Ahead Of Ethereum Merge, This Cryptocurrency Is Hot Among Binance Users
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.
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.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- AI Bubble Burst Odds Rise Amid Dire Warning by Ex-Fidelity Fund Manager, IBM
- Coinbase, Ripple, and Licensed CASPs Poised to Gain Users from MiCA Migration Wave
- Ault Blockchain Reveals Debanking Risks Inspired Its New Layer-1 Initiative
- XRP Price & Open Interest Jump as Whales Scoop 70M Coins in a Week
- Robinhood Chain’s $INDEX 150% Rally Turns Trading Fees Into Real Stock Rewards
- MSTR Stock Price Prediction as Phong Le Says Strategy Won’t Buy Bitcoin Until STRC Hits $100 Par
- SpaceX Stock Crashes to IPO Price as BOE Governor Warns AI Bubble Could Trigger Economic Fallout
- Pi Network Price Jumps 15% as BTC Breaks Above $64K; Will Rally Continue?
- Bitcoin Price Outlook as Oil Surges to $85 After Trump Reinstates Blockade on Iranian Ports
- XRP Price Prediction as CLARITY Act Advances to the Senate Floor
- Chainlink Price Outlook Targets $10 as Open Interest Jumps 10%
