The cryptocurrencies sector was relatively calm in June as the world economy started to reopen after months of lockdown. The price of Bitcoin remained below the important resistance level of $10,000 while Ethereum rose by 12%. Ripple declined by more than 7% even as the company announced new plans to expand its remittance gateways.
Ethereum momentum gains ahead of ETH 2.0... ETH was among the best-performing digital currencies in June as enthusiasm rose over Ethereum 2.0.
For starters, ETH 2.0 is a new software update to the current public mainnet that is intended to improve Ethereum usage and adoption. The most significant change in the system will be Proof of Stake (PoS), which will be implemented by sharding. By implementing PoS, ETH 2.0 will replace miners and electricity with validators and stake. In this, validators will replace miners as the individuals who maintain the agreed-upon state of the network and receive rewards for randomly selecting the next block of data.
ETH 2.0 will be the next big update in the cryptocurrencies space after halving, which happened in May. Therefore, there is a possibility that the price of ETH will continue to rise as enthusiasts wait for the new changes.
Ripple gets ready to expand payment gateways... The coronavirus pandemic has led to a sharp decline in global remittances. According to the World Bank, total remittances will fall by more than 20% this year as unemployment rates in the developed world rise. However, digital platforms have seen an increase in transactions.
In a statement in June, Asheesh Birla, an executive at Ripple said that the company was moving to expand its remittance gateways to more countries. While the process will take months to implement, traders believe it will lead to more transactions in the XRP platform. In July, w...