Connect with us

Ethereum

Top DeFi Coins Drop 3-10% Despite Ongoing Bitcoin and Ethereum Surge

Published

4 Monaten ago

on



  • Both Ethereum and Bitcoin have pressed higher over the past 24 hours.
  • The two cryptocurrencies have both gained around 5% in the past day.
  • This comes as legacy markets like the S&P 500 have pressed higher.
  • Despite the rally in the two leading cryptocurrencies, DeFi coins have tumbled lower.
  • Ethereum-based coins like Maker (MKR), Synthetix Network Token (SNX), and others have shed 3-10% in the past 24 hours.
  • This comes in spite of continued growth in the DeFi space.

Top Ethereum DeFi Coins Drop a Handful of Percent Despite Crypto Boom

According to CoinGecko, some of the top decentralized finance coins based on Ethereum have bled lower despite a Bitcoin rally.

Data from the site indicates that ThorChain (RUNE), Waves (WAVES), Synthetix Network Token (SNX), 0x (ZRX), Maker (MKR), and a few others have all dropped in the past 24 hours. The losses range from three to ten percent.

This drop comes in spite of strength in the price of Bitcoin and Ethereum, which previously brought altcoins higher.

This relative weakness, though, may be explainable.

Jacob Franek, co-founder of crypto data firm CoinMetrics, set on the matter of high transaction fees limiting Ethereum’s upside potential in this phase of growth:

“Not yet just saying it places a natural hard cap on how far this can run. Traders will only pay that much if they’re perfoming significantly well,” Franek concluded in a reply to someone who commented on his opinion.

There’s also been some speculation that the SushiSwap debacle that crypto experienced last week is putting a sour taste in the mouth of investors.

Those investors may have taken money off the table or are less willing to take on risky DeFi bets, hence the drop in the Ethereum-based coins.

Long-Term DeFi Trends Remain Bullish

The long-term trends of the DeFi space remain positive, analysts say.

Qiao Wang, the ex-head of product at crypto research firm Messari, recently commented:

“From an investment point of view, BTC pre-2013 and ETH pre-2015 were once-in-a-lifetime asymmetric bets. DeFi pre-2021 is once-in-a-decade IMO (until proven wrong). If you’ve missed the first two don’t miss the latter.”

Others in the industry think that there are fundamental factors that will drive this crypto market segment to exponential heights in the coming years.

Featured Image from Shutterstock
Price tags: ethusd, ethbtc
Charts from TradingView.com
Top DeFi Coins Drop 3-10% Despite Ongoing Bitcoin and Ethereum Surge





Source link

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Deine E-Mail-Adresse wird nicht veröffentlicht. Erforderliche Felder sind mit * markiert.

Ethereum

Crypto enthusiasts could make $122K per year mining Ethereum with this setup

Published

24 Minuten ago

on

Dezember 29, 2020

By



Simon Byrne has taken at-home crypto mining to a whole new level as he looks to capitalize on Ethereum’s (ETH) enormous price potential. 

As first reported by Anthony Garreffa, Byrne has set up an ETH mining rig consisting of 78 GeForce RTX 3080 graphics cards. Although the RTX 3080 is marketed toward high-end PC gamers, crypto miners are using these powerful specs to enhance their capabilities.

With each card using roughly 300W of power, Byrne’s setup uses 23.4KW of energy. And that doesn’t even factor in associated costs like AC. All said, his electricity bill is estimated to run up to around $2,166 per month.

The RTX 3080 launched in September at a price of $699, but supply shortages have caused the per-unit cost to swell to $1,199. At the shortage price, that’s a price tag of $93,522 for Byrne’s setup.

Still, these costs could be offset by the operation’s mining capability. One GeForce RTX 3080 graphic card has a hash rate of around 83MH/s using Ethash, which should generate roughly 0.22236870 ETH per month, according to Garreffa. All 78 cards would therefore generate 17.3 ETH per month, which is equivalent to around $12,352 at today’s prices.

Stripping away the electricity costs, that’s roughly $10,200 per month or $122,000 per year. And that’s not factoring in Ethereum’s price potential during the next bull market.

Ether’s price zipped past $700 over the weekend, the first such move since mid-2018. The return of altseason, as some have predicted, could send ETH’s price even higher over the medium term as investors cycle from Bitcoin to other large-cap cryptocurrencies.