Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Ethereum, the second largest cryptocurrency, has reached a new yearly peak against its archrival Bitcoin.
It managed to reach 0.084 BTC earlier today on the Binance exchange.
The price of Ethereum has spiked by more than 6% over the past 24 hours, with the upcoming Merge upgrade being the main tailwind for the flagship altcoin. In the meantime, Bitcoin has remained mostly flat.
The ETH/BTC pair is up roughly 5% on a year-to-date basis. It is also up a whopping 72% from its June low.
The blockchain's most significant upgrade since its launch is now less than two weeks away. The Merge will switch the network from the energy-guzzling proof-of-work to the proof-of-stake algorithm. Instead of miners, it will rely on stakers to secure the network.
Alex DovbnyaThe Merge has been delayed many times through the years due to the sheer complexity of Ethereum's upcoming transition. Moving the $202 billion asset to a proof-of-stake network is an arduous task, which is why some traders still choose to hedge against some alarming developments that could derail the Merge. Last month, former BitMEX CEO Arthur Hayes wrote that Ethereum will go back to the "dark ages" if the upcoming upgrade ends up being a failure.
As reported by U.Today, T3 Trading Group's Scott Redler recently predicted that the price of Ether might plunge below $1,000 if U.S. stocks take a bearish turn.
Godfrey Benjamin
Gamza Khanzadaev
Vladislav Sopov
Dan Burgin