- In one day, the crypto industry continued with its “tear.”
- “The Merge” is not estimated till date- Vitalik Buterin
The crypto industry continued with its “tear” in the 24 hours on Thursday as the price of Bitcoin went up by 4% and Ethereum by 6%.
The overall crypto industry has been facing a downfall over the past few months, but suddenly on Friday morning, Bitcoin and Ethereum stood at US$23,845 and US$1,725, respectively.
Solana, a public blockchain platform, managed to secure its position in the top 10 trending cryptocurrencies on the CoinMarketCap. It rose by 8% and stood at US$42.91 in one day at late Thursday night- the highest price of the platform in less than a week.
At the time of writing, the top position in the data is held by Ethereum Classic, which rose at 17.67% and stood at US$39.50. After that, Optimism rose by 31.02% and stood at $1.48.
These gains are associated with the lasting of jump of crypto and also the traditional markets, which are done regarding the U.S. Federal Reserve increasing interest rates to fight growing record hikes.
The claim of Vitalik Buterin
Vitalik Buterin, the co-founder of Ethereum, has recently claimed that “The Merge” is not estimated till date in the market and intellectual terms.
Last week, Buterin gave an interview to Bankless at the Ethereum Community Conference, highlighting that “ once the Merge occurs, the confidence is going to be elevated automatically.”
The Merge is a term that expresses a slow change of Ethereum to Eth2, where it will eliminate its proof-of-work consensus operation and adopt a more energy-efficient mechanism proof-of-stake. It will encourage various updates in the system, like reducing the energy consumption by 99.95%.
The much-anticipated introduction of Merge is going to be on September 19. The co-founder of Ethereum disclosed that the most expected launch of Merge would not change the current prices on the network instantly. Instead, it will take almost 6 to 8 months for it.
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.