'Merge' Upgrade Lifts Ethereum; Coin's Dominance in Cryptocurrency Market Rises 20%

The dominance of Ethereum, the second largest cryptocurrency after Bitcoin, is up 20 per cent in the global crypto market following the 'Merge', a report showed on Wednesday.

The historic upgrade of Ethereum, known as the 'Merge', last month will create a more energy-efficient network based on the second largest cryptocurrency with a promise to save the environment.

Ethereum and bitcoin
Ethereum and bitcoin Reuters

More People Adopting Ethereum Than Bitcoin

According to niche news publisher BanklessTimes.com, the Ethereum merge created a lot of Buzz, with every crypto lover patiently awaiting its arrival.

The Merge has been a success, and Ethereum's dominance in the market is increasing, said the report.

"Ethereum dominance is rising as we expected. The environmentally friendly approach it took identifies well with crypto users. Besides, more people are adopting Ethereum than Bitcoin due to the Merge. The pace is set, and Ethereum will continue to rise," said Jonathan Merry, CEO of BanklessTimes.com.

Currently, the blockchain is preparing for the Shanghai upgrade. Ethereum anticipates going through the "Surge," "Verge," and "Purge" after the Shanghai upgrade.

Surge is the application of "sharding" technology. The technology will enhance Ethereum's maximum transaction processing pace from 15 to 20 transactions per second to over 100,000.

Ethereum Blockchain Cryptocurrency
Ethereum / Pixabay

Next is the verge, which is the planned application of a mathematical proof called "Verkle trees." The App will allow nodes on the blockchain to function without downloading the entire chain's history. Lastly, the purge will remove all legacy data from the chain. Combining these three improvements will create a better Ethereum blockchain.

Some have said that Ethereum will one day take Bitcoin's place in market capitalisation, an event referred to as "the Flippening."

"The post-Merge era will be very critical for Ethereum. The coin is expected to hit new all-time highs as it takes over the crypto space," the report mentioned.