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Ethereum co-founder Vitalik Buterin reacts to Musk’s claim on DOGE scalability

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  • Vitalik Buterin published a critical paper in response to Elon Musk’s claim regarding DOGE’s scalability.
  • The Ethereum co-founder noted the blockchain scalability will result in extreme centralization.

The co-founder of the Ethereum blockchain, Vitalik Buterin, has reacted to Elon Musk’s recent comment on DOGE increasing its block size by 10 times. Buterin explained the limit to blockchain scalability in a blog post published on the 23rd of May. 

Elon Musk is known to have influenced the value of cryptocurrencies in recent years. Until recently, the Tesla CEO was bullish on Bitcoin, resulting in increases in the king coin. Musk began with the Bitcoin hashtag on his Twitter bio, which led to a spike in BTC price. Later, the CEO announced that Tesla would begin accepting Bitcoin payments in exchange for its product. In reaction, Bitcoin’s price jumped significantly. 

However, Musk made a turn from supporting Bitcoin to support Dogecoin after claiming that the top cryptocurrency consumes more energy than some countries. Musk slammed BTC over energy usage and said Tesla would stop accepting BTC payments. Shortly after the statement, Bitcoin suffered huge losses and has since then been on a decline. At the time of writing, Bitcoin is down 2.36 percent to $35,657.

A Twitter user and “former Bitcoin maximalist” has highlighted the reason Musk is choosing DOGE over BTC. According to the Twitter user, Dogecoin has less environmental impact compared to Bitcoin. Also, the tweet explained that DOGE has faster transaction speeds, charges lower fees, and “regular folks” can afford the coin because of its high supply. 

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Musk replied to the tweet, saying:

Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.

Buterin has, however, challenged Musk’s claim regarding an increase in DOGE scalability. 

Buterin reacts to Musk’s proposition on DOGE scalability

The Ethereum co-founder noted that seeking a sharp increase in scalability will lead to extreme centralization, which is not in line with the elements of a blockchain. 

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According to Buterin, decentralization reduces the risk for a blockchain to have a single point of failure. He added that decentralization gives protection against coordinated attacks. 

Speaking further, Buterin said that decentralization is essential for regular users to run a node. In a statement, the Ethereum co-founder stated:

For a blockchain to be decentralized, it’s crucially important for regular users to be able to run a node, and to have a culture where running nodes is a common activity.

After Buterin’s paper on the limits to blockchain scalability which antagonized Musk’s claim on DOGE, the Tesla CEO posted a tweet that hinted that Dogecoin will reach $1. The tweet is an image of DOGE and a one-dollar bill.

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In another tweet, Musk uploaded a picture that shows a blurred one-dollar note and reads “cyberviking.” Additionally, Elon Musk captioned the image, “How much is that Doge in the window?”  

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DOGE gained 20 percent to reach an intraday high of $0.42. Dogecoin is currently trading at $0.3259 and has gained 74.60 percent in its 24-hour trading volume.

The value of DOGE has been a topic of discussion on social media as many believe that the coin will soon break the $1 barrier. Before now, the crypto community was expecting that DOGE will hit $1 after Elon Musk’s appearance on Saturday Night live on the 8th of May. However, DOGE fell 30 percent after the show

Ethereum

Ethereum Price Forecast: ETH bulls set sights on new record high targeting $6,000

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  • Ethereum price is gearing up for a new all-time high as two significant bullish chart patterns have emerged.
  • The governing technical patterns present optimistic targets at $6,015 and $6,365.
  • A daily close above $3,960 would add credence to the bulls’ aspirations toward $6,000.

Ethereum price is hovering around a key support level which has previously acted as resistance for ETH, as the bulls catch their breath before the token resumes its rally. As long as the second-largest cryptocurrency by market capitalization holds above $3,960, a 60% surge is still on the radar. 

Ethereum price eyes 60% ascent

Ethereum price has printed two major bullish technical patterns on the daily chart, an ascending parallel channel and a cup-and-handle pattern. The former chart pattern indicates that ETH has been consistently reaching higher highs and higher lows since mid-June, presenting an optimistic outlook for the token.

Based on the first governing chart pattern, ETH is likely to tag the upper boundary of the channel at $6,015, coinciding with the 161.8% Fibonacci extension level, representing a 48% climb.

The cup-and-handle chart pattern suggests that the projected target for Ethereum price is at $6,365, forecasting a 60% rally. While the two technical patterns establish an optimistic outlook for ETH, the token may be confronted by a headwind at its all-time high at $4,369, corresponding to the middle boundary of the parallel channel.

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Additional hurdles may emerge at the 127.2% Fibonacci extension level at $5,092, then at the 161.8% Fibonacci extension level at $6,015. 

Given the reinforcement of the two optimistic chart patterns presented on the ETH daily chart, retracements for Ethereum price may not be significant even if selling pressure arises. 

ETHUSDT

ETH/USDT daily chart

Ethereum price will discover immediate support at the support trend line at $3,960, then at the 78.6% Fibonacci retracement level at $3,797. The following line of defense will emerge at the 21-day Simple Moving Average (SMA) at $3,710, then at the 50-day SMA at $3,453 before eventually dropping toward the lower boundary of the ascending parallel channel at $3,349, which meets the 61.8% Fibonacci retracement level.

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If Ethereum price fails to hold above the aforementioned levels of support, the bullish outlook may be voided, prompting ETH to plunge lower toward the 100-day SMA at $3,137.

ETH bulls should aim for a daily close above $3,960 to reinforce commitment for the bullish target to be on the horizon.

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Why is This Last Chance to Buy Ethereum? ETH Price Posied For $20k!

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The broader cryptocurrency market cap is retesting at $2.556 trillion, post-brushing an ATH of $2.7 trillion on 21st October. Bitcoin price is trading at $61,619 with 0.09% gains over the past week. Besides its counterpart, Ethereum has outperformed it with 2.66% profits in the last week. Moreover, the most dominant altcoin has perpetually stood ahead of the star crypto in historical bull seasons and underperformed during bear traps. 

Why Ethereum Price Could Take an Upswing Over $20k?

The top two leaders of the crypto space post-brushing their ATH are instantly preparing to enter the exuberant phase of the bull run. Especially, Ethereum’s price has stalked Bitcoin during the majority of bull runs since 2017. If a similar framework holds true, the star altcoin could leg up by 500X smashing $20k as it has achieved in its previous bull runs.  

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IncomeSharks, a popular crypto educative platform shared a compelling price chart. The pattern highlighted altcoin’s potential price action for the rest of the quarter. Since the start of the quarter, Ethereum has produced a significant number of double top patterns and one triple top pattern followed by considerable gains. Break out after the first double top pattern uplifted the price from $2,700 to $3,300

Before climbing to the $4000 mark, the ETH price has formed a triple top pattern around $3,400. Confirming the uptrend the price again rose to the $3,800 resistance zone in the next few days. Breaking out a double top pattern from there, the asset hit an ATH of $4,366. The price has seen attempting to form a support level around $4,000, the breakout at this point could skyrocket the price action.

Moreover, the platform is soon planning to shift to the PoS network. EIP-1559 London hard fork upgrade is one of its efforts to stabilize transaction fees, which would enhance user experience. This could further act as a major catalyst in the upcoming bull cycle and help price momentum. Lark Davis, a popular crypto analyst shared enthralling information on the massive Ethereum burning of over 600k since the EIP-1559 upgrade. This creates a potential scarcity of the asset. 

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Collectively, Ethereum’s smart contract competitors and potential regulatory headwinds ahead might prevent its price action from exploding. However, popular crypto investorLilMoon Lambo opined that buying the star altcoin in October 2021 is identical to buying Bitcoin in October 2017 before it went to $20k. Meanwhile, he expects the ETH price to hit $15k by March 2022.  On the other hand, Galaxy trading, a crypto platform suggested the $3900 level as the best opportunity. 

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Ethereum Forecast October 25 — 29, 2021

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Ethereum ETH/USD ends the trading week at 4113 and continues to move as part of the rise and the formation of the ”Ascending Triangle” pattern. However, there is a lack of a test of the lower boundary of this model, so it should not be ruled out that the asset quotes will drop to the level of 2500 in the near future. Moving averages indicate the presence of a bullish trend in ETH/USD. Prices went up from the area between the signal lines, which indicates pressure from cryptocurrency buyers and a potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop a price correction and a test of the support level near the 3375 area. Where can we again expect a rebound and a continued rise in the rate and value of Ethereum with a potential target above the level of 5055.

Cryptocurrency Ethereum Forecast October 25 — 29, 2021

An additional signal in favor of raising the ETH/USD quotes in the current trading week October 25 — 29, 2021 will be a test of the trend line on the relative strength index (RSI), now the RSI indicator values ​​are testing the resistance line, which may trigger a drop in the Ethereum rate in the near future. The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the growth option for the cryptocurrency value in the current trading week will be a fall and a breakdown of the level of 2755. This will indicate a breakdown of the support area and a continued fall in ETH/USD quotes with a potential target below the level of 2155. Confirmation of the rise in the Ethereum cryptocurrency will be a breakdown of the resistance area and closing of quotes above the level of 4355 , which will indicate a breakdown of the upper boundary of the ”Ascending Triangle” pattern.

Cryptocurrency Ethereum Forecast October 25 — 29, 2021

Cryptocurrency Ethereum Forecast October 25 — 29, 2021 assumes an attempt to decline and test the support area near the level of 3375. Where can we expect a rebound and continued growth of the cryptocurrency to the area above the level of 5055. An additional signal in favor of the rise in the Ethereum rate will be a test of the trend line at relative strength indicator. Cancellation of the growth option will be a fall and a breakdown of the area of ​​2755. In this case, we should expect a continuation of the decline with a target below the area of ​​2155.

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