not officially support the idea of increasing the Block Gas Limit, he does seem unhappy with how expensive Ethereum transactions are at the moment (mosly due to the increase in the usage of the Ethereum network due tothe popularity of stablecoins and DeFi) and wishes that users would start taking advantage of some of the layer 2 scaling solutions available for Ethereum (such as Matic Network):

The thing I am acutely connected to though is that the high txfees *are* making the chain much less useful for people.

I've spent $40 on https://t.co/f8JT3wFmD4 txfees recently just from transferring to *three people*.

— vitalik.eth (@VitalikButerin) June 19, 2020

(btw @sparkpool_eth *did* reach out to me ~6 weeks ago asking if I supported the gas limit increase. I told them I oppposed because you oppose. That said, the last 6 weeks of high txfees have put genuine pressure on people so I don't blame them for this decision)

— vitalik.eth (@VitalikButerin) June 19, 2020

Anthony Sassano, who is the Product Marketing Manager at Set Labs, Co-Founder of ETH Hub, and the co-host of the "Into the Ether" podcast, says that Ethereum miners want to increase the block gas limit to 12.5 million:

#Ethereum miners are currently voting up the block gas limit to 12.5mil with blocks now coming in at ~10.44mil (up from 10mil just ~1hr ago)

Raising this limit effectively increases the throughput of the Ethereum network but also increases the chain size.

(h/t @etherchain_org) pic.twitter.com/YoUMBBmyuw

— Anthony Sassano | sassal.eth (@sassal0x) June 19, 2020

Cardano

Cardano (ADA) is currently trading at $0.08045, which means that it is down 2.53% in the past 24-hour period:

24 Hour CC Chart for ADA-USD on 19 June 2020.png

In the year-to-date period, ADA, the 10th most valuable cryptoasset by market cap, has gone up from $0.03277 to $0.08045, which means a 145.50% increase in value (against USD).

On Wednesday (June 17), IOHK sent out a tweet with some interesting stats about Cardano's Shelley Incentivized Testnet (ITN), which is designed allow ADA holders to earn real rewards by either delegating their stake or by running their own stake pool.

Here are this week's stats from the #ITNpic.twitter.com/QSBIOPzXY8

— Input Output (@InputOutputHK) June 17, 2020

Early next month, Charles Hoskinson, Co-Founder and CEO of IOHK, will be speaking at the Cardano Virtual Summit 2020:

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Join the Cardano Virtual Summit July 2-3 to hear Charles Hoskinson speak on the Shelley rollout and the future of Cardano.https://t.co/BWCnBNye0f#Cardano2020#ShelleyEditionpic.twitter.com/Xl6lXkG1LE

— Input Output (@InputOutputHK) June 19, 2020

If you are new to the Cryptocurrency world and would like to open an account we recommend Cex.io.

Do you find this article useful? Comment below or follow us on Facebook or Twitter.

Carl Brough

Carl comes from a Crypto tech background in Blockchain, his flair and attention to detail is very important to the success of this website. Carl is a freelance journalist who now prefers to work from home and has such a broad range of experience in the alt coin market, we always appreciate his knowledge and ideas.

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