Ethereum price demonstrated a huge growth within the past months, gaining interest of the world’s largest financial and technology companies.
While the recent price surge brought joy to long-term investors and HODLers, short sellers are notably facing a different fate.
While the BTC and Ether prices try to stabilize, altcoins like XRP, Cardano, Solana, and Polygon continue to extend losses further.
Gemini co-founder Cameron Winklevoss commented on the upgrade, calling it “an incredible milestone” for Ethereum.
Cash flow from Bitcoin to the Ethereum market has significantly contributed to today’s price bump according to Lewis Harland, Decentral Park Capital’s portfolio manager.
Ethereum price gained approximately 4 percent in the past 24 hours to trade around $1,815 during the early Asian market on Friday.
Several major NFTs saw a surge in sales and transaction volumes yesterday, with at least one climbing over 1000%.
The predictions on the potential growth trend that Ethereum will chart for itself in 2023 will be closely linked with that of Bitcoin.
Analysts hold a strong belief that the current market surge would be short-lived.
According to Citi analysts, the total number of tokens supplied on the first day of the Merge dropped as the fees burnt were more than the rewards issued to validators.
Despite more than a few concerns, the Ethereum Merge is expected to revolutionize the network with far-reaching positive ramifications.