- Vitalik Buterin, the founder of Ethereum Network, reminded users he still believes that internet of money should not cost more than 5 cents.
- Kevin O'Leary, investor and billionaire revealed his crypto strategy and revealed his Ethereum holdings.
- The Ethereum founder is working on tackling the scalability challenge of the altcoin.
- Over the past 24 hours traders lost over $11 million in Ethereum, the largest single loss in the OKEx ETH/USDT pair.
The founder of Ethereum stands by his statement that the internet of money should cost less than five cents. Vitalik Buterin is working on scaling solutions for Ethereum to solve the challenge of the high transaction costs.
Analysts predict drop in Ethereum price
Vitalik Buterin, the founder of the Ethereum Network recently summarized his thoughts on the altcoin in a Twitter thread. Buterin reminded users of his stand on the price of internet of money and stated that his views remain unchanged.
Buterin believes that the internet of money should not cost more than 5 cents, therefore he is working on tackling Ethereum’s scaling challenge.
4. Though I 100% stand by my comment that "the internet of money should not cost more than 5 cents per transaction". That was the goal in 2017, and it's still the goal now. It's precisely why we're spending so much time working on scalability.https://t.co/M326MtrlE0
— vitalik.eth (@VitalikButerin) January 1, 2022
The Ethereum founder said that the research team values simplicity. The altcoin’s sharding would open doors to reduced transaction costs and increase its speed.
Kevin O’Leary, Shark Tank star and millionaire, discussed his crypto portfolio in a recent interview. O’Leary’s investment portfolio has a larger Ethereum position than Bitcoin.
O’Leary was quoted as saying,
Even new software is being developed like Polygon that consolidates transactions and reduces the overall cost in terms of gas fees on Ethereum.
Ethereum price has dropped 8.8% over the past week and analyst have predicted further drop in the altcoin. Mark Cullen, a crypto analyst and trader has set a downside target of lower $3000 for Ethereum.
-- $ETH UPDATE --
— AlphaBTC (@mark_cullen) December 31, 2021
Just a thought on how the #Ethereum larger macro formation could complete as a running flat with a C wave ending diagonal
Downside target would be low 3k's at the 61.8 extension of the wave in the length of C & 50% retrace of the last move up#Crypto https://t.co/I4diDOfVMU pic.twitter.com/lf4pxXROVz
FXStreet analysts believe that Ethereum price is collecting liquidity before marching towards $4,500.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto Today: Bitcoin gets less interest from traders, Ethereum ETF could attract $5 billion inflows
Bitcoin market sees a decline in volatility per on-chain data from Crypto Quant. Bitcoin ETFs saw a net inflow of $129 million on July 1; on-chain analysts predict a relief rally in BTC.
Ripple escrow timelocks expired on Monday, one billion XRP unlocked as altcoin ranges above $0.47
Ripple (XRP) escrow unlocked 1 billion tokens on Monday as part of the planned unlock until January 2025. XRP hovers around $0.48 early on Tuesday, adding more than 1% to its value on the day.
Bitcoin holds above $61,000 as Daily Active Addresses is highest since mid-April
US spot Bitcoin ETFs registered slight inflows on Monday. On-chain data shows that BTC's daily active addresses increased, signaling greater blockchain usage. German Government transferred 1,500 BTC, valued at $94.7 million, out of its wallet on Monday.
Chainlink poised for a rally as whales buy the dips
Chainlink’s price bounced from the weekly support level at $13.15 and extends recovery on Tuesday. On-chain data shows that whales have accumulated 2.08 million LINK in the past seven days.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.