Ethereum (ETH) has reached a major milestone in the cryptocurrency market, surpassing Toyota in market value with its recent upward trend. ETH price is currently trading around $3,700, and analysts predict that the $4,000 resistance may be broken soon, driven by Vitalik Buterin’s comments on artificial intelligence.
Ethereum started the week positively
Ethereum (ETH), the world’s second largest cryptocurrency, has made a strong rise above $2,900, gaining 4% in value in the last 24 hours. Ethereum price is up 24% so far since the beginning of 2024 as the altcoin prepares for a rally towards $4,000.
According to some, the biggest reason behind today’s Ethereum price rally is the strong whale accumulation. According to Lookonchain, an Ethereum whale initiated a series of transactions that started with the withdrawal of 100 million USDT from the popular exchange Binance. The investor then allocated 60 million USDT to purchase 21,353 ETH at an average price of $2,810 per token. Following this purchase, another 10,649 ETH, equivalent to 30.68 million USD, was withdrawn from Binance.
Market value surpasses Toyota
cryptokoin.com According to data, Ethereum’s market value reached 290 billion dollars. Thus, it surpassed Toyota’s market value of $ 280 billion. This increased Ethereum’s dominance in the cryptocurrency market to 18.7%. ETH became the cryptocurrency with the second highest market capitalization after Bitcoin.
According to Coinmarketcap data, Ethereum’s market value reached $336 billion on Monday, February 19, 2024, while Toyota’s market value was $306 billion as of Friday, February 16, 2024. This means Ethereum is now worth more than one of the world’s leading automakers and is behind only Bitcoin, Apple and Microsoft in terms of market cap.
Buterin’s statement
In a speech at the ETHDenver conference, Vitalik Buterin said that artificial intelligence will play an important role for the future of Ethereum and that ETH will greatly benefit from AI-related developments. Buterin stated that AI can make Ethereum more scalable, secure and easy to use. Ethereum creator Vitalik Buterin has been actively studying artificial intelligence (AI) lately. He talks about the pros and cons.
He recently talked about how crypto and AI overlap, pointing out potential uses and risks. Vitalik Buterin said he is excited about artificial intelligence in a new post published on February 19. One of the applications he is most excited about is formal AI-powered verification of code and bug finding. Buterin believes artificial intelligence will revolutionize error correction. He also describes bugs in the code as “Ethereum’s biggest technical risk pro at the moment.” Buterin said:
One AI application that excites me is AI-assisted formal verification and bug detection of code. Ethereum’s biggest technical risk right now is probably bugs in the code, and anything that could significantly change the game in this regard would be great.
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