ETH price gains appeared after the recent Hong Kong decision to allow retail traders to trade cryptocurrencies. Approved tokens on regulated crypto exchanges will need a 12-month “track record,” which raises ETH’s listing prospects. ETH’s price jump accompanied a rise in trading volumes on the four-hour chart.
Since Ethereum moved to Proof-of-Stake, the focus has been shifted to the Surge upgrade. Unlike Merge, the Surge will happen over several stages, multiplying on each other and providing concrete value to achieve its ultimate goal, processing up to 1,00,000 transactions per second.
It also leverages the strength of roll-ups for layer-2 scalability. Sharding is no longer a scalability solution for the Ethereum base layer but prioritizes making data availability cheaper.
Generally, Surge is about increasing the capacity of transactions by introducing Sharding. It combines layer 1 data processing with layer two technologies like rollups.
Sharding will work synergistically with layer two rollups by splitting up the burden of handling the large amount of data needed by rollups over the entire network. Rollups use call data for storage when posting their state root back to the main net. However, call data is the cheapest form of storage, and is still comparatively expensive. However, rollups don’t need permanent data storage. It’s sufficient if data is temporarily available.
Both Bitcoin and Ethereum have exhibited a positive correlation in the past years. If BTC surges in value, ETH also tends to follow suit. This is likely because BTC is seen as a store of value, and in times of market volatility, it is the first cryptocurrency investors would turn to.
Ethereum mainnet will be focused on consensus, settlement, and data availability, while Layer-2 chains will provide the execution layer.
In the past months, there has been increased conventional adoption of cryptocurrencies, leading to a rise in the value of Ethereum. In the past months, ETH has surged by 36 percent.
Many large corporations and financial institutions, such as Visa, proposed last December to enable Ethereum holders to set up programmable payments from their self-custodial wallets. This would further eliminate banks and centralized third parties from the transaction process.
Holding assets for an extended period can contribute to a surge in the price to a certain extent through increased confidence in the Cryptocurrency.
When more people hold Ethereum for an extended period, it’s suggested that they believe in its long-term value and potential.
This might attract new buyers who see the existing holders as a signal of the asset’s value. And this again, the upcoming update could be one of the reasons why investors and traders might be holding it.
Surge could even invert the blockchain trilemma by enabling a highly decentralized set of validators to shard data into smaller pieces and preserve its availability guarantees. This will increase scalability without giving up security and privacy.
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