As the cryptocurrency market slowly regains its Market Capitalisation, Tim Beiko caused Ethereum’s price to soar after denoting that Ethereum Merge will most probably be released next month.
The Ethereum Merge event is highly anticipated, with one of the key events being Ethereum’s shift from Proof of Work to Proof of Stake consensus algorithm. This upgrade is already being considered one of the biggest crypto upgrades. This announcement spread a wave of excitement through the industry, and the price of currency rose 50%, quickly recovering from the decline.
Another awaited update that will be unveiled during The Merge is Ethereum’s Triple Halving. Let’s discuss what exactly it is.
Ethereum Triple Halving
The experts are predicting that with the launch of The Merge, the price of Ethereum can shoot up to $5,000, along with the triggering of a triple-halving event. As Bitcoin has always positively reacted to halving, it is likely Ethereum will follow a similar trend and observe a sudden surge.
When Ethereum makes the shift, the supply of ETH will decline by 80%, using burning to generate deflationary pressure on the network. This sudden decline in the circulating supply is almost three times that of Bitcoin, thus the name triple halving. Moreover, the Ethereum London Fork accompanied by the PoS consensus algorithm will drastically reduce the ETH issuance, causing a dramatic increase in demand and hence the price of the token.
Considering the expected price boost, some experts believe that right now is the ideal time to invest in Ethereum before The Merge happens. The price of ETH is expected to surge immediately after the event and can result in quick profit for traders and investors.
Moreover, as Ethereum mining will become obsolete after The Merge, because of the protocol shift, the price of Ethereum will definitely be affected. So, do your research and make a calculated choice as the industry recovers quickly from the crypto winter.