Connect with us

Hi, what are you looking for?

DOGE0.070.84%SOL19.370.72%USDC1.000.01%BNB287.900.44%AVAX15.990.06%XLM0.080.37%
USDT1.000%XRP0.392.6%BCH121.000.75%DOT5.710.16%ADA0.320.37%LTC85.290.38%
THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Cryptocurrencies

Cryptocurrencies

Price Increases 40% Due to Merge Hype for Ethereum. What Will Happen Next, Say Experts

Price Increases 40% Due to Merge Hype for Ethereum. What Will Happen Next, Say Experts
Photo by David McBee/round gold colored ethereum ornament Photo by David McBee/round gold colored ethereum ornament
Price Increases 40% Due to Merge Hype for Ethereum. What Will Happen Next, Say Experts
Photo by David McBee/round gold colored ethereum ornament Photo by David McBee/round gold colored ethereum ornament

After the network on Friday revealed a potential launch date for its much awaited software update, commonly known as “The Merge,” Ethereum’s price skyrocketed over the weekend. But according to analysts, only time will tell if price of ethereum will rise or drop back to earlier lows.

The native cryptocurrency of Ethereum, ether, has surged by a staggering 40% over the past three days, reversing the dramatic market slump that was sparked by the revelation of higher-than-expected inflation figures announced last week. A considerable increase from only a few days ago, when it was trading closer to $1,000, can be seen in the second-largest cryptocurrency’s current price, which is trading above $1,500.

Even if the price of ether is still 75% below its record high reached in November, investors are eagerly following each development leading up to the merger and, in some cases, profiting from the market slump by purchasing the drop in front of it. Because it promises to make the network more effective, quicker, and more affordable to use, many believe that ethereum’s big software update, which is scheduled for Sept. 19, might considerably increase its value.

The future of ethereum is still in in the air, according to Martin Hiesboeck, head of blockchain and cryptocurrency research at Uphold, a platform for cryptocurrency exchange. This is especially true given the numerous delays it has had over the years.

“While the price action of ethereum certainly gives hope for the overall market to maybe turn a corner in the next few weeks, the sudden jump is mostly motivated by hype and perhaps a lack of understanding of what ‘The Merge’ will actually do,”  Hiesboeck says. 

What Does the Merger of Ethereum Mean for Your Crypto Investments?

The recent ethereum merger has generated a lot of discussion, which has in turn fueled some bullishness in the cryptocurrency market. During a developer conference call last week, it was disclosed that Ethereum is expected to switch from proof-of-work to proof-of-stake on its primary network in the middle of September, but this is subject to further delay.

“This is the one” has been declared six times in very similar language; Hiesboeck speculates that it could actually be hopia.

Since the announcement, ethereum has increased by about 40 percent, while bitcoin has increased by over 10 percent, trading at over $22,000. Smaller alternative coins have imitated them. The newest merging statement from Ethereum is significant for a number of reasons, including the fact that ethereum is moving closer to switching to this new paradigm, which would, among other things, increase its transaction speed and have a smaller negative impact on the environment.

In turn, this may considerably increase the price of ethereum and produce profitable returns for early investors. According to some analysts, 2022 will be the “make-or-break year” for ethereum, and following the merger, its price may increase by a factor of two to four. After the update, related cryptocurrencies can experience a price increase as well.

The fact that many large investors, including funds and private trusts, are primarily focused on ethereum and are even prohibited from participating in other chains, according to Hiesboeck, “may very well drive prices up higher in the short future.”

According to technical chart analysis by cryptocurrency expert and educator Wendy O, “things are looking fairly wonderful” for ethereum, but it won’t be able to achieve $1,700 unless it can maintain a price over $1,294 over the coming days or weeks.

Will Ethereum Make a Good Investment?

Financial gurus advise you to invest no more than 5% of your portfolio in cryptocurrencies, regardless of the kind. No matter how alluring the buzz is, you should put off investing in cryptocurrencies until you have paid off debt, saved for retirement, and built up an emergency fund. Experts advise against investing more than you can afford to lose because cryptocurrencies are such a dangerous and speculative asset class.

Ethereum could be a wise investment if you’ve already given other elements of your finances priority and are ready to assume some risk. With a score of 71 out of 100, ethereum’s NextAdvisor Investability Score has increased by over 1% in the previous day. Even if the merger doesn’t lead to a return to the all-time high price it hit in late 2021, analysts still see ethereum as one of the safest cryptocurrency investments, along with bitcoin.


Comment Template

You May Also Like

Technology

On Friday, three sources said Apple and Meta Platforms will likely face prosecution for violating historic EU laws meant to limit their dominance before...

Finance

Here are a few million-dollar rare coins for coin collectors and individuals with small riches. Flowing Hair Silver Dollar, 1794. This rare 1794–1795 coin...

Business

Tesla shareholders approved Elon Musk’s $56 billion remuneration proposal, a vote of confidence in his leadership and an incentive to focus on the electric...

Technology

During a San Francisco event on Thursday, Republican presidential candidate Donald Trump positioned himself as a cryptocurrency champion while slamming Democrats’ attempts to regulate...

Notice: The Biznob uses cookies to provide necessary website functionality, improve your experience and analyze our traffic. By using our website, you agree to our Privacy Policy and our Cookie Policy.

Ok