Bittime - Bitcoin dominates so far in 2024. This may be influenced by the initial launch of the Spot Bitcoin ETF (Exchange Traded Fund) in the US. However, analysts expect investor focus to shift to Ethereum, due to theupcominglaunch of the Dencun upgrade and the potential approval of an ETH ETF this year.
Clearance from the US SEC for 11 new ETFs in January triggered a huge influx of capital from traditional markets, significantly driving Bitcoin's rise to an all-time high of $72,600.
The Dencun upgrade introduces Proto-danksharding. This technology is designed to improve the scalability and efficiency of the Ethereum network by better ways of storing and accessing data.
This is an initial step towards full sharding technology, aiming to significantly reduce Layer 2 rollup transaction costs , which is essential for Ethereum's scalability. So, what Layer 2 tokens are worth paying attention to before upgrading Ethtereum Dencun? You can find it in this article!
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Top Layer 2 Tokens Before Ethereum Dencun Upgrade
This upgrade will benefit Layer 2 projects by driving broader adoption and offering new opportunities for integration and innovation. The following are Ethereum Layer 2 tokens that are worth paying attention to.
1. Arbitrum (ARB)
Source: Bittime
Arbitrum is the leading Layer 2 scaling solution for Ethereum. By using Optimistic Rollup technology, Arbitrum enables the execution of smart contracts and transactions at lower costs and higher speed, without compromising Ethereum's security.
Transaction fees for using Arbitrum are expected to fall from $2.02 or around IDR 31 thousand to $0.4 or around IDR 6,200 after the upgrade. Currently the ARB price is in a medium-term sideways trend, but has the potential to rise to targets of $2.42 and $3.2 (around IDR 37-50 thousand) if it manages to break out of the triangle pattern.
Also Read How to Buy Crypto:
2. Optimism (OP)
Source: Bittime
Optimism is another Layer 2 scaling solution for Ethereum designed to increase transaction throughput and reduce gas fees. After the Dencun upgrade, Optimism gas costs will drop from $1.42 (around Rp. 22 thousand) to just $0.28 (around Rp. 4,300).
OP price has shown a steady recovery in the daily chart. The OP price has the potential to experience a correction if it encounters selling pressure at around $4.85 (around Rp. 75 thousand).
According to the graph above, the price of Optimism (OP) is currently at IDR 70,963. OP experienced an increase of 1.95% in the 24 hours when this article was written.
3. StarkNet (STRK)
Source: Bittime
StarkNet is a decentralized Layer 2 scaling solution for Ethereum. Swap Dex fees for StarkNet are expected to drop from $1.16 (around Rp. 18 thousand) to $0.12 (around Rp. 1,800) after the upgrade. STRK price could potentially face selling pressure around $2.75 and $3.08, while $2.248 and $1.92 could provide support.
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Conclusion
Dencun's upgrade on the Ethereum network will improve the scalability, security and overall efficiency of the network. A more robust and efficient Ethereum network could attract wider adoption to Layer 2 projects, potentially benefiting those assets.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Understanding Fundamental Analysis and Technical Analysis in the Crypto World
Impaired Optimism Is Not Related to Scheduled Maintenance
Starknet Begins to Respond to STRK Token Airdrop Issues
Arbitrum Price Prediction (ARB) in 2024
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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