Vitalik Buterin reminds users internet of money should not cost more than 5 cents
- Vitalik Buterin, the founder of Ethereum Network, reminded users he still believes that internet of money should not cost more than 5 cents.
- Kevin O'Leary, investor and billionaire revealed his crypto strategy and revealed his Ethereum holdings.
- The Ethereum founder is working on tackling the scalability challenge of the altcoin.
- Over the past 24 hours traders lost over $11 million in Ethereum, the largest single loss in the OKEx ETH/USDT pair.
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 the high transaction costs.
Analysts predict drop in Ethereum price
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.
Buterin believes that the internet of money should not cost more than 5 cents, therefore he is working on tackling Ethereum’s scaling challenge.
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
— vitalik.eth (@VitalikButerin) January 1, 2022
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.
-- $ETH UPDATE --
— AlphaBTC (@mark_cullen) December 31, 2021
Just a thought on how the #Ethereum larger macro formation could complete as a running flat with a C wave ending diagonal
Downside target would be low 3k's at the 61.8 extension of the wave in the length of C & 50% retrace of the last move up#Crypto https://t.co/I4diDOfVMU pic.twitter.com/lf4pxXROVz
FXStreet analysts believe that Ethereum price is collecting liquidity before marching towards $4,500.
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.
