Bitcoin (BTC) maintains recovery while ethereum (ETH) steals the spotlight and shoots up 30% for the week

The martyrdom of investors in cryptocurrencies It really seems to have reached a limit. not that the bitcoin (BTC)O ethereum (ETH) and the like will return to historic highs in the blink of an eye. However, the worst really seems to be over and the main exponents of this market are following the recovery observed in international stock exchanges.

In a movement that started over the weekend, bitcoin recovered today the range of US$ 22,000. At around 11:07 am, BTC was up 4.69% in the last 24 hours and was up 8.81% for the week.

However, bitcoin’s recovery is not comparable to that of ethereum. The second largest cryptocurrency on the market steals the show, rising 9.82% in the last 24 hours and accumulating a high of 30.02% in the last seven days.

See also: BITCOIN HAS BEEN THROUGH THE WORST

Ethereum continues to ride the “big fusion” wave, also called Ethereum 2.0, another step towards its definitive version – which came to be “endangered” because of the Long Crypto Winter.

“My opinion is that ETH is going up in anticipation of Ethereum 2.0,” said John Ng Pangilinan, managing partner of the Signum blockchain network.

On Thursday, Ethereum Foundation member Tim Beiko set September 19 as the tentative launch date for the merger. Since then, ETH has gained about 24.2% in value, according to data from CoinMarketCap.

The move influences most other cryptocurrencies and raised the market capitalization by approximately 4.8% to $1.02 trillion.

According to information from CoinMarketCap, the last time the crypto market surpassed the $1 trillion threshold in market cap was on June 13.

Check out the performance of the ten biggest cryptocurrencies on the market today:

Name Price 24h % 7d %
Bitcoin (BTC) US$ 22,151.60 +4.69% +8.81%
Ethereum (ETH) US$ 1,476.05 +9.82% +30.02%
Tether (USDT) US$ 0.9998 +0.02% +0.04%
USD Coin (USDC) US$ 1.00 +0.02% +0.01%
BNB (BNB) US$ 261.27 +3.97% +12.57%
XRP (XRP) US$ 0.3645 +4.57% +11.91%
Binance USD (BUSD) US$ 1.00 +0.21% +0.02%
Cardano (ADA) US$ 0.4921 +9.24% +9.84%
Solana (SOL) US$ 42.03 +6.28% +18.89%
Dogecoin (DOGE) US$ 0.0667 +4.81% +3.23%

The glow of ethereum (ETH)

According to the developers, the tests performed on the ethereum parallel network — called the shadow or also testnet — were a success.

The ninth round of network stress tests before the “big merger” (or The Merge) took place to examine the efficiency of the system ME V (maximal extractable valueor maximum extractable value, in free translation).

In general terms, the MEV serves to make the network even more decentralized, giving autonomy to individuals to issue and manipulate new tokens (cryptocurrencies) and prioritize more urgent transactions in the blockchain by changing the validation system.

What is “The Fusion” of Ethereum?

The expectation is that The Merge (“A Fusion”, in free translation) will bring energy efficiency to the second largest cryptocurrency in the world, in addition to allowing the scalability (growth) of the network in a more secure way – and it is one of the highlights of the second half for the digital currency market . There are three main points:

  • Energy efficiency, with the migration from proof-of-work (PoW, or “proof of work”) to proof-of-stake (PoS, or “proof of participation”);
  • Reduction in lower transaction fees, which can easily reach $100 on average and hinder network growth;
  • Higher transaction speed.
Source: Ethereum Foundation

On the scheduled update schedule, The Merge is expected to be completed sometime between August and September this year.

The update does not have a definite date to happen because of successive tests to keep the network stable during the merger.

Developers remain concerned about the risk of accidentally taking the blockchain offline, which explains the delay.

CRYPTO CHAT #023 — A market beyond cryptocurrencies

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