Ether, the Ethereum blockchain network's native cryptocurrency, rallied over 60 per cent over the last month, data from CoinMarketCap revealed.
The cryptocurrency was trading at $1,108 earlier this month and rose to $1,745 in the wee hours of Friday. The cryptocurrency zoomed by 60.13 per cent in a month as per data from CoinMarketCap.
The Ether token was trading at $1,732, up 5.64 per cent at 11:00 AM IST, with a live market cap of $210,502,004,886 and a circulating supply of 121,740,873 Ether tokens. The 24-hour trading volume of Ether is $26,596,617,664, up 7.78 per cent.
Based on its fundamental and technical analysis, cryptocurrency market experts, analysts, and traders appear to have optimistic predictions regarding the future of the Ether token.
Shivam Thakral, CEO of BuyUcoin crypto exchange told Business Today, “The impact of much awaited Fed meeting this week seems to be waning rapidly as Ethereum, the most popular altcoin witnessed a double-digit growth and surged by over 13 per cent in the past 2 days.”
Tarusha Mittal, COO and co-founder of UniFarm, a Web3 platform told Business Today that the recent rally can be attributed to the Ethereum blockchain network’s merge announcement.
The Ethereum blockchain network currently uses the Proof of Work consensus mechanism to validate blocks on the network. This consensus protocol consumes a lot of energy and is not energy efficient. However, the blockchain network is gradually migrating to the more energy efficient Proof of Stake consensus mechanism. The transition or the merging of the two streams might complete in the month of August, as per the latest announcement by the blockchain network.
Mittal said, “In the altcoin space, Ether leads the effort owing to the merge announcement which could make Ethereum completely carbon neutral as it will move towards a proof of stake system.”
Similar views were shared by Charles Tan, CMO of Atato tech. He told Business Today, “Ethereum’s latest upgrade has sparked investor interest and the announcement that Ethereum will be moving towards a more energy-efficient proof-of-stake mechanism which may have contributed to a rally.”
Sharat Chandra, vice president, EarthID, a web3 platform, told Business Today, “Technical indicators for Ether token signal that an immediate bull run is in the offing.”
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today