Vitalik Buterin claims Ethereum was not ready for mass adoption and daily transactions
- Ethereum creator Vitalik Buterin believes that the altcoin was not ready for mass adoption in its original form.
- Buterin has reiterated the need for scaling solutions to reduce the Ethereum network's transaction fees.
- NFT activity on the Ethereum network has exploded, hitting 247,000 ERC-721 transfers, topping the 2021 daily high.
- Analysts predict Ethereum could continue its bull run as long as the price holds above $3,640.
Ethereum creator Vitalik Buterin recently addressed the altcoin's scalability issues. Buterin reiterated that transaction fees on the network need to be lowered to drive mass adoption of the altcoin, through scaling solutions.
Analysts believe Ethereum price could continue uptrend
Vitalik Buterin told the Bankless Podcast that Ethereum in its original form was not ready for mass adoption. Buterin revealed that the altcoin was not meant for day-to-day transactions and needed scaling solutions to lower the transaction fees.
High fees on the Ethereum network make it unfeasible for daily transactions. Therefore, the founder reiterated the urgent need for Ethereum scaling solutions and lowering transaction fees.
Buterin revealed the roadmap for the launch of Ethereum 2.0 in 2022.
Despite the fact that ETH has relatively high transaction fees compared to competitors, NFT activity on the Ethereum network has exploded. The count of ERC-721 transfers on Ethereum crossed 247,000, crossing the high established in 2021.
Ethereum price has posted over a 6% drop in price over the past two weeks. Despite the loss, analysts believe that Ethereum has bullish potential. Kyle Water, a crypto analyst and trader, argued that the upward trend could be sustained as long as Ethereum price sustains above $3,640.
NFT activity on Ethereum is off to a hot start in 2022: on January 3rd there were 247K ERC-721 transfer events which tops the 2021 daily high of 240K on September 5th of last year. pic.twitter.com/QKTiSE4lfr
— Kyle Waters (@kylewaters_) January 4, 2022
FXStreet analysts have evaluated the Ethereum price trend and predicted that the altcoin is in an ideal bearish Ichimoku breakout. The indicator is used to display support, resistance, momentum and trend in a single view. A bearish Ichimoku breakout implies that the altcoin could face stiff resistance in its path.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
