Home
News
The second leading cryptocurrency by market cap, Ethereum, currently offers services that are beyond the brackets of a cryptocurrency for both investors and merchants.
The latest reports hint toward a surge in the prices of Ethereum by over 400% this year. ETH, the native token of Ethereum, has quite matured since its launch. Many major businesses today accept it as payment. Though facing the wrath of a market slump, Ether experienced a steep drop, becoming the reason for concern among investors. However, the much-awaited Ethereum Merge is what keeps the hope enlightened among investors. Despite the delay, it is being hoped that the Merge will fill the void that is missing.
The month of May created quite a havoc in the crypto market. Ethereum is valued at nearly US$1,800. In such an environment, the Ethereum Merge is expected to become a success and bring some relief to the market.
Nonetheless, since its inception in 2015, the ETH 2.0 upgrade will be one of the most significant technical upgrades in the blockchain.
Impact Of Ethereum Merge Upgrade On The Crypto Market
For the uninitiated, ‘The Merge’ means the switch to a proof-of-stake model. Its goal is to eliminate critical environmental concerns about Ethereum’s functionality. Another aim of the switch is to bring a drastic change in the transaction speed of Ethereum. The ‘Merge’ has been delayed several times so far; however, Vitalik Buterin, the founder of Ethereum, has said that the much-awaited upgrade will take place in August, around the same time when the Beacon chain will merge with the primary network.
If the ‘Merge’ proves to be successful, then the crypto market will get its much-needed breakthrough, proving to be a big thing for crypto enthusiasts who are eagerly anticipating the market push through. Experts even believe that this development will eventually result in a major ETH rally that could surpass Bitcoin and replace it as the leading cryptocurrency in the market. Additionally, it opens more opportunities to new and experienced individuals alike.
Following the integration of ‘The Merge’ into the blockchain, the developers will start selecting validators who already are able to use their digital wallets to stake Ether on the test system, initiating transactions on the Ether digital ledger and receiving payment with new Ether.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
