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“The usefulness has run its course,” the OpenEthereum team wrote regarding its popular software, “we look forward to the next phase of clean, green and massively scalable blockchain infrastructure.”
Ethereum (ETH) has made significant strides in its 2024 roadmap with the successful launch of the Dencun upgrade on the final Holesky testnet. This is seen as a crucial step towards deploying the upgrade on the mainnet, signaling Ethereum’s progress in improving transaction efficiency, and scalability and reducing transaction fees by up to 90%. As a result, ETH has surged 2.9% in the last 24 hours, breaking its previous downtrend. Ethereum Dencun Upgrade The Dencun upgrade was first activated on the Sepolia testnet in January 2024, following its deployment on the Goerli testnet. This upgrade aligns with Ethereum’s broader strategy to enhance scalability and reduce transaction costs for its users. Related Reading: Cardano Founder Takes Jab At Solana After Major Outage Introducing the concept of “proto-danksharding,” Dencun aims to decrease transaction costs for layer-2 blockchains and address scalability challenges, paving the way for the eventual implementation of “danksharding” for further benefits. Once fully implemented, Dencun is expected to significantly increase Ethereum’s transaction processing capacity, potentially enabling the network to handle over 100,000 transactions per second. According to the networks development team, this scalability enhancement is crucial for supporting the growing ecosystem of decentralized applications (dApps) and users on Ethereum. Furthermore, Dencun will have notable technical improvements, such as the introduction of ‘blobs,’ which reduce the cost of rollups on the Ethereum mainnet by compressing transaction data off-chain. By caching data needed for short-term transaction verification, blobs aim to minimize storage and processing requirements, further enhancing the network’s transactional capabilities. Anticipation For ETH’s Market Impact The successful implementation of the Dencun upgrade holds the potential for significant implications on ETHs market value, driven by a combination of factors. Firstly, the upgrade’s enhanced network capabilities, including boosted transaction processing capacity and reduced costs, are expected to attract more developers and users to the Ethereum ecosystem. With improved scalability and lower transaction fees, Ethereum could become a more attractive platform for building dApps and conducting transactions. This increased utility and demand for Ethereum could have a positive impact on its market value as more participants seek to acquire ETH tokens. The perceived reliability and forward momentum resulting from the successful implementation of Dencun may attract more investors to consider Ethereum as an investment opportunity. The increased interest and demand for ETH tokens driven by this positive sentiment can contribute to potential price appreciation. Lastly, the anticipation of Dencun’s benefits and the reactions to its successful implementation may lead to short-term price volatility, with investors adjusting their positions based on their expectations of how the upgrade will impact Ethereum’s functionality and market position. Related Reading: Microstrategy Buys More Bitcoin: Heres How Much Profit It Holds Now All of these developments could have a significant impact on ETH’s price trajectory and position the token in a long bullish trend, if this momentum continues to be capitalized on, the next barrier at $2,450 could be easily surpassed, potentially sending ETH to new highs. While the long-term implications remain to be seen, this is a positive development for ETH bulls as the network has lacked significant catalysts and has been involved in a significant price correction for the past 3 weeks. With activations on the Sepolia and Goerli testnets already completed, the final testnet deployment, Holesky, was initially scheduled for February 7, 2024. However, it has now been rescheduled for March 2024. Featured image from Shutterstock, chart from TradingView.com
JPMorgan Chase has discussed three main catalysts driving crypto prices over the coming months. The global investment bank’s analysts believe that the Bitcoin halving event and the next major upgrade of the Ethereum network are largely priced in. JPMorgan on Catalysts Affecting Crypto Prices Global investment bank JPMorgan Chase has provided its insights into three [...]
The post JPMorgan Says Bitcoin Halving and Ethereum Upgrade Are Largely Priced In appeared first on Crypto Breaking News.
Featuring Ethereum Improvement Proposal (EIP) 1559, the London hard fork introduced significant changes to Ethereum’s transaction fee mechanism. Users now pay a base fee that is subsequently burned, effectively removing ether from circulation forever. This approach significantly impacted the token’s supply, resulting in a monthly burn rate of approximately 146,000 ETH. The London Hard Fork [...]
The post Ethereum Monthly Burn Surpasses 146,000 ETH As Total Clears $6.5 Billion appeared first on Crypto Breaking News.
Ethereum has found a lot of resistance after $2,100 as bears are ramping up their activities once more. The digital asset saw a good run last week following the Shapella upgrade given that withdrawals from the Ethereum Beacon contract were not as high as expected. However, the ETH withdrawals have increased over the weekend and [...]
The post Bears Drag Ethereum Below $2,100 Support As ETH Withdrawals Cross $2 Billion appeared first on Crypto Breaking News.
Ethereum's Shapella upgrade went live earlier in the week, along with this game a large amount of previously locked tokens becoming available for trading - all these coins potentially hitting the open market had some predicting a sell-off.
Those Who Were Predicting a Sell-Off Appear to Have Been Wrong...Concerns about a potential sell-off come from those who locked up their ETH coins for staking now gaining access to their ETH again, making them tradable - these locked coins total 15% of the total ETH supply.
If just half wanted to sell, it wouldn't have been pretty.
The upgrade has been followed by two days of price gains for ETH - up nearly 10% since the upgrade went live.
Many who said a full blown 'sell-off' was unlikely were still ready to see at least a small dip in Ethereum's price, and thinking a small dip would happen does make sense based on standard supply and demand expectations - instead, Ethereum's been on the rise since the upgrade happened 2 days ago.
The reason even we were predicting a small price decrease was that many people would be taking a loss - these people purchased in the Aug 2021 - April 2022 timeframe when sales were highest and so was ETH's $3000+ price. We assumed these people would continue holding on to their tokens for now, they see it slowly coming back up to those prices and would rather avoid taking a loss.
In previous years it feels like just the fear of a potential sell off would then actually trigger that sell off, this feels like the market is maturing. As more people get familiar with the cryptocurrency and its uses, they'll become more comfortable holding onto their tokens, even during periods of potential volatility.
Overall, another strong week for crypto!
---
Author: Mark Pippen
London News Desk
Breaking Crypto News
Ethereum's Shapella upgrade went live earlier in the week, along with this came a large amount of previously locked tokens becoming available for trading - all these coins potentially hitting the open market had some predicting a sell-off.
Those Sell-Off Predictions Appear to Have Been Wrong...Concerns about a potential sell-off from those who locked up their ETH coins for staking now gaining access to their ETH again, making them tradable.
These locked coins total 15% of the total ETH supply - if just half wanted to sell, it wouldn't have been pretty.
The upgrade has been followed by two days of price gains for ETH - up nearly 10% since the upgrade went live.
Many who said a full blown 'sell-off' was unlikely were still ready to see at least a small dip in Ethereum's price, and thinking a small dip would happen does make sense based on standard supply and demand expectations - instead, Ethereum's been on the rise since the upgrade happened 2 days ago.
The reason even we were predicting a small price decrease was that many people would be taking a loss - these people purchased in the Aug 2021 - April 2022 timeframe when sales were highest and so was ETH's $3000+ price. We assumed these people would continue holding on to their tokens for now, they see it slowly coming back up to those prices and would rather avoid taking a loss.
In previous years it feels like just the fear of a potential sell off would then actually trigger that sell off, this feels like the market is maturing. As more people get familiar with cryptocurrency and its uses, they'll become more comfortable holding onto their tokens, even during periods of potential volatility.
Overall, another strong week for crypto!
---
Author: Mark Pippen
London News Desk
Breaking Crypto News
Ethereum's Shapella upgrade went live today, and those who were predicting a sell-off seem to have gotten this one wrong.
Why Some Worried This Would Trigger a Sell-Off...Concerns about a potential sell-off come from those who locked up their ETH coins for staking now gaining access to their ETH again, making them tradable - these locked coins total 15% of the total ETH supply.
If just half wanted to sell, it wouldn't have been pretty.
Even those who said a sell-off was unlikely seemed to expect at least a small dip in todays price, but instead the day has been positive.
Most people who locked up their ETH coins for staking did so when the price was higher than it is today - so they're holding on to their tokens for now to avoid taking a loss.
In previous years it feels like just the potential of there being a sell off would trigger a sell off, so this feels like the market is maturing. As more people get familiar with the cryptocurrency and its uses, they'll become more comfortable holding onto their tokens, even during periods of potential volatility.
---
Author: Mark Pippen
London News Desk
Breaking Crypto News
Ethereum's next big upgrade, Shanghai (aka "Shapella") set for Wednesday at 22:27 universal time, 6:27 p.m. Eastern US.
With the upgrade those who staked ETH for the ETH 2.0 merge will be given access to their coins again - about 15% of the total ETH supply wroth around $33.73 billion will become tradeable again.
Will there be a sell-off?
Ethereum's price is lower than when most people initially locked up their staked coins, so we're expecting people will continue to HODL if possible.
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The Ethereum Shanghai upgrade promises to make Ethereum more scalable, faster, and more secure.
Vitalik Buterins The Purge aims to streamline Ethereum by reducing data bloat, simplifying the protocol and addressing technical debt for better efficiency.
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