After reaching the minimum price in mid-June, the Ethereum cryptocurrency went up and performed significantly better than Bitcoin. June 19 Bitcoin hit a low of $17,601 and has risen 31% since then, while Ethereum, which dropped to $880.93 the same day, has added an impressive 106%.
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Investor optimism is explained by the upcoming change in the Ethereum algorithm: following the Merge event, which expected On September 15, the blockchain will switch to the Proof-of-Stake model, abandoning mining. Network power consumption will be reduced by more than 99%, and transactions will be accelerated.
It is worth noting that both Bitcoin and Ethereum are still worth only 60% of their maximum quotes, which fell on November last year, and this year the cryptocurrency industry has serious problems: following the bankruptcy of various services, the closure of large projects and other incidents, capitalization The cryptocurrency market has lost nearly $2 trillion. Against this background, the active growth of Ethereum is perceived even brighter.
Now the token is trading near the $1,800 mark, and analysts are sure that this is not the limit: the cryptocurrency may well reach the $2,000 mark, reports CNBC. CryptoCompare analyst Jacob Joseph recalled that until the end of August, meetings of the US financial departments are not expected, whose decisions might affect the dynamics of the stock markets, which means that Ethereum can rise in price until the blockchain is updated. The only negative factor may be further delays in the Merge event.
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