Citibank, New York’s First National City Bank, says the Ethereum merge rise is unlike any other. This is because this time it faces tightening financial conditions for the first time…
“Ethereum strengthens rally ahead of merge despite Bitcoin weakness”
Famous American company Citibank said that the upcoming Ethereum merge update will be the first of its kind. The implementation of the Ethereum merge will be an unprecedented event in crypto history, given the current government pressure on cryptocurrency transactions around the world. The bank also described the intensifying pressure on crypto companies as “tightening financial conditions.” However, he claimed that the rise this time had significant differences. According to the bank, the Ethereum merge should be taken seriously, unlike previous historical crypto events.
How is Ethereum merge different from other uptrend?
Citibank stated that it is difficult to say how much of an impact the merge escalation will have on the ETH price. This inference comes despite Ethereum’s previous upgrades that gave it significant momentum. According to Citibank’s report:
There are significant differences between previous upgrades and now. For the first time in their history, cryptocurrencies are facing tightening financial conditions.
Meanwhile, ETH has risen significantly over the past few months, while Bitcoin has relatively underperformed. According to the analysis, since the “post-Luna crisis” in mid-June, Ethereum has increased by 43%, while its main competitors have lagged behind. BTC is down 1.4% in the same time frame.
Compared to its peak of 71.89% at the beginning of 2021, BTC controls only 38.88% of the market today. In the same time frame, Ethereum’s market cap share increased from 10.66% to 19.48%. So it almost quadrupled. At the time of writing, the price of ETH reached $1,591.30, up 2.52% from the previous day, according to CoinMarketCap. The cryptocurrency’s peak last month was just over $2,000 for a short time.
The biggest fluctuations in crypto history
The transition of the Ethereum network to the PoS system is proof of one of the biggest turns in the history of cryptocurrencies. The 2020 launch of Beacon Chain was the most comparable event, serving as a milestone in the transition to Proof of Stake and delivering significant gains for ETH. It is now difficult to say whether the pivot will immediately impact cryptocurrency values in the near future. Ethereum co-founder Vitalik Buterin said it could take 8 months for the merge to reach a price.
cryptocoin.com As we reported, during the Korea Blockchain Week 2022 conference on August 8, Vitalik Buterin claimed that the merge will bring back crypto payments and other blockchain and crypto benefits that have dwindled after 2018. According to the founder, the next 10 years will change Ethereum and the crypto market.
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