🔺 What to do when markets are at an all-time high? Find smart bargains, like these.See Undervalued Stocks

Vitalik Buterin Breaks Silence with Ethereum Bull Post and Sparks Price Pump

Published 08/21/2024, 11:15 PM
Updated 08/22/2024, 02:45 AM
© Reuters Vitalik Buterin Breaks Silence with Ethereum Bull Post and Sparks Price Pump
ETH/USD
-
ETH
-

U.Today - This cycle can hardly be called favorable for those bullish on the major altcoin on the crypto market, Ethereum (ETH). Despite progress such as the approval and launch of several Ethereum ETFs, the price of ETH and its performance against major competitors like Bitcoin and Solana has been rather disappointing.

At the end of the eighth month of the year, the price of the altcoin is below $2,600, which is only 14% higher than where it started the year. This would have been a lot for traditional financial markets but is considered nothing in crypto - especially when SOL has tripled its performance in the same period.

Amid this conjecture, many Ethereum traders and enthusiasts raised concerns, which they addressed to the founder of the blockchain, Vitalik Buterin himself.

The community's displeasure with Buterin grew quite a bit recently, as he posted more about philosophical and theoretical matters, while everyone else urged him to post something about Ethereum and pump up the altcoin's price.

"Ethereum is good"

It seems that the whining worked, as today Buterin finally broke the silence and delivered what can literally be called a bull post. In an image that Buterin created with "stable diffusion 3 inpainting and gimp" in his own words, he depicted a bull standing on a rock with an "Ethereum is good" sign.

"I have been told that I need to do less philosophizing and more bull posting. Hence, here is an Ethereum bull post", the crypto visionary's caption reads.

Needless to say, the price of ETH skyrocketed at that exact minute, rising 2.76% in the next half hour. But more importantly, the room was flooded with reactions from market participants.

Many were excited, some remained skeptical, but one thing is for sure: this unexpected move from the Ethereum leader may kick things off for the altcoin and shift the attention of market participants away from Bitcoin and Solana.

This content was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.