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
- U.S. Senate Confirms Kevin Warsh as Fed Chair to Succeed Jerome Powell
- Breaking: Bitcoin Risks Drop Below $79K As US PPI Rises To 5.2%
- Senate Banking Republicans Secure Enough Votes to Advance CLARITY Act in Tomorrow’s Markup
- Ledger IPO: Crypto Wallet Firm Pauses U.S. Public Offering Amid Bear Market Conditions
- BREAKING: First Eagle Becomes Strategy Inc’s (MSTR) Largest Investor, Surpassing Vanguard
- Will Cardano Price Rally as Hoskinson Confirms Revised CLARITY Act Recognizes ADA’s Non-Security Status?
- XRP Price Prediction as XRPL Whale Wallets Hit Record High Ahead of Lending Protocol Update
- Is XRP Price a ‘Buy’ Ahead of May 14 U.S. Crypto Bill Vote?
- Will Solana Price Rally After Alpenglow Upgrade Enters Validator Testing?
- BTC Price Prediction as Ray Dalio Believes Bitcoin Still Isn’t a Safe-Haven Asset
- Zcash Price Prediction After Grayscale Files First-Ever Spot Privacy Coin ETF
