As Coinpedia reported earlier that ETH price could experience a slight pullback after reaching a psychological mark of $4000. It actually happened before continuing on towards new ATH levels. Ethereum price had a major correction at $3239 on 7th September 2021. However, the price somewhat recovered, rebounding to the $3500 mark at the press time aiming to hit $10K.
Ethereum is putting its genuine efforts to build an eco-friendly world. The network is preparing to move from costly Proof-of-Work consensus to an efficient Proof-of-Stake consensus model. PoS reduces the network’s energy consumption by 99% says founder Vitalik Buterin.
The major correction by 17.2% could be ETH’s calm before the storm strategy. Because ETH has got the potential to reach $10k by the year’s end. Wondering, how? Well, on the road to mass adoption, reputed organizations including Budweiser, Visa, Twitter, Steph Curry, Dez Bryant planning to utilize the ETH services in one way or another. On an interesting note, recently Panama introduced a bill to legalize not only Bitcoin but also Ethereum!
Masses Contributing To ETH Adoption
- Twitter is working on a plan that allows users to add their Bitcoin and ETH addresses to their portfolios.
- There’s a new Ethereum dApp for minting NFTs of your tweets. If the user wants a piece of internet history, they can bid and purchase these NFT’s on the v.cent.co website.
Ethereum Based NFTs Are Booming!
- Recently, NBA star Steph curry aped into the trendy NFT space by purchasing a Bored Ape for $180,000 worth of Ethereum.
- Sandbox also aped into the ETH NFT market craze purchased the Laser Eyes Bored Ape 3749 for 740 ETH.
In addition to this, the London Hard Fork upgrade increased ETH’s reputation to the next level!
According to Evan Van Ness on Twitter, there are already more transactions happening on ETH’s layer 2 close to 250k. Then bitcoin close to 210k on 6th September.
Let’s dig more about London Hard Fork’s Proposals.
London Hard Fork’s Proposals to Transform ETH Network
EIP-1559: We are quite familiar with this upgrade. An interesting note is, EIP-1559 upgrade was adopted 34x times faster than Bitcoin’s SegWit adoption. EIP-1559 upgrade went live on 5th August and already has 55% adoption.
EIP-3198: This upgrade adds an opcode that extends user experience improvements to smart contracts.
EIP-3529: This proposal allows the removal of refunds for certain opcodes. This further stabilizes the network.
EIP-3554: This proposal moves the deadline. Which will encourage Ethereum miners to upgrade their software to be ready for the switch, known as the “difficulty time bomb”. And alters that deadline from summer 2022 to this December.
Ethereum is patiently working on futuristic technologies. And at the same rate getting appreciation and support from celebrities and reputed institutions. This slight pullback is the best time for buyers. If updates come into action on time, the ETH has the potential to skyrocket to $10k by the year’s end.
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