Ethereum Slumps 5% as Merge Surge Falters

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Ethereum (ETH) is down 5% in the past 24 hours and is currently trading at around $1,900, according to data from CoinMarketCap.

The latest price action comes just 48 hours after Ethereum, the industry’s second largest cryptocurrency by market cap, crossed $2,000 for the first time since May.

ETH managed to stay close to that figure over the weekend, reaching $2,022 on Sunday, before today’s sharp drop in price.

Despite a significant drop in the past 24 hours, Ethereum is still up more than 7% in the past week, making it the week’s best-performing coin among the top ten cryptocurrencies during that period.

One more month until the Merge

Ethereum has gained traction in recent weeks in anticipation of the Merge event, during which the network will move from its current energy-intensive proof-of-work (PoW) consensus mechanism to proof of commitment (PoS).

Last week, the network’s third testnet, Goerli, successfully switched to PoS, leading to a 14% increase in the price of the token. It also meant that the final dress rehearsal for PoW’s Ethereum network shift is now complete and the Merge is entering the final stretch of prep work.

The upgrade, which is expected to go live in about a month, will address the scalability issues of the Ethereum network while reducing transaction costs.

The Merge event was originally expected to take place around September 19, but a new tentative date of September 15 was later revealed, with developers setting the terminal’s total difficulty (TDD) – the exact moment the network made its first PoS block. – last week.

“The terminal’s total difficulty is set at 587500000000000000000000. This means that the Ethereum PoW network now has a (roughly) fixed number of hashes to mine,” said Ethereum co-founder Vitalik Buterin. tweeted last Friday.

He added that bordel.wtf, a website set up to track the timetable for the approaching Merge, predicts the transition will happen around September 15, although the exact date may vary as it depends on the network hashrate. .

Elsewhere on the market, Bitcoin (BTC), the world’s largest cryptocurrency by market cap, hit $25,000 on Sunday — a level last seen in mid-June — but it too has fallen in the past day and is currently down 2.4%, trading on about $24,100 at the time of writing.

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The Valley Voice
The Valley Voicehttp://thevalleyvoice.org
Christopher Brito is a social media producer and trending writer for The Valley Voice, with a focus on sports and stories related to race and culture.

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