Vitalik Buterin’s Faster Ethereum Transaction Proposal – What It Means for Ethereum Price Prediction
Over the last 24 hours, the Ethereum price has seen a minor 1.03% loss amid broader market growth.
Despite this recent developments pose the potential to push Ethereum out of its recent rut.
This comes as other major cryptocurrencies are seeing renewed growth following the stir generated by recent Bitcoin wallet movements relating to Mt Gox.
The Ethereum price is seemingly at a standstill. Although ETH has seen a 2.49% increase since last Tuesday, it has done little to recover from its recent losses, standing at 9.16% over the past month.
It seems that Ethereum is no longer reveling in the hype surrounding the SEC approval of Ether exchange-traded funds (ETFs) last month.
Investment firms are waiting on the SEC’s greenlight to begin trading them, with no updates outside of SEC Chair Gary Gensler’s statement that the progress of launching the first Ether ETFs is “going smoothly.”
A premise that is reflected in Ethereum’s trading volume, which has decreased 7.85% to $10.18 billion over the past 24 hours.
Given this, traders are looking to other fundamentals for an indicator of where Ethereum is headed next.
Vitalik Buterin suggested new methods to accelerate transaction confirmation times on the Ethereum network In a recent blog post .
He outlined a novel approach where each block is finalized before the next one is created, aiming to significantly enhance transaction speed and user experience.
Historically, Ethereum has lagged behind other blockchains in transaction speeds. They have improved to 5-20 seconds following the Merge , but other chains are still twice as fast.
A May 2024 CoinGecko report highlighted Ethereum’s absence from the top 10 fastest blockchains, with Solana, SUI, and Binance Smart Chain
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