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Ethereum Price Surpasses $2,000 as Network Nears Merge Event

Ethereum / Image Credit: CRYPKYP
Source: Decrypt
1660384648 13 Aug / 09:57

According to statistics from CoinMarketCap, Ethereum (ETH) resumed its bull run and recovered the $2,000 barrier late Friday night for the first time since May.

At the time of writing, the second-largest cryptocurrency by market capitalization had a price of $2,014, up 7% in the last 24 hours and 17% in the past week. Over the past month, it has roughly doubled.

According to statistics from Coinglass, more than $152 million worth of Ethereum short bets have been liquidated during the previous 24 hours. According to Beaconscan statistics, 13,2 million ETH have been staked on Ethereum 2.0, a new record for the measure.

This week, the Goerli testnet completed its shift to a proof-of-stake mining mechanism, the penultimate dress rehearsal (after successful testnet merges on Sepolia and Ropsten) before the mainnet merging which is currently anticipated to occur on September 15 or 16.

Testnets are a pre-launch version of Ethereum that enables developers to conduct experiments.

The Ethereum mainnet, from an energy-intensive proof-of-work (PoW) mechanism to a proof-of-stake (PoS) consensus process, could increase network efficiency and cut energy usage by up to 99%.

The update is also anticipated to reduce Ethereum’s sky-high transaction fees, however, there are many who doubt that Ethereum’s post-merge appearance will be as idyllic as promised by some of the network’s key developers.

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