Ethereum (ETH) has continued its steady upward trend over the past few days, rising 4% in 24 hours. The second-largest cryptocurrency is currently trading at $2,324, according to CoinGecko.
Update: Yesterday, Ethereum core developers solidified their plans to release the network’s next upgrade, DenCun, on testnet starting in January. The next update will introduce proto-danksharding and so-called data “blobs”.
Simply put, the new features are meant to significantly reduce high gas bills and improve network capacity. The newly elevated price of ETH was enough to dissuade cryptocurrency traders. peter brandt To overturn his prediction that Ethereum was hurtling toward an “immediate price collapse.”
strong opinion, weak opinion
When the situation changes, my thoughts change too.
My recent evaluation $ETH We called for an immediate price collapse, but that didn’t happen.
We withdrew our bearish outlook based on the chart structure. @CointelegraphMT pic.twitter.com/Pb2fUsuiAn— Peter Brandt (@PeterLBrandt) December 22, 2023
The positive sentiment also extended to Ethereum scaling solutions.
Optimism (OP) soared by 27% the previous day. Ethereum Scaling Solution’s token is currently the best performing cryptocurrency with a price of $3.06. And Arbitrum (ARB), the token of a protocol that aims to speed up transaction times and reduce fees on Ethereum, is up 19% in 24 hours and is currently trading at $1.35.
Among major coins and tokens, Polygon’s MATIC is performing well, soaring by more than 8% the previous day. The current price is $0.84.
Meanwhile, Solana (SOL) is still surging, albeit at a slightly slower rate.
The fifth-largest cryptocurrency by market capitalization has surged 2% over the past day and is aiming for a price of $100 per coin. In fact, it was briefly the fourth-largest cryptocurrency by market capitalization, slightly surpassing Binance’s BNB exchange token. As of this writing, BNB’s market capitalization is $41.7 billion, ahead of SOL’s $40.6 billion, according to CoinGecko.
Big changes are coming to DeFi as NFT and meme coin traders flock to Solana to chase BONK and Dogwifhat. In fact, BONK was listed on Coinbase last week. This is an honorific that sets it apart from many other meme coins.
And just two weeks ago, Solana’s NFT trading volume surpassed Ethereum. However, as of this writing, Ethereum has regained ground with $11.7 million worth of NFTs traded in the past day, compared to Solana’s $10.6 million. The largest contributors to NFT volume on the Ethereum network over the past 24 hours were the Pudgy Penguins, Moonbirds, and Azuki collections.
Nonetheless, SOL has continued to rise over the past two months as big investors take notice of the asset. This time last year, it was expected to plummet due to its proximity to collapsed cryptocurrency exchange FTX and its now-convicted founder Sam Bankman-Fried.
Over the past week, it has ranked first among the top digital assets by market capitalization, jumping 28%.
Bitcoin (BTC) may have been lying flat over the past day, but it is up 4% over the past 7 days and over 20% over the past month.
Edited by Stacey Elliott.
