The Goerli testnet has successfully merged with the proof-of-stake (PoS) network, marking the final step before the transition to the Ethereum mainnet. The successful final testnet merger means that the transition to the mainnet, scheduled for September 19, could go ahead as planned.
Goerli is the third and last testnet after Ropsten and Sepolia to make the final test of Ethereum before its official transition to the PoS network.
BREAKING:
The Goerli Testnet has activated Proof of Stake
Mainnet™
— bankless.eth (@BanklessHQ) August 11, 2022
The PoS merger is considered one of the most significant updates to the Ethereum blockchain since its inception, and the bullish sentiment behind the event has begun to reflect in the price of the altcoin.. The native token Ether (ETH) has more than doubled in price since bottoming out at $885 in June 2022.
ETH price spiked above $1,919 on Thursday along with the rest of the cryptocurrency market after the government released consumer price index data, which turned out to be lower than expected.
ETH overtook Bitcoin (BTC) in terms of daily gains posting a double-digit increase. Data from crypto analytics firm Santiment revealed that price momentum was aided by whale transactions valued at $100,000 or more.. The increase in whale transactions comes amid a growing accumulation of whales.
ETH also saw a recent spike in capital inflows into Ethereum-based institutional investment funds. These institutional products attracted $16.3 million from investors in the week ending August 5. Similar funds for Bitcoin saw $8.5 million worth of capital outflows in the same period, suggesting growing bullish sentiment among institutional investors.
With the mainnet merger just over a month away, ETH price is seeing bullish momentum with major crypto platforms putting their weight behind the merger.. The market appears to be displaying “buy the rumor sell the news” where the price of ETH has started to rise in anticipation of a successful transition and could see a substantial price correction after the update in September as traders potentially start to “sell”. the news.”
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