Ethereum tops $2000 as network approach integration event

Ethereum (ETH) continued its rally and regained the $2,000 level late Friday night for the first time since May, according to data from CoinMarketCap.

no. 2 cryptocurrencies by market capitalization were up at $2,014 at the time of writing, up 7% in the past 24 hours and 17% in the past week. It has nearly doubled in the last month.

More than $152 million of short bets on Ethereum have been liquidated in the past 24 hours, according to data from Coinglass. And the 13.2 million ETH has been placed on Ethereum 2.0, a new all-time high for the scale, according to data from beacons.

What pumps ETH?

It’s all about integration.

Earlier this week Girly testnet She completed her move to proof of stake Mining mechanism, final dress rehearsal (after testnet successfully merged into Sepolia and Ropsten) before mainnet merge i.e. It is now expected on September 15 or 16.

Testnets is an upgraded version of Ethereum that allows developers to experiment before launch.

The transformation of the Ethereum mainnet from a power-intensive Proof of Work (PoW) mechanism to a Proof of Stake (PoS) consensus algorithm should boost overall network efficiency and reduce power consumption by up to 99%.

The upgrade is also expected to reduce Ethereum’s exorbitant transaction costs, although there are some who doubt that post-merger Ethereum will look just as perfect as promised by some of the core network developers.