Ethereum rallies above $2k on Elon Musk Comments
During the highly anticipated Bitcoin Conference, which brought together Jack Dorsey, Elon Musk, and Cathie Wood, the billionaire innovator, Elon, said he also holds Ethereum besides Bitcoin and DOGE.
For this subtle endorsement, Ethereum prices raced above $2k in a relief rally after sustained periods of lower lows threatening to derail ETH bulls and traders.
Elon further added that he wouldn't sell his coins despite price fluctuation but instead wants to see cryptocurrencies in general succeed.
While Elon reveals that SpaceX and Tesla own Bitcoin in their balance sheets, BTC's energy inefficiency is a concern. Tesla specifically stopped accepting Bitcoin, saying it negatively impacted the environment, put off by the network's high energy use.
Still, Ethereum could be a new addition for Elon and precisely what the holders need to hear—an endorsement from a billionaire innovator known for swaying prices of other coins.
At present, Ethereum developers are hard at work looking to shift from Proof-of-Work to a staking network where miners are eliminated for validators. This new system is projected to be several-fold energy-efficient and welcomed.
Besides eliminating energy inefficiency, traders expect on-chain developments like scaling efforts and on-chain fee stability efforts as triggers for higher highs in the days and months ahead.