Crypto Market Cap Climbs 15% After Ethereum Merger Date Revealed and Rising Sentiment and Token Prices Suggest the Event Will Catalyze Another Crypto Price Recovery, So Let’s Take a Further Look close today our latest cryptocurrency news.
It’s been a volatile week for crypto as traders ignored warnings from crypto winter veterans that there was plenty of downside in store, then bounced back into the market at the first sign of rising prices. price. Evidence of the reversal in sentiment can be found in the Crypto Fear and Greed Index which climbed into the fear zone after spending a record time in fear territory due to the June price crash and in May. As for what sparked the rally out of fear territory, looking at the timeline indicates the announcement of the expected date for the ETH merger.
Lido launches stETH on Layer 2 🏝️
Ethereum is evolving, and so is Lido.
Lido stakers will soon be able to use their stETH assets in DeFi on Layer 2.
Learn more here: https://t.co/QCsQry4V41
—Lido (@LidoFinance) July 18, 2022
The data of TradingView shows that after the merger date was revealed, the price of ETH rose 38.5% from $1190 to a mid-day high of $1650 in the green market. Along with the rise in the price of ETH, the total crypto market capitalization increased by 15% in the past week to the current value of $1.051 trillion. Evidence shows that the excitement over Ethereum’s transition to PoS is fueling the rally and can be found by looking at the top winners from the past week, including several projects related to the smart contract protocol.
With Ethereum moving to PoS, the vast mining network that secures the network will be orphaned and will need a new chain to mine. Ethereum Classic is one of the best options in terms of network design and compatibility since it will be the original proof-of-work chain. ETC price has gained 100% in the past nine days and this suggests that there are a large number of traders anticipating a migration of miners to Ethereum Classic which may bode well for the tokens in the long run.
The other winner from ETH developments is Lido which is a staking platform that allows depositors to stake their ETH against stETH which is a one-to-one representation that can be used as collateral in decentralized finance. Data from Tradingview shows that since the merger data was revealed, the LDO price has risen 80%. In addition to the momentum gained from the connection with Ethereum Merge, the price of LDO has benefited from the support of other protocols like SOL and DOT.
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