The Merge, which is set for September, is less than a month away, prompting the optimistic price surge, as reported by Cryptoslate.
On August 8, Ethereum surged sharply versus Bitcoin as it neared a significant obstacle that had previously only been touched on August 6. It may be essential for Ethereum to break above the 0.07 BTC obstacle if it wants to keep moving upward without the help of Bitcoin’s market-wide gain, Cryptoslate noted.
ETH’s performance versus the dollar has been strong, hovering at $1,808 at the time of writing, despite having to battle this significant opposition. In just 12 days since hitting a local low of $1,300 on July 26, Ethereum has experienced a 33 percent increase in price.
Since July 27, the total market capitalisation of cryptocurrencies has remained at $1 trillion. It is currently at $1.13 trillion as attitude temporarily shifts toward being more positive. Ethereum accounts for $220 billion of the market cap, which is second only to Bitcoin at $461 billion.
All eyes are on Ethereum right now as the Beacon chain is joined to mainnet, with The Merge expected for September. To keep proof-of-work, Vitalik Buterin has downplayed discussion of a hard fork, and key projects like Chainlink have formally announced they will only accept the proof-of-stake chain after the merge.
(With insights from Cryptoslate)
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