The past 72 hours have been good for the cryptocurrency sector, with the total market cap of this burgeoning space increasing by nearly 16% within the aforementioned time frame. Ethereum, in particular, has showcased a solid upward trend over the last 7 days, thus fueling investor confidence and allowing the currency to once again begin its steady economic ascent. At press time, ETH is trading at a highly respectable price point of 239.95– thus showcasing a meager drop of less than 0.5% in its value since yesterday afternoon.
Are The Bulls Finally Ready to Come Out and Play?
Crypto pundit and esteemed financial analyst Michael Novogratz has never been one to shy away from making bold assertions. This time around, the founder of Galaxy Digital Capital, has claimed via a tweet that the alt-asset space has hit its “bottom” and that a bull run now seems imminent.
The above statement, though made nearly a fortnight back, seems to ring true at the moment, as most technical indicators for Ether seem to show that the currency could continue its upward climb in the coming few hours, only meeting major resistance around the $270 mark.
Ethereum Network’s Transaction Capacity Called Into Question Yet Again
After the recent ICO dump which caused Ether to drop to a 16-month low of around $170, dApp developers are once again beginning to question the scalability and future potential of the ETH blockchain. A quick look at Block’tivity’s latest blockchain analyses chart shows that the Ether blockchain is currently running at full capacity and that there are still many outstanding (30K+) transactions that are yet to be resolved.
However, in response to the above-stated fears, Vitalik Buterin, the co-Founder of the Ethereum ecosystem, issued a tweet earlier today saying:
“Disagree. Most dapps have lots of room to gas-optimize, and even if *you* don’t your dapp running raises gas fees and pressures *others* to gas-optimize. There’s *plenty* of low-value spam on chain. And everyone should be looking into layer-2 solutions.”
Buterin then went back and forth with various developers who posed a plethora of questions regarding the blockchain’s current functionality and overall usability.
Final Take
The past 24 hours have been relatively stable for the global crypto markets, with most of the top 20 altcoins staying in the green— something that hasn’t happened for quite some time now. How long this stability lasts, however, is the million dollar question that no one seems to have an answer for.
ETH Price Chart Courtesy of Tradingview.com
None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. Always conduct your research before making financial commitments, especially with third-party reviews, presales, and other opportunities.
