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Ethereum Poised for 312% Surge to $10,000 Target

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  • Analyst Ali Martinez predicts Ethereum (ETH) could rally to $10,000, requiring a 312.36% surge from its current price of $2,425.
  • Ethereum’s performance correlates closely with the S&P 500, both showing similar upward trends since late 2022.
  • Current on-chain metrics reveal 22.93% of active wallets are profitable, while 60.83% are at break-even, indicating market indecision.

Market watchers are keenly focused on Ethereum (ETH), with analyst Ali Martinez suggesting a potential rally to $10,000. This optimism comes on the heels of a noticeable downward trend that Ethereum has faced since March. Speculation abounds regarding its ability to recover and achieve substantial gains in the next bull market, with Martinez drawing intriguing parallels to the S&P 500’s market trends.

Ali Martinez has emphasized the significance of ETH’s correlation with the S&P 500 (SPX). In a recent analysis, he shared comparative charts showcasing Ethereum (ETH/USD) alongside the S&P 500 Index. Both assets found their respective bottoms in late 2022 and demonstrated a similar upward trajectory throughout 2023.

The trend formed an ascending triangle pattern, a classic bullish signal. The S&P 500 successfully broke out of this pattern, peaking near $5,900 before experiencing a minor retracement to around $5,728 at the time of Martinez’s analysis. This alignment in trends has sparked discussions on whether ETH might follow a similar path.

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Martinez posits that Ethereum’s current downtrend could represent the final dip before a significant rally. To reach the ambitious target of $10,000, Ethereum would need to surge approximately 312.36% from its current price of $2,425. Such a rally would require strong buying pressure and renewed market confidence.

On-Chain Metrics Reflect Ethereum Market Indecision

On-chain data from IntoTheBlock offers a closer look at Ethereum’s current market state. As of the latest Year-to-Date (YTD) figures, 96,660 addresses, representing 22.93% of active wallets, are currently profitable or “in the money.” This suggests that a notable segment of holders is experiencing gains, indicating underlying support for the asset.

Conversely, 248,920 addresses (or 60.83%) are classified as “at the money,” holding ETH at approximately break-even levels. This group exemplifies market indecision, with the potential for either further investment or selling pressure depending on price movement.

Additionally, 64,410 addresses (or 16.24%) are “out of the money,” holding ETH at a loss. This segment could contribute to selling pressure if prices continue to decline, intensifying market uncertainty.

Important metrics to monitor include the current price of Ethereum (ETH), which stands at $2,425. Analysts have set a target price of $10,000 for a potential rally, indicating a substantial increase of 312.36%. Additionally, on-chain data shows that 22.93% of addresses are currently profitable, while 60.83% are holding at break-even levels.

Contrasting opinions on Ethereum’s future add to the ongoing debate. Veteran trader Peter Brandt recently reiterated a bearish outlook, highlighting a bearish flag pattern that has developed since August. Brandt indicated that a breakdown of this pattern could lead ETH to a lower target of $1,551, suggesting a continued downward movement unless new bullish patterns emerge.

As Ethereum navigates this complex landscape, all eyes will remain on its performance and the broader market dynamics influencing its trajectory.

BlockDAG’s 100% Bonus Takes the Spotlight as Aptos Gains Momentum and Ethereum Preps for a Major Upgrade

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The cryptocurrency scene is lively as ever with Aptos climbing in value, Ethereum setting up for a significant upgrade, and BlockDAG’s (BDAG) presale achieving remarkable milestones. Market watchers are particularly keen as Aptos nears a crucial resistance level, while Ethereum anticipates lowering transaction costs with its ‘The Verge’ upgrade.

Nonetheless, BlockDAG (BDAG) captures widespread attention with its extraordinary presale achievements and the appealing BDAG100 bonus. Having accumulated over $113.5 million and introducing a temporary 100% bonus, BlockDAG is rapidly becoming a formidable contender in the crypto space. As the presale pushes towards a $600 million target and the value of BDAG coins continues to ascend, the crypto community is witnessing unparalleled potential in BlockDAG.

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BlockDAG's 100% Bonus Takes the Spotlight as Aptos Gains Momentum and Ethereum Preps for a Major Upgrade 6

Ethereum’s ‘The Verge’ Upgrade Focuses on Lowering Costs

The forthcoming ‘The Verge’ upgrade for Ethereum aims to boost the network’s security and usability. Ethereum co-founder Vitalik Buterin has outlined a plan to enable node operation on smaller gadgets such as smartphones and smartwatches by minimising hardware demands. This adjustment will broaden accessibility, allowing more individuals, including solo stakers, to operate their nodes.

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BlockDAG's 100% Bonus Takes the Spotlight as Aptos Gains Momentum and Ethereum Preps for a Major Upgrade 7

Developers are enhancing security measures by investigating new cryptographic techniques to protect against potential quantum computing threats. Additionally, Ethereum plans to adjust how gas fees are calculated to improve resource management. These enhancements are designed to make Ethereum quicker, safer, and more user-friendly.

Could Aptos Hit $15 Soon?

Aptos (APT) has shown impressive performance in the crypto market, now trading at $11 after an 8% increase. This surge sets a new record high for Aptos, with its Total Value Locked (TVL) reaching $910.69 million—a significant 200% rise since August. The market’s technical indicators appear optimistic, with a Golden Cross on the daily chart and an increasing RSI indicating robust buying interest.

As Aptos edges towards a critical resistance at $12.50, expectations about its potential to touch $15 are high. However, as is typical with cryptocurrencies, there’s always the possibility of a fallback to lower support levels around $10.

BlockDAG’s 100% Bonus Elevates Presale Success

While Aptos enjoys price improvements and Ethereum updates its system to reduce costs, BlockDAG is advancing its agenda with remarkable presale achievements, particularly after launching its Testnet.

BlockDAG’s presale has successfully raised a stunning $113.5 million by selling over 14.9 billion coins, highlighting substantial demand and excitement for the project. Currently in its 25th batch, each BDAG coin is attractively priced at just $0.022, offering early participants a staggering 2100% return since the first batch.

What’s truly capturing the attention of crypto enthusiasts is BlockDAG’s short-term 100% bonus, sparking a market frenzy. To capitalise on this offer, purchasers use a promo code at checkout to double their BDAG coins instantly.

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BlockDAG's 100% Bonus Takes the Spotlight as Aptos Gains Momentum and Ethereum Preps for a Major Upgrade 8

This promotion generates significant activity, especially as Bitcoin reaches all-time highs and enhances market optimism. In comparison, neither Aptos nor Ethereum currently provides an offer that rivals BlockDAG’s compelling bonus.

The 100% bonus, combined with the coin’s low price and high potential return, establishes BlockDAG as a prime option for those seeking substantial gains. As excitement grows towards reaching its $600 million goal, BlockDAG’s innovative technology and exclusive incentives significantly distinguish it from other cryptocurrency projects.

Conclusion: Prime Cryptocurrency Investments

As the market dynamics continue to evolve, Aptos and Ethereum offer interesting investment possibilities with their robust indicators and forthcoming upgrades. Aptos is approaching significant resistance, whereas Ethereum’s gas fees and security improvements are poised to draw more participants.

Meanwhile, BlockDAG emerges as a prominent figure, giving early buyers a rare chance to maximise their returns. The 100% bonus initiative boosts the presale’s momentum and propels it past the $113.5 million mark. With the bonus available for a limited period, there’s only a brief window to secure BDAG coins at an advantageous rate.

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BlockDAG's 100% Bonus Takes the Spotlight as Aptos Gains Momentum and Ethereum Preps for a Major Upgrade 9

Discover More About BlockDAG:

Website: https://blockdag.network

Presale: https://purchase.blockdag.network

Telegram: https://t.me/blockDAGnetworkOfficial

Discord: https://discord.gg/Q7BxghMVyu

Ethereum Faces Grim 62% Plunge According to Veteran Analyst Brandt

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  • Veteran analyst Peter Brandt highlights no clear reversal signal, pointing to a continued downtrend.
  • Brandt’s price target suggests a potential 62% decline from Ethereum’s current levels.
  • Ethereum trades at a 42-month low against Bitcoin, suggesting prolonged underperformance.

Ethereum (ETH), the second-largest cryptocurrency, continues its downward spiral in what’s been a relentless market correction. Veteran trader Peter Brandt warns that ETH’s bearish momentum remains strong, with no clear signs of reversal. In a recent analysis, Brandt emphasized the dominance of bearish signals on ETH’s daily chart, suggesting the asset may face even deeper losses ahead.

Brandt, a seasoned analyst known for his accurate predictions, took to X (formerly Twitter) on October 31 to highlight Ethereum’s continuing bearish pattern. He shared a 1-day chart showcasing ETH’s price movement since August, marked by a descending channel. This pattern, often labeled a “bearish flag,” suggests a likely continuation of the downtrend.

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In his analysis, Brandt identified no buy signals or shift in momentum for Ethereum. His bearish stance contrasts with some speculators predicting an eventual rally. Yet, Brandt holds that the chart’s structure lacks evidence of a reversal and sees the potential for ETH’s price to break below current support levels.

Recent metrics highlight the depth of Ethereum’s ongoing losses. Over the last 24 hours, ETH has dropped by 5.30%, a sharper decline than Bitcoin’s 3.87% and Solana’s 4.91% decrease. The ETH/BTC trading ratio has now fallen to 0.03613, hitting a 42-month low as Bitcoin maintains a stronger performance. Currently priced at approximately $2,507, ETH could see further declines, with veteran analyst Peter Brandt projecting a drop to $1,551—a potential 62% decrease from its current value.

Brandt’s Target Price for Ethereum’s Capitulation

Brandt’s target price for Ethereum sits at $1,551, which he describes as an “unmet target.” This level represents a key milestone in his analysis, signaling what he believes could be a final point of capitulation for the asset. ETH’s recent losses have eroded confidence among investors, with support levels around $2,400 under threat.

For context, Ethereum had previously shown promise for a potential rally. Some analysts were predicting a price surge, with targets as high as $6,000 in the long term. In the short term, speculators suggested that ETH might see an uptick to $2,750. However, Brandt’s analysis challenges these optimistic forecasts, indicating that ETH’s trajectory may remain bearish unless significant technical indicators suggest otherwise.

Other analysts support Brandt’s pessimistic outlook. Market analyst Kotter, in a separate post, noted that ETH is likely to underperform against Bitcoin, with the ETH/BTC pair targeting 0.02653. This further underscores the pressure Ethereum faces as Bitcoin maintains a dominant position.

Crypto Analyst Says Odds Of Shiba Inu Hitting $1 Are Almost Zero, Moves Into Ethereum Altcoin Eyeing 12,100% Return In November

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According to a renowned crypto analyst, Shiba Inu (SHIB) will not reach $1. The analyst has also pointed out the reasons behind his statement, such as Shiba Inu’s lack of activity and the meme coin’s turbulent price history. Meanwhile, the Ethereum altcoin, WallitIQ (WLTQ) has positioned itself to welcome Shiba Inu investors as they seek a haven from the uncertainties of Shiba Inu (SHIB).

Crypto Analyst Slams $1 Shiba Inu (SHIB) Forecast, Says WallitIQ’s Ethereum Altcoin Can Deliver 12,100% Returns

A leading crypto analyst has stated several Shiba Inu (SHIB) investors’ hopes that the Shiba Inu price will hit $1 are a dud and will not happen. Instead, he recommended an Ethereum altcoin that he is investing in during its presale, highlighting its potential to deliver 12,100% returns in November. 

The crypto analyst also discussed the reasons behind his gloomy Shiba Inu (SHIB) price prediction and encouraged fellow investors to position for maximum gains using the ongoing WallitIQ (WLTQ) token presale. The crypto analyst cited Shiba Inu’s lack of activity despite its recent price resurgence earlier this month. 

Last week, the Shiba Inu (SHIB) price soared above $0.0000195, however it fell by over 3% to $0.00001786 this week and is trading with a 1.15% drop today. The superabundant supply of Shiba Inu (SHIB) also creates a big roadblock for its price to reach $1. 

Shiba Inu (SHIB) has a circulating supply of 589.52 trillion tokens. Hence, for the Shiba Inu (SHIB) price to reach $1, it must have a market capitalization of $589 trillion, more than the combined global GDP of all countries.

WallitIQ’s (WLTQ) Ethereum Altcoin To Deliver 12,100% Returns In November, Crypto Analyst Says

The crypto analyst next outlines the huge profit potential of the Ethereum altcoin, WallitIQ (WLTQ) and why its crypto wallet is set to revolutionize crypto trading. WallitIQ (WLTQ) is the native Ethereum altcoin of a revolutionary new DeFi wallet that seeks the evolution of existing wallets with Artificial Intelligence (AI) integration. 

WallitIQ (WLTQ) applies artificial intelligence in several ways to improve wallet security, boost customer experience, and bridge the knowledge gaps that still exist in DeFi today. This crypto wallet combines AI algorithms and Machine Learning (ML) models to provide intelligent security features via Anomaly Detection and Behavioral Analysis. 

These features continuously monitor wallet activity to identify anomalies such as unauthorized login attempts and suspicious transaction patterns. Behavioral Analysis builds a behavioral profile on users based on their transaction history and patterns and flags unfamiliar behavior.

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Crypto Analyst Says Odds Of Shiba Inu Hitting $1 Are Almost Zero, Moves Into Ethereum Altcoin Eyeing 12,100% Return In November 12

WallitIQ (WLTQ) also incorporates Biometric Authentication to add a layer of security to its wallet. This way, users can authenticate their wallet entries and transactions with unique biological traits like fingerprints and facial recognition. 

Predictive Analytics, another AI-driven feature of WallitIQ (WLTQ), uses artificial intelligence and machine learning algorithms to analyze market data and price history to identify trends that can help users anticipate market movements. Thus, they can make better-informed decisions according to expected market directions.

WallitIQ (WLTQ) recently received a comprehensive audit of one of its smart contracts from SolidProof, a leading smart contract auditing firm. This milestone added a measure of credibility to the project and assured interested investors of its legitimacy and security.

The WallitIQ (WLTQ) Ethereum altcoin was designed to help wallet users get the most out of the WalllitIQ (WLTQ) DeFi wallet. This Ethereum altcoin allows users to pay transaction fees directly from their wallets, eliminating the need to convert other cryptocurrencies. 

Additionally, buying and using WallitIQ’s (WLTQ) Ethereum altcoin during its presale exposes users to premium benefits such as its 12,100% growth projected by the crypto analyst. Additionally investors can gain access to features like sophisticated market analytics, real-time market insights, and advanced security options.

Conclusion

WallitIQ (WLTQ) is currently in the first stage of its presale for its native Ethereum altcoin which the crypto analyst has predicted is set for a mega rally. With the new presale, interested investors have a prime opportunity to invest in WallitIQ (WLTQ) at its discounted price of $0.0171, the lowest it will ever be. If they get in now, they can buy the tokens cheaply and enjoy the expected surge of 12,100% in November.

Join the WallitIQ (WLTQ) presale and community: 

Join WallitIQ (WLTQ) Presale

Ethereum’s Next Steps: The Importance of ‘The Splurge’ in Protocol Advancements

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Key Takeaways:

  • Ethereum’s latest roadmap release, “The Splurge,” delves into protocol optimizations essential for network efficiency and long-term security.
  • Planned improvements to Ethereum’s EVM aim to improve efficiency, supporting advanced cryptographic functions without extensive precompiles.
  • New account abstraction capabilities redefine transaction verification, enabling secure and user-friendly wallet interactions.

Ethereum’s co-founder Vitalik Buterin recently shared the sixth part of its future roadmap, dubbed “The Splurge.” This chapter aims to introduce a diverse range of protocol enhancements that can’t easily be grouped into one category but are essential for Ether’s evolution.

Divided primarily between EVM upgrades and cryptographic advancements, “The Splurge” lays out innovations that support Ether’s ambition to remain a leading decentralized platform.

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EVM Upgrades Target Efficiency and Security

One of The Splurge’s primary areas of focus is the Ether Virtual Machine (EVM). The EVM has long struggled with inefficiencies, particularly in its capability to handle complex cryptographic operations.

Ethereum developers are rolling out a new EVM Object Format (EOF) designed to separate code from data, prohibit dynamic jumps, and add a specific subroutine mechanism. This structured approach is expected to improve the system’s ability to handle advanced cryptography, boost security, and streamline high-level languages.

Following the EOF rollout, Ether’s next phase includes Modular Arithmetic Extensions, known as EVM-MAX. These new operations will create a secure space within the EVM to perform optimized cryptographic functions, such as hash functions and elliptic curve cryptography.

This step, combined with single-instruction-multiple-data (SIMD) support, could dramatically improve Ethereum’s performance, supporting a range of future decentralized applications.

Ethereum’s Account Abstraction Redefines Transactions

Account abstraction, another priority in The Splurge, redefines Ether’s transaction system by enabling smart contracts to initiate transactions instead of externally owned accounts.

This feature allows for advanced security and promises an improved user experience. This enhancement allows accounts to pay transaction fees using other tokens and adopt quantum-resistant cryptography for enhanced future-proofing.

Since its proposal in 2015, account abstraction has expanded to introduce versatile transaction capabilities, including social recovery wallets, making Ether more accessible. While currently external to the protocol, features like ERC-4337 are being optimized for possible inclusion in future network updates.

Alongside EVM and account abstraction improvements, Ethereum’s roadmap includes advanced cryptographic techniques. These enhancements, such as Verifiable Delay Functions (VDFs) and zero-knowledge proofs, promise to support Ether’s scalability and privacy ambitions.

Related Reading | Shiba Inu’s Historical Highs: Will They Be Broken Again?

New Framework Positions Ethereum As Digital Sovereign Asset

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Key Takeaways:

  • Sam Kazemian proposes a “commodity premium” model to properly value digital commodities like Ethereum and BTC, which is distinct from governance tokens.
  • Treating ETH as an equity-like asset risks diminishing its unique value as a sovereign digital commodity.
  • Kazemian plans to adopt this valuation model for Frax Finance, setting an example for other digital assets.

Sam Kazemian, founder of Frax Finance, unveiled a new valuation system aimed at reshaping how digital assets, particularly Layer 1 tokens, are perceived in the crypto space. According to Kazemian, the industry needs a fresh lens to assess “digital commodities” like Ethereum and Bitcoin, which are distinct from traditional governance tokens.

His framework challenges current valuation metrics that treat digital assets as equity-like instruments, emphasizing that commodities don’t generate dividends or cash flows by definition.

Kazemian’s proposal centers on creating a “commodity premium” concept for digital assets. This premium would capture the demand for the asset, fueled by global economic activity and use cases like liquidity pools, staking, and Layer 2 (L2) protocols that incentivize ETH holders.

By adopting this framework, Kazemian hopes to clarify Ethereum’s status, positioning it not as a company asset with revenue but as a sovereign, scarce asset in itself, akin to digital gold.

Reestablishing Ethereum as a Sovereign Commodity

In his view, ETH’s identity as a digital commodity has blurred over time, as various stakeholders have treated it like a business token generating cash flows.

Kazemian argues that this misperception risks diluting the asset’s value over time, slowly pushing it towards an equity-based valuation framework, often applied to governance or equity tokens.

He claims this confusion undermines Ethereum’s true nature as a sovereign commodity, with most of its value derived from the commodity premium rather than any projected cash flows.

Kazemian highlights the importance of using a unique valuation metric—the commodity premium—to assess ETH’s true economic demand derived from its usage across various DeFi applications, L2 solutions, and staking mechanisms.

This approach avoids introducing potentially misleading metrics like PE ratio or discounted cash flow (DCF) to a commodity asset.

Looking Forward: A Blueprint for ETH and Beyond

Kazemian suggests that if the Ethereum community doesn’t act to reinforce ETH’s position as a commodity, its valuation may gradually shift, aligning more with traditional equity-like assets.

He stresses that the industry must adopt a unified approach to uphold the “commodity premium” framework for ETH and other Layer 1 tokens like Solana (SOL) as they mature.

However, Kazemian plans to take the lead by implementing this framework within Frax Finance’s Vision 2030 roadmap, aiming to convert Frax’s own governance token into a commodity model.

Related Reading | Dogecoin Set for Bullish Rally After Golden Cross Signal

Ethereum’s DeFi Reign Challenged: Solana & USDC Rise

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While Ethereum is the most preferred blockchain for DeFi protocols, emerging challenges like Solana and USDC are reshaping the landscape. Analysts dissect the quality of liquidity pools across different blockchain networks.

The crypto community is abuzz with Solana’s impressive volume that has flipped all EVM chains, a closer look reveals a different story. The analysis exposes a major flaw – it’s spread across less liquid pools. When considering volume alongside TVL, the expert suggests that Solana falls behind Ethereum and even struggles against other EVM chains.

Delving deeper, the expert, questions if Solana’s volume surge is a mirage. His analysis focuses on “blue chip” DeFi pools, mirroring the criteria for traditional stock indexes. Established history, high liquidity, and sustained volume are the key factors.

Another strong contender might be Circle’s USDC whose growing role in the crypto domain has been likened to the “petrodollar pact” of 1974, where US dollars became the default currency for oil trade. The expert suggests that USDC could achieve similar dominance in DeFi, potentially surpassing Tether’s USDT.

Interestingly, USDC appears more frequently in top-tier pools compared to USDT.

BlackRock’s Entry Into Ethereum: Base DeFi’s Dark Horse

Despite all that, Ethereum remains the undisputed king. The expert stated that half of the top 20 “New Goodness” ranked pools reside on the ETH blockchain, a testament to its high TVL and sustained volumes. This might shed light on Blackrock’s recent strategic move into the Ethereum ecosystem.

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Ethereum's DeFi Reign Challenged: Solana & USDC Rise 15

Another surprising takeaway is Base, a relatively new network. While they only have 5 pools, Eth’s Aerodrome dominates in all the pools except one, showcasing their strong presence on the network. However, Base boasts the highest volume pool overall.

Ethereum remains the king of DeFi, but Base poses a potential threat with its high-volume pool. On the other hand, Solana’s volume surge originates from less liquid pools, raising questions about its long-term viability. The future of DeFi appears to be a battleground between established players and rising stars vying for dominance through robust liquidity pools.

Solana Vs. Ethereum: Why Solana May Struggle As A Global Blockchain Backbone

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  • Solana’s architecture limits it from achieving the decentralization needed for a global backbone.
  • Ethereum leads as the financial backbone, dominating Layer 1 as a base for L2 solutions.
  • High bandwidth needs and centralized ownership hinder Solana’s scalability potential.

Ryan Berckmans gave an outlook on Solana’s capability to transition to a global blockchain network while Ethereum is already clearly defined in this role. In a recent X post, Berckmans pointed out that Ethereum is well-placed to become the financial backbone of this new architecture, and that SOL has some significant challenges to overcome if it is to succeed in its goal of being the go-to layer for L2 solutions.

These events have made Ethereum’s “backbone” approach the dominant model for Layer 1 protocols in supporting global financial applications. Since the company’s shift four years ago, Ethereum has transformed into the base layer for L2 solutions and dApps.

Solana’s Limited Scope

It takes advantage of a strong architecture to function as the backbone of a growing blockchain environment. He stated that Solana has performed quite well in specific areas such as DeFi and meme tokens, but it does not have the versatility of Ethereum and cannot be regarded as a universal solution, he said.

Solana has recognized the L2s model as a distinct scaling strategy that Berckmans says has become the standard among large companies and governments exploring the use of blockchain. In the beginning, the project was focused on the “monolithic” structure, which. SOL’s fast and low transaction fees were the main features of the chain, however, the term integrated has been used as the second layer solutions have been increasingly popular.

Challenges in Solana’s Growth

Despite Solana’s attempts to adapt, Berckmans argued that five primary constraints limit its potential to replicate Ethereum’s role:

1. Lack of Client Diversity: Ethereum has four different client versions which help the network to be strong and minimize the potential risks. Despite that, SOL has only one client, which makes the network more vulnerable to potential outages and cyber threats.

2. High Bandwidth Requirements: Currently, Solana recommends having 10 Gbps upload, which in turn hampers decentralization as the network heavily relies on the data centers of large companies, and imposes restrictions in many regions.

3. Outage Risks: In comparison to ETH, Solana has a history of outages, which makes it look weak as a global financial network.

4. Centralized Ownership: Of the initial supply of SOL, the insiders own 98% of the network, which may not appear very decentralized in comparison to Ethereum; despite having a higher concentration in the hands of the public.

5. Scaling Focus Misalignment: Solana’s L1 execution specialization does not correspond to the tendencies towards zk-rollups and other L2 solutions that are currently observed in the industry, which makes Ethereum a more suitable choice for scalable dApps.

While Solana could stay relevant and survive in some niche markets, it is still far away from challenging Ethereum as the essential infrastructure of decentralized finance. The adoption of L2 is going faster and faster, and Ethereum is virtually unrivaled in the level of decentralization it offers, and the trust that underpins it for the global blockchain community.

Ethereum Whales Seize Buying Opportunity, Analysts Eye 60% Price Jump

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  • Ethereum еxpеriеncеd significаnt volаtility, briеfly dropping bеlow $2,387 аmid Tеthеr invеstigаtion spеculаtion.
  • Whаlе аctivity surgеd to а six-wееk high, with 6,428 nеw wаllеts crеаtеd by lаrgе holdеrs.
  • Anаlysts prеdict potеntiаl upsidе for Ethereum, with somе suggеsting it could risе to $4,000 or еvеn $6,000.

Ethereum (ETH) еxpеriеncеd а rollеrcoаstеr ridе this wееk, briеfly dipping bеlow $2,387 on Fridаy bеforе rеcovеring slightly. This volаtility wаs fuеlеd by spеculаtion surrounding а potеntiаl invеstigаtion into Tеthеr, thе issuеr of thе world’s lаrgеst stаblеcoin. Thе mаrkеt turmoil rеsultеd in ovеr $390 million worth of liquidаtеd positions, with Ethereum trаdеrs contributing а significаnt $62.21 million to thаt totаl.

Howеvеr, аmidst thе Fridаy chаos, а glimmеr of hopе еmеrgеd for Ethеr bulls. On-chаin dаtа аnаlysis firm Sаntimеnt idеntifiеd а surgе in whаlе аctivity on thе Ethеr nеtwork, suggеsting а potеntiаl buying sprее in rеsponsе to thе dip. Thеir rеcеnt updаtе highlights а six-wееk high for whаlе аctivity, with lаrgе holdеrs аccumulаting ETH following thе pricе drop.

Ethereum Whales Show Strong Interest

According to Sаntimеnt’s Octobеr 26 updаtе, thе Ethereum nеtwork witnеssеd thе crеаtion of а stаggеring 6,428 nеw wаllеts by lаrgе holdеrs. This rеprеsеnts thе highеst singlе-dаy incrеаsе in whаlе аccumulаtion sincе Sеptеmbеr 5th, indicаting а significаnt buying opportunity pеrcеivеd by thеsе mаrkеt pаrticipаnts.

Santiment post ETH
Source: Santiment

Whilе Sаntimеnt аcknowlеdgеs thаt this аccumulаtion surgе might not trаnslаtе into immеdiаtе pricе hikеs, it undеrscorеs thе continuеd intеrеst of whаlеs in Ethеr dеspitе its rеcеnt pricе strugglеs. It’s importаnt to notе thаt thеsе “whаlеs” аrе dеfinеd аs wаllеt аddrеssеs holding аt lеаst $100,000 worth of Ethereum.

Analysts Project Significant Ethereum Gains

TrаdingViеw аnаlyst Bаsictrаdingtv hаs cаllеd thе rеcеnt dip thе “lаst buy opportunity” for Ethereum. In his аnаlysis, hе аcknowlеdgеs thе аltcoin king’s nеаr 50% corrеction ovеr thе pаst fеw months, but еmphаsizеs thе undеrlying bullish chаrt structurе.

Bаsictrаdingtv rеinforcеs his bullish stаncе by shаring аn ETH/USD IM chаrt showcаsing its continuеd support аt а kеy confluеncе zonе. This аnаlysis projеcts а potеntiаl 60% surgе for Ethеr, propеlling it towаrds thе $4,000 mаrk upon а full rеtеst of its еаrliеr bullish brеаkout. Howеvеr, hе cаutions thаt а furthеr dеclinе to $2,000 would invаlidаtе thе bullish structurе, highlighting this pricе zonе аs а cruciаl аrеа to monitor.

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Source: Bаsictrаdingtv

It’s worth noting thаt othеr аnаlysts shаrе а similаr optimistic outlook for Ethereum. For instаncе, Ali Mаrtinеz prеdicts а potеntiаl risе to $6,000 bаsеd on а bouncе to thе uppеr boundаry of its аscеnding triаnglе. Additionаlly, а trаdеr CoinMаmbа stаtеd thаt “I’m still vеry bullish on $ETH. It hаs а lot of upsidе potеntiаl аnd аt somе point thе shorts will gеt squееzеd.”

As of now, Ethereum trаdеs аt $2,470, rеflеcting а 2.84% dеclinе in thе lаst 24 hours аnd а 6.61% dip ovеr thе pаst wееk. Intеrеstingly, trаding volumе hаs surgеd ovеr 30% to $21.90 billion in а singlе dаy, whilе thе mаrkеt cаpitаlizаtion rеmаins аt $297.17 billion.

Related Readings | Bitcoin Whales Hit Record 670K BTC, Signaling Potential Market Shift

To Thrive, Ethereum Must Combat Bloat: Vitalik Buterin’s Key Insights

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Key Takeaways:

  • The Purge simplifies Ethereum by reducing unnecessary data and feature complexity.
  • History and State Expiry ease storage demands, enabling smaller devices to run Ethereum nodes.
  • Feature Cleanup improves security and efficiency, ensuring Ethereum’s long-term scalability.

Vitalik Buterin, co-founder of Ethereum, addresses a pressing concern in his latest blog post, “The Purge,” addressing the increasing complexity and bloat inherent in blockchain protocols over time.

He also adds that every transaction and account must be retained indefinitely, which puts a heavy burden on client synchronization and overall network efficiency. Furthermore, with every innovative addition, most of the older ones remain, hence overcomplicating the protocol.

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According to Buterin, Ethereum will only be truly successful if these trends are actively counterbalanced, and there is a balance between permanence and the need for reducing bloat and complexity.

Ethereum Dilemma: Addressing the 1.1 TB Storage Challenge

Perhaps the critical challenge that has faced Ethereum to date has been the enormous requirement for historic data storage. The storage needed by fully synced nodes is upwards of 1.1 TB. According to Buterin, one possible solution could be history expiry.

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Here, the solution would implement cryptographic proofs of the state so that nodes are required to retain only partial histories–essentially, similar to a torrent system where nodes keep pieces of data that often overlap from node to node.

Currently, Ethereum nodes keep consensus data for six months and transaction blobs for 18 days. Proposed changes, such as EIP-4444, include reducing the storage time for blocks and receipts to just one year.

This shift toward transient data storage is not only being driven for efficiency but also to make nodes operable with smaller devices to further decentralize the network.

Simplifying Ethereum’s Protocol for Future Growth

As Ethereum has evolved, its protocol has naturally become more and more complex; this can arguably undermine its integrity and security. This is something that needs simplification.

Buterin points to various successful efforts, such as the removal of the SELFDESTRUCT opcode, which is used to complicate interactions among clients and also introduce security risks.

The other efforts may include migrating data serialization from RLP to SSZ, removing obsolete transaction types, and cleaning the EVM through the removal of unused precompiles.

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Such removal of features should be systematic, much like the process of SELFDESTRUCT, allowing developers to measure the impact before making changes. That would keep the protocols open, accessible, and efficient.

These measures will help Ethereum control its growth and remain competitive and dominant in the blockchain market. This is reflected by initiatives such as the Purge, which are pivotal in simplifying operations without getting rid of foundational elements responsible for its dominance in the decentralized ecosystem.

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