Analysts predict drop in Ethereum price
The founder of Ethereum stands by his statement that the internet of money should cost less than five cents. Vitalik Buterin is working on scaling solutions for Ethereum to solve the challenge of high transaction cost.
Buterin believes that the internet of money should not cost more than 5 cents, therefore he is working on tackling Ethereum’s scaling challenge.
Vitalik Buterin, the founder of the Ethereum Network recently summarized his thoughts on the altcoin in a Twitter thread. Buterin reminded users of his stand on the price of internet of money and stated that his views remain unchanged.
— vitalik.eth (@VitalikButerin) January 1, 2022
4. Though I 100% stand by my comment that “the internet of money should not cost more than 5 cents per transaction”. That was the goal in 2017, and it’s still the goal now. It’s precisely why we’re spending so much time working on scalability.https://t.co/M326MtrlE0
The Ethereum founder said that the research team values simplicity. The altcoin’s sharding would open doors to reduced transaction costs and increase its speed.
Kevin O’Leary, Shark Tank star and millionaire, discussed his crypto portfolio in a recent interview. O’Leary’s investment portfolio has a larger Ethereum position than Bitcoin.
O’Leary was quoted as saying, Even new software is being developed like Polygon that consolidates transactions and reduces the overall cost in terms of gas fees on Ethereum.
Ethereum price has dropped 8.8% over the past week and analyst have predicted further drop in the altcoin. Mark Cullen, a crypto analyst and trader has set a downside target of lower $3000 for Ethereum. FXStreet analysts believe that Ethereum price is collecting liquidity before marching towards $4,500.