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Vitalik Buterin Calls for a Resurgence of "Cypherpunk" Spirit in Ethereum
Ethereum's Original Vision: A Decentralized Shared Hard Drive
Ethereum's initial conceptualization envisioned a decentralized platform resembling a shared hard drive, leveraging peer-to-peer messaging and decentralized file storage. However, this vision started to fade in 2017, coinciding with the surge in DeFi applications and the trend toward financialization on the Ethereum network.
Rising Transaction Fees and Shift in Culture
Vitalik pinpointed the escalation of transaction fees as a significant factor leading to Ethereum's altered trajectory. He argued that when transaction fees soared, a group he referred to as "degen gamblers" (high-risk traders) dominated the chain. This shift, according to Buterin, not only influenced public perception but also altered the internal culture of the crypto space.
Advancements Amid Challenges and #Web3
Buterin emphasized the network's progress in ious domains, including innovations such as rollups, zero-knowledge proofs, account abstraction, and more. He also revisited the term "Web3," originally coined by Ethereum co-founder Gavin Wood, who envisioned Ethereum not merely as "Bitcoin plus smart contracts" but as a foundational technology for a more open internet stack.
Challenges to Overcome and Hope for a Decentralized Renaissance
Preserving the Unique Value of Crypto Eco
In conclusion, Buterin warned against the risk of losing the unique value of the #crypto eco. He urged the crypto community to resist pressures that could lead to recreating a clone of the existing web2 eco with additional inefficiencies. Earlier, Buterin proposed a simplification of the Ethereum proof-of-stake chain by reducing the number of signatures validators are required to make, aiming to make the network lighter and more efficient.
#ETH #Bitcoin #ETF #BitcoinETF #BullRun2024 According to data from CoinATM, a cryptocurrency ATM tracking platform, the global number of cryptocurrency ATMs as of January 1, 2024, was 33,628, marking an 11.1% decrease compared to the previous year. While the number of ATMs had been steadily increasing since October 2013 until last year, the United States, where 82% of the world's cryptocurrency ATMs were installed, witnessed a 15.4% decrease from 32,672 to 27,631 in the same period. However, countries like Australia, Canada, Spain, and Poland showed an increase in the number of cryptocurrency ATMs.
Credit : BitcoinWorldMedia #The market bounces back hugely. BTC breaks out $45,000.#
Bitcoin price is up over 5% and it cleared the $45,000 resistance. BTC is showing positive signs on rumors of spot ETF approval by the EOD.Bitcoin price formed a base above the $41,200 level and started a fresh increase. BTC cleared a few major barriers near $43,200 to enter a bullish zone.Several rumors circulating that spot ETF approval is possible by the end of today. The price is gaining pace on this rumor and broke the $44,000 level. There was also a break above a key ascending channel with resistance near $43,500 on the hourly chart of the BTC/USD pair.Bitcoin even cleared the $45,000 resistance. A new multi-week high is formed near $45,499 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the upward move from the $41,300 swing low to the $45,499 high.Bitcoin is also trading above $45,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $45,500 level.Source: BTCUSD on TradingView.comThe first major resistance is $46,000. A close above the $46,000 level could send the price further higher. The next major hurdle sits at $46,800. Any more gains above the $46,800 level could open the doors for a move toward the $48,000 level.If Bitcoin fails to rise above the $45,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $45,000 level.The next major support is near $44,500. If there is a move below $44,500, there is a risk of more losses. In the stated case, the price could drop toward the $43,500 support in the near term.Technical indicators:Hourly MACD – The MACD is now gaining pace in the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.Major Support Levels – $45,500, followed by $46,800.Major Resistance Levels – $45,000, $44,500, and $43,500. Top 3 Crypto Under $2 With Potentials for Over 3,000% Growth in 2024
This is Not a Financial Advice Always do your own research before any investment
Cardano (ADA)
Cardano is one of the most formidable smart contract networks around, but its valuation has been below expectations. At the moment, the coin’s price is pegged at $0.5981, and its market capitalization is $21,198,462,839. Despite this valuation, many consider Cardano as undervalued, a position that often sparks a debate considering the massive circulating supply of Cardano currently pegged at 35,362,302,157 ADA.
XRP
With the regulatory clarity around the coin, institutions and businesses can now easily embrace the coin as a payment method, leveraging its speed and low cost. Ripple Labs is already setting the pace for these new alliances, including that with Uphold, which is designed for cross-border settlements.
Polygon (MATIC)
Polygon is the most capitalized Ethereum-based Layer-2, with a current market price of $0.953 and a capitalization of $9,137,069,186. Polygon has outperformed its records by onboarding more mainstream firms like Flipkart into its eco.
Credit : The Crypto Basics 
