Ethereum (ETH) continued its bull run and reclaimed the $2,000 level late on Friday for the first time since May. CoinMarketCap,
At the time of writing, the number 2 cryptocurrency by market cap is up $2,014, up 7% in the past 24 hours and 17% in the past week. It has almost doubled in the last one month.
Over $152 million in short bets on Ethereum have been liquidated in the past 24 hours, according to data from coinglass, And According to data from the U.S., 13.2 million ETH has been staked on Ethereum 2.0, which is a new all-time high for the metric. beaconscan,
What is pumping ETH?
It’s all about the merge.
Earlier this week the Goerli testnet completed its transition to a proof-of-stake mining mechanism, the final dress rehearsal (after the successful merger of the testnets on Sepulia and Ropsten), before the mainnet merge now taking place on September 15 or 16. are supposed to.
Testnet is a development version of Ethereum that allows developers to experiment before launch.
The Ethereum mainnet’s transition from an energy-intensive Proof-of-Work (PoW) mechanism to a Proof-of-Stake (PoS) consensus algorithm should increase overall network efficiency and reduce energy consumption by up to 99%.
The upgrade is also expected to lower Ethereum’s skyrocketing transaction costs, although there are some who doubt that the merger will make Ethereum quite as pleasant as some of the network’s main devs have promised.
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