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Ethereum Market Cap Surpasses $200 Billion As ETH Reclaims $1,800
The price of the second largest cryptocurrency by market cap has climbed above the $1,800 level as Ethereum (ETH) risess over 5% in a day ahead of its upcoming Merge upgrade slated for September.
Ankita K.
1:07 9th Aug, 2022
Markets

Indeed, Ethereum is currently trading at $1,801, up 5.48% in the last 24 hours and 6.78% across the previous week. Notably, in the last 30 days, Ethereum has climbed from $1,214 on July 10 to $1,801 on August 8, an increase of 48.35% between the two dates.

What’s more, with a total market capitalization of $219 billion, Ethereum has added almost $70 billion to its total worth in the last month, according to data retrieved by CoinMarketCap.

The Ethereum Merge slated for late September is among the most highly anticipated crypto events due to take place owing to factors like the projected bullish impact on the asset’s price.

Based on this, the banking giant Citigroup (NYSE: C) believes the upgrade might have several benefits for the blockchain.

According to the study conducted by the bank, after the upgrade has been implemented, it may result in reduced energy intensity, transform Ethereum into a deflationary asset, and provide a potential road map to a more scalable future via the use of sharding.

Citi notes the shift to Proof-of-Stake (PoS) might also lower the general issuance of Ethereum by 4.2% a year.

Notably, since the upgrade was announced, the value of Ethereum has shown a positive trend, with the price resisting the market collapse to register some modest increases.

As a result, the market is anticipating several developments on the network. A recent report said that the Merge would function as a catalyst to propel Ethereum towards becoming a “global institutional-grade asset.”

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