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Surge in Ethereum fees to Bitcoin becoming Gold alternative

Surge in Ethereum fees to Bitcoin becoming Gold alternative

1) Average transaction cost on the Ethereum network is now 2x.

The $17.43 per transaction of Ethereum is now an all-time high as per the report by YCharts whereas earlier it was $12.54 in September. Ethereum network has been more actively used than earlier due to Yield chasing on multiple DeFi platforms added to the transaction load of stablecoin transfers.

2) If Bitcoin becomes Gold alternative it could hit $146K.

Despite the incredible growth of Bitcoin in 2020, the market cap of gold is 4.6 times more than that of Bitcoin. The strategists at the American multinational megabank JPMorgan Chase believes

Crowding out of gold as an ‘alternative’ currency implies a big upside for Bitcoin over the long term […] a convergence in volatilities between Bitcoin and gold is unlikely to happen quickly and is in our mind a multiyear process. This implies that the above-$146,000 theoretical Bitcoin price target should be considered as a long-term target, and thus an unsustainable price target for this year.

3) OKEx has launched its OKExChain mainnet with 10 million OKT tokens.

 OKEx, a Crypto exchange platform has disclosed that OKExChain mainnet has been in development for 3 years and is now ready for early adopters with 10 million OKT tokens. Currently, it is in the Genesis phase that will last for 2 weeks. As a part of this phase chain’s native token will be available as a reward for staking on the blockchain.

4) Bitcoin.com’s former CEO takes legal action against Bridge.link 

Mate Tokay, Bitcoin.com’s former CEO has filed legal action against the founders of Bridge.link for failing to distribute a significant portion of BRG. Tokay was promised 37.5 million BRG compensation to serve as an advisor for the Bridge.link project. However, Tokay has still not been paid for his services, not only this but Bridge.link has used his name for recognition and managed to raise $6 million in six hours.

5) WikiLeaks wallet received 8.48 BTC as Julian Assange was denied extradition to the US.

Whale Alert, a crypto transaction tracker tweeted that the WikiLeaks wallet received inflows of about 8.48 BTC  and now the wallet holds approximately 20 BTC.


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