Cryptocurrency

Ethereum spikes 12% following completion of Goerli testnet merge

Ethereum’s (ETH) Goerli testnet completed its merge with the Proof of Stake consensus mechanism in the early hours of August 11th.

Goerli is one of the most active Ethereum testnets. The merge was completed around 1:45 UTC after a final total difficulty (TTD) of over 10,790,000.

The testnet merge started on August 4th after Bellatrix was upgraded to Prater, the Goerli beacon chain.

However, it was not without some minor issues.ethereum developer MariusVanDerWijden tweeted:

“THere, two different terminal blocks and many out-of-date nodes caused confusion in the network. ”

However, Wijden added that developers are investigating what happened.

Focus on September

The successful merge of the Goerli testnet has greatly increased the likelihood that the final merge will occur in mid-September.

The Ethereum Foundation called the event “the most significant upgrade in history” for the blockchain network.

Dima Buterin, father of Vitalik Buterin. Said:

“We are very excited to see the final steps to Ethereum’s switch to Proof of Stake complete. The second largest blockchain is on the verge of reducing energy usage by approximately 99.95%.” is very gratifying.”

Ethereum rises 12%

Ethereum prices have responded positively to the news of the merger, with assets up 12% to $1886 at the time of writing.

Greenrun continues the positive sentiment surrounding ETH since news of the merger arrived.

For context, ETH is up around 70% over the last 30 days.

Ethereum Merge changed the sentiment surrounding the market

Ethereum’s upcoming merger has changed the sentiment surrounding the cryptocurrency industry.

A CryptoSlate study revealed that “the current rally may be due to speculation as traders race to book profits ahead of the upcoming merger.”

CoinShares James Butterfill too I have written that:

“We believe this upturn in investor sentiment is due to the clearer timing of The Merge when Ethereum moves from proof of work to proof of stake.”

According to JP Morgan Analysts say the entire industry may have bottomed out thanks to the Ethereum merger. August 8th Note to the client.

“I think the real driver is the Ethereum merger and the positive data after the Saporia launch. [sic.] The testnet in early July and the Ropsten testnet in June show that the merge is viable in 2022. ”

Posted In: Ethereum, ETH 2.0

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