Ethereum (ETH), has climbed higher than Bitcoin (BTC).BTC) since they both hit June: 2-year lows
BTC fell to $17.601 and ETH plummeted at $880.93 on June 19. This was due to more chaos in the crypto market.
The time was the Federal Reserve (Fed), news about interest rate increases was still ripe. This bearishly affected cryptocurrencies.
However, the two top cryptocurrencies have weathered storms based on the positive momentum.
ETH has recorded the highest rise of 97.8% compared to Bitcoin’s 24.7%.
Ethereum’s price was hovering around $1,743 during intraday trading, according to CoinMarketCap. During the same period, Bitcoin traded at $21,939
The most anticipated merger is slated for next week and will be the key catalyst to give ETH the upperhand.
It is believed that the largest software upgrade in Ethereum’s ecosystem was the transition from a proof of work (PoW), to a proof,of-stake consensus mechanism called the merge. It has remained elusive ever since its launch in December 2020.
Ethereum’s co-founder, Vitalik Buterin, recently Hinted The merge would occur around September 15.
Jacob Joseph, a researcher at CryptoCompare pointed out:
“It is reasonable to believe Ethereum can still rally as we edge closer to the Merge.”
Joseph said that $2,000 was a resistance level. He stated:
“However … $2,000 has proved to be a major resistance for Ether, and the asset needs more wind behind its sail to break that level.”
Once the merge has been completed, the PoS algorithm allows for confirmation of blocks in an easier and more efficient way. This is because validators will stake Ether rather than solving cryptographic puzzles.
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