Market
Solana Won’t Kill Ethereum, The “ETH Elite” Will
Evgeny Gaevoy, CEO of crypto market maker Wintermute, has recently voiced concerns about Ethereum’s (ETH) leadership.
According to Gaevoy, Ethereum’s potential downfall will not be due to technical shortcomings compared to competitors like Solana but from contradictions within its leadership.
Wintermute CEO Highlights Leadership Paradox in Ethereum
Gaevoy criticizes Ethereum’s leadership, particularly the network’s co-founder Vitalik Buterin, for their contradictory stance on capitalism and social justice. He believes Ethereum’s failure will stem from these conflicting goals rather than technical issues.
“If ETH fails in the future, it won’t be because ‘Solana is faster,’ it will be because the ETH ‘elite’ is still stuck in a massive contradiction,” he wrote on his X (Twitter) account.
Read more: Solana vs. Ethereum: An Ultimate Comparison
Gaevoy asserts that blockchain technology fosters capitalist systems. Yet leaders like Buterin and Hayden Adams, co-founders of the Ethereum-based decentralized exchange (DEX) Uniswap, try to solve capitalism by insisting on worthy societal ends.
He believes one cannot build both a capitalist and a planned socialist system. Gaevoy prefers capitalism for its efficacy compared to socialism.
Gaevoy’s critique comes amid a broader debate sparked by Buterin’s criticism of celebrity meme coins. Buterin emphasizes that crypto projects should serve broader societal goals beyond monetization. This prompted a response from Australian singer Iggy Azalea, who launched her meme coin—Mother Iggy (MOTHER).
During a podcast, Azalea questioned Buterin’s stance on gas fees. Her remarks, showing a misunderstanding of Ethereum’s gas fees, went viral and drew ridicule from the crypto community.
The debate escalated further when Adams joined the fray. He criticized Azalea for mocking Buterin instead of constructively addressing her concerns.
Gaevoy’s comments have stirred controversy within the crypto community. While some agree with his perspective, many disagree. One community member responded to Gaevoy by pointing out that Buterin and Adams merely expressed their vision for crypto, which does not necessarily conflict with capitalist principles.
The member suggested their critiques were more about ensuring long-term sustainability and progress within the crypto space. In response to the backlash, Gaevoy offered a clarifying statement.
“To me, it’s about the primary guiding principle. If your key guiding principle is capitalism, and then you make extra steps to make it less damaging, I’m all for it. If your guiding principle is, I don’t know, ‘social justice’ or ‘only good things should be built,’ and then you attach capitalism as an afterthought, that’s what I am against,” he stated.
Read more: When Are Ethereum Gas Fees Lowest?
Nonetheless, Gaevoy’s criticism highlights the challenges ahead for Ethereum’s leaders. As Ethereum continues to evolve, the balance between economic incentives and social goals will likely remain contentious.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Can the ETH Coin Price Revisit Its Year-To-Date High?
Leading altcoin Ethereum (ETH) has experienced a notable price surge over the past 24 hours, breaking the $3,600 mark. As of this writing, ETH exchanges hands at $3,613, a level it last traded at in June.
This rebound has been fueled by a massive trading volume exceeding $43 billion in the past 24 hours. This hints at a sustained rally toward the psychological $4,000 price mark.
Ethereum Price Surge Hints at Altcoin Season
ETH’s trading volume has totaled $43 billion over the past 24 hours. This surge in trading activity has propelled the coin’s value to a price last observed five months ago.
When an asset’s trading volume climbs alongside its price, it indicates strong market interest and confidence in the upward movement. This combination suggests that the price rally is backed by significant buying activity, making it more sustainable.
Therefore, ETH’s high trading volume reflects the uptick in market demand and broad participation. This reduces the likelihood of a sudden reversal.
Further, Ethereum’s recent surge suggests a potential shift toward the altcoin season. According to Blockchain Center’s Altcoin Season Index (ASI), the score now stands at 61 out of 100, nearing the 75-point threshold to signal the commencement of the highly-anticipated time.
Notably, some profit-taking activity is already underway due to this price surge. This is reflected in the coin’s positive exchange netflow volume. On Wednesday, 54,974 ETH valued above $199 million were sent to exchanges.
The exchange netflow volume metric measures the difference between inflows into and outflows from exchanges over a specific period. When an asset’s netflow is positive, more coins are moving into exchanges than leaving, often signaling potential selling pressure as traders prepare to sell.
This increase in supply on exchanges can weigh on the price if demand does not match the heightened availability.
ETH Price Prediction: Rally Toward Year-To-Date High
Despite this, the overall bullish sentiment in the Ethereum market remains strong, suggesting that the uptrend may persist. The setup of ETH’s Parabolic Stop and Reverse (SAR) indicator, as assessed on a daily chart, confirms this bullish outlook.
This indicator identifies potential trend reversals and provides dynamic support and resistance levels. It places dots above or below the price chart: dots below the price suggest a bullish trend, while the dots above indicate a bearish trend.
As in ETH’s case, when the SAR rests below the price, it signals upward momentum and suggests a bullish trend. If the bullish trend persists, the ETH coin price may breach resistance at $3,669 and climb toward its year-to-date high of $4,093.
On the other hand, a decline in bullish pressure will occasion the ETH coin price to fall toward support formed at $3,336.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Which Are the Top DePIN Altcoins to Watch in December 2024?
As November ends and December 2024 begins, investors are likely to shift their focus toward portfolio rebalancing or exploring new altcoin opportunities. The Decentralized Physical Infrastructure Network (DePIN) narrative is gaining attention, making it a key sector to watch. Here are some top DePIN altcoins to keep an eye on.
In this analysis, BeInCrypto discusses five top DePIN altcoins to watch next month, highlighting why these cryptos may garner a lot of attention in the market. They include Filecoin (FIL), Arweave (AR), Grass (GRASS), io.net (IO), and NetMind Token (NMT).
Filecoin (FIL)
Filecoin, which has a market capitalization of $3.44 billion, tops the list of DePIN altcoins to watch in December. For an altcoin that lost a chunk of its value during the second and third quarters, Filecoin has shown strength within the last 30 days.
Over this mentioned period, the price has increased by 56.22%. However, it is still largely down from its all-time high, suggesting that it still has more room to grow.
From a technical point of view, the Awesome Oscillator (AO), which measures momentum, has continued to remain in the positive region. Typically, when the AO is negative, momentum is bearish.
But when it is positive, it is bullish, which is the case with FIL. If this remains the case, the altcoin’s price might climb to $6.50 within the first few days in December. However, if momentum turns bearish, that may not happen, and Filecoin could drop to $4.96.
Arweave (AR)
Second on the list of the top DePIN coins to watch is Arweave, a project focused on a decentralized storage network. Over the last seven days, AR’s price has increased by 20.98%, making it one of the best-performing altcoins in the top 100.
At press time, the token’s price is $21.13. The daily chart shows that the altcoin hit this price due to the formation of an inverse head-and-shoulders pattern.
This pattern is a bearish to bullish reversal that was validated after AR bottomed at $133. However, the token currently faces resistance at $22.05 but could help AR breach this obstacle.
Should this happen, the Arweave’s price could climb to $24.57 in the short term. If buying pressure increases, this might be higher. However, if bears have the upper hand, the price could decrease to $18.96.
Grass (GRASS)
In October, BeInCrypto named GRASS one of the top DePIN altcoins to watch in November. Interestingly, the recently launched project did not disappoint, climbing by 300% within the last 30 days.
Currently, GRASS’ price is $3.48 and has been hitting lower highs (LH) on the 4-hour chart. Due to this price movement, the altcoin’s value could likely hit a new all-time high in December, surpassing $3.90 in the process.
If that happens, then it might not be out of place to see GRASS at $5. On the flip side, if the altcoin loses this bullish momentum, this prediction might not come to pass. Instead, it could decrease to $2.81.
io.net (IO)
Another DePIN altcoin to watch in December is io.net, which prides itself on being the world’s largest decentralized AI computing network. Within the last 30 days, IO’s price has increased by 65.13% while trading at $2.93.
On the daily chart, IO’s price has risen above the 20-day Exponential Moving Average (EMA). This position means that the trend around the altcoin is bullish, and the price might continue to climb.
If the token continues to hold this position, its value could rise above $4 in December. On the other hand, if interest in IO drops, the prediction might be invalidated, and the token could decline below $2.
NetMind Token (NMT)
The top DePIN altcoins to watch will be incomplete without mentioning NetMind Token, which is a token built on the BNB Chain. Today, NMT’s price is $3.76, while its trading volume has increased by 350% in the last 24 hours.
This surge in volume indicates rising interest in the token. NMOR’s value has increased by 76.10% since yesterday. Between September 25 and November 5, NetMind Token’s price dropped from $3.89 to $1.29.
But since then, bulls have been pushing the value higher. In December, the altcoin’s price is likely to go higher. If that is the case, the cryptocurrency could climb above $5.
But if profit-taking rises, this might not happen. Instead, NMT’s price could drop to $2.72.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Why the ENS Token Price Rally May Be Short-Lived
ENS, the native token of Ethereum Name Service, a decentralized naming system, has seen a sharp price increase, surging by 37% in the past 24 hours. This performance makes it the top gainer among the top 100 cryptocurrencies.
During Thursday’s early Asian session, the altcoin reached a new year-to-date high of $37.29 before pulling back slightly. It is now trading at $34.17, accompanied by a notable rise in trading volume.
Ethereum Name Service Sees Spike in Trading Activity
A significant rise in trading volume has accompanied ENS’ double-digit surge. It has reached an all-time high of $2.35 billion, rocketing by more than 300% over the past 24 hours.
When an asset’s trading volume rallies with its price, it signals strong investor interest. Rising volume confirms that the price movement is supported by active participation, making the rally more sustainable. On the other hand, a price increase without volume growth may suggest a weaker uptrend that could be prone to reversal.
This means that actual demand for the token, rather than mere speculative trading activity, has driven ENS’ rally.
Moreover, the altcoin’s open interest has surged to a multi-month high of $132 million, confirming the rise in trading activity. Per Santiment, this has risen by 7% over the past 24 hours and is currently at its highest level since July.
Open interest measures the total number of outstanding contracts (such as futures or options) that have not yet been settled or closed. When it climbs during a price rally, it indicates that more traders are entering positions, suggesting strong market participation in the rally.
This signals the trend will continue, as increasing open interest reflects growing confidence in the price movement.
ENS Price Prediction: Buyers May Soon Witness Exhaustion
As of this writing, ENS trades slightly above support formed at $31.57. A successful retest of this support level will propel the token’s price to reclaim its year-to-date high of $37.29.
However, readings from ENS’ Relative Strength Index (RSI) indicate that the market is overheated, and buyers may soon experience exhaustion. At press time, the indicator’s value is at 79.27.
The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges from 0 to 100, with values above 70 suggesting the asset is overbought and potentially due for a correction. Conversely, RSI values below 30 signal the asset is oversold and may be primed for a rebound.
A potential correction will push the ENS token price below support at $31.57 and toward $28.27.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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