Ethereum Chief Developer Tim Beiko has confirmed the date of the merger of the Ethereum testnet “Goerli” beacon chain. As a result, the native token of the Ethereum blockchain, Ethereum, surges above $1700 and drives the month-end spike in the cryptocurrency market. It surpassed $1,700, which is an increase of 11.64% from the previous day. Following Ether’s rally, Bitcoin and other altcoins rallied, pushing the cryptocurrency market valuation above $1 trillion at the time of writing.
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Ethereum Surpasses 1700 – Quick Price Review
The current live price of Ethereum is $1,676.97 and the 24-hour trading volume is $27 billion. In the last 24 hours, Ethereum has increased by 2.64%. The current market ranking is #2, with a live market cap of $204. There is no known maximum supply and there are currently 122 million ETH coins in circulation.
Ethereum Developer Announces Final Testnet Merger Date
There is only one more testnet merge before the Ethereum mainnet switches to a proof-of-stake (PoS) blockchain. The arduous journey finally ended with the announcement of the latest testnet merge in the Beacon chain, after several ghost forks and testnet merges.
On Twitter, Ethereum lead developer Tim Beiko provided additional information about the Goerli testnet migration. The Goreli testnet will merge with the Prater beacon chain, and the resulting Goreli/Prater network will retain the Goreli nickname.
Finalization of the passage to the point of sale
According to the official announcement, Goerli’s future merger will differ from the initial testnet integration in that node operators will need to update their consensus layer and execution layer clients simultaneously, rather than just one. . Additionally, the developer team has attached a number of testnet fusion-compatible client versions.
The PoS failover of the Ethereum network will be the most anticipated improvement to the blockchain network since its inception. The improvement focuses on reducing high transaction costs and increasing scalability through sharding. On the other hand, most of the scalability features should be integrated after the completion of the last stage of the transition during the second half of 2023.
ETH Crypto Bull Market Support
Considering the potential merger, the overall market valuation of all cryptocurrencies increased by more than 6%. The crypto market capitalization has reached $1.08 trillion at the time of writing. According to data from CoinMarketCap, Ethereum’s price rose more than 10% the previous day, hitting an intraday high of $1,676.97 before falling to $1,631 at press time. Some analysts believe that rising interest rates will hurt the cryptocurrency market, but the latest price increase contradicts their predictions.
The value of several digital assets rose, with the market value of the sector rising almost 7% the previous day. ETH has had one of the best recent performances of any currency. Gains in major currencies are led by Ether, with Solana’s SOL, BNB and Cardano’s ADA posting gains ranging from 3-8% over the past day. Other markets, such as Uniswap’s UNI and bitcoin cash, saw gains of up to 26% (BCH).
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