Ethereum Shows Signs of Life, Hits $1,400 After Merge News

It is still a long way from the all-time high of $4,800, but the ether cryptocurrency is showing signs of life after a long bearish spiral that began in April. After news that the long-awaited Ethereum merge could happen in September, Ether surpassed $1,400 on Sunday. It is the first time since June 13 that Ether, the second largest cryptocurrency, has broken at $1,400.

Ether was hit particularly hard by the Fears of recession gripping the global economy. Since the start of the new year, it has lost 62% of its value – worse than the 52% drop Bitcoin has endured. With ether forming the foundation of the non-fungible token market, NFT values ​​have collapsed with it.

At the time of writing, Ether is up 26% compared to five days ago. The surge is attributed to news that the Ethereum merge, which will result in the blockchain becoming near carbon neutral expected to be executed on September 19. This date was recently posted during a conference call between Ethereum developers, although it was noted that the date is subject to change.

When Ethereum merges, the blockchain will switch from its current proof-of-work system to proof-of-stake. What does this crypto mumbo-jumbo mean? The short story is that solving cryptographic puzzles, which is the part that consumes electricity, will no longer be part of the blockchain mining process. As a result, Ethereum is estimated to reduce its carbon footprint by 99.65%. You will find one full explanation of the merger here.

The transition from Ethereum to Proof of Stake was in the works before the blockchain was even created and was delayed many times. That developers are confident enough to put a specific date — Sept. 19 — for the first time, rather than broader timeframes like “sometime in 2022,” has investors excited.

Ethereum Shows Signs of Life, Hits $1,400 After Merge News Source link Ethereum Shows Signs of Life, Hits $1,400 After Merge News

Related Articles

Back to top button