The Ethereum network has made the final step before transitioning to proof-of-stake
The price of Ethereum (ETH) has spiked by more than 13% over the course of 24 hours, according to CoinMarketCap data.
Goerli recently became the third Ethereum testnet to transition to the proof-of-stake algorithm. This was the final dry run before the much-anticipated merge upgrade that is expected to take place in September.
Ropsten, the oldest Ethereum testnet, completed its merge in early June. In early July, Sepolia became the second testnet to move to proof-of-stake.
JPMorgan analysts recently opined that the upcoming merge upgrade was the main bullish catalyst for the market.
As reported by U.Today, cryptocurrency prices spiked sharply higher because of the cooler-than-expected consumer price index (CPI) print. The optimistic inflation reading helped to assuage rate fears.