The Price of Ether (ETH) Soared When the First Stage of the Ethereum Merge Started, Will it Last?
The merger is an update that investors are eagerly waiting for, because apart from improving the functionality of the network in terms of scalability, energy usage and gas cost reduction, it is also expected to change the fate of altcoins that are highly dependent on Bitcoin (BTC) price movements.
Ethereum coin, Ether, is currently in the second largest position by market cap, which is expected to reduce BTC's dominance in the crypto market.
At the current crash, the price movements of the majority of altcoins are still holding on to BTC, even though they have functions, sectors and uses that are much different from the main cryptocurrencies.
According to a Forbes report, an hour after the first phase of the Ethereum merger began, namely Bellatrix, the price of ETH responded positively.
Quickly, the coin has shot up from 7 percent, hitting high levels on an intraday scale reflecting the level of investor confidence in more than this.
The first stage is the stage that prepares for the incorporation of the Beacon Chain into the mainnet platform of the Ethereum network, which will switch to a proof of stake (PoS) convention.
Once this transition is successful, the power consumption of the Ethereum network will be drastically reduced, by more than 99 percent.
“The merger will probably be the biggest change to blockchain since Bitcoin was launched in 2009,” said Crypto Fund Manager, Jacob Eliosoff.
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