Image source: Getty Images
There’s optimism that the Ethereum merge may finally happen in September.
Key points
- Ethereum gained 12% in 24 hours, outperforming Bitcoin and other top cryptos.
- Another successful test took Ethereum one step closer to the long awaited Ethereum merge.
- The cryptocurrency market still faces major headwinds in the short term.
Ethereum (ETH) was up 12% in the past 24 hours this morning, according to CoinMarketCap. Ethereum gained a lot more than crypto grand-daddy Bitcoin (BTC), which was up 5%. The reason? Another successful test on the road toward Ethereum’s next big milestone, dubbed “the merge.”
What’s behind Ethereum’s price gains?
The main driver behind Ethereum’s double-digit gains is positive news about the long awaited Ethereum merge. The merge is a switch from the energy intensive proof-of-work mining model to a more sustainable system known as proof-of-stake. Ethereum currently consumes as much energy as a small country each year. Moving to a new system should cut its consumption by about 99% and pave the way for other cryptos to follow suit.
The merge is currently slated for mid-September, but has already been delayed several times. The popular crypto’s price was buoyed by news of another successful test on one of the network’s shadow forks. There’s increasing optimism that developers may be able to roll out the upgrade in September and avoid further delays.
With $34 billion tied up in projects on the Ethereum ecosystem, developers are understandably keen to ensure the historic switch goes smoothly. However, the crypto community is getting impatient. Ethereum has been losing ground to other smart contract cryptos that are able to process transactions faster…
![Anticipation for Ethereum [ETH] 2.0 rises as metric reaches all-time high](https://crypto.newswireservice.net/wp-content/uploads/2023/01/ethereum-wale-1000x600-350x250.jpg)
