One of the developments that triggered the rally in the crypto money market is the Blockchain developments that take place in annual periods. Bitcoin halving or news of upgrades and updates can fuel interest in cryptocurrencies again. The closest of these developments will be the Ethereum merge, which is scheduled for September 15. As the leading altcoin prepares for PoS, Binance investors are rushing to seize the opportunity.
Binance investors rush to Ethereum ahead of big update
With the release of an update launching the Bellatrix upgrade, investors are increasingly looking to buy Ethereum. Figures from Binance show that Ethereum is currently the most sought-after cryptocurrency. Altcoin investors are prioritizing Ethereum accumulation over Bitcoin despite the recent bullish momentum.
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According to figures from Crypto Compare, Ethereum purchases on Binance are breaking annual records. Judging by the open interest in ETH pairs on Binance, the cryptocurrency is showing great traction. Open interest for BTC/USDT and ETH/USDT on Binance is now 56.4%. Also, ETH accumulation reached its highest level with $2.26 billion this year.
Impact of Ethereum news on altcoin investors
Despite the enthusiasm around Ethereum and the upcoming merger, the ETH price has dropped significantly over the past few days. ETH, which traded just under $1,900 on Friday, dropped below $1,600. According to CoinGecko, Ethereum price is down 2.6% in the last 24 hours to $1,574. It fell as much as 18% on a weekly basis.
Meanwhile, the developers are preparing for the final mainnet on the Ethereum network around September 15. They said Mainnet users should upgrade to v22.8.1 prior to Bellatrix activation. The upgrade contains important configurations for merge. At an Ethereum core developers meeting on August 18, the team approved the Consolidation program for September 15.
What Vitalik Buterin said about the merge on the stipulated date
Ethereum founder and developer Vitalik Buterin previously said that the exact date for the merge will depend on the hash rate. “Ethereum mainnet is ready to merge with Beacon Chain to transition from proof-of-work (PoW) to proof-of-stake (PoS) consensus,” he said. The developers had previously predicted that the tentative merge date would be around September 19. The estimated date for Merge was revised just a few days ago, based on the hash rate expectation.
Meanwhile, the Ethereum team wants to clear up some known misconceptions about the merge. As Kriptokoin.com, we have conveyed the corrections made by the Ethereum team on this issue. There will be partial changes to some altcoins like Shiba and Chainlink as Merge will move to a PoS system with Ethereum. The biggest significance of this update for cryptocurrencies is the removal of the bad image of mining.
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