Ethereum Core Developers Set to Roll Out DenCun Upgrade
In an important development, Ethereum core developers have finalized their plans for the upcoming DenCun upgrade. This upgrade aims to tackle high gas fees and enhance the network’s capacity. Testing for DenCun is set to begin in January on various testnets.
Critically, this positive news has caused a notable shift in sentiment regarding Ethereum’s future prospects. Acclaimed crypto trader Peter Brandt, who had previously predicted an immediate price collapse, has revised his outlook as he takes note of Ethereum’s resilient market performance.
Optimism and Arbitrum Experience Significant Gains
The positive sentiment surrounding Ethereum has also extended to its scaling solutions. Optimism (OP), the token behind one such scaling solution, has skyrocketed by 27% in the past 24 hours and is currently valued at $3.06. Similarly, Arbitrum’s token (ARB), which aims to increase transaction speeds and reduce fees on the Ethereum network, has experienced a 19% surge and is now trading at $1.35.
MATIC Surges, SOL Remains Strong
Polygon’s MATIC token has seen a notable surge of over 8% in the past day, reaching $0.84. Meanwhile, Solana (SOL) continues its upward trajectory, albeit at a slightly slower pace. Currently the fifth largest cryptocurrency by market cap, SOL has witnessed a 2% increase in the past 24 hours, with its price reaching $100 per coin. It briefly surpassed Binance’s BNB exchange token and now sits just behind it in terms of market cap.
Solana Attracts DeFi Traders and NFT Enthusiasts
Solana’s rise in popularity can be attributed in part to its growing appeal among DeFi traders and NFT enthusiasts. The platform has seen increased interest, as evidenced by the listings of meme coin BONK on Coinbase and the recent surpassing of Ethereum in NFT trading volume. Although Ethereum has reclaimed its lead in NFT trading volume, Solana’s consistent increase in value over the past two months has caught the attention of major investors.
Bitcoin Holds Steady, Displays Promising Long-Term Growth
While Bitcoin (BTC) has remained relatively stable over the past day, it has experienced a 4% increase over a seven-day period and an impressive growth of over 20% in the past month. This highlights Bitcoin’s lasting potential for long-term growth in the cryptocurrency market. With Ethereum’s consistent climb, the positive sentiment surrounding its scaling solutions, and Solana’s surging popularity, the broader cryptocurrency market appears to be in an optimistic phase.