Ethereum Hits Lowest Valuation Against Bitcoin Since 2021 Amid Gas Fee Reduction Plans
Ethereum ($ETH) has fallen to its lowest valuation against Bitcoin ($BTC) since April 2021, but co-founder Vitalik Buterin has unveiled plans to turn the tide.
BREAKING : Ethereum $ETH falls to its lowest valuation against Bitcoin $BTC since April 2021 pic.twitter.com/GcIZPtI4ur
Barchart (@Barchart) October 24, 2024
In a recent announcement, Buterin shared his vision to cut gas fees and enhance Ethereums transaction speed by 1.5x, aiming to boost efficiency while maintaining the networks performance. These improvements are expected to make the platform more cost-effective and attractive to users and developers alike.
BREAKING: VITALIK BUTERIN TO BOOST ETHEREUM TPS BY 1.5X TO CHALLENGE SOLANA
Ethereums co-founder Vitalik Buterin unveils plans to cut gas fees, enhancing Ethereums transaction speed by 1.5x.
His proposals aim to improve efficiency without compromising network performance. pic.twitter.com/MAojWbwBMu
JAKE (@JakeGagain) October 24, 2024
In the midst of these developments, an Ethereum ICO participant made headlines after resurfacing following four months of inactivity. Just 23 minutes ago, this whale deposited 3,000 ETH (worth $7.63 million) to the crypto exchange Kraken.
Whale Holds Ethereum Since 2015
This whale, who has been holding Ethereum since its ICO in 2015, still holds an impressive 37,070 ETH (worth $94.3 million).
Notably, this investor initially received 254,908 ETH during the Genesis block in July 2015, which was valued at just $79K at the time but is now worth $648 million.
An #Ethereum ICO participant just returned after 4 months of silence and deposited 3,000 $ETH ($7.63M) to #Kraken 23 minutes ago.
Currently, this whale holds 37,070 $ETH ($94.3M). The whale used to receive 254,908 $ETH (then $79K, now $648M) at the Genesis block in July 2015, at pic.twitter.com/uU5u8Ro8w3
Spot On Chain (@spotonchain) October 24, 2024
Ethereum also saw notable institutional activity, with Ethereum spot ETFs receiving a net inflow of $1.2663 million on October 23. This shows growing institutional interest in Ethereum despite its recent price struggles.
On October 23, Bitcoin spot ETFs had a total net inflow of $192 million, and BlackRock ETF IBIT had an inflow of $317 million. Ethereum spot ETFs had a net inflow of $1.2663 million. https://t.co/59u0BnEqLG
Wu Blockchain (@WuBlockchain) October 24, 2024
As Ethereum works toward reducing gas fees and improving network performance, the platform continues to attract attention from both retail and institutional investors. The upcoming changes, combined with the renewed activity of early whales, suggest that Ethereum may soon be poised for a recovery and a potential price surge.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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