After facing strong selling pressure over the last week, the world’s second-largest crypto market has registered a bounce recently. Ethereum (ETH) is currently trading 5% up at a price of $1253 with a market cap of $153 billion.
The recent price jump in ETH is due to the renewed whale activity in Ethereum. In the last 24 over, over 600 ETH transactions worth more than $100K have taken place on the Ethereum blockchain. From the dip buys on December 16, the ETH whale transactions have reached their highest levels. On-chain data provider Santiment explained:
ace #altcoins have heated up, #Ethereum quietly rebounded back above $1,260 for the 1st time in 3 weeks. Though not quite at the level of the big whale dip buys on December 16th ($ETH’s local price bottom), whales are showing increased interest again.
The last year of 2022 witnessed one of the harshest crypto winters in the history of the markets. ETH along with several other altcoins witnessed as much as 70% price corrections during the last year. Coming into 2023, the Ethereum co-founder has shared his bullish outlook for the platform.
Vitalik Buterin Shares His Bullish Outlook for Ethereum
While we are entering a phase of major global macro uncertainty, Ethereum co-founder Vitalik Buterin has shared his bullish outlook for the platform development going ahead.
The Ethereum co-founder has confirmed the launch of the Ethereum Improvement Protocol (EIP) 4884 sometimes ahead this year. Responding to a post by Balaji Srinivasan, the former technology officer at Coinbase, Vitalik Buterin said that he was looking forward to reaching the “basic roll-up” milestone as outlined in the ETH roadmap.
Reaching the “basic rollup scaling” milestone in my roadmap diagram.
* EIP-4844 rolled out
* Rollups partially taking off training wheels, at least to “stage 1” as described here https://t.co/qNQonDQkzG pic.twitter.com/7HePctWw1l
— vitalik.eth (@VitalikButerin) December 31, 2022
However, the Ethereum chief also pointed out several areas where crypto needs fixing and solutions. This includes making user accounts more secure for average users along with scaling, privacy, and user experience. Vitalik Buterin firmly believes that decentralized finance (DeFi) will be a major part of the future financial system.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draws his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.