Ethereum’s migration into a PoS (proof-of-stake) mechanism continues to dominate debate in the blockchain industry. On August 11, the network’s core developers confirmed a possible ETH Merge date. Meanwhile, the platform should complete Paris and Bellatrix upgrades before the ultimate Merge into a PoS blockchain.
Meanwhile, developers confirmed completing Bellatrix on September 6, whereas Paris will arrive after the platform’s hash rate hits a specific mark – a TTD (Total terminal difficulty) of 5875000000000000000000 – anticipated by September 16.
This announcement triggered swift uptrends in ETH prices as the altcoin rallied above $1,900, a level it hasn’t touched since May. Meanwhile, the leading alternative token explored the $1,927 highs during the August 11 intraday session. So, how is Ethereum faring after that?
Ahoy King Ethereum?
A slight price correction pushed the alt down after upsides towards the $1,927 high during the August 11 sessions. However, improved market mood saw ETH recovering and currently nears the coveted $2K. While publishing this post, the altcoin changed hands at $1994, gaining more than 5% within the past day.
Nevertheless, it is noteworthy that Ethereum’s trading activity remained low despite the massive price surges. Coinmarketcap data shows ETH’s 24hr volume stood at $19,536,510,836, losing 2.12% within the past day.
Surprisingly, Santiment’s data suggested a gradual increase in Ether’s trading volume since the month started. Nevertheless, Ethereum’s trading activity somewhat lost strength after the August 11 price surge.
As debates surrounding the much-awaited Merge amplified over the past month, Ethereum wallets with balances exceeding $10M worth of tokens grew.
This whale cohort sees an increasing count after the April-June market crash saw this metric plummeting by 52%. Wallets with assets worth more than $10M have increased by 38% between July 1 and this publication.
Furthermore, developmental activity increased by 7% within the previous month. However, the latest announcement saw the token’s social volume hitting the 11,381 high, making the Merge the leading trending cryptocurrency topic.
Meanwhile, Ethereum’s social dominance climbed towards the 16.17% high before plunging by 22%. The price will likely experience volatility in the coming few days as market players send more ETH into exchanges than taking out.
