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NewsBTC 2022-04-05 22:00:29

Why The Ethereum Merge Could Destroy ETH’s Competitors

Ethereum could re-test its support zone as the general sentiment in the crypto market hints at further losses. The second crypto by market cap has been leading this current rally with Solana (SOL), Avalanche (AVAX), and other large cap cryptocurrencies. Related Reading | Arthur Hayes’ Crystal Ball Predicts: Ethereum To 5 Digits In the coming months, Ethereum could continue to dominate the market. According to some experts, such as former BitMEX CEO Arthur Hayes, ETH’s price could outshine its layer-1 competitors. At the time of writing, ETH’s price trades at $3,400 with a 2% loss in the last 24-hours. Hayes’ support his bullish thesis for Ethereum on “The Merge”. The upcoming ETH 2.0 upgrade that will combine the network’s execution layer with its consensus layer. This will consolidate ETH’s migration into a Proof-of-Stake consensus algorithm. In addition to Hayes, Bloomberg Intelligence Senior Commodity Analyst Mike McGlone believes the event will be bullish for ETH’s price. The analyst believes ETH is about to “change the rules of the game”. The Merge will transform ETH into a unique financial asset with commodity, equity, and monetary traits. Using a discounted cash-flow model on ETH, the analyst concluded that it’s currently undervalued. McGlone believe the cryptocurrency could break above $6,000 with 110% upside potential. As seen below, in a diagram explaining the discounted cash-flow model, the upcoming staking sys...

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Why The Ethereum Merge Could Destroy ETH’s Competitors

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