Ether Surpasses $2,000 with a 5% Profit in 24 hours
Ether has set a new record with an uptrend of 5% in the recent 24 hours. The price of Ethereum’s local token “Ether” has exceeded the level of $2,000. The data shows that with the respective upsurge in the crypto token’s price and market capitalization, the amount of the network’s entire liquidation has reached 125M.
Ether Moves above $2,000 as the Post-Merge Date Comes Closer
Though Ether’s price is a remarkable move in the progress of Ethereum, it has yet to do a considerable effort to compete with Bitcoin. However, the escalating price of Ether, as well as its increasing fame, are noteworthy aspects. A key role has been played by the excitement related to post-Merge Ethereum in this transformation from a bear market to a bullish trend.
In addition, the Sepolia testnet – the 2nd of the 3 testnets on Ethereum to merge the PoW-based execution layers with that of the PoS consensus-based layers in advance of the implementation of the upgrade on the mainnet of the network – is all set to go through an upgrade related to post-merge execution layer for block 1735371 that is expected on 17th August this year. With this upgrade, the EL consumers will be disconnected from those peers who have not converted to proof-of-stake.
Crossing the respective figure after undergoing a long crypto winter is considered to be a very positive sign. Ether, which is frequently co-relate to oil, powers interactions carried out on the blockchain of Ethereum which has a specialty for hosting diverse DeFi applications like lending, prediction, and trading markets.
Applications based on Ethereum provide a built-in use case for Ether as the token is needed for the transfers’ settlement. Staking on post-Merge Ethereum (also called Ethereum 2.0) additionally generates a support supply shock for the crypto token. Eth 2.0 counts as a restructured design of the Ethereum network based on an exclusive consensus mechanism named proof-of-stake (PoS) as well as database sharding.
Core Ethereum Developer Confirms the Date for the Merge
On 21st July, Vitalik Buterin (the Ethereum founder) commented on the matter and stated that the network of Ethereum is amid a complex and long transition toward a system in which there would be additionally vigorous and powerful services. He added that the Merge operates on proof-of-stake taking into account sharding, Verkle Trees, as well as the elimination of the old history of the network along with many new options. Recently, the Ethereum founder amended the date for the Merge from 19th September to 15th September.
