This cycle can hardly be called favorable for those bullish on the major altcoin on the crypto market, Ethereum (ETH). Despite progress such as the approval and launch of several Ethereum ETFs, the price of ETH and its performance against major competitors like Bitcoin and Solana has been rather disappointing.
At the end of the eighth month of the year, the price of the altcoin is below $2,600, which is only 14% higher than where it started the year. This would have been a lot for traditional financial markets but is considered nothing in crypto – especially when SOL has tripled its performance in the same period.
Amid this conjecture, many Ethereum traders and enthusiasts raised concerns, which they addressed to the founder of the blockchain, Vitalik Buterin himself.
The community’s displeasure with Buterin grew quite a bit recently, as he posted more about philosophical and theoretical matters, while everyone else urged him to post something about Ethereum and pump up the altcoin’s price.
“Ethereum is good”
It seems that the whining worked, as today Buterin finally broke the silence and delivered what can literally be called a bull post. In an image that Buterin created with “stable diffusion 3 inpainting and gimp” in his own words, he depicted a bull standing on a rock with an “Ethereum is good” sign.
“I have been told that I need to do less philosophizing and more bull posting. Hence, here is an Ethereum bull post”, the crypto visionary’s caption reads.
I have been told that I need to “do less philosophizing and do more ethereum bullposting”. Hence, here is an ethereum bullpost, courtesy of stable diffusion 3 inpainting + gimp. pic.twitter.com/ZcPjNVImpn
— vitalik.eth (@VitalikButerin) August 21, 2024
Needless to say, the price of ETH skyrocketed at that exact minute, rising 2.76% in the next half hour. But more importantly, the room was flooded with reactions from market participants.
Many were excited, some remained skeptical, but one thing is for sure: this unexpected move from the Ethereum leader may kick things off for the altcoin and shift the attention of market participants away from Bitcoin and Solana.