While Bitcoin (BTC) and Ethereum (ETH) have had their share of popularity and adoption, investor focus seems to be shifting to a new project known as Bitcoin Spark (BTCS).
Ethereum price prediction
Ethereum (ETH) has experienced a period of consolidation for the last four months, leaving investors eagerly anticipating a rejuvenating bull run that could steer them back into profitable territory. Over the past month, ETH has witnessed a drop of 6% and is currently trading under a crucial weekly resistance around the $1,940 mark. This resistance zone is extremely valid as it has been rejected multiple times. Analysts suggest when ETH bridges this zone, it could surge to the $3k price region.
Bitcoin price prediction
Bitcoin (BTC) recently experienced an uptick in price, reaching the $30,259 resistance level, but faced an early setback followed by a subsequent rejection. This could prompt a downward movement toward the $29,353 to $28,842 demand zone. If this support area fails to hold, it might transform into a bearish breach, leading BTC towards the 200-day Exponential Moving Average (EMA) positioned at $28,602. In an unfavorable scenario, BTC could descend further to approximately $27,300 or potentially retest the June 18 lows near $26,320. This outlook aligns with the downward momentum indicated by the Relative Strength Index (RSI) and the precarious position of the Awesome Oscillator histograms, suggesting a heightened potential for bearish market sentiment.
Bitcoin Spark (BTCS)
Bitcoin Spark is a Bitcoin fork that seeks to improve on its predecessor’s scalability while simultaneously introducing features that increase utility and real-world application. The network has significantly improved transaction speeds and lower transaction costs due to its increased individual block transaction capabilities, reduced time per block, and large number of nodes.
The network retains Bitcoin’s fixed supply of 21 but introduces a new concept that will allow miners to continuously profit while maintaining the fixed supply. This is the Proof-of-Process (PoP) consensus mechanism, a cross between Proof-of-Work (PoW) and Proof-of-Stake (PoS). The PoP requires miners to stake on the network and provide the processing power of their mining devices in order to confirm blocks and earn rewards. However, the PoP is combined with an algorithm that restricts linear rewards solely based on raw processing power or stake size to ensure the mining rewards are not unbalanced by fiat-equivalent net worth. Moreover, the project’s development team will provide an application that allows anyone to mine BTCS.
The Bitcoin Spark application can be installed on Windows, Android, iOS, Linux, and Mac OS devices, with users mining by providing access to their device’s processing unit. This approach ensures the work and energy needed for block validation is relatively low. Additionally, the processing power provided by the miners will be rented out to Bitcoin Spark’s clients for tasks that require substantial computing power. This ensures the power used for block confirmation has a valid use. Those using the network as remote computing power will be with BTCS, which will be sent to the mining pool. The BTCS minting rewards are reduced based on the revenue generated, meaning more revenue extends the minting endpoint. Bitcoin Spark will also have secondary services on its network to boost revenue.
Notably, Bitcoin Spark’s multi-layered design allows for smart contract development, with an additional advantage of supporting different programming languages. This further increases the utility of Bitcoin Spark (BTCS).
Bitcoin Spark is in Phase 2 of its initial coin offering (ICO), and it has taken proactive steps to ensure the security of user assets. BTCS is currently selling at $1.75, with investors getting a 15% bonus on top of their investments.
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