Ethereum, Tezos and Tron lose ground despite positive news from their respective crypto assets.
Summary
Crypto analysis: Ethereum (ETH), Tezos (XTZ) and Tron (TRX)
Ethereum, Tezos, and Tron suffer a setback, in line with the general market trend in recent days.
Ethereum (ETH) slumps, as do the rest of the crypto assets, including Tezos and Tron
The price of ETH, the second-largest crypto by market capitalization, falls 5% points in the last week and today stands at €1469.18 (-0.26%).
The month of March has just entered and Fork fever is rising as yet another update is expected this month, which goes by the name of Shanghai.
Compared to the past it will now be possible to use staked Ethereum on the Beacon Chain.
Paradoxically for the value trend of the virtual currency this could be a blow.
In theory, the more the supply of Ethereum in circulation goes up the more the price should go down but according to most analysts this will not be the case.
Markets are buzzing about the new update and the boost it could give ETH.
As of today there are 16.1 million ETH on the Beacon Chain, just over 10% of the total circulating.
Not all Ethereum will be released back into the market at the same time, but it is expected that a good tranche will be unlocked right away.
According to experts, Ethereum’s Shanghai update, initially expected for 14 March, has been postponed to April.
Tezos (XTZ)
The price of XTZ trades at €1.04, down 2.41% in the past 24 hours.
The token does not seem to be able to recover the levels of the former high set at €12.00, stopping 90% from it.
Despite not being reflected in the token’s value, there would be positive news for Tezos.
Google (NASDAQ:GOOGL) announced that its Cloud computing arm has signed a partnership with Tezos for Web3.
In essence, Google will be a validator on Tezos’ blockchain
The partnership was also announced by the Tezos Foundation on 22 February explaining that the agreement has two functions.
The purpose of the partnership is to allow those who are already Google customers to deploy Tezos nodes and also to be able to build Web3 apps on the Tezos blockchain.
Tezos is a blockchain based on smart contracts with which a dApp is brought to life.
In addition to collaborating with Google, Tezos has also made agreements with Ubisoft and the California Department of Motor Vehicles.
Recently good news also comes from BitPanda, which supports XTZ with the XTZ/EUR and tzBTC/BTC pairs.
The company has been chosen as the premier platform by several creators in the NFT world because of its low cost and energy efficiency.
At Art Basel in Miami Beach in December, there will be an NFT exhibition with Tezos and this will be a great driver for the token.
Those who visit the exhibition will be able to create a “generative self-portrait” with artificial intelligence that will be a real NFT, plus they will be able to attend lectures and speeches on the topic.
Miami and Florida officially become a candidate hub for the crypto world, and they do so by connecting with Tezos as well, broadening the consensus more and more.
Tron (TRX)
The price of TRX drops 4% in the last week and today it is no different recording a loss of 0.80%.
The TRX token today is worth €0.063 with a circulating supply of 91,369,466,247.491 TRX.
TRX is the token of TRON, a blockchain aimed at forming a decentralized Internet.
Important news for Tron comes from Tether, which is the largest stablecoin issuer.
In essence, Tether has also put the Offshore Chinese Yuan (CNHT) on the Tron network.
CNHT will be available on the blockchain and Bitfinex will allow trading and storing of the new virtual Yuan.
The blockchain founded by Justin Sun nine years ago originated for the purpose of generating a decentralized platform where creators have intellectual property.
TRON (TRX) has been the platform’s trading currency since its 2018 debut year in which it grew remarkably (10,000% in just three months) and then rebounded to more normal levels.
