In the crypto markets, major cryptocurrencies remained buoyed above key thresholds. As of the time of writing, BTC is trading at just under the $16.5k level after losing 1.6% in the last 24 hours. The MVRV of short-term holders recently crossed over that of long-term holders for the first time in this cycle. This could suggest a possible bottom formation, especially when direction traders are doing better than HODLers with strong convictions.
ETH is defending the $1,100 handle after posting a 2.2% decline in the same period. Mid-to-large-cap altcoins have largely flipped red, with several L1 tokens leading the downside correction on around 5% losses in a similar time frame. XRP, among the few exceptions, saw its price jump by almost 5% as a settlement agreement with the SEC no longer appears to be a remote possibility.
Talk of the Town
Ethereum developers are working towards including EIP-4844, a highly-anticipated scaling proposal, in a future mainnet upgrade, according to the latest Ethereum core developer meeting. The EIP-4844, also known as proto-danksharding, aims to improve the scalability of Ethereum beyond Layer 2 solutions. It will introduce a new transaction format called shard blob transaction, one that allows off-chain data to be stored and accessed by Ethereum nodes temporarily to address the scaling needs. The feature is a crucial first step to lowering fees on Layer 2 by magnitudes — a gamer changer for the roll-up-centric roadmap. If everything goes according to plan, this feature will be deployed on the mainnet sometime next year, possibly after the Shanghai upgrade.
