Ethereum Network Makes Final Steps Before Transitioning to Proof-of-Stake
According to data from CoinMarketCap, the price of Ethereum (ETH) is up by over 13% in the past 24 hours.
Goerly has recently become the third Ethereum testnet to transition to a proof-of-stake algorithm. This was the last dry run before the much-anticipated merge upgrade to take place in September.
Ropsten, the oldest Ethereum testnet, completed its merger in early June. In early July, Cepolia became the second testnet to move to Proof-of-Stake.Analysts at JPMorgan recently said that the upcoming merge upgrade was the main bullish catalyst for the market.
As reported by U.Today, the cryptocurrency prices rose sharply due to a cooler than expected Consumer Price Index (CPI) print. Optimistic inflation readings helped assuage rate fears.