Weekly Update: LDO Outperforms, MATIC Rises By 65% While Ethereum Gains Momentum
July 18 2022 - 5:47AM
NEWSBTC
As markets responded to Shadow Fork 9’s announcement, ETH was
back in the green. Ethereum is currently regaining ground and
progressing due to the favorable market situation. At the
same time, some other altcoins are doing well on the weekly chart,
such as Polygon (MATIC) and Lido DAO (LDO), which have seen
considerable price increases over the last week and in the previous
24 hours as well. Related Reading | TA: Bitcoin Price
Eyes Fresh Increase To $22K, Why Dips Remain Supported Only a few
of the top 100 cryptocurrencies have been able to generate
double-digit gains, and the rest are still suffering from the
effects of the merciless crypto storm. One of them is Polygon
(MATIC), which demonstrated a sizable gain. Per the CoinGecko
statistics, MATIC is currently trading at $0.91, up almost 19.88%
over the past 24 hours and a notable 65% gain over the last seven
days. After Disney revealed that Polygon (MATIC) had been
chosen for its “Accelerator Program,” the price of the coin
increased quickly. The list also includes Lido DAO (LDO),
which has experienced a significant gain. The decentralized
autonomous organization’s governance token, LDO, outperformed over
the last seven days with a remarkable increase of 167%. Its current
price is $1.68, with an upward thrust of 6.1%throughout the
previous 24 hours. Even though LDO was able to recover its losses
from the June decline, in which it fell to a low of roughly
$0.432899, it yet hasn’t found the support it needs to climb back
to the May high of $3.3816. Ethereum(ETH) Is On A Comeback Rally
Ethereum (ETH), the second largest coin, has recently crossed the
$1,400 threshold. It has gained 9.31% over the previous 24 hours
and is currently trading at $1,482.01. The currency has increased
by around 29.32% over the past seven days, according to
CoinMarketCap, and is thus gaining momentum. According
to nomics data, ETH’s overall market cap increased by 8.78%
over the last 24 hours to $179.11 billion. However, the price
increase occurred after a week of poor performance and unfavorable
market circumstances. Although, the specific cause is unknown. The
fact is that the price spike occurred right after the ninth shadow
fork’s introduction on July 14. It implies that the price spike may
be caused by the rising popularity of Ethereum and its impending
“Merge” to Proof-of-Stake. Related Reading | Preference For
Ripple XRP Surges Among BSC Whales The Merge was covered during the
most recent Consensus Layer Call of the Ethereum Foundation, which
took place on Thursday. Tim Beiko, an Ethereum Foundation member,
proposed September 19 as a tentative launch date, providing the
most unambiguous indication that the Merge would happen soon. The
merge upgrade combines Ethereum’s consensus and execution layers to
switch the network from Proof-of-Work to Proof-of-Stake. It is
anticipated to cut the network’s energy use by 99.95%, but it won’t
necessarily result in lower transaction fees (gas). Featured image
from Flickr, chart from Tradingview.com
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