Ethereum (ETH) Price Pumps by More Than 70%

Ethereum (ETH) Price Pumps by More Than 70%
  • Ether rose 79% since last month prior to the Merge.
  • Ethereum has a market cap of $243 billion.
  • The Merge will commence on September 15.

Today, Ethereum (ETH) outperformed Bitcoin (BTC) and reached a two-month high as the Ethereum network completed the Merge final test run before its upgrade. ETH was increased by 79.9% since last month. The change has moved Ethereum’s mainnet one step closer to the favorable “Merge” upgrade, which Ethereum developers anticipate will take place on September 15.

The price change took place when Goerli, one of the most popular and largest Ethereum test networks, shifted from the proof-of-work (PoW) consensus to the proof-of-stake (PoS) consensus. Goerli was placed after the successful transitions of two testnets, Ropsten and Sepolia, in the months prior. 

Ethereum Soars up 

According to Coingecko data, the native cryptocurrency of the Ethereum blockchain traded at $2,001.57 which is the highest level since June 1. ETH price increased 5.8% in the last 24 hours and 16% in the last 7 days and it has a trading volume of $18,424,687,659.

(Price chart of Ethereum (ETH) source: Tradingview)

In August, developers announced a potential date for the integration for Merge on September,15. Ethereum has since increased by over 79%, while bitcoin has increased by 20%. The total market capitalization is now $1.2 trillion, up 28%.

The Ethereum’s Hashrate and the terminal total difficulty have been set, indicating the final era of the Ethereum network’s PoW mechanism. The current Hashrate is 888.2 TH/s, and the fixed Hashrate is 871.9 TH/s, so now there are very few hashes left to be mined on the Ethereum network.

A journalism graduate who is passionate about writing loves to dance and travel currently starts exploring blockchain technology.