Why Ethereum (ETH) is Up Almost 50% in 6 Days - Daily Bitcoin news

Why Ethereum (ETH) is Up Almost 50% in 6 Days


Ethereum is going through a massive rally over the past six days as its price increased by a whopping 50% over the period – against the USD.

ETH also strongly outperformed BTC, and it’s up 25% against it over the same period, as seen in the chart below.

ETHBTC_2022-07-18_11-40-49
Source: Trading View

This move comes roughly a month after the cryptocurrency was trading within a fairly narrow range, which evidently broke to the upside.

Ethereum’s Ninth Shadow Fork – Commencing the Rally

As Crypto Potato reported on July 15th, Ethereum’s ninth shadow fork went live, hence putting in some of the final testing steps towards the migration to a proof-of-stake (PoS) network.

It was designed to test the updates that were made in the recent Sepolia hard fork, which took place on July 6th. It will also focus on a maximally extractable value (MEV) boost feature. This one refers to the maximum value that can essentially be extracted from block production in excess of the standard gas fees and the block reward.

At the moment, since the network is running on proof-of-work, it is miners that extract MEV. However, once ‘The Merge’ happens, it would be validators that will be able to extract maximal value.

Ethereum 2.0 Confirmed for September 19th (Not Final)

Another important update that the community received was the schedule for the release of Ethereum 2.0 – the long-awaited event that the entire industry is looking forward to.

ETH dev and Beacon Chain “community health consultant” superphyz took it to Twitter to reveal that the merge is scheduled to take place on September 19th under a soft schedule that’s not yet final.

img2_eth
Source: Twitter

This merge timeline isn’t final, but it’s extremely exciting to see it coming together. Please regard this as a planning timeline and look out for official announcements.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.





Source link

Leave a Comment