The price of the cryptocurrency market’s largest altcoin, Ethereum (ETH), seems to be coming back to life today after a period of disappointing performance. It is worth noting that this disappointment is not with Ethereum itself, which still correlates with the general market, but rather with expectations of market participants. But first things first.
Today so far, the price of Ethereum has risen by more than 1.2%, with most of the increase taking place in the last few hours.
But why? The reason may be in Vitalik Buterin, the visionary creator behind Ethereum, who once again appeared on the timeline of X (formerly Twitter), issuing a new “bull post.”
pic.twitter.com/fdgpb0gf6X
— vitalik.eth (@VitalikButerin) October 7, 2024
As a result, the price of Ethereum briefly spiked to $2,476, where it has since seen a corrective sell-off. This may not seem like much, but the altcoin’s dominance also skyrocketed during the day and now stands at 13.86%, so the impact is definitely there.
“Ethereum is good”
The post is another ironic response from Buterin to community members’ requests to post something bullish about the altcoin.
In recent months, the team responsible for the development of Ethereum faced criticism as the performance of ETH was disappointing compared to Bitcoin and Solana, and this formed major demand from, first of all, Buterin, to fuel the quotes with something bullish.
Buterin did so, but in his own way, and started posting artificial intelligence-generated images, usually showing cartoon bulls with “Ethereum is good” signs.
The latest post is another iteration of such, and if at first it seemed a bit out of context, now you can see that the price actually reacts to such unconventional “bullposting.”
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