Transition of Ether’s Core Algorithm Better than Expected

Summary
Even though it’s far off its November 2021 record of $4,868.79, Ether has witnessed increases for six straight weeks, taking it up from a 1-1/2-year low of $880 in mid-June to values approaching $2,000 at this point.
The massive upgrade to Ethereum appears to be taking place. Finally.

With the blockchain’s underlying encryption undergoing a drastic change to a system where the issuance of new ether tokens becomes far less energy-intensive, the “Merge” seems almost set to occur in September after years of delays. According to Omar Syed, co-founder of the smart contract platform Shardeum, “it’s an exciting time for the Ethereum ecosystem.” There will probably be controversy surrounding the Merge, but I don’t anticipate any technological difficulties.

Even though it’s far off its November 2021 record of $4,868.79, Ether has witnessed increases for six straight weeks, taking it up from a 1-1/2-year low of $880 in mid-June to values approaching $2,000 at this point.

With a 37% increase from its June low to $24,116, Bitcoin has been comparatively weak.

Ether is eating away at the market share held by the goliath bitcoin: according to CoinMarketCap, it now represents nearly a fifth of the $1.14 trillion total market capitalization for cryptocurrencies, or 19.7%, up from less than 14.9% two months ago. In the same time frame, Bitcoin’s proportion decreased from 44.9% to 40.2%.

“Crypto is still very tightly coupled,” said Alex Miller, CEO of Hiro, which builds developer tools for creating bitcoin applications.
If Ethereum’s creators succeed, which is widely expected, it could be a game changer for the blockchain, making it cheaper to mine and easier to adopt for fintech and other crypto apps.

Of course, little is certain about the elusive transition, which has been postponed several times, with developers most recently canceling plans to press the button in June, unnerving investors who began to fear it might never happen.

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