Ethereum Price Surpasses $1.4K Amid Merge Trade - BitcoinEthereumNews.com
With Bitcoins price rising past the $22k level and breaking its one-month high, Ethereum is also showing significant price hikes, growing by over 10% in the past 24 hours and surpassing $1,470, inching closer to $1.5k, which it might hit this week if the crypto bull market continues. Ethereum Network Inches Closer to Switching to Proof-of-Stake ETH price is up over 28% in the past seven days as the network inches closer to switching from a proof-of-work to a proof-of-stake consensus model. After successfully integrating the Shadow Fork 9 into its mainet last week, Ethereum is set to switch the consensus model of its network to proof-of-stake in September, one of the main reasons for ETHs positive price performance the past week. Analysts call Ethereums recent price hike the “merge trade,” referencing the upcoming Ethereum network merge as a likely culprit for the increase in price, trading volume, and change in the market sentiment of ETH. Some traders go as far as to predict that Ethereum could overtake Bitcoin in terms of market capitalization in the next few months. For ETH‘s valuation to surpass BTC’s, Ethereum‘s price must exceed roughly 15% of Bitcoin’s value. For example, if Bitcoin trades at $30k, Ethereum must trade above