Ether Holds Support; The Stablecoin Supply on Exchanges Has Topped

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Ether holds support

Ethereum, the second-largest cryptocurrency by market capitalization, is holding breakout support at around $3,000 and is up about 4% over the past day. The cryptocurrency has been resolving extreme overbought levels since its Aug. 8 breakout, which usually precedes a period of stabilization.
Buyers will probably stay active at around the $3,000 support level as short-term momentum improves. Ethereum will need to break above immediate resistance at $3,400 in order to yield an upside target to the all-time high of around $4,000.

Stablecoin growth

The stablecoin supply on exchanges has topped $19 billion, according to CryptoQuant. “There is more dry powder in the system now that could flow into bitcoin.” CryptoQuant analyst Jan Wuestenfeld wrote about it.

The total market cap of stablecoins has exceeded $120 billion, which is more than double the number in March. Based on CoinMarketCap data.
“This is likely driven by increased MN (Market Neutral) fund flows and more cash on the sidelines, looking for yield.” Rahul Rai, co-head of market neutral at crypto investment firm BlockTower, posted on Twitter.


Ethereum encontres chain split

Ethereum is going through a chain split because of a number of network validators, also called nodes, failing to upgrade their software.On Tuesday, the developer team behind the popular Ethereum software client Geth released an emergency “hotfix” to a security vulnerability in its code that would have stopped certain users from producing blocks. The Go Ethereum team had revealed a vulnerability on Aug. 18, saying they would release a patch, but did not specify the exact nature of the vulnerability in an effort to prevent an attack. Although, it would seem some users identified the extract that was hotfixed by the Geth team and are now hacking into older versions of the Geth software.

Cardano’s ADA token

Cardano’s cardano token surged Friday, pushing gains this month to 112%, as the price fast reaches its all-time high. ADA was trading at $2.84 at the time, up 12% over the past day, based on the data from Messari. The number of wallet addresses holding the asset for fewer than 30 days has grown by 10%, compared with last month, possibly a sign that fresh buyers are coming in. Based on the data from crypto research firm IntoTheBlock.

DeFi protocol Tranchess

The Tranchess protocol, a chess-themed decentralized finance (DeFi) asset management platform, has been on a tear ever since it made its debut in June. Evidence of the fame of the project, which is backed by investment firm Three Arrows Capital, can be seen in its total value locked (TVL), which has increased to above $1.1 billion since the start. TVL refers to the number of assets staked in a given protocol and is a way of determining popularity. At the time, the TVL across DeFi protocols exceeded $150 billion, data shows.

Blockchain Role Playing Game MIR4

MIR4, a blockchain-based multiplayer online role-playing game that features a utility cryptocurrency, has completed testing and is now live, based on a press release. The video game, which was started Thursday, lets players to gather utility coins known as DRACO. In turn, the coins can be exchanged for Darksteel, an essential resource used in the game, and vice versa. Utility coins or tokens are those that can be exchanged for a good or service.

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