The crypto market has turned its direction downwards again. Leading altcoin Ethereum (ETH) has also given back some of the gains of its rally due to the impending Merge. However, Barry Silbert, known as the ‘King of Crypto’, says he is excited about Ethereum’s Merge.
Barry Silbert is really excited about Ethereum Merge!
After the relief rally, the cryptocurrency market fell again before the Fed decision. However, some future developments continue to excite some investors. Barry Silbert, founder of cryptocurrency giant Digital Currency Group, shared about the much anticipated upgrade of Ethereum. Silbert tweeted, “I’m really excited about Ethereum Merge. Who would have guessed?” said.
What will the highly anticipated Merge change for the leading altcoin?
According to experts, thanks to this upgrade, the second largest blockchain will be able to drastically reduce its energy consumption. If the upgrade is successful, Ethereum will adopt the Proof of Stake (PoS) consensus algorithm. It will consume 99% less electricity by eliminating the Proof of Work (PoW) algorithm.
As you know, Ethereum is at the center of the decentralized finance (DeFi) ecosystem. Given this situation, the transition will likely allay the concerns of climate-conscious investors. cryptocoin.comAs you can follow, Ethereum (ETH) price experienced a sharp rally last week. However, the leading altcoin has pulled back sharply over the past two days. According to experts, this indicates that it is possible to dissipate Merge-driven enthusiasm.
Experts also note that the release of Ethereum 2.0 will not immediately solve the scaling problems of the network. On the other hand, it will make it possible to greatly increase the efficiency of the network. Because Sharding, the technology that will realize this, will be implemented at a stage after Merge. Now Avalance, Solana and other competitors are taking shares in Ethereum’s market share. That’s why it’s critical for Ethereum to scale to maintain its dominance in the industry.
Meanwhile, after Merge, which is expected to take place in September, Ethereum will only be partially complete. In the post-merge era, Ethereum will go through a series of additional upgrades (surge, verge, purge, and splurge). Ethereum co-founder Vitalik Buterin noted that these profound changes will happen in parallel.
Ethereum price performance
At press time, Ethereum was trading at $1,364, down 7.43% on a daily basis, according to data from CoinMarketCap. The altcoin made a rally to the $1,600 levels last week. Therefore, it lost value by 13.29% on a weekly basis. The leading altcoin, meanwhile, is standing 72% below its all-time high of $4,891. We’ll see when the much-anticipated Merge will boost demand for the token and fuel its price.
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