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Bitcoin Dips Below $47K

Bitcoin (BTC) crossed $47,000, as the first Wall Street trading days of 2022 got off to a slow start. As the week began, data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading in a narrow range, with traders divided over short-term outcomes.

It’s only a matter of time before BTC breaks out. The longer it takes, the harder it will pump, the famous Twitter account Galaxy put it succinctly.

However, such optimism was far from universal. For Cointelegraph contributor Michael van de Poppe, the time had come to pay more attention to altcoins than BTC. On the macro front, the S&P 500 was up a tad at the opening bell on Wall Street, amid expectations that the first half of the year would be a further boon for equities across the board due to the prospect of key interest rate hikes.

The US dollar experienced a sharp increase on January 3. The US dollar currency index (DXY) rapidly rose as is customary to Bitcoin’s detriment.

Ethereum

Surojit Chatterjee, Chief Product Officer at Coinbase, is the latest to publish his predictions for the crypto industry in 2022. He predicts significant advances in Ethereum scaling.

Industry leaders, analysts, and investors are sharing their 2022 predictions for the crypto ecosystem. Moreover, Coinbase’s Surojit Chatterjee believes Ethereum will be at the forefront of Web3 and the crypto-economy as it scales.

The CPO made his predictions in a company blog post on January 4. It stated that while Ethereum scalability will improve, alternative layer one networks will also gain traction. Chatterjee predicts that advances in layer 1 to layer two bridges will vastly improve scalability, adding that the industry will desperately seek improvements in speed and usability of cross-L1 and L1-L2 bridges.

Tokens can be moved from a layer one network like Ethereum to a layer two network like Arbitrum using these bridges, and vice versa.

The CPO specifically mentioned ZK-rollups when discussing scaling technologies, stating that they will “attract investor and user attention. Zero-Knowledge scaling rolls up transaction data in batches for more efficient layer one processing on Ethereum.

Matter Labs, for example, has made great strides in 2021 with the development and deployment of their rollup-based zkSync layer two platforms.

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