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Ethereum Price Stalls While Bitcoin Falls Below $20,000 After Merge

Finally, the long-awaited Ethereum merge has happened. As the most hyped historic event in the crypto space, many people projected mixed feelings about the upgrade.

The official conclusion of the Paris upgrade, commonly known as the merge, has moved the Ethereum network from PoW to PoS. It shows the integration of two separate layers: the execution layer (PoW chain) and the consensus layer (beacon chain).

No immediate volatility from Ethereum merger

Many in the crypto industry expected the move to Ethereum to create volatility, but the outcome has been different. The upgrade did not distort the price of the Ethereum coin. All of the Ether community hoped that the ETH merger would boost his Ethereum growth. Rather, it fell below.

As the price of ETH gradually declines, it is rather unclear whether Ethereum will be able to maintain its value in the post-merger period. % is down.

Ethereum Classic’s performance also degraded hours after the merge. ETC has moved north and even reached the $40s. However, the token started to drop during today’s trading hours. At the time of writing, ETC has him hovering around $33.19, down 9.39% over the past 24 hours.

Other altcoins appeared to be slowly regaining their value. Large green altcoins include ADA, XRP, MATIC, TRX, and DOGE.

Some big altcoins such as DOT and BNB were already in the red after a small drop. But BNB is also trending sideways.

Bitcoin falls below $20,000

Ethereum will stall in value after a merger, but not so with Bitcoin. BTC’s price is in contention and is slowly slipping below the $20,000 area again.

After winning $22,800 over the past few days, the major cryptocurrency has gradually dominated the market. As a result, its recovery has been better than most altcoins, but sustainability was recently withdrawn as soon as his US CPI data for August was released.

Within hours of the announcement, the price of BTC fell by over $2,000. Unfortunately, a return to $20,000 is still a struggle for Bitcoin.

Bitcoin battles $20,000 mark l BTCUSDT on Tradingview.com

BTC gradually drops to $19,600, marking a 5-day low for the token. This has resulted in several liquidations worth $200 million in the market. At the time of writing, Bitcoin is trading at $19,620, down 0.63% over the past few hours.

Featured image from Pixabay, chart from TradingView.com

Ethereum Price Stalls While Bitcoin Falls Below $20,000 After Merge

Source link Ethereum Price Stalls While Bitcoin Falls Below $20,000 After Merge

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