Over the past few days, the cryptocurrency market has been on the rise overall. It was Ethereum (ETH) that led to the overall rise. the skyrocketing price of Ethereum. Ethereum showed a 41% rise in about three days. In the case of futures trading, if leverage is applied, it’s a huge increase. The price of Ethereum Classic skyrocketed. The price increase of Ethereum Classic (ETC), which is like one family, was similar. It showed a 54 percent rise in about four days.
So what was the increase in the price of Bitcoin, the leader of cryptocurrency, during the same period?
Bitcoin’s rise is only 1/3 of Ethereum
Bitcoin has also risen over the past three days, but it has only risen by a third compared to Ethereum’s rise over the same period.
Then it certainly means that it was Ethereum and Ethereum Classic that led the rise.
What was the reason?
The reason for Ethereum’s rise is because of the Ethereum 2.0 upgrade
It is speculated that the reason for Ethereum’s rise is due to expectations for the Ethereum 2.0 upgrade.
This is because the Ethereum 2.0 upgrade process, which has been going on for a long time, has just come to an end. Most of the upgrades are expected to be completed within this year at the latest.
If you look at the roadmap so far, it is said that a new “difficulty bomb” will be introduced in mid-September. The “difficulty bomb” is an incentive to intentionally increase the difficulty of mining using graphics cards to reduce the existing PoW method and increase the PoS method. 바이낸스 거래소 한국어 One of the Ethereum 2.0 upgrades is the transition from Proof of Work (PoS) to Proof of Equity (PoS). The difficulty bomb plays a key role in facilitating this transition. This is because naturally, the difficulty of proof-of-work mining will be stopped and block generation will eventually be stopped.
If Ethereum is completely transformed into a “proof of ownership” method, it is expected to reduce the many electricity use and environmental problems that have been required in the mining process, as well as high fees and gas costs.
If the existing proof of work was a way to reward the problem-solving work using a graphics card, the new “equity proof” is a way to be rewarded the more Ethereum is staked, so there is no reason to have a graphics card for mining. If you just have Ethereum, you get rewarded. As a result, the amount of Ethereum supplied to the market is reduced and the price of Ethereum increases. In addition, Ethereum owners can participate in mining, which can speed up transaction processing and make transaction fees cheaper.
Some analysts say that the reason why Ethereum has not risen so far is that Ethereum-based virtual asset loan platforms such as Celcius Bankruptcy and Three Arrow Capital have had difficulty supplying liquidity one after another.
To some extent, these negative factors have been reflected, and as Ethereum’s good news approaches, it is looking for an upward momentum.
The rise of Ethereum Classic (ETC) is also due to Ethereum 2.0 upgrades
Meanwhile, it is analyzed that the rise of Ethereum Classic (ETC) is also due to the Ethereum 2.0 upgrade. But the reason is completely different.
Originally, Ethereum Classic was a virtual currency that was separated from Ethereum in the wake of the “THE DAO” hacking incident in July 2016.
But if Ethereum is no longer a work proof method, it is likely that the vast amount of mining machines used for Ethereum mining will be used for Ethereum classical mining. This will increase the ‘hash power’ of Ethereum Classic, which will increase the stability of the entire Ethereum Classic network by a factor of several tens of times.
That’s why it was considered a big boon for Ethereum Classic.
Therefore, it is analyzed that the rise of Ethereum is due to the upgrade of Ethereum itself, and the rise of Ethereum Classic is due to the graphics cards of miners who move to Ethereum Classic due to the upgrade of Ethereum.
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