- ETH price shoots up by 12% after its successful completion of the Goerli testnet.
- This testnet enables Ethereum to change its consensus to PoS.
- Currently, the coin’s price is $1,908.79, which is a 4.35% increase in the past 24 hours.
Following the successful implementation of Ethereum’s new testnet, Goerli, the price of the coin surged to almost $2,000, with a 12% spike, in between the day. However, as of now, the price of ETH hovers at $1,908.79, with a 4.35% hike in the past 24 hours.
Piling up to the story, the second largest cryptocurrency by market price is now on the uptrend, which will reportedly make more trending waves in the future. Also, the crypto market is slightly up in the past few days, making all the coins including ETH surge.
As shown in the ETH trading graph, the current price of the coin has again reached the price it had on June 6. More so, the price dipped deeply on the following days of June 6, until it met a spike from July 13 onwards. During this period, ETH’s price was nearly 41.72% down, which then climbed to an upswing of 42% retrace, to date.
Notably, the Goerli testnet is the final dress rehearsal before the popular blockchain switches from a proof-of-work (PoW) consensus to a proof-of-stake (PoS) one. Also, this testnet is the last one on the queue for PoS transition. Adding on, the testnet Merge with Prater testnet was the final step before the transition.
The testnet merge occurred when Terminal Total Difficulty (TTD) happened at 10,790,000. To note, TTD is the mining effort required to mine the final block in Ethereum. Using the PoS consensus algorithm, the next block is created once the previous block reaches TTD.