Why is the Ethereum price rising?
There is one main reason why the Ethereum price is rising so much faster than the rest of the crypto market, namely ‘the Merge’.
Earlier this week, the Goerli testnet completed its transition to a proof-of-stake mining mechanism. This was the last dress rehearsal before the mainnet merge, which is now expected on September 15 or 16.
The shift of the Ethereum network from an energy-intensive proof-of-work (PoW) mechanism to a proof-of-stake (PoS) consensus should improve network efficiency and reduce energy consumption by up to 99%.
The upgrade is also expected to reduce Ethereum’s high transaction costs, although some doubt it’s really as beautiful as some make it seem. All in all, we can conclude that a lot of hype has arisen about the major upgrade and that is accompanied by significant profits.
