Ethereum Surges 12% with the Rapid Progress of Merge Event

An upsurge of up to 12.76% has been witnessed in the value of Ethereum (ETH) during the previous 24 hours, as the asset touched nearly $1,200. The bullish price behaviour of Ethereum can majorly be associated with the analysis of the recent tests in advance of the Merge (initiated on the behalf of the core developers on the Ethereum network) yesterday.

It is anticipated that the occasion is to take place during the coming September. The most expected upgrade will convert the type of mechanism of consensus used by Ethereum from proof-of-work (PoW) to that of proof-of-stake (PoS). With the respective upgrade, the significant improvements to be included in the network take into account the reduction in the carbon footprint as well as the enhancement in the scalability.

Simultaneous to the effective examination of the newest test fork, a great rise has been witnessed in the diverse applications that are based on Ethereum. An increase of approximately 3.44% has occurred in the total value locked (TVL) of several DeFi applications, touching almost $76.74B, as per the data shown by DeFi Llama. The prominent apps take into account Lido (a staking venue based on the Ethereum network), Aave, as well as MakerDAO.

Bitcoin Joins the Race With Ethereum

The value of the primary crypto token Bitcoin (BTC) has obtained a significant upturn of up to 5%  during the last 24 hours and the present trading point thereof is $20,916. BTC, considered to be the chief crypto token with $397.6B as its market capitalization, is – nonetheless – still 69% lower than the recent all-time high of up to $68,789 (witnessed in November previous year), as put by the data taken presented by CoinMarketCap.

In the case of Bitcoin, the escalation in Bitcoin addresses (that have non-zero balance) points toward an upsurge in the activity of on-chain consumers. At the moment, there are nearly 42.5M addresses which is a unique all-time high. The rest of the well-known cryptocurrencies also got substantial profits, with the top 13.08% of Solana, 8.8% of XRP, 4.95% of BNB, as well as 6.7% of Dogecoin.

The Global Crypto Market Cap Still Down

The worldwide market capitalization of cryptocurrency has additionally touched the percentage of 6.49%, as of the previous day. Notwithstanding the latest profits, a 68% plunge has occurred in the total market cap from the all-time highs of approximately $2.9T  as of 2021’s November, per CoinMarketCap.