In recent days, the price of Ether briefly exceeded USD 4,000 as the weekend was approaching. The Bitcoin network has also been experiencing bullish sentiment as it exceeded USD 50,000.
The market capitalization of Bitcoin (BTC) has dominated the cryptocurrency market since its inception, but its dominance has dropped. This year, Ether (ETH) has appreciated by 404%, compared to a 121% appreciation of BTC.
Ether, the second-largest cryptocurrency on the market, briefly exceeded USD 4,000, rising by about 20% in the last week. During that same period, the price of Bitcoin saw a 2% increase, reaching more than USD 50,000. Furthermore, technical charts suggest that ETH could continue to rally towards the all-time high of around USD 4,300.
In August, the Ethereum network went through the long-awaited update known as the London fork. That event contributed to the price breaking above USD 2,900.
The cryptocurrency is trading at around USD 3,915 and has posted a growth of 21.1% in the last seven days. While Bitcoin exceeded USD 51,600, Ethereum had not touched those levels since May.
Vitalik Buterin Offers Dogecoin the Ethereum Code
Ethereum CEO Buterin has proposed that Dogecoin moves to the proof-of-stake algorithm. In that way, it dispenses with miners, and the holders of digital currencies are the ones who maintain its operation. That method consumes much less power than the proof-of-work algorithm.
The executive joined the Dogecoin Foundation as an advisor in mid-August. Through Twitter, he suggested that the Dogecoin system use the source code of Ethereum as the foundation for its reform.
Buterin said that he expected DOGE to switch to PoS soon, probably using the Ethereum code. He also wants the annual PoW emission of 5b/year not to stop but to go to some DAO that finances global public goods.
In 2016, Buterin invested USD 25,000 in DOGE, making more than USD 4 million in profit thanks to the tweets of Elon Musk.
Those comments suggest that Buterin is looking at Dogecoin very seriously. For a cryptocurrency ridiculed as a joke and a meme, that is more critical now than ever. That is especially true since personalities like Elon Musk are taking the development front seriously.
Decentralized Exchange Uniswap’s Developers Target the SEC
Another case of regulatory rejection is that of DeFi company Uniswap, which the US Securities and Exchange Commission is investigating.
According to The Wall Street Journal, people familiar with the matter said the agency is investigating investors who use the decentralized exchange. They want to find out how the users of that platform trade and conduct their operations.
The investigation is in its early stages and may not yet lead to formal prosecution.
The adoption of DeFi in the US has skyrocketed in the last year. For that reason, US regulators have begun to show their interest in regulating that space. In August, SEC chairman Gary Gensler stated that the regulatory agency could control DeFi projects. He was referring to those that reward participants with valuable tokens or similar incentives.
By Alexander Salazar