Soon after the cryptocurrency transitioned to Proof of Stake mechanism, the marked value flunked by 8% and prices are now below $1500
Ethereum’s market prices noticed a sudden fall soon after the Ethereum Merge project took off successfully and converted Ethereum’s mechanism from Proof of Work into Proof of Stake. Despite the successful shift, Ethereum prices soon experienced a quick fall and went down 8% thus bringing Ethereum into the below $1500 category.
The weekend after the Merge, Ethereum prices reached $1,424 after being down by 17% over the whole week. With massive numbers, Ethereum experienced the biggest value drop amongst the top thirty cryptocurrencies this month.
Bitcoin also suffered a value drop alongside Ethereum and entered the weekend with a 7% drop and values reaching down to $19,788. Currently on 19th September, Monday the prices of both Ethereum and Bitcoin have noticed a downward pattern and are $1302 and $18480 respectively.
Apart from Bitcoin and Ethereum, almost every cryptocurrency except for Ripple token XRP and Cosmos (ATOM) experienced dips. Ethereum Classic experienced a 12.6% down whereas
layer-1 blockchains such as Avalanche and Polka dot dropped to $18.06 and $6.87 respectively.
Ripple went up by 2% whereas Cosmos went up by 3.5%, at a time when most cryptocurrencies are experiencing massive price reductions.
Before Ethereum Merge took off, experts said that a decrease or increase in value depends entirely on the success of the Ethereum transition. The transition from a proof of work mechanism to a proof of stake mechanism went completely successful and allowed Ethereum to reduce energy consumption by 99%.
Despite its successful transition, Ethereum prices still went down by big percentages. Experts and analysts however are still optimistic about the merge and have predicted that Ethereum’s value to rise over time.