Arbitrum, the Ethereum L2 rollup is one of the first optimistic commercial solutions. It lowers costs and speeds up transactions on the Ethereum mainnet. Over the years, Arbitrum has done an excellent job in scaling Ethereum. At press time, it is the biggest Layer 2 solution on the Ethereum network and its growth in just four months has been exceptional. The value locked (TVL) stands at $2.67B and accounts for 47% of the overall market share. However, it seems to be losing heat.
Arbitrum and its community have covered a significant distance since its inception. Even Ethereum’s chief executive, Vitalik Buterin acknowledged the same in a discussion. A.J Warner, one of Arbitrum’s key members shared a screenshot of the same here.
@VitalikButerin posting this in the @arbitrum Discord five minutes ago was exactly what I needed to change my mood tonight. Thanks!! pic.twitter.com/XwcUogvN8Y— A.J. Warner (@ajwarner90) November 21, 2021
Nonetheless, this could aid the struggling network. Consider this, as per L2beat, Arbitrum witnessed a near 5% correction over the past seven days. The plot below sheds light on the said fall.
Many even say that its heavy dependence on Ethereum was the reason behind this setback. Nevertheless, the network did take some important strides forward to offset the correction. Just recently, Arbitrum One core network announced its full integration with Binance. More developments are scheduled on the Arbitrum platform. These collaborations could lead to Arbitrum’s increasing mainstream adoption and in return, attract more investors to it.
Overall, the largest altcoin, ETH along with its executives did support its entire ecosystem on way or the other. Not so long ago, the Ethereum Foundation initiated $1 million in grants to crypto advocacy efforts.
Having said that, not everyone saw eye to eye. For instance, three Arrows Capital CEO Su Zhu berated Ethereum and its community in a tweet storm. His criticism was focused on exorbitant fees on the Ethereum blockchain. Also, the unwillingness of some of the most influential voices within the community to address that problem.
Ethereum culture suffers massively from the Founders Dilemma. Everyone is already far too rich to remember what they originally set out to do. Perhaps a bear market is needed to remind them, or perhaps we must build elsewhere, but this is what it is–nothing new under the sun.— Zhu Su 🔺 (@zhusu) November 21, 2021
But, later softened his narrative by tweeting:
“Want to soften this and say abandon is the wrong word. Was the heat of the moment. I’m sorry. There are great teams working on scaling ETH on L2.”
Overall, the Ethereum ecosystem has opened different opportunities for various developers to build their networks. This is something that can never be taken for granted.
Bitcoin and Ethereum Test Key Support, Altcoins Consolidate
- Bitcoin price is consolidating above the USD 55,500 support.
- Ethereum spiked below USD 4,500 before recovering losses, XRP faces a hurdle near USD 1.0.
- SOL is showing positive signs above USD 220.
Bitcoin price extended decline below the USD 56,500 support. However, BTC stayed above the USD 55,500 support. It is slowly recovering and is currently (11:30 UTC) facing resistance near 57,200. The main hurdle is still near USD 58,000.
Besides, most major altcoins are trading above key supports. ETH spiked below USD 4,500, but it stayed above USD 4,450. XRP is slowly moving higher towards the USD 1.00 resistance. ADA found support near USD 1.52 and recovered above USD 1.55.
Total market capitalization
After a break below USD 56,500, bitcoin price even spiked below USD 56,000. However, the bulls defended the key USD 55,500 support zone. It is now rising and trading above USD 56,000. To continue higher, it must surpass the USD 57,200 resistance. The main resistance for a larger rally is now near the USD 58,000 level.
An initial support on the downside is near the USD 56,000 level. The key breakdown support sits at USD 55,000, below which there could be a sharp decline.
Ethereum price failed to stay above the main USD 4,550 support level. ETH even dived below USD 4,500 before it found support near USD 4,450. It is now recovering losses and trading above USD 4,500. To start a fresh increase, the price must clear the USD 4,620 level.
If not, there is a risk of a fresh decline towards the USD 4,450 level. The next major support is near the USD 4,350 level.
ADA, BNB, SOL, SHIB, and XRP price
Cardano (ADA) found support near USD 1.52 and remained stable above USD 1.50. It is slowly rising and trading above the USD 1.55 level. The main resistance is still near USD 1.60 and USD 1.62, above which the price could start a steady increase.
Binance Coin (BNB) retested the USD 600 support zone. It is forming a base for the next move, with an immediate resistance at USD 625. A clear move above USD 625 could send the price towards the USD 635 and USD 640 levels.
Solana (SOL) is still trading in a positive zone above the USD 220 level. There was also a break above the USD 225 level. An immediate resistance is near USD 232, above which the price could rise towards the USD 240 level or even USD 250.
SHIB declined towards the USD 0.000040 level. It is currently recovering losses and trading above the USD 0.000042 level. If there is a break above USD 0.0000432, the price may perhaps gain bullish momentum in the near term.
XRP price tested the USD 0.950 support level and is currently correcting losses. It is approaching USD 0.985, but the main hurdle is still USD 1.0. A close above USD 1.0 might set the tone for a move towards the USD 1.05 level.
Other altcoins market today
Many altcoins are still down over 6%, including STX, IMX, BAT, AUDIO, KCS, ZEN, AAVE, VGX, QNT, CAKE, WAXP, and LEO. Conversely, MATIC, OKB, LUNA, and UNI are up over 5%.
To sum bitcoin price is recovering losses above USD 56,000. However, BTC must clear hurdles near USD 57,200 and USD 58,000 to continue higher in the near term.
New Ethereum Prediction Is Out – Here’s The Latest Forecast On ETH’s Price
The crypto market has been seeing some recent corrections, but now things are looking good with most of the important coins trading in the green.
There have been all kinds of bullish predictions out there and the latest one involves the price of Ethereum.
Nicholas Merten drops new ETH price prediction
It’s been just revealed that Nicholas Merten says that Ethereum (ETH) may grow another 325% before the current bull cycle comes to an end.
In a new strategy session, he said that he thinks it will take for Ethereum to eventually smash the $20,000 level.
“If everything goes perfect for Ethereum, if we get that opportunity to be able to get ETH to launch properly, people using roll-ups, whether it be zero-knowledge roll-ups or optimistic roll-ups, generally ‘layer-2 solutions,’ we could see a $20,000 Ethereum this cycle.”
He continued and said the following:
“I know it sounds crazy but when you look at the logarithmic chart we’ve seen these kinds of percentage returns before.”
At the moment of writing this article, ETH is trading in the red and the coin is priced at $4,518.
The analyst made sure to explain the fact that if Ethereum maintains solid fundamentals, a rally to the $20,000 may not be too bold.
He notes that such a gain would only be about half of what ETH achieved in the first five months of 2021.
“I think it’s very reasonable we could see this kind of price level. Somewhere between our neutral and optimistic target. To play it safe, I would say that we’ve got a really solid steady stream of price action for Ethereum ahead of us.”
He also pointed out the following fact:
“The key thing to understand is that there are periods of this cycle where Ethereum outpaces Bitcoin, which makes these higher targets reasonable.”
Ethereum Competitor Becomes Focus of Crypto Firm’s New $500,000,000 Investment Fund
A Miami-based venture capital (VC) firm is investing $500 million into an Ethereum (ETH) competitor’s ecosystem.
Blockchain VC firm Borderless Capital says the investment will go towards digital assets powering decentralized applications (DApps) built on Algorand (ALGO), a payments and decentralized finance (DeFi)-focused blockchain network.
Borderless Capital previously launched a separate ALGO fund in 2019 that raised $200 million, according to an announcement from the Algorand Foundation.
Says Arul Murugan, founding managing partner at Borderless Capital,
“Algorand is the most efficient next-generation blockchain software in the market right now, and it is the next frontier for investment opportunities and disruption.
Our Borderless ALGO Fund II will continue to be at the forefront of the ecosystem and further ignite the growth by enabling the new innovation that is coming to blockchain.”
The Ethereum competitor’s native asset ALGO is trading at $1.93 at time of writing, up more than 8% on the day.
The decentralized blockchain network recently partnered with Hivemind Capital Partners, an investment firm founded by Matt Zhang, a 14-year Citigroup Inc veteran.
In October, Algorand also received an endorsement from American financier Anthony Scaramucci, who said the project could breathe new life into the consumer goods sector.