The success of the Ethereum Merge has not caused any uptrend in the market. Most altcoins are still declining and migrating to the red zone on the chart.
Ethereum Classic (ETC), which saw a massive surge of 200% before the merge, only moved slightly up after. ETC was recorded to have moved only 12% since the completion of the merge.
Is Cardano The Next Big Thing?
Cardano remained unchanged as no significant price change was recorded after the merge. Events after the merge, Cardano recorded a 5% loss in volatility and a deepened trading volume: despite being the best alternative to the second leading cryptocurrency.
Cardano has an advantage over Ethereum in terms of network usage and utilities. Still, investors have not diverted their attention to Cardano to explore its use cases. However, this neglect provides developers and users with a better advantage.
A subtle growth factor in Cardano is not glaring but may break out in the nearest future. These little trends in Cardano would cause a lot of traction and investment in the future. Cardano might as well clamp down and divert attention and funds from Ethereum to itself soon.
Ethereum Market Decline
The sell-off on the Ethereum market after the merge has been very disturbing. No complications with the merge, yet investors still refuse to buy or hold. There was a rapid negative steep in the trading volume after the ETHPOW launched.
Ethereum lost over 10% of its price, notwithstanding the success of the merge. It is safe to say, the news and enthusiasm about the merge had little to no effect on the market. The market remained unchanged and recorded losses.
Weeks before the merge, Ethereum was the top performer slamming down other altcoins with over a 50% increase in price performance. However, it didn’t keep up this momentum as a negative trend was recorded in the market days before the merge.
Will POS Be More Profitable Than POW?
This POS transition has widely differentiated Bitcoin from the Ethereum Network. Previously they were both run on the Proof of Work network; however, Ethereum decided it was time for a change.
It is now paramount to watch out for how both will fair and which would outperform the other.
Ethereum implores the use of Dapps, NFT, smart contracts, and many other utilities on its network. Bitcoin, on the other hand, is only used for making payments.
However, Bitcoin can send bulk transactions with little transaction fees, unlike Ethereum. Ethereum uses huge gas fees for bulk transactions. These gas fees issue was not resolved during the merge but may be resolved during the upgrade.