According to cryptocurrency tracking website CoinMarketCap, Ethereum's native blockchain coinage Ether (ETH) was trading down as much as 11% to a low of $1,759.20 per coin on cryptocurrency exchanges this morning, down from a 24-hour high of $1,978.15. That's more than double the drop in the larger cryptocurrency market at the time of writing. Furthermore, its 24-hour trading volume increased by 35%, compared to 13% for Bitcoin and 17% for Dogecoin, indicating an abnormally high level of investor interest in ETH.
The recent talk from an Ethereum cofounder who openly stated that a critical milestone for the crypto project could be delayed could be the cause of the price pressure and increased volume.
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According to reports, Ethereum cofounder Vitalik Buterin stated at a developer conference earlier this week that he believed the Ethereum Merge will be completed by August. For context, Ethereum's developer team has been working on a "Ethereum Merge" that would see the entire system switch from its energy-intensive proof-of-work (PoW) consensus technique to an ecologically friendly proof-of-stake (PoS) model.
The Merge is expected to greatly increase the amount of transactions per second that the Ethereum blockchain can process, while also cutting transaction prices, reducing network congestion, and shortening settlement times.
Buterin told a Shanghai Web 3.0 Developer Summit audience that a rollout in August was likely, but that it would ultimately depend on a major deployment test slated for June 8, 2022.
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While another delay of this important network upgrade would not help investor sentiment in the short run, it holds significant upside in the long run for the project. Not only does the Ethereum blockchain support the largest number of developer apps in the crypto space, it's also the backbone of many popular metaverse projects, NFTs, and decentralized finance offerings.
Furthermore, the Ethereum supply is in a state of ongoing constriction as a percentage of every newly minted ETH coin is automatically removed from circulation to make the coin a more deflationary asset. Since the Ethereum Improvement Proposal (EIP)-1559 went live last August, more than 2.36 million ETH have been burned, producing a net reduction in supply of 59.86% according to WatchTheBurn.com.
This is not financial advice, and investors should always do their own research before pouring money into any investment, but Ethereum is a blue-chip crypto that's priced at a deep 63% discount from its price peak last November. That very well could make it worth considering for any investor interested in a strong crypto project that's upgrading now for future growth.
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