Ether up by over 100% since June low, outpaces bitcoin

Is the crypto market picking up again? Possibly. Ether is up more than 100% since touching rock bottom in June, majorly outperforming bitcoin, which has also gained since then.

Ether, the native cryptocurrency of the Ethereum network, was trading at $1,819, and bitcoin at $22,810 as of press time Friday. On June 19, ether and bitcoin were trading at about $881 and $17,601 respectively.

The two cryptocurrencies, however, are still about 60% down from their all-time highs last November.

‘Merge’
Ether’s sudden rise is being attributed to a big upgrade in the Ethereum blockchain called “merge”—scheduled to take place on September 15. The blockchain will change from a proof-of-work system to a proof-of-stake model, making the network faster and more energy-efficient.

Describing Ethereum’s “merge” as the “biggest narrative in crypto right now,” Antoni Trenchev, co-founder of trading platform Nexo, said: “A blockchain that pitches itself as being energy efficient will always capture the imagination of the masses.”