Ethereum (ETH) fell 6.78% In the last 24 hours, it fell below the $1,600 mark.
The second largest cryptocurrency with a market capitalization of $192.73 billion is now changing hands at around $1,575 each.
the current price has fallen 67% from its all-time high of $4,891 Registered in November 2021, according to data from CoinMarketCap.
The bearish trend in the price of Ethereum can be attributed to growing concerns about the future of Ethereum and its miners after the merger. It should be in September.
“There are many potential risks with an ETH merger,” tweeted Wintermute CEO Evgeny Gavoy. “Just because people have been working on it for years doesn’t mean it’s going to work perfectly.”
Currently, Ethereum is based on the same consensus model as Bitcoin, which requires “miners” to run non-stop to verify transactions and maintain network security. During the merger, this consensus model will be replaced by a green version called Proof of Stake.
This change also means that it will no longer be the miners who will maintain the network, but the validators. Instead of buying a machine farm to validate transactions, users can stake up to 32 Ethereum to become validators on the advanced network. Verifiers get rewarded for their work, but they can also lose money if they engage in fraudulent behavior.
It is this dissatisfaction with minors that pushes some Mining group to take action,
Cryptocurrency mining platform Antpool, backed by hardware maker Bitmain, has invested $10 million in Ethereum Classic, the “native Ethereum”, to protect its post-merger business interests.
Major Chinese cryptocurrency miner Chandler Guo has outlined a plan to continue operating the current Ethereum as a proof-of-work blockchain.
Bitcoin slips with Ethereum
After Ethereum, Main Cryptocurrency Bitcoin (BTC) Is Trading Low, Losing 2.46% of its value in the last 24 hours,
According to data from CoinMarketCap, bitcoin is trading at around $22,767, down 66.73% from its all-time high of $68,789 recorded in November 2021.