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This cycle can hardly be called favorable for those betting on the main altcoin in the crypto market, Ethereum (ETH). Despite progress such as the approval and launch of several Ethereum ETFs, ETH’s price and its performance against major competitors such as Bitcoin and Solana have been rather disappointing.
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At the end of the eighth month of the year, the altcoin’s price is below $2,600, which is only 14% higher than it was at the beginning of the year. That would have been a lot for traditional financial markets, but is considered nothing in the crypto world – especially when SOL has tripled its performance in the same period.
In light of these speculations, many Ethereum traders and enthusiasts expressed their concerns and addressed them to the blockchain’s founder, Vitalik Buterin himself.
The community’s resentment towards Buterin has increased significantly recently as he has been posting more about philosophical and theoretical topics while everyone else has been pushing him to post about Ethereum and drive up the altcoin’s price.
“Ethereum is good”
It seems the whining worked, because today Buterin finally broke the silence and delivered what can literally be described as bull mail. In an image Buterin created using Stable Diffusion 3 Inpainting and Gimp, he shows a bull standing on a rock holding an “Ethereum is good” sign.
“I was told to do less philosophizing and more bull posting. So here’s an Ethereum bull post,” the crypto visionary’s caption reads.
Needless to say, the price of ETH skyrocketed that very minute, increasing by 2.76% over the next half hour. But more importantly, the room was flooded with reactions from market participants.
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Many were excited, some remained skeptical, but one thing is certain: this unexpected move by the Ethereum market leader could mean a boost for the altcoin and divert the attention of market participants from Bitcoin and Solana.
