The markets responded Shadow Fork 9’s announcementETH is back on the right track. The favorable market environment is helping Ethereum to regain ground.
Others altcoins such as Polygon, MATIC (MATIC), or Lido DAO, (LDO) are performing well on the weekly chart. These altcoins have also seen significant price gains over the previous week as well as in the preceding 24 hours.
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A few of the 100 most popular cryptocurrencies are able to make double-digit gains. The rest of them continue to suffer from the devastating crypto storm. Polygon (MATIC), one of the top 100 cryptocurrencies, has demonstrated significant gains.
According to CoinGecko stats, MATIC trades at $0.91. This is an increase of almost 19.88% in the last 24 hours, and a noteworthy 65% gain over seven days. Following Disney revealed that Polygon (MATIC) had been chosen for its “Accelerator Program,” the price of the coin increased quickly.
Lido DAO has (LDO) also made the list. It experienced significant gains. The decentralized autonomous organization’s governance token, LDO, outperformed over the last seven days with a remarkable increase of 167%. Its price currently stands at $1.68 and has seen an increase of 6.1% over the last 24 hours.
Even though LDO was able to recover its losses from the June decline, in which it fell to a low of roughly $0.432899, it yet hasn’t found the support it needs to climb back to the May high of $3.3816.
Ethereum (ETH), is on a Comeback Rally
Ethereum (ETH) is the 2nd largest cryptocurrency. It recently passed the $1,400 threshold. The currency has gained 9.31% in the past 24 hours, and currently trades at $1.482.01. CoinMarketCap reports that the currency has gained momentum and increased by 29.32% within seven days.
According to nomics data, ETH’s overall market cap increased by 8.78% over the last 24 hours to $179.11 billion. This price hike was triggered by a period of weak performance and market factors.
The exact cause of the price spike is not known. The fact is that the price spike occurred right after the ninth shadow fork’s introduction on July 14. It implies that the price spike may be caused by the rising popularity of Ethereum and its impending “Merge” to Proof-of-Stake.
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At the Ethereum Foundation’s most recent Consensus Layer Call, Thursday covered the Merge. Tim Beiko (an Ethereum Foundation member) proposed September 19 for a tentative launch date. This was the clearest indication yet that the Merge will happen soon.
The merge upgrade combines Ethereum’s consensus and execution layers to switch the network from Proof-of-Work to Proof-of-Stake. It is anticipated to cut the network’s energy use by 99.95%, but it won’t necessarily result in lower transaction fees (gas).
Featured Image from Flickr. Chart from Tradingview.com