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Ethereum is another well-known altcoin and is currently acting as more than a cryptocurrency for investors and merchants alike. According to reports, the Ethereum price was expected to grow by more than 400% in 2022. But in May 2022 as Bitcoin crashed, along with another significant cryptocurrency like Terra, the market entered a slump taking down major altcoins like Ethereum and Solana. Ethereum's token ETH has grown immensely in value since its inception. The crypto made its way into becoming the second-largest cryptocurrency globally and is now being accepted into major businesses as payments. But Ether came down drastically since the market slumped somewhere around US$1,800. Its bearish price rally got investors worried about their money, but the Ethereum Merge upgrade seems like giving new hope to ETH users! Even though its delay has got investors and critics quite impatient with the crypto, its release is supposed to make up for everything that they are missing.
Crypto holders cannot wait to get to the end of May, a month that wreaked havoc in the market and in the investor community. Bitcoin is still hovering around the US$30,000 resistance and Ethereum is valued near US$1,800. Experts are not yet sure if the worst is over yet and what the month of June will bring to the market, but we can only expect that the market will push through to make the Ethereum Merge upgrade a successful initiative. The ETH 2.0 upgrade is going to be one of the most significant technical upgrades in the blockchain, since its inception in 2015. DeFi investors are quite excited about Ethereum's upcoming advancements.
Basically, 'The Merge' refers to the crypto's switch to a proof-of-stake model that aims to eliminate critical environmental concerns about Ethereum's functionality. This switch is also aimed at dramatically changing Ethereum's transaction speed. The merge process has been underway for quite a long time now and has been delayed more times than the investors expected. But Vitalik Buterin, the creator of Ethereum claimed that the initiative will undergo in August when the Beacon chain, which is parallel to Ethereum's blockchain and which is being tested for proof-of-stake mechanism, will merge with the primary Ethereum network.
Ethereum could provide the crypto market with its much-needed break. If the crypto successfully pulls this off, it would mean a great deal for the crypto fanatics who are eagerly waiting for the market to push through. The upgrade could also eventually trigger a major ETH rally that would lead the asset to overtake Bitcoin and become the biggest cryptocurrency in the market. The elite developers who are working on the Ethereum software claim that this upgrade will open new opportunities for the crypto market. After integrating 'The Merge' into the blockchain, the developers will start to select validators who can already use their digital wallets to stake Ether on the test system, ordering transactions on the Ether digital ledger and getting paid with new Ether.
Ethereum might eventually become the most powerful cryptocurrency in the world. With all the technical upgrades that are going to be implemented in the network, the success of Ethereum's upgrade might give crypto investors a new ray of hope and reinstate the importance of cryptocurrencies in the economic and financial spheres.
