Over the past 24 hours, the market has seen gains. Ethereum price is up 8.13% while the king of the market, Bitcoin, is up 3.25%. The performance of the remaining major cryptocurrencies was similar to that of the two majors.
With the price range from $1,362.95 to $1,602.61, ETH/USD has seen a lot of volatility in the past 24 hours. While the total market capitalization is trading around $181.33 billion, the trading volume has decreased by 14.18% to $17.13 billion, giving the market a control of 18.3%.
Ethereum suffers a setback before the merger
Even after the recent confirmation of the “Ethereum merger” switch to a Proof of Stake (PoS) consensus network in September, Ether (ETH) is down 11.5% in the past seven days.
Tim Beiko, the core developer of Ethereum, suggested September 19 as a possible target date for the July 14 core Ethereum developer conference call.
It’s been years since moving away from power-intensive mining, and no date has yet been set for the transition to scalability with hashing technology, which allows parallel processing. However, other analysts predict that the network’s monetary policy will increase the value of Ether.
ETH/USD trades at $1,600. Source: TradingView
Ethereum researcher Vivek Raman notes the “show shock” effect. According to the analyst, the “merging” would reduce the overall ETH supply by 90%, even if there is now no reduction in transaction fees.
The recent significant drop in the price of Ether can be largely attributed to regulatory uncertainty. Yuga Labs is the target of a class action suit to “inappropriately induce” the public to buy non-fungible tokens (NFTs) and ApeCoin (APE) tokens. The law firm further maintains that Yuga Labs “inflated the price” of the BAYC NFT and APE tokens by using celebrity supporters and promoters.
Shadow Thorn Spread
Another simple but significant step has been taken by Ethereum towards the long-awaited Proof of Stake consolidation and blockchain transformation.
Ethereum’s 10th shadow split, which was supposed to go live today, went online early yesterday, more than 26 hours ahead of schedule. Shadow forks is a focused test run of merging components; They simulate one or two special modifications to the blockchain that will occur in the future.
This differs from the full hard forks of the testnet, such as the Sepolia testnet that took place earlier this month. The merge, which turns the entire Ethereum mainnet into a test environment network, is fully trained on testnets.
This week’s shadow fork was a rehearsal for the releases that will take place on the last test of the Ethereum network, Goerli, on August 11. This test will be the third and last of its kind required before the integration is ready to go into effect.
Featured image from iStock Photo, charts from TradingView.com