Why is Ethereum (ETH) crypto rising today? Find out more

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Why is Ethereum (ETH) crypto rising today? Find out more

 Why is Ethereum (ETH) crypto rising today? Find out more
Image source: © kkssr | Megapixl.com

Highlights:

  • ETH soared over three per cent on Thursday morning.
  • Ethereum currently uses a proof-of-work (PoW) mechanism.
  • It unveiled the date for its Merge upgrade.

The price of Ethereum (ETH) crypto jumped over three per cent in morning trading on Thursday. However, its volume for the last 24 hours declined by over 10 per cent.

So, what's the news or update that helped the ETH price in climbing higher on Thursday? Let's take a closer look at the recent development of crypto while exploring its current price and performance.

Ethereum (ETH) and its recent developments:

Ethereum is one of the major open-source, decentralized blockchains. Its native coin is Ether or ETH, and it holds the second rank on CoinMarketCap.com. It gives platform to various crypto projects while focusing on executing decentralized smart contracts.

Vitalik Buterin first described the project in 2013 through its whitepaper, and the firm Ethereum Foundation behind the project officially launched it in July 2015. The other project co-founders are Gavin Wood, Charles Hoskinson, and Joseph Lubin.

Meanwhile, Ethereum has been on trend in recent months since it announced its plans to transition into a proof-of-stake (PoS) mechanism, popularly known as the Merge. However, the date got delayed, and the investors have looked for a clear picture of the timeline of the upgrade.

The Ethereum Foundation unveiled the date of the Merge upgrade on August 24, and since then, the investors have turned their focus to the crypto.

According to the announcement, Ethereum's transition to a proof-of-stake mechanism or the Merge upgrade would be activated on the Beacon Chain with the Bellatrix upgrade.

Following that, the proof-of-chain chain would have its transition to PoS after hitting a "total difficulty value". According to the announcement, the Bellatrix upgrade would happen on September 6, 2022.

In addition, the total difficulty value (58750000000000000000000) that would trigger the Merge upgrade is anticipated to happen between September 10 and September 20, 2022, as per the announcement.

Ethereum said it had completed all the public testnets, thus scheduling The Merge for the Ethereum Mainnet.

This shift from Ethereum's current proof-of-work (PoW) mechanism to the PoS mechanism is expected to ensure that the users can mint any cryptos they did not earn. It would support maintaining the integrity of the ecosystem.

Additionally, the PoS mechanism is seen as more energy efficient than the PoW mechanism, which would also help its operations.

Ethereum (ETH) crypto price and performanceData Source: CoinMarketCap.com

Bottom line

The price of the ETH token was US$ 1,704.51 at 8:49 am ET on August 25, an increase of 3.40 per cent. On the other hand, its one-day trading volume fell 10.37 per cent to US$ 16.05 billion.

ETH's current trading price gives it a market capitalization of over US$ 207.91 billion, and its fully diluted market cap stood at US$ 208.20 billion.

Despite today's gains, ETH price was down by 54 per cent YTD, at the time of writing.

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The price of Ethereum (ETH) crypto jumped over three per cent in morning trading on Thursday. However, its volume for the last 24 hours declined by over 10 per cent.

So, what's the news or update that helped the ETH price in climbing higher on Thursday? Let's take a closer look at the recent development of crypto while exploring its current price and performance.

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