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ether (ETH-USD) is worth keeping an eye on Wednesday as the cryptocurrency prepares for it go through the “Dencun” upgrade Today.
This is an upgrade to the Ethereum network that brings certain advantages for traders. This includes making the network more efficient. This enables business with lower transaction fees.
A big reason this is possible is Ethereum’s introduction of proto-Danksharding with the Dencun upgrade. This causes the network to delete blocks after a certain period of time. In the current system, these barriers remain in place forever.
Ethereum traders will also note that this is the network’s biggest upgrade since the merger in 2022. This led ETH to move from a proof-of-work concept to a proof-of-stake concept.
How will this upgrade affect Ethereum?
Philipp Zentner, CEO of crypto infrastructure protocol LI.FI, had this to say about the Ethereum upgrade CNBC.
“Past upgrades… experienced buying pressure leading up to the event and sell-the-news profit-taking shortly thereafter, causing prices to fall briefly before resuming an upward trend not long after.”
ETH is down 1.2% since Wednesday morning compared to the previous 24-hour period. This is because trading volume increased by 11.3% over the same period.
Crypto investors looking for the latest market news will want to read on!
We’re offering all the key crypto news traders need to know on Wednesday! A few examples include a collection of tokens that traders should keep an eye on. You can read about these at the links below!
More crypto news for Wednesday
At the time of publication, William White did not hold, directly or indirectly, any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to those of InvestorPlace.com Publishing Guidelines.
Article printed by InvestorPlace Media, https://investorplace.com/2024/03/ethereum-alert-the-eth-dencun-upgrades-takes-effect-today/.
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