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Tim Beiko, the chief Ethereum developer, confirmed the date for the beacon chain merger of the Ethereum test network “Goerli.” As a result, the native token of the Ethereum blockchain, Ethereum surges above $1700 and is driving the end-of-month surge in the cryptocurrency market. It has surpassed $1,700, representing an increase of 11.64 percent over the previous day. As a result of Ether’s recovery, Bitcoin and other altcoins rallied, pushing the market valuation of cryptocurrencies back above $1 trillion at the time of writing.
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Ethereum Surges Above 1700 – Quick Price Review
The current live price of Ethereum is $1,676.97, and the 24-hour trading volume is $27 billion. In the last 24 hours, Ethereum has increased by 2.64 percent. The current market ranking is #2, with a live market capitalization of $204. There is no known maximum supply, and there are currently 122 million ETH coins in circulation.
Ethereum Developer Announces Final Testnet Merge Date
There is only one more testnet merge before the Ethereum mainnet transitions to a proof-of-stake (PoS) blockchain. The arduous journey has finally ended with the announcement of the last testnet merging into the Beacon chain, following several shadow forks and testnet merges.
On Twitter, lead Ethereum developer Tim Beiko provided additional information about the Goerli testnet migration. The Goreli testnet will merge with the Prater beacon chain, and the resulting Goreli/Prater network will retain the Goreli moniker.
Finalization of the Move to PoS
According to the official announcement, the future Goerli merging will differ from the initial testnet integration in that node operators will need to update their consensus layer and execution layer clients simultaneously, rather than just one. Furthermore, the developer team has attached a number of client versions that are compatible with testnet merging.
The Ethereum network’s PoS switchover will be the blockchain network’s most anticipated improvement since its inception. The enhancement focuses on lowering high transaction costs and increasing scalability via sharding. On the other hand, most of the scalability features are expected to be incorporated after the final stage of the transition is completed in the second half of 2023.
Bullish Crypto Market Support ETH
Considering potential Merge, the overall market valuation of all cryptocurrencies increased by more than 6%. The crypto market cap reached $1.08 trillion at the time of writing. According to CoinMarketCap data, the price of Ethereum increased by more than 10% the previous day, reaching an intraday high of $1,676.97 before falling to $1,631 as of press time. Some analysts believe rising interest rates will harm the cryptocurrency market, but the most recent price increase contradicts their predictions.
The value of several digital assets has increased, with the sector’s market value rising by nearly 7% in the previous day. ETH has had one of the best recent performances of any currency. The gains in major currencies are led by ether, with Solana’s SOL, BNB, and Cardano’s ADA posting gains ranging from 3 to 8 percent in the last day. Other markets, such as Uniswap’s UNI and bitcoin cash, have seen gains of up to 26 percent (BCH).
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