- Ethereum rose 5% on Bitcoin ETF excitement.
- Vitalik Buterin proposed an increase in the gas limit for Ethereum’s network efficiency.
The cryptocurrency market experienced a wave of excitement as the approval of the Bitcoin spot ETF resonated across assets. Next comes Ethereum [ETH] posted a 5% price growth in the past 24 hours, fueled by positive market sentiment.
But what are the chances of an Ethereum ETF being approved?
The ETF saga continues
Tension is building around the looming deadline for Ethereum’s ETF decision, set for May 23 with VanEck’s spot ETH ETF.
The new deadline to obsess over has just been scrapped
May 23 is the final deadline for a decision on VanEck’s spot ETH ETF pic.twitter.com/dgi5EVbPeQ
— Will (@WClementeIII) January 10, 2024
With the approval of 11 BTC ETFs, ETH ETFs are expected to have a good chance of receiving SEC approval. The approval is also expected to have a tangible impact on the condition of ETH.
There could also be a massive accumulation of ETH prior to approval.
Vitalik enters
Additionally, during a recent Reddit ask-me-anything (AMA) session hosted by the Ethereum Foundation research team on January 10, Vitalik Buterin drew attention to the gas limit and proposed a modest increase to improve network throughput.
Buterin highlighted the period of almost three years during which the gas limit remained static, suggesting that a 33% increase from the current 30 million to around 40 million could contribute to the efficiency of the network.
This adjustment is in line with Buterin’s vision to maintain Ethereum’s technological progress.
The proposed gas limit increase has significant implications for Ethereum as it aims to address scalability issues and improve the overall performance of the network.
By allowing more transactions within each block, Ethereum can potentially reduce transaction costs and improve the user experience. Only time will tell if this will help Ethereum attract more users to its network.
How is ETH doing?
At the time of writing, Ethereum was trading at $2,415.34, reflecting a 5.07% price growth in the past 24 hours.
Additionally, there was an increase in trading volume and increased network growth. This showed that the spike in the price of ETH was caused by new addresses.
How much are 1,10,100 ETHs worth today?
However, the rate at which ETH was traded had slowed, meaning the number of addresses transferring their ETH dropped significantly in recent days.
This could hinder ETH’s price movement in the future.
