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<ul>
 <li><em>ETH charged to $2,400, representing a 24-hour increase of nearly 8%.</em></li>
 <li><em>The market possibly reacted to the co-founder’s plans of simplifying Ethereum’s PoS mechanism.</em></li>
</ul>
<p>Why should <a href="https://ambcrypto.com/category/bitcoin-news/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Bitcoin [BTC]</a> have all the fun?</p>
<p>After remaining subdued while its senior partner was soaking in festivities, <a href="https://ambcrypto.com/search/ethereum" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Ethereum [ETH]</a> led the crypto market surge in the last 24 hours.</p>
<p>The second-largest cryptocurrency charged to $2,400, representing a 24-hour increase of nearly 8% at press time, according to <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">CoinMarketCap</a>.</p>
<h4>Ethereum wakes up after dormancy</h4>
<p>The rally got traders interested as daily volume surged past $16 billion, according to AMBCrypto’s analysis of Santiment’s data.</p>
<div id="attachment_360959" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-10.50.40-28-Dec-2023.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-360959" decoding="async" class="size-full wp-image-360959" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-10.50.40-28-Dec-2023.png" alt="" width="2560" height="867" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-10.50.40-28-Dec-2023.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-10.50.40-28-Dec-2023-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-10.50.40-28-Dec-2023-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-10.50.40-28-Dec-2023-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-10.50.40-28-Dec-2023-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-10.50.40-28-Dec-2023-2048x693.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <p id="caption-attachment-360959" class="wp-caption-text">Source: Santiment</p>
</div>
<p>The pump also caught the eye of whale investors. The number of transactions worth at least a million jumped by 52% from the previous day.</p>
<p>The market possibly reacted to co-founder Vitalik Buterin’s plans to simplify the network’s proof-of-stake (PoS) mechanism.</p>
<h4>Vitalik’s proposals ignite confidence</h4>
<p>In a <a href="https://ethresear.ch/t/sticking-to-8192-signatures-per-slot-post-ssf-how-and-why/17989" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">blog post</a> dated the 27th of December, the crypto tzar stressed the need to weed out a systemic complexity arising due to the mechanism’s design of supporting n number of validators.</p>
<p>The first solution proposed by him was to do away with solo staking and fix decentralized stake pools as the only way for users to participate in the network.</p>
<p>However, the minimum staking requirement would be raised to 4096 ETH and the number of validators capped at 4096.</p>
<p>The second was a two-tiered approach. In this case, a heavy layer with 4096 ETH requirement and a light layer with small-scale stakers for providing an extra layer of security.</p>
<p>Last was the rotating participation method wherein for each slot a set number of validators, around 4096, would be chosen. While this strategy had advantages over the other two, it carried the danger of increased complexity.</p>
<p>It remains to be seen how the community will respond to these proposals. However, ideas to improve the network’s performance from the horse’s mouth generated an optimistic view of ETH.</p>
<p style="text-align: center;">Read <a href="https://ambcrypto.com/predictions/ethereum-price-prediction" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Ethereum’s [ETH] Price Prediction</a>&nbsp;2023-24</p>
<h4>ETH gets volatile</h4>
<p>The rally caused a dramatic spike in ETH’s Implied Volatility (IV), according to options data tracking website <span class="skimlinks-unlinked">Greeks.Live. Major IVs like the 1-month, 3-month, and 6-months rose to their yearly peaks as shown below.</span></p>
<div id="attachment_360982" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Implied-volatility.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-360982" decoding="async" class="size-full wp-image-360982" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Implied-volatility.jpg" alt="" width="918" height="404" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Implied-volatility.jpg 918w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Implied-volatility-300x132.jpg 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Implied-volatility-768x338.jpg 768w" sizes="(max-width: 918px) 100vw, 918px"></a>
 <p id="caption-attachment-360982" class="wp-caption-text">Source: Greeks.Live</p>
</div>
<p>For the uninitiated, Implied Volatility is the market’s forecast of a likely movement in an asset’s price. This is different from Realized Volatility or Historical Volatility, which are based on past price movements.</p>

Ethereum jumps 8% in 24 hours post Buterin’s proposal

AMBCrypto

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