Crypto Markets Still In The Red; Ethereum May Transit Into Proof of Stake Within 2 Months

The global crypto market still trades with losses with Bitcoin down by 3.5 per cent, Ethereum (ETH) by 3.3 per cent. Meanwhile, Ethereum may switch to newer proof of stake protocol latest by August.

Outlook Money Team

Updated on: 21 May 2022 9:37 am

Ethereum May Transit Into Proof of Stake Within 2 Months

The global crypto market capitalisation went down by 3.21 per cent to $1.25 trillion as of 8.50 am. The global crypto trading volume was down by 10.94 per cent to $74.15 billion, as per Coinmarketcap data.

In other news, Preston Van Loon, a core developer of the ETH blockchain network said at the Permissionless conference hosted by Blockworks at Palm Beach, USA that the network’s transition from Proof of Work to Proof of Stake would occur sometime in August. This transition event is being called ‘The Merge’.

Loon, said at the conference, “As far as we know, if everything goes to plan, August — it just makes sense. If we don’t have to move the difficulty bomb, let’s do it as soon as we can,” reported Cointelegraph.

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Ethereum core Dev @preston_vanloon just said the eth merge is ready,they are now only testing, and expects the merge to happen in August. Packed room @Permissionless are excited about it. Great question @TrustlessState. Also on panel @drakefjustin pic.twitter.com/vX4beNatJ5
— Benjamin Cohen (benjicohen.eth) (@benjicohen421) May 19, 2022

Cryptocurrency Prices

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $29,217.55, lower by 3.51 per cent in the last 24 hours. ETH was down by 3.3 per cent at $1,958.29.

Among other significant coins, Cardano (ADA) was down by 2.96 per cent at $0.5159, Algorand (ALGO) was trading with a loss of 3.31 per cent at $0.4332, Solana (SOL) was trading with a loss of 5.16 per cent at $49.59, Polkadot (DOT) was down by 3.6 per cent at $9.64, and Binance Coin (BNB) was down by 2.42 per cent at $308.79.

Today’s top gainer was Metacyber (METAC), which was up by 557.31 per cent at $0.0000001052. The top loser was SafeFloki
(SFK), which was down by 100 per cent at $0.00000000000000000007856.

Meme Coin And DeFi Prices

Dogecoin (DOGE) was down by 3.63 per cent at $0.08351. Its volume to market cap ratio stands at 0.045. Rival Shiba Inu (SHIB) was down by 2.51 per cent at $0.00001154.

Dogelon Mars (ELON) lost 3.96 per cent to trade at $0.0000004793, Floki Inu (FLOKI) was down by 0.44 per cent at $0.000009641, and Samoyed Coin (SAMO) lost 4.2 per cent at $0.005547.

In the DeFi segment, YFI (yearn.finance) was down by 4.89 per cent at $9,085.91, and Terra (LUNA) was trading with a loss of 24.92 per cent at $0.0001073. Avalanche (AVAX) was down by 3.7 per cent at $29.13, Uniswap (UNI) was trading with a loss of 2.73 per cent at $5.11 and Aave (AAVE) by 2.33 per cent at $90.24.