Ethereum devs to decide whether to go ahead with September 19 date.
The cryptocurrency market retains much of Wednesday’s gains for the main tokens, in the heat of softer inflation in the US, 8.5% compared to 9.1% previously, which boosted the prices of Bitcoin and Ethereum by more than 4%.
The gains are 7% for BTC in 24 hours and 12% for ETH, while the total capitalization exceeds 1.16 billion dollars.
Naeem Aslam, an analyst at Avatrade, comments that “traders believe the time has come to dismiss any recession concerns as inflation has peaked in the US.” Meanwhile, the labor market remains as strong as it can get.
Aslam warns, however, that “it is important that traders do not lose control of risk, since the comments of the US Federal Reserve (Fed) will continue to be the main denominator in the rally.”
Negative Crypto News Overshadowed
The negative news of the crypto space has been overshadowed by this news, but only a day before the digital currencies had been weighed down by the poor results of Coinbase, which lost more than a billion dollars in the second quarter, as well as by reports of payment suspensions and company bankruptcies, which do not cease in the market.
However, as some analysts, such as Craig Erlam of Oanda, had ventured, the good news has served as a catalyst for Bitcoin to continue its rally and finally try it with $25,000. For now, the highs are at $24,500.
Regarding the second currency by market capitalization, it is moving forward eagerly on its way to $2,000. ETH investors have their own dose of encouraging information.
The Ethereum network has successfully completed the last test before the change of consensus from the current proof-of-work to proof-of-stake, an event highly anticipated by the market.
This has been confirmed by Ansgar Dietrichs, a researcher at the Ethereum Foundation, in a series of posts on Twitter, of which one stands out, “To be fair, that is a calculated tradeoff: Having so many different client combinations means that it is almost impossible to get to 100% perfection, but at the same time the network is robust against a small hiccup rate.”
On the other hand, it has echoed the success of the final test before the event known as ‘The Merge’, whereby the test chain of the new protocol will merge with the main chain of the network, Christine Kim, of Galaxy Digital, posted on Twitter that, “A successful merge = the chain ends.”
Kim wrote in a tweet, adding that, “participation rate dropped and looks like there may have been an issue with one of the clients but the Merge worked. We’ll likely see minor issues like this with the upgrade on mainnet too but the point is, the Merge worked.”
The Ethereum core developers announced a meeting for this Thursday, with the idea of deciding when exactly they will release the update on the Ethereum Blockchain.
Previous forecasts were that ‘The Merge’ would become official around mid-September, being September 19 the most likely launching date.
In the last 30 days, the value of ether, the native currency of the Ethereum Blockchain, has increased by nearly 80%, with an increase of 10% in the last 24 hours alone. It is now trading at about $1,875. However, annual declines of around 50% persist.
By Audy Castaneda
