As the markets responded Shadow Fork 9 announced, ETH was back in the green. Ethereum is currently back on the ground and making progress due to favorable market conditions.
At the same time, some other altcoins are doing well on the weekly charts, such as Polygon (MATIC) and Lido DAO (LDO), which have seen significant gains in price over the past week and also over the past 24 hours.
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Only a few of the top 100 cryptocurrencies have been able to generate double-digit gains, and the rest are still suffering from the effects of the merciless crypto storm. One of them is Polygon (MATIC), which demonstrated a huge advantage.
According to data from CoinGecko, MATIC is currently trading at $0.91, an increase of around 19.88% over the past 24 hours and a notable 65% increase over the past seven days. Later Disney revealed Polygon (MATIC) was chosen for its “accelerator program”, a rapid increase in the price of the coin.
The list also includes Lido DAO (LDO), which has experienced a significant advantage. The governance token of the decentralized autonomous organization, LDO, has outperformed with a notable increase of 167% over the past seven days. Its current price is $1.68, up by 6.1% over the past 24 hours.
Even though LDO was able to cover its losses from the June drop in which it dropped to a low of around $0.432899, it still hasn’t found the support it needs to climb to the May high of $3.3816. Is.
Ethereum (ETH) is on a rally of comebacks
Ethereum (ETH), the second largest coin, recently crossed the $1,400 threshold. It is up 9.31% over the past 24 hours and is currently trading at $1,482.01. According to CoinMarketCap, the currency has gained around 29.32% over the past seven days, and thus is gaining momentum.
According to nomics data, the total market cap of ETH increased by 8.78% to $179.11 billion in the last 24 hours. However, the prices edged higher after a week of poor performance and unfavorable market conditions.
However, the specific cause is unknown. The fact is that the price increase occurred just after the start of the ninth shadow fork on July 14. This implies that the price increase may be due to the increasing popularity of Ethereum and the impending “merge” for its Proof-of-Stake.
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The merge was covered during the Ethereum Foundation’s most recent consensus layer call, which took place on Thursday. Ethereum Foundation member Tim Beiko proposed September 19th as a tentative launch date, providing the clearest indication that a merger will happen soon.
The merge upgrade combines Ethereum’s consensus and execution layers to switch the network from proof-of-work to proof-of-stake. This is projected to cut the network’s energy use by 99.95%, but it will not necessarily result in lower transaction fees (Gas).
Featured image from Flickr, chart from Tradingview.com