Ethereum Completes Merger Successfully, Crypto Markets Take a Beating: This Week’s Recap

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The past seven days have seen the successful transition of Ethereum’s network from a Proof-of-Work consensus algorithm to one governed by Proof-of-Stake. The event has been described by many as one of the most significant technical achievements in the industry and is put on par with Bitcoin’s halving. However, the total market has shrunk by around $20 billion over the same period as many cryptocurrencies see declines.

Bitcoin is among the outliers in terms of price performance over the past seven days. The price of BTC shows a 2.7% increase from its trading level a week ago. In fact, the cryptocurrency rose as high as $22,500 on September 13, but that’s when the bears stepped in and pushed its price towards $20,000. As of this writing, BTC sits slightly below important psychological levels, and it looks like the battle for that is on.

Elsewhere, the event everyone is still talking about went off successfully. The Ethereum proof-of-work backbone has merged with the PoS-based Beacon chain, ending the PoW era once and for all. However, the short-term effect on the price of ETH looks negative. Since the implementation of PoS, the cryptocurrency has fallen nearly 8%, pushing ETH below $1,500 and registering a total decline of 10% in the past seven days.

It should be noted that altcoins are collectively trading in the red. BNB is down 1.7%, XRP down 3%, while Polkadot fell a more considerable 7%.

This pushed the dominance of Bitcoin – the indicator used to gauge BTC’s share against that of the broader market – towards 38%. This indicates its better performance against altcoins.

Now that the merger is complete, it is very interesting to see how the market will develop in the future. Ethereum Classic’s network, for once, saw some benefits as its hashrate increased almost immediately after the upgrade. There was also a hard fork that saw the creation of a PoW-based Ethereum network, and some of the major miners expressed their support.

Either way, with one of the biggest successful technical implementations, it’s very interesting to see how the market will evolve in the coming weeks.

Market data

Market capitalization: 1,006 billion dollars | 24h volume: 72 billion dollars | BTC dominance: 37.7%

BTC: $19,697 (+2.7%) | ETH: $1,451 (-7.8%) | ADA: $0.462 (-3.7%)

16.09

This week’s crypto stocks you can’t miss

The merger is official: Ethereum’s transition to proof-of-stake is now complete. The wait is finally over. Ethereum has migrated to a proof-of-stake consensus algorithm and officially abandoned proof-of-work. The merger was successful and the network is currently operating as intended.

The Bitcoin hash rate marks a new all-time high after a 55% increase in 2 months. Bitcoin’s hash rate marked another all-time high. This comes after a 55% increase in less than two months. The hash rate is currently rising in stark contrast to the price of the asset, which once again finds itself in dire straits.

Major Ethereum mining pools are extending their support to ETHW Mining. Some of the larger Ethereum mining pools, such as F2Pool, Poolin, AntPool, Nanopool, BTC.com, etc., have extended support for ETHW mining. This happened after the merger officially ended proof of work and therefore mining on the Ethereum mainnet.

Craig Wright claims to have destroyed the hard drive with the keys to the Satoshi wallet. Craig Wright, the man who claims to be Satoshi Nakamoto – the inventor of Bitcoin – made it clear in the Norwegian court that he does not plan to prove he was its creator by cryptography. He said he had destroyed the hard drive that held Satoshi’s keys.

Someone paid $60,000 (36 ETH) in fees to create the first NFT on Ethereum after the merger. A user paid 36 ETH in an effort to make history and create the first-ever NFT on Ethereum after the merger. The non-fungible token became the first to be minted when the network is governed by the proof-of-stake consensus algorithm.

Ethereum cannot be compared to Bitcoin as money: Tether CTO. According to Paolo Ardoino – the Chief Technology Office (CT) of Bitfinex and Tether – Ether cannot be compared to Bitcoin as money. He argued that this was because ETH had no fixed supply.

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