Ethereum Soars To a Two-Month High, Paving The Way To a Crypto Rally

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Ethereum by Shubham Dhage Via Unsplash
Ethereum by Shubham Dhage Via Unsplash

Ether blasted above a two-month high level after developers successfully completed a final dress rehearsal for the highly anticipated pivotal upgrade.

The world’s second-largest cryptocurrency by market cap soared as high as $1,927 on Thursday, marking its highest level since early June, according to data from CoinMetrics. The token was last trading at $1,912, 5% higher in the last 24 hours.

On Wednesday, ethereum tested a final dry run for the “merge,” a critical event that will make mining the digital coin faster and more energy-efficient. One of Ethereum’s test networks, called Goerli, simulated a process identical to what the main network will execute in September.

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The merge will move Ethereum from the proof-of-work system to the proof-of-stake mode. Proof-of-work consensus mechanisms depend on crypto miners to verify transactions. On the other hand, proof-of-stake networks require validators to hold a certain amount of cryptos to participate. The event, which has been delayed multiple times, is now expected to take place on Sept. 19.