It was a two-month high after developers successfully completed a final dress rehearsal for the upgrade.
At around 8:20 a.m., the price of the world's second-biggest coin hit a new high. The data was from CoinMetrics. That is its highest level since June and a jump in the last day.
The final run for themerge is expected to make it faster and more energy efficient. The main network will execute a process similar to what Goerli did. Developers can use testnets to experiment and make necessary changes before they launch.
ether will be transitioning from a proof-of-work system to a proof-of-stake model. Proof-of-work mechanisms rely on miners. validators need to hold a certain amount of token to participate in proof-of-stake networks. The event is expected to take place on September 19th.
The upgrade is expected to speed up transactions on the network and make it more energy efficient, with backers hoping it will address criticisms over the environmental impact of cryptocurrencies. Some investors are betting that ether will eventually steal the thunder of the digital currency. In the last few years, the market dominance of the digital currency has waned, with it now accounting for less than 40% of the total market.
Since the two don't directly compete with one another, it's pretty much irrelevant.
The purpose of why you buy bitcoin, from a mindset perspective, and what you actually want to do with that is fundamentally different than when you use ethereum.
Ethereum is not used. There are possibilities of using NFTs and banking products on a platform. It's a use case for the digital currency.
ether led a broad rally among digital assets Thursday, with the combined value of all cryptocurrencies climbing over 70 billion dollars in a day.
The collapse of terra, a $60 billion stable coin, has caused investors to sour on cryptocurrencies more generally. Since hitting a peak of $3 trillion in November, the market has lost $2 trillion.
CNBC had a contributor to this report.
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