The market has gradually become weaker over the past six months in the turbulence of Bitcoin. What was promised as a bull market has turned into a bear market.
The sharp decline of altcoins has been experienced by everyone.
This round of Bitcoin's turbulence has been somewhat beyond expectations, continuously adjusting between 50,000 and 70,000 dollars.
In fact, the previous market also languished for quite a while. From the halving on May 20, 2020, to breaking 10,000 dollars in October, it accelerated, taking almost half a year. During that half year, there was little market activity, and altcoins gradually lost profit opportunities during Bitcoin's pullback, except for a few tokens in DEFI and oracles.
It resembles 2016 quite a bit, with chaos and then a sudden halt, followed by a takeoff.
Six months is a similar condition for market adjustment.
In the previous round, the efforts in the second half also took nearly a year to implement the transition from Ethereum POW to POS.
Transitioned from a mining mechanism to a staking mechanism. At that time, ETC benefited significantly due to miners' resistance, shifting from Ethereum to ETC; ETC's 'doomsday vehicle' astonishingly surged nearly 50 times in just two months.
Ethereum will once again initiate the Pectra upgrade next year.
As of October 2024, developers have agreed to expand the scope of the Pectra upgrade, which includes an additional code change, EIP 7742. Including this code change in Pectra allows developers to potentially add blob capacity on top of the current 9 EIPs. The Pectra upgrade is tentatively scheduled to activate the mainnet in early 2025.
Pectra includes a series of updates for Ethereum, expected to achieve three outcomes:
Fixing protocols as a key defect of proof-of-stake blockchains;
Improving user experience (UX) when interacting with smart contract applications on Ethereum;
Increasing Ethereum's data availability (DA) capacity.
Developers are working hard to include code changes in future upgrades to reduce ETH issuance and improve censorship resistance. However, these are not the main focus of the Pectra upgrade.
This upgrade has about 10 aspects, and ordinary users may not understand the implications.
An important point is that the original staking required 32 ETH. After the upgrade, the limit may be reduced, meaning 32 ETH is no longer required.
It is evident that this will lower the threshold and increase the number of staking users. Currently, over 1 million users have staked ETH, and it is likely to increase, boosting both the staking volume of Ethereum and the user base.
In contrast to the current market, which is almost silent. Many cryptocurrency-related public accounts have stopped updating, and the chatter in various groups has diminished. The outside world hardly mentions Bitcoin anymore, but in reality, Bitcoin is only 5,000 dollars away from hitting a new high.
Just like in October 2023, once the market starts, it will rise so fast within a month that it will leave you dizzy! October 31, 2008, is the release date of the Bitcoin whitepaper, and in three days it will be the 16th anniversary!
It won't be long before the market heats up again, maybe in just a week or two!
(For opinion sharing only, not investment advice; trading based on this is at your own risk.)
