The expectations in the Ethereum bulls are rising as ETHUSD longs approach all-time high (ATH). Meanwhile, the daily block rewards on Ethereum network recorded the lowest on February 17 at 12989.34375 ETH.
While Ethereum price is surging, the ETHUSD longs are also close to hitting the all-time high, According to TradingView, today’s highest point has been 509161 but has now come down to 498217.
ETHUSD Longs, Source: TradingView
The Lowest Ever Ethereum Daily Block Rewards
With about 10 days left in the Constantinople hard fork, the block reward on Ethereum has already taken a hit and dropped down to its lowest as per the data provided by Etherscan that states, “Lowest Daily Block Rewards of 12989.34375 ETH were recorded on Sunday, February 17, 2019.”
Meanwhile, the Ethereum Improvement Proposal (EIP) #186 that is to “reduce ETH issuance before proof-of-stake” has been voted, that if implemented would reduce the reward allocated to miners.
According to the abstract of the proposal:
“A reduction in the issuance of ether is very likely to be price-supportive and lead to increasing investments in the platform and to help ward off speculative attacks on the value of ether by promoters of competing platforms who offer, or plan to offer, reduced token inflation rates.”
Meanwhile, Thomas Chippas is voicing for Ethereum futures in a letter to the US Commodity Futures Trading Commission (CFTC) where he talks about its importance for the market health.
“ErisX believes that the introduction of a regulated futures contract on Ether would have a positive impact on the growth and maturation of the market for Ether, as well as the Ethereum Network more broadly.”
He further stated the benefits of Ethereum in the letter and how an ETH-based regulated investment vehicle would “promote responsible innovation and development in the derivatives market.”
Bulls are on the Move
Crypto market is enjoying the greens as the top cryptocurrencies are registering the gains between the range of 2 to 6 percent. In the past 24-hours, the crypto market has added about 5 billion.
Top Cryptocurrencies, Source: Coinmarketcap
However, the second largest cryptocurrency Ethereum is leading among the top cryptocurrencies with 12 percent gains at $137.58. With a market cap of $14.4 billion, it is currently managing the daily trading volume of $5 billion.
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Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.