The expectation of the Merge, a long-awaited improvement to the Ethereum network, is the primary factor for the recent rebound in cryptocurrencies, according to JP Morgan, which thinks the market has found its bottom despite low trading volumes.
Bitcoin (BTC) and Ether (ETH) have increased by 35% and 101%, respectively, since their mid-June lows, and the overall market value of cryptocurrencies has regained $1 trillion, according to data from CoinMarketCap.
In a Monday note to clients, JPMorgan analyst Kenneth Worthington primarily ascribed the shifting economics of the cryptocurrency market to the planned Ethereum Merge that will switch the blockchain from Proof-of-Work (PoW) to Proof-of-Stake (PoS).
Worthington said:
“What has helped, we believe, has been more limited new contagion from the implosion of Terra/Luna.”
Successful Ethereum Merge A Boon To Crypto Markets
Nevertheless, the JPMorgan analyst believes the real impetus has been the Ethereum integration and favorable...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...