Ahead Of Ethereum Merge, This Cryptocurrency Is Hot Among Binance Users

Anvesh Reddy
August 22, 2022 Updated August 25, 2022
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With the release of an update that kick starts the Bellatrix upgrade, traders are increasingly eyeing to buy Ethereum. Figures from crypto exchange Binance shows Ethereum is the most sought after cryptocurrency at the moment. Investors are prioritizing Ethereum accumulation over Bitcoin despite bullish momentum in recent times.

As per figures from Crypto Compare, Ethereum buying on Binance is breaking yearly records. When looked at open interest in ETH pairs on Binance, the cryptocurrency is displaying huge traction. The open interest for BTC/USDT and ETH/USDT on Binance is now 56.4%. Also, the accumulation of ETH reached its highest this year at $2.26 billion.

“The aggregated open interest for the ETH/USDT pair reached a yearly high of $2.26bn.”

Ethereum Merge Impact On Binance Users

Despite the enthusiasm around Ethereum and the upcoming Merge, ETH price dropped significantly in the last few days. From trading just below $1,900 on Friday, ETH fell to under $1,600. As of writing, Ethereum price stands at $1,574, down 2.6% in the last 24 hours, according to CoinGecko. On a weekly basis, the cryptocurrency dropped as much as 18.7%.

Meanwhile, the developers are preparing for the final mainnet on Ethereum network around September 15. They said mainnet users should upgrade to v22.8.1 before the Bellatrix activation. The upgrade involves important configurations for the Merge. In a Ethereum Core Developers meeting on August 18, the team confirmed the Merge schedule for September 15.

Vitalik Buterin’s Hint At Merge Around The Anticipated Date

Ethereum Developer Vitalik Buterin said earlier that the exact date of the Merge will depend on hashrate. The Ethereum Mainnet is ready to merge with the Beacon chain to transition from proof-of-work (PoW) to proof-of-stake (PoS) consensus, he said at the time. The developers had earlier predicted the tentative Merge date to be around September 19. It was only recently that the Merge anticipated date has been revised to few days earlier based on the hashrate expectation.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.