12 Jul, 2024

Ethereum's Valuation Surge and Bullish Projections

Ethereum's Remarkable GrowthEthereum, the second-largest cryptocurrency by market capitalization, has experienced a significant surge since November 2022. According to a report by Glassnode and CME Group, Ethereum's valuation has increased by $354 billion, a 267% rise. This growth occurred despite the collapse of the leading cryptocurrency exchange, FTX, in November 2022, which was once valued at $32 billion. The report, titled "Digital Assets: Insights and Market Trends," provides a comprehensive overview of the digital asset landscape, emphasizing Ethereum's dominant position in the altcoin sector.Ethereum's Market Capitalization and StakingCurrently, Ethereum boasts a market capitalization of $451 billion, representing 41.7% of the total altcoin market, which stands at $611 billion. Validators have staked 32.2 million ETH, accounting for roughly 27% of the circulating ETH supply. This staking activity has generally increased over time, especially after Ethereum's transition to a proof-of-stake consensus mechanism with the completion of The Merge in September 2022. Since then, the ETH supply has decreased by 343,000 ETH due to a significant drop in issuance and the implementation of the EIP-1559 burn mechanism.Historical Market PerformanceHistorically, Ethereum's market performance post-Bitcoin halving events has been varied. In the 2016 cycle, Ethereum's price initially fell by 45% before skyrocketing by over 3,400%. In the 2020 cycle, its price more than doubled in the months following the halving and continued to rise by 2,150%. However, Ethereum has also faced deep corrections, with the most significant loss in the 2022-2024 cycle being 42%, compared to previous cycles that saw corrections exceeding 65%.Weekend Market Activity and PredictionsOver weekends, typically characterized by reduced market activity and lower trading volumes, Ethereum found renewed demand at around $3,100. Prominent crypto analyst Michael van de Poppe predicts that the upcoming launch of the Ethereum ETF next week could catalyze a significant price reversal, attracting more interest and trading activity.Insights from the ETH.CC EventInsights from the ETH.CC event highlight Ethereum's underestimated influence on social media and its crucial role in the future of decentralized finance (DeFi). The conference showcased Ethereum’s robust ecosystem, innovative projects, and its potential to revolutionize various industries. Van de Poppe expressed his optimism about Ethereum’s future, stating, "I’m happy to be long on $ETH!"Institutional Investments and Future PredictionsAdding to the excitement, Blackrock’s tokenization fund has amassed a remarkable $500 million on the Ethereum blockchain. This substantial investment underscores the growing confidence in Ethereum’s technology and its ability to handle large-scale financial operations, attracting more institutional interest.Echoing a bullish stance, crypto enthusiast Timothy Peterson predicts that Ethereum's price could soar to between $4,600 and $6,000 by March 2025, up from its current trading price of $3,120. He also believes there’s a 90% chance that Bitcoin will reach a new all-time high within the same timeframe. These projections are based on similar analyses he has conducted previously, reinforcing the optimistic outlook for Ethereum's future.ConclusionEthereum's impressive valuation increase, the anticipated launch of the Ethereum ETF, and significant institutional investments all point to a promising future for the cryptocurrency. As Ethereum continues to grow and innovate, it solidifies its position as a leading player in the digital asset space.

08 Jul, 2024

Thai Tourists Go Cashless in Laos with New QR Payments

Thai tourists visiting Laos can now conveniently scan QR codes to pay for goods and services, thanks to a new cross-border payment system recently launched between the two countries.The service, announced on 5 July, is available specifically to users of the Thai Bank of Ayudhya, also known as Krungsri, making it the first Thai commercial bank to offer this convenience through its KMA Krungsri app.In Laos, this payment service is accessible through 17 participating banks, including Banque Pour Le Commerce Exterieur Lao Public (BCEL), Agricultural Promotion Bank (APB), Joint Development Bank (JDB), Lao Development Bank (LDB), Lao Viet Bank (LVB), ST Bank (STB), and Allied Bank (ABL), among others, as stated by the Lao National Payment Network.While, currently, only one Thai bank with cross-border QR payment is available in Laos, the Bank of Thailand has announced plans to add three more banks, including Kasikorn Bank (KBank), Bangkok Bank (BBL), and Krungthai Bank (KTB), in the fourth quarter of this year.The service is part of an agreement signed earlier this year between the two nations, aimed at enhancing accessibility and innovation in financial services. In early April, the agreement allowed Lao tourists visiting Thailand and workers to make QR payments in Thailand through participating banks.The Bank of Thailand has noted positive feedback for this QR code payment service, with transactions by Lao nationals totaling more than THB 47 million (over USD 1.2 million) in April alone.The QR code cross-border payment system is part of Laos’ strategy to enhance regional money transfers and payments with neighboring nations such as Thailand, Vietnam, and Cambodia.Laos has also established a similar payment network with Cambodia, launched in August 2023. Looking ahead, the country plans to introduce another comparable service with Vietnam in August to boost tourism and enhance economic exchanges between the two countries.