Ethereum Witnesses Crazy Gains as ‘Merge’ Upgrade is Speculated to Launch Sooner
Ethereum Merge is set to bring the happy days back to ETH investors with its new facilities
Finally, a piece of good news for Ethereum or ETH investors in the months of August and September 2022— Ethereum merge or Ethereum 2.0 is coming soon and set to launch. It was uncertain to the global crypto market whether the Ethereum merge will happen or not after delaying for a long time. But now crypto investors are excited for the launch of Ethereum 2.0 which is speculated to cause a dramatic shift in the smart contracts blockchain network. Ethereum 2.0 is set to consume very less energy from the global crypto market.
Meanwhile, at the time of writing, the ETH price is US$1,894.89 with a market cap of US$231.16 billion and a volume of US$15,782,670,668. The ETH options open interest amounts to around US$6.6 billion which is higher than Bitcoin as well for the first time in the global crypto market. Thus, it can be observed that the ETH price has gained a substantial rise since becoming the victim of the crypto market crash. ETH has experienced six weeks of consecutive gains from US$800 in June 2022 to reach around US$1.8k. Ethereum 2.0 is definitely the game changer in the blockchain network that is making it easy for crypto investors to adopt smart contracts and invest in cryptocurrencies.
Ethereum is ready to experience a dramatic shift from the Proof-of-Work to Proof-of-Stake to validate crypto transactions and create new blocks with smart contracts. It has ensured the global crypto market reduces energy consumption by 99.95% for faster and seamless transactions. The new version of ETH can contribute to the effort of reducing global warming. Some crypto analysts claim that this sudden rise in the ETH price for the upcoming launch of the Ethereum merge can be considered the pre-merge honeymoon rally for crypto investors.
The launch of a new and updated version of ETH is scheduled to be launched on 19 September 2022. The main plan is to replace ETH miners with the integration of validators through the PoS system. Each validator is supposed to hold a minimum of 32 ETH tokens or US$60600 of this cryptocurrency. The validators need to put in collateral in the form of ETH tokens into smart contracts. This will help in verifying all the crypto transactions with one condition— any dishonesty or malicious act can lead their stakes to be banished from their crypto wallets. Crypto investors may get excited about the rise in the ETH price for the launch of the Ethereum Merge. But they need to be careful about the price change after the launch date in September. This cryptocurrency has started gaining market share despite being the top cryptocurrency, Bitcoin is still balancing its act post-crypto crash ecosystem.