Per a report from the Cambridge Center for Alternative Finance (CCAF), fossil fuels have been the primary energy source for BTC mining since the start of the year. The CCAF recently updated its Cambridge Bitcoin Electricity Consumption Index (CBECI). Its study claims that 62% of all the energy the leading token has consumed so far consists of coal-based energy. BTC’s Energy-Intensive Mining Bitcoin employs the proof-of-work consensus mechanism to create new tokens and validate transactions on the blockchain. The PoW…
Bitcoin (BTC) price has experienced a massive rise in recent weeks, leaving altcoins in the dust. However, leading altcoin Ethereum (ETH) leads the charge, suggesting that the Altcoin season is on the way.
Ether (ETH) Exceeds $1,000 and Is Approaching ATH
Bitcoin has broken all its records and is now aiming for $35,000, with indicators suggesting further bullish movements. The interest of institutional investors has majorly been the driving force in the recent rise of BTC. The latter is also interested in altcoins and Ethereum due to its strategic position as the leading altcoin.
Ether, the native currency of the Ethereum network, is now approaching its all-time high of $1,448, established in January 2018. In the past 48 hours, Ether’s price has been experiencing a parabolic progression and exceeded $1,000 in the early hours of the day. This continued for some hours, with the altcoin crossing the $1,100 mark for the first time in 2018.
However, at the time of publication, Ether has experienced a slight correction trading at $1,026 per unit, according to data from CoinMarketCap. Nevertheless, there are great expectations that the altcoin is only just getting started and will continue to increase in the coming days.
Has the Long-awaited Altcoin Season Arrived?
Until recently, altcoins have benefited from the rise in BTC without experiencing a massive surge in price. This had led to speculations from analysts who believed that we are approaching an altcoin season.
The past 48 hours suggests that we could indeed be looking at an altcoin season. The major altcoins have all made major gains in the past 24 hours, including embattled token XRP. The latter had suffered massive dips in its price since the SEC’s legal action on parent company Ripple. However, it has recovered in the past 24 hours, gaining about 10% during this period to trade at $0.24.
Litecoin briefly surpassed XRP as the fourth largest cryptocurrency and is currently up by 19% in the past 24 hours. Bitcoin Cash (BCH) has also grown strongly, gaining 20% over the same period. This progression in the crypto market has led to an increase in market sentiments today, with Ethereum trending on Twitter. Despite this, it is still too early to state that the altcoin season has begun. The coming days will provide better indications.