Connect with us

24/7 Cryptocurrency News

Algorand (ALGO) Price Rockets 32% After Bullish Golden Cross

Published

4 hours ago

on


Algorand (ALGO) price has seen a jump in the last 24 hours, with the token swaying between an intra-day high of $0.408 and a low of $0.2952. This rally has prompted analysts to project a price surge above the $1 mark, largely driven by the ‘Golden Cross’ observed on the ALGO price chart.

Algorand Price Surges Over 30%, Rally To $1?

In the last week, the Algorand price has been on a bullish rally with the price soaring over 60%. As of press time, ALGO price was trading at $0.3939, a 32% surge from the intra-day low. During the rally, ALGO’s market capitalization and 24-hour trading volume soared by 32% and 440% respectively to $3.27B and $1.38B, respectively.

This surge reflects the increasing investor confidence with ALGO price securing the top spot on today’s top gainers. Concurrently, the fact that 37% of holders are in profit indicates that a significant portion of the market is optimistic about the coin’s potential, while the remaining holders may either hold their positions in anticipation of the ALGO price recovery.

Source: IntoTheBlockSource: IntoTheBlock
Source: IntoTheBlock

Furthermore, ALGO’s open interest hit an all-time high (ATH) of $81 million, reflecting a 28% increase in just 24 hours. The rise in open interest suggests that a growing number of traders are betting on further gains for the token.

The high open interest, combined with increasing trading volumes, indicates that the bullish sentiment surrounding ALGO could persist in the near term.

ALGO Price Technical Analysis

From a technical perspective, the recent price surge in ALGO is supported by strong momentum indicators. The Relative Strength Index (RSI) for ALGO is currently at 83.63, suggesting that the token is in overbought territory. While this indicates that a short-term pullback or consolidation may be imminent, it also highlights the strength of the current bullish trend.

A key driver behind the recent bullish move is the formation of a “Golden Cross” on the ALGO price chart. A Golden Cross occurs when a short-term moving average crosses above a long-term moving average, typically signalling a shift toward bullish market conditions. In the case of ALGO, the 50-day Simple Moving Average (SMA) has recently crossed above the 200-day SMA, marking a technical buy signal for investors with the price projected to hit $1 soon.

ALGO/USD price chart (Source: TradingView)ALGO/USD price chart (Source: TradingView)
ALGO/USD price chart (Source: TradingView)

Additionally, the Chaikin Money Flow (CMF) for ALGO stands at 0.24, indicating that there is significant buying pressure. This is consistent with the high open interest and strong market volume, further supporting the view that investor sentiment remains positive.

Concurrently, analysts are optimistic about the potential for ALGO to surpass the $1 mark. Technical targets, based on the recent bullish breakout, suggest that the price could reach as high as $1.26, marking a potential 300% increase from current levels.

✓ Share:

Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: 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.





Source link

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

24/7 Cryptocurrency News

Here Are Key Fundamentals That Can Drive Cardano Price To $10

Published

1 hour ago

on

November 29, 2024

By


Cardano (ADA) is currently riding the ongoing bullish market rally with its price soaring by 4.74% in 24 hours to $1.0478. While Cardano traded below the $0.3 price mark for the better part of the past year, the coin now have the prospect to reclaim its All-Time High (ATH) above $3.099.

ADA has shown enough prospect per its performance outlook in the trailing 52-week period. The question now remain whether or not it can soar to the $10 price mark this current bull cycle. Optimistic analysts remain convinced that this is the start for ADA price despite breaching the $1 pyschologically important level.

For Cardano to jump to $10, here are the top factors to note moving forward;

1. Cardano Whale Impact

ADA is one of the most loved digital currencies by large buyers. Though this metric is down by 11% in 24 hours per IntoTheBlock data, the cummulative volume, $26.34 billion, outranks the $8 billion recorded by Ethereum.

Cardano ADA Whale 7D OutlookCardano ADA Whale 7D Outlook
Cardano ADA Whale 7D Outlook. Source: IntoTheBlock

The Cardano whale transaction recorded a 26.09 billion ADA in 24 hours. Over the past week, the whale embrace in ADA terms jumped from a low of 26 billion to a high of 41.83 billion.

This figure is prove that new liquidity is entering the ecosystem regularly. If this trend is sustained, it might help push the price of the ADA to new highs soon.

2. Ecosystem Upgrades and Growth Fundamentals

Meanwhile, for a very long time, Cardano ranked as the Layer-1 with more robust developer activity. The protocol showcased this strength over the past few months when it launched the Chang hard fork upgrade on the mainnet.

Notably, this upgrade moved the protocol to the decentralized governance era, a pioneering move in the L1 ecosystem.

Beyond this, Cardano recently announced the testing campaign for Hydra Doom. The protocol plan to stretch the limits of the Hydra scaling protocol by incentivizing its large community to participate.

Notably, this ecosystem upgrades and products paints the protocol as an appealing one. It can draw in new users, fuel ADA adoption and ultimate help push Cardano price forward.

3. Correlation With Bitcoin

Cardano has a very strong links to Bitcoin with a correlation coefficient of 0.94 as teased in an earlier Coingape report.

This figure can help it ride the current Bitcoin price rally until it possibly hits the $10 mark. With the massive capital influence into Bitcoin through the spot ETF product to corporate buyers like MicroStrategy, BTC has the chance to hit unprecedented highs.

If this projection play out, Cardano may also benefit from this massive sentiment to hit a $10 ATH.

✓ Share:

Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

Follow him on X, Linkedin

Disclaimer: 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.





Source link

Continue Reading

24/7 Cryptocurrency News

BTC Monthly Chart Reveals Bull Market Target

Published

12 hours ago

on

November 29, 2024

By


Bitcoin (BTC) price today trades at $97,072.0 on 11 AM. BTC price hit a daily high of $97,086.0 today after a 2.11% move on November 29.

Why Bitcoin Price Today Is Rising?

As mentioned, Bitcoin price today is up 2.11% after BTC crashed 8.88% and currently auctions around $97,072.0. Despite the recent drop, BTC shows signs of recovery and trades around $97,072.0. Many were seen preemptively celebrating Bitcoin hitting $100,000 on Friday, but the recent crash has revealed that BTC has other plans. Regardless, one thing is clear – investors are eager to see Bitcoin cross the historic six-digit level. While some altcoins are shooting up, most are waiting for BTC to cool off.

From the looks of it, Bitcoin price looks ready to recover and is showing signs of forming a local bottom.

*bitcoin price updated as of 11 AM.

Value of BTC trades at $97,072.0, bringing the year-to-date gain from 56% on October 20 to 120% as of November 29. The YTD performance has slumped due to the recent BTC crash. Although many altcoins have shot up over triple digits, Bitcoin is catching up. Ethereum price’s YTD performance is lackluster, stands at 45%, and is well below BTC.

Although Bitcoin is the largest cryptocurrency by market capitalization, Bitcoin’s popularity is due to its first-mover advantage and its being a secure, decentralized network. In addition, many narratives, like digital gold, inflation hedges, and uncorrelated assets, have kept BTC at the forefront of the crypto market since its inception in 2009.

BTC Price to Finish 2024 on Bullish Note

Industry veterans’ speculation of a bull run post-US elections was right, and Bitcoin is likely to end November 2024 on a positive note. Many even expect a six-digit target for BTC by the end of November, and this is due to the historical returns. History shows that Bitcoin has always performed massively in the fourth quarter.

Historical Bitcoin Price PerformanceHistorical Bitcoin Price Performance
Historical Bitcoin Price Performance

With that said, if Bitcoin price hits a new ATH in November or December, Bitcoin’s market capitalization, which stands at $1,921.0 billion, could finally hit the $2 trillion mark.

Bitcoin’s Market Capitalization

While Bitcoin’s market cap hovers around $1,921.0 billion, with Ethereum, the duo controls nearly 65% of the total cryptocurrency market capitalization. Despite the seven-month consolidation, Bitcoin’s $1.93 trillion market cap remains strong, anticipating it reaching $2 trillion before 2025.

BTC: A composition of 24-hour Trading Volume

Being the top crypto has its benefits; more people tend to flock toward the asset. Likewise, BTC’s 24-hour trading volume stands at $43.3 billion. Binance, one of the largest cryptocurrency exchanges, contributes a major portion of this volume. Binance’s share of BTC’s 24-hour trading volume comprises spot and perpetuals trading. While spot volume hovers around 11%, perpetual volume is 41%. Exchanges like OKX, Bitget, etc, follow Binance.

Key Bitcoin Blockchain Updates

With a market cap of $1.93 trillion, it is necessary for the network to remain secure, decentralized, and scalable. This is possible by upgrading the Bitcoin network regularly.

Here are some notable upgrades the Bitcoin network has received or planned to receive since its inception in 2009.

Bitcoin Network Upgrades Since 2009

Here are some key milestone upgrades to the Bitcoin network over the past decade.

2020-2024:

  • Taproot Upgrade (2021): Improved Bitcoin’s smart contract functionality, allowing for more complex transactions and enhanced privacy.Muir Glacier Upgrade (2020): Delayed the “ice age” that would have slowed down the network, ensuring the continued smooth operation of Bitcoin.

2017-2019:

  • Segregated Witness (SegWit) Upgrade (2017): Increased the block size limit, allowing for more transactions to be processed on the network, and improved the overall scalability of Bitcoin.
  • Schnorr/Tapscript Upgrade (proposed): Aims to further improve the efficiency and scalability of Bitcoin transactions, but has not yet been activated.
  • SegWit2x (canceled): A proposed upgrade that aimed to increase the block size limit, but was ultimately canceled due to lack of consensus.

2015-2016:

  • Bitcoin Core 0.12.0 Upgrade (2016): Introduced several improvements, including better wallet management and enhanced security features.
  • BIP66 Upgrade (2015): Standardized the way Bitcoin transactions are verified, improving the overall security and reliability of the network.

2013-2014:

  • Bitcoin Core 0.9.0 Upgrade (2014): Introduced a new wallet format and improved the overall performance of the Bitcoin client.
  • BIP0016 Upgrade (2013): Enabled the use of payment protocol, allowing for more efficient and secure transactions.

2010-2012:

  • Pay-to-Script-Hash (P2SH) Upgrade (2012): Introduced a new type of transaction that allows for more complex payment scenarios, improving the overall flexibility of the Bitcoin network.
  • Bitcoin Core 0.6.0 Upgrade (2011): Introduced several improvements, including better wallet management and enhanced security features.

2009-2010:

  • Bitcoin Core 0.3.0 Upgrade (2009): One of the earliest upgrades to the Bitcoin network, introducing several key features and improvements.

Bitcoin Price Outlook For Next Month

DatePriceChange
November 28, 202493389.76-1.19%
November 29, 202498345.114.05%
November 30, 2024100968.576.82%
December 01, 2024101996.517.91%
December 02, 2024102039.157.96%
December 03, 2024101579.687.47%
December 04, 2024101436.327.32%
December 05, 2024101756.897.66%
December 06, 2024102041.577.96%
December 07, 2024102241.718.17%
December 08, 2024102804.908.77%
December 09, 2024103555.329.56%
December 10, 2024103240.459.23%
December 11, 2024103724.749.74%
December 12, 2024105169.7911.27%
December 13, 2024105746.0211.88%
December 14, 2024104974.0411.06%
December 15, 2024104262.3210.31%
December 16, 2024103953.899.98%
December 17, 2024103545.669.55%
December 18, 2024101488.527.37%
December 19, 2024101490.637.38%
December 20, 2024102810.578.77%
December 21, 2024104782.9010.86%
December 22, 2024106926.0613.13%
December 23, 2024108984.9915.3%
December 24, 2024109125.7415.45%
December 25, 2024109100.5315.43%
December 26, 2024109304.3715.64%
December 27, 2024109684.9516.05%

Based on Coingape’s Bitcoin price prediction, investors can expect a double-digit rally that leads to a peak of $110,724 in the coming month. While there may be a brief correction, BTC’s trend remains bullish. Bitcoin Price Forecast Between 2025 and 2029

Bitcoin Price Outlook Between 2025 & 2029

January$108,808.42$108,872.16$108,840.29

75.1%

February$108,068.85$108,059.37$108,064.11

73.8%

March$107,329.28$107,246.58$107,287.93

72.6%

April$106,589.71$106,433.79$106,511.75

71.3%

May$105,850.14$105,621$105,735.57

70.1%

June$105,110.58$104,808.21$104,959.40

68.8%

July$104,371.01$103,995.42$104,183.22

67.6%

August$103,631.44$103,182.63$103,407.04

66.3%

September$102,891.87$102,369.84$102,630.86

65.1%

October$102,152.30$101,557.05$101,854.68

63.8%

November$101,412.73$100,744.26$101,078.50

62.6%

December$100,673.16$99,931.47$100,302.32

61.3%

All Time$104,740.79$104,401.82$104,571.31

68.2%

January$103,446.81$103,168.85$105,565.79

69.8%

February$106,220.47$106,406.23$110,829.27

78.3%

March$108,994.12$109,643.60$116,092.74

86.7%

April$111,767.77$112,880.98$121,356.21

95.2%

May$114,541.43$116,118.36$126,619.69

103.7%

June$117,315.08$119,355.74$131,883.16

112.1%

July$120,088.73$122,593.11$137,146.63

120.6%

August$122,862.39$125,830.49$142,410.11

129.1%

September$125,636.04$129,067.87$147,673.58

137.5%

October$128,409.69$132,305.25$152,937.05

146%

November$131,183.35$135,542.62$158,200.53

154.5%

December$133,957$138,780$163,464

162.9%

All Time$118,701.91$120,974.42$134,514.90

116.4%

January$139,801.17$144,684.75$169,276.92

172.3%

February$145,645.33$150,589.50$175,089.83

181.6%

March$151,489.50$156,494.25$180,902.75

191%

April$157,333.67$162,399$186,715.67

200.3%

May$163,177.83$168,303.75$192,528.58

209.7%

June$169,022$174,208.50$198,341.50

219%

July$174,866.17$180,113.25$204,154.42

228.4%

August$180,710.33$186,018$209,967.33

237.7%

September$186,554.50$191,922.75$215,780.25

247.1%

October$192,398.67$197,827.50$221,593.17

256.4%

November$198,242.83$203,732.25$227,406.08

265.8%

December$204,087$209,637$233,219

275.1%

All Time$171,944.08$177,160.88$201,247.96

223.7%

January$212,511.67$218,298$243,655

291.9%

February$220,936.33$226,959$254,091

308.7%

March$229,361$235,620$264,527

325.5%

April$237,785.67$244,281$274,963

342.3%

May$246,210.33$252,942$285,399

359%

June$254,635$261,603$295,835

375.8%

July$263,059.67$270,264$306,271

392.6%

August$271,484.33$278,925$316,707

409.4%

September$279,909$287,586$327,143

426.2%

October$288,333.67$296,247$337,579

443%

November$296,758.33$304,908$348,015

459.8%

December$305,183$313,569$358,451

476.5%

All Time$258,847.33$265,933.50$301,053

384.2%

January$317,150.58$326,144.33$372,391.92

499%

February$329,118.17$338,719.67$386,332.83

521.4%

March$341,085.75$351,295$400,273.75

543.8%

April$353,053.33$363,870.33$414,214.67

566.2%

May$365,020.92$376,445.67$428,155.58

588.7%

June$376,988.50$389,021$442,096.50

611.1%

July$388,956.08$401,596.33$456,037.42

633.5%

August$400,923.67$414,171.67$469,978.33

655.9%

September$412,891.25$426,747$483,919.25

678.4%

October$424,858.83$439,322.33$497,860.17

700.8%

November$436,826.42$451,897.67$511,801.08

723.2%

December$448,794$464,473$525,742

745.6%

All Time$382,972.29$395,308.67$449,066.96

622.3%

In the next year, aka 2025, Bitcoin price is likely to stay well above the six-digit territory and shows no signs of correction below it. Coingape’s Bitcoin price prediction data reveals a peak of $104,280.26 in February 2025.

Bitcoin Price Prediction between 2030 and 2050

2030

2031

2032

2033

2040

2050

January$465,154.42$481,462.17$546,469.67

779%

February$481,514.83$498,451.33$567,197.33

812.3%

March$497,875.25$515,440.50$587,925

845.6%

April$514,235.67$532,429.67$608,652.67

879%

May$530,596.08$549,418.83$629,380.33

912.3%

June$546,956.50$566,408$650,108

945.7%

July$563,316.92$583,397.17$670,835.67

979%

August$579,677.33$600,386.33$691,563.33

1012.3%

September$596,037.75$617,375.50$712,291

1045.7%

October$612,398.17$634,364.67$733,018.67

1079%

November$628,758.58$651,353.83$753,746.33

1112.4%

December$645,119$668,343$774,474

1145.7%

All Time$555,136.71$574,902.58$660,471.83

962.3%

January$667,167.08$691,240.58$802,526.58

1190.8%

February$689,215.17$714,138.17$830,579.17

1235.9%

March$711,263.25$737,035.75$858,631.75

1281.1%

April$733,311.33$759,933.33$886,684.33

1326.2%

May$755,359.42$782,830.92$914,736.92

1371.3%

June$777,407.50$805,728.50$942,789.50

1416.4%

July$799,455.58$828,626.08$970,842.08

1461.5%

August$821,503.67$851,523.67$998,894.67

1506.7%

September$843,551.75$874,421.25$1,026,947.25

1551.8%

October$865,599.83$897,318.83$1,054,999.83

1596.9%

November$887,647.92$920,216.42$1,083,052.42

1642%

December$909,696$943,114$1,111,105

1687.1%

All Time$788,431.54$817,177.29$956,815.79

1439%

January$946,061.92$979,838.83$1,150,786.08

1751%

February$982,427.83$1,016,563.67$1,190,467.17

1814.8%

March$1,018,793.75$1,053,288.50$1,230,148.25

1878.6%

April$1,055,159.67$1,090,013.33$1,269,829.33

1942.4%

May$1,091,525.58$1,126,738.17$1,309,510.42

2006.3%

June$1,127,891.50$1,163,463$1,349,191.50

2070.1%

July$1,164,257.42$1,200,187.83$1,388,872.58

2133.9%

August$1,200,623.33$1,236,912.67$1,428,553.67

2197.7%

September$1,236,989.25$1,273,637.50$1,468,234.75

2261.6%

October$1,273,355.17$1,310,362.33$1,507,915.83

2325.4%

November$1,309,721.08$1,347,087.17$1,547,596.92

2389.2%

December$1,346,087$1,383,812$1,587,278

2453%

All Time$1,146,074.46$1,181,825.42$1,369,032.04

2102%

January$1,387,378.67$1,426,572.58$1,647,465.92

2549.9%

February$1,428,670.33$1,469,333.17$1,707,653.83

2646.7%

March$1,469,962$1,512,093.75$1,767,841.75

2743.5%

April$1,511,253.67$1,554,854.33$1,828,029.67

2840.3%

May$1,552,545.33$1,597,614.92$1,888,217.58

2937.1%

June$1,593,837$1,640,375.50$1,948,405.50

3033.9%

July$1,635,128.67$1,683,136.08$2,008,593.42

3130.7%

August$1,676,420.33$1,725,896.67$2,068,781.33

3227.5%

September$1,717,712$1,768,657.25$2,128,969.25

3324.3%

October$1,759,003.67$1,811,417.83$2,189,157.17

3421.1%

November$1,800,295.33$1,854,178.42$2,249,345.08

3517.9%

December$1,841,587$1,896,939$2,309,533

3614.7%

All Time$1,614,482.83$1,661,755.79$1,978,499.46

3082.3%

January$1,912,592.58$1,975,978.17$2,362,093.25

3699.3%

February$1,983,598.17$2,055,017.33$2,414,653.50

3783.8%

March$2,054,603.75$2,134,056.50$2,467,213.75

3868.4%

April$2,125,609.33$2,213,095.67$2,519,774

3952.9%

May$2,196,614.92$2,292,134.83$2,572,334.25

4037.4%

June$2,267,620.50$2,371,174$2,624,894.50

4122%

July$2,338,626.08$2,450,213.17$2,677,454.75

4206.5%

August$2,409,631.67$2,529,252.33$2,730,015

4291.1%

September$2,480,637.25$2,608,291.50$2,782,575.25

4375.6%

October$2,551,642.83$2,687,330.67$2,835,135.50

4460.1%

November$2,622,648.42$2,766,369.83$2,887,695.75

4544.7%

December$2,693,654$2,845,409$2,940,256

4629.2%

All Time$2,303,123.29$2,410,693.58$2,651,174.63

4164.3%

January$2,753,723.75$2,916,544.25$3,019,295.17

4756.4%

February$2,813,793.50$2,987,679.50$3,098,334.33

4883.5%

March$2,873,863.25$3,058,814.75$3,177,373.50

5010.6%

April$2,933,933$3,129,950$3,256,412.67

5137.7%

May$2,994,002.75$3,201,085.25$3,335,451.83

5264.9%

June$3,054,072.50$3,272,220.50$3,414,491

5392%

July$3,114,142.25$3,343,355.75$3,493,530.17

5519.1%

August$3,174,212$3,414,491$3,572,569.33

5646.3%

September$3,234,281.75$3,485,626.25$3,651,608.50

5773.4%

October$3,294,351.50$3,556,761.50$3,730,647.67

5900.5%

November$3,354,421.25$3,627,896.75$3,809,686.83

6027.7%

December$3,414,491$3,699,032$3,888,726

6154.8%

All Time$3,084,107.38$3,307,788.13$3,454,010.58

5455.6%

Roughly five years from now, aka 2030, Bitcoin’s price will see an explosion to the upside, with an all-time high of $774,474 in the aforementioned year. In the same period, BTC could reach a low of $465,154.42. Based on CoinGape predictions, the average price of BTC in 2050 is between $2.9 million and $3.3 million.

Investors should note that these long-term predictions can change and, hence, should be taken with a grain of salt.

Bitcoin Price Analysis: BTC Likely to Hit $200,000

The short-term Bitcoin price chart, like 1-hour, 1-day, shows noise. Charles Edward of Capirole Fund illustrated this in his recent X post. In this tweet, Edward suggested that Bitcoin’s monthly chart has a massive upside potential. According to his thesis, a monthly candlestick close above the previous all-time high (ATH) often leads to four-to-seven-month consecutive up-close monthly candlesticks. This bullish thesis makes sense despite the limited data, considering that BTC consolidated for seven months. 

According to Edwards, Bitcoin is “just warming up,” and “at least 4 massive monthly candles” could follow.

BTC/USD 1-month chartBTC/USD 1-month chart
BTC/USD 1-month chart

Supporting this outlook and showcasing that the bull run has just begun is the Google Trends result for the “Crypto” keyword. The search volume for crypto is just above the March 2024 levels, which is well below the 2021 peak.

Crypto Google TrendCrypto Google Trend
Crypto Google Trend

With retail investors yet to arrive, Bitcoin forecasting at least four bullish monthly candlesticks suggests that $100,000 is just the beginning. During peak bull run, BTC could hit $200,000.  This cycle top could form around October 2025, as the Mars Vesta Bitcoin cycle thesis noted.

To add more credence to this outlook, Charles Edwards notes how Gold’s market capitalization increased by $3.8 trillion in just 16 weeks. Comparing Gold’s massive uptick with Bitcoin, Edwards added, “It wouldn’t be surprising to see $200K Bitcoin in 4-12 weeks.”

The founder of Capriole Fund goes on to note that this target is contingent on Bitcoin price producing “a strong $100K breakout.” To conclude, Edwards compares how Bitcoin is superior to Gold in aspects like liquidity, and fungibility and how BTC is a divisible asset that trades 24/7.



Source link

Continue Reading

24/7 Cryptocurrency News

Ethereum Foundation Invests Millions Into zkVM, What’s Happening?

Published

15 hours ago

on

November 29, 2024

By


The Ethereum Foundation once again caused a stir across the broader market on Friday, revealing that it is investing tens of millions into zkVMs (zero knowledge virtual machines). Justin Drake, a renowned researcher at the organization, revealed this investment strategy. Notably, this investment plan outlined three vital entities that remain poised to leverage the opportunity, per the researcher’s announcement.

Ethereum Foundation Putting Millions Into zkVMs

As per an X post by Justin Drake as of November 29, “The EF is investing tens of millions into zkVMs.” Further, the announcement revealed three key entities that remain poised to leverage this massive investment.

According to Drake, zkevm.org, a zkRISC-V formal verification platform, remains primed to receive support from the Ethereum Foundation’s investment. Simultaneously, Poseidon cryptanalysis and ethproofs.org, other zkVMs, are also poised to leverage this investment.

The Ethereum Foundation’s investments offer support to various components of zkVMs, spanning from formal verification to cryptographic analysis. Overall, the investment talks garnered significant attention as they further underscore ongoing efforts that aim to streamline the Ethereum ecosystem.

What’s Next For ETH Price?

On the other hand, Ethereum co-founder Jeffrey Wilcke’s trades ignited concerns across the broader market. Notably, the co-founder deposited 20,000 ETH to Kraken on November 28, raising severe concerns surrounding the crypto’s price movement ahead.

Intriguingly, Wilcke has been recorded offloading 44,300 tokens at an average price of $3,342 in 2024, solidifying market concerns for one of the leading crypto by market cap.

Against the backdrop of Ethereum Foundation investments and other developments, ETH price slipped more than 1% intraday and is trading at $3,552. Its 24-hour low and high were $3,531.87 and $3,642.19, respectively. Notably, the recent waning movement falls in line with selloff by whales. Notably, the weekly chart for the crypto shows a 5% pump, followed by a monthly upswing of 33%.

Intriguingly, a recent ETH price analysis by CoinGape Media further indicated that the crypto eyes a $4000 target amid this bull cycle. This bullish projection also comes riding the back of strong market potential and ecosystem upgrades.

✓ Share:

Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: 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.





Source link

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon