Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Ethereum Forum => Ethereum News & Updates => Topic started by: Adams-Richard on September 16, 2022, 09:06:19 AM
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The Merge, a significant upgrade to Ethereum, has now been completed
The attention is on Ethereum as it successfully completes the Merge, the biggest technological improvement in recent years. The historic occasion is the result of months of precise planning and trial runs. Ethereum can now welcome new investors as it upgrades to this 2.0 edition with a successful Merge.
However, the price of Ethereum fell after the US CPI Release, a few hours before the Merge. Ethereum's price decreased, but so did that of other cryptocurrencies and Bitcoin.
Bitcoin and Ethereum are still the leading cryptocurrencies in the market today. But both are not exempted from the possible price decline after the US CPI release. In fact, the top cryptocurrencies' prices tumbled significantly, wiping out significant gains made over the course of the week.
But for many, the decline in the value of Ethereum is actually a chance for them to purchase it at a low price in light of the significant impact that the Merge may have in the future.
In many ways, Ethereum is already the dominant cryptocurrency
In addition to the Ether's 6% decline after the most recent official reading on U.S. inflation, there was also a significant decline after the Merge. But the fundamental reason is that many people now use the Buy low, sell high strategy. The majority of cryptocurrency owners will sell their ETH to profit from its high price even before Merge. Therefore, we expect this volatility for at least the next 24 hours.
Weeks before the Merge, Bitcoin and Ether seemed to be moving in different directions. It's likely that ether may now recouple with the price movement of its major competitor.
Additionally, as 70% of tokens are built on Ethereum, the Merge's success will inspire further improvements to Ethereum, which should place it in a great position to also be the leading currency in terms of market cap.
The Merge is the biggest thing that has happened in a long time
Given how risky the endeavor is, the event is seen as monumental. In fact, many questioned if it would happen at all. But here we are, The update’s complexity was compounded by the fact that it may have been one of the largest open-source software endeavors in history.
As we all know, the amount of energy required by Ethereum's blockchain will be drastically reduced if PoS is used as the consensus mechanism.
So the first thing that will happen after PoS is implemented is for Ethereum's hash rate to drop to zero, which will mark the end of an era. A user can become a validator if they have ETH in their possession. By using the equity they have gained from investing in the protocol, they will also be able to profit
Author’s note:
The market had anticipated a successful Merge, and so far it indicates that this has been achieved. Also, with the network's successful transition to PoS, I must say that I am bullish on Ethereum's long-term growth.