(Ethereum was up by 8.36%, Bitcoin rose by 3.14%, where ETH was the most trending crypto)
Are you looking to invest in cryptocurrencies? Then it is crucial to stay updated with the today’s cryptocurrency price. The Ethereum Merge is now the most significant news, and investors predict a bullish trend after its Merge.
The Cryptocurrency prices on Wednesday were trading with gains of Ethereum, the most trending coin, and Helium, the biggest gainer on Wednesday.
The global market rose by 4.66% to $976.59 billion, while the trading volume went down by 19.21% to $70.25 billion, per Coinmarketcap data.
The top gainer Helium has a tremendous growth of 46.09% and holds out to $5.22. At the same time, the ultimate loser, USSD, was down by 0.04% to %0.9982 in today’s cryptocurrency price.
What is Ethereum Merge?
It is the Merge of two Blockchains systems; one is the current Ethereum Mainnet and the Beacon Proof-of-Stake system. The Ethereum Merge is converting Ethereum from a Proof of Work to a Proof of Stake system.
Both of the mechanisms have substantial differences. It will have a massive impact on Ethereum Blockchain; some have immediate, while others have long-term.
The most significant benefit of Ethereum Merge is the reduction of power consumption by Ethereum Blockchain. Proof-of-work is highly dependent on brute-force computing, meaning there is no shortcut to solving this puzzle. More computing power clearly states more power consumption.
The Proof of Stake Mechanism will reduce power consumption and make Ethereum Blockchain environment-friendly. Another benefit of Ethereum Merge is that it will remove all the costs associated with operating Blockchain.
- With the arrival of the Proof of Stake mechanism, it is expected that more users will take access to this platform.
- Ethereum’s Proof of Stake Mechanism works on all modern laptops, which can be available for under $1,000, and there is no need to perform exceptional cooling for that.
- This mechanism requires only three programs that require minimal use of the technical ability. The consensus mechanism is more accessible to users than the proof of work mechanism.
Will Ethereum be more secure?
Due to certain factors, it is expected that Ethereum Blockchain will be more secure. The key feature of Ethereum Blockchain is the ledger distribution across multiple nodes.
The increased access of users with reduced decentralization leads to more users, which means an increase in the number of nodes in the Blockchain.
A more significant number of nodes make the platform more secure, and fraudsters cannot deceive transactions on Blockchain. Therefore, adding immense security to this platform can be beneficial for every investor across the globe.
The Merge will impact Ethereum’s price and the whole crypto space. This Merge represents a fundamental shift in Ethereum’s operation, and it is the most significant change underlying the history of Blockchain.
We will cover Merge’s consequences in future posts and provide you with relevant information.
Today’s Cryptocurrency Price
Bitcoin was up by 3.14% to $19349.03. Yesterday, Bitcoin was running with slight gains, but there was a momentum shift in the evening, and the price lifted by $18,700 to $19,000 in just four hours.
The momentum continued later, and the highest price of Bitcoin reached $19,400. Then there are some ups and downs. At present, the market is running at $19,151. The 24-hour trading volume goes down by 21.87% to $33,001,241,158.
Ethereum also rose by 8.26% to $1628.17. Till evening, there was no gain, but the high buying momentum shifted everything from $1500 levels to $1600 levels in just 5 hours. As a result, the 24-hour trading volume went down by 17.56% to $18,071,830,887.
Solana’s price goes up by 6.45% to $32.54, and Ripple also rises by 5.35% to $0.3326, but their trading volume goes down by 12,57% to $1,068,494,168.
Cardano also rose by 5.11% to $0.3324, and its trading volume went down by 33.42% to $625,486,039.
Binance has taken the up movement by 7.32% to $280.08, and its trading volume has gone down by 19.02% to $897,327,363.
Dogecoin was also up by 4.85%, reaching $0.06097, and the trading volume went down by 32.84% to $286,235,871.
Siba Inu shows a slow up movement by 3.6% to $0.0000128.
That’s all about today’s scenario of the crypto market; the Merge of crypto is hot news for everyone. What impact it will play is a fundamental question, and almost every expert predicts a bullish trend unless new upgrades come to the market.
You might need clarification on whether it is a good time to invest or not. First, let me tell you that the Crypto market is highly volatile because investors need to show optimum trust in digital assets for the long term. That’s why they are not exchanging their funds for a long time.
Q. How the Ethereum Merge impacts price?
Ans. The Merge will show a huge impact on the price of Ethereum. Well, no one can expect the price to go up or down, but things can become very complicated if the miners fork a Proof-of-Work chain from the network.
Q. What was the price of Ethereum a year ago?
Ans. A year ago, the price of Ethereum was moving around $4,000, but due to the recession in the market, the price dropped, and it is expected that the Merge will positively impact the price of Ethereum.
Q. How can I stake Ethereum?
Ans. Users can stake Ethereum using any exchange, and these exchanges offer customers to stake ETH to earn coins. There is no minimum limit for staking Ethereum, and when you stake Ethereum, it will convert into ETH2.
Q. Will Ethereum Merge reduce the gas fees?
Ans. No, the Merge will not impact gas fees because the upgrade is a consensus mechanism for facilitating more convenience to the users.