Ethereum (ETH), which has experienced an increase in address traffic, has helped to propel notable momentum.
“The number of ETH addresses holding 32+ coins just reached a 17-month high of 117,257. A previous 17-month high of 117,244 was observed on July 27 2022,” Glassnode is a crypto analytic company explained.
Source: GlassnodeGlassnode also mentioned:
“The number of Ethereum addresses holding 1+ coins just reached an ATH of 1,566,309 Previous ATH of 1,566,270 was observed on 27 July 2022.”
Source: Glassnode
Historic highs for ETH addresses with more than ten currencies also occurred. This has been a key factor in the bullish momentum in Ethereum.
In the intraday market, the second largest cryptocurrency went up by 11.09% to $1,691 CoinMarketCap.
It was also pivotal to give Ethereum an uptick that the September 19th date is the most likely for the merger.
The Ethereum network will likely be transformed by the merger into a proof–of-stake consensus mechanism (PoS), which is a departure from the current proof–of-work framework (PoW), which has been difficult to find for some time.
Because validators will stake Ether rather than solving cryptographic puzzles, the PoS algorithm will allow blocks to be confirmed more economically and sustainably.
It is expected that the merger will be the biggest software upgrade on Ethereum.
Image source: Shuttertstock
