Ahead Of Ethereum Merge, This Cryptocurrency Is Hot Among Binance Users

With the release of an update that kick starts the Bellatrix upgrade, traders are increasingly eyeing to buy Ethereum. Figures from crypto exchange Binance shows Ethereum is the most sought after cryptocurrency at the moment. Investors are prioritizing Ethereum accumulation over Bitcoin despite bullish momentum in recent times.

As per figures from Crypto Compare, Ethereum buying on Binance is breaking yearly records. When looked at open interest in ETH pairs on Binance, the cryptocurrency is displaying huge traction. The open interest for BTC/USDT and ETH/USDT on Binance is now 56.4%. Also, the accumulation of ETH reached its highest this year at $2.26 billion.

“The aggregated open interest for the ETH/USDT pair reached a yearly high of $2.26bn.”

Ethereum Merge Impact On Binance Users

Despite the enthusiasm around Ethereum and the upcoming Merge, ETH price dropped significantly in the last few days. From trading just below $1,900 on Friday, ETH fell to under $1,600. As of writing, Ethereum price stands at $1,574, down 2.6% in the last 24 hours, according to CoinGecko. On a weekly basis, the cryptocurrency dropped as much as 18.7%.

Meanwhile, the developers are preparing for the final mainnet on Ethereum network around September 15. They said mainnet users should upgrade to v22.8.1 before the Bellatrix activation. The upgrade involves important configurations for the Merge. In a Ethereum Core Developers meeting on August 18, the team confirmed the Merge schedule for September 15.

Vitalik Buterin’s Hint At Merge Around The Anticipated Date

Ethereum Developer Vitalik Buterin said earlier that the exact date of the Merge will depend on hashrate. The Ethereum Mainnet is ready to merge with the Beacon chain to transition from proof-of-work (PoW) to proof-of-stake (PoS) consensus, he said at the time. The developers had earlier predicted the tentative Merge date to be around September 19. It was only recently that the Merge anticipated date has been revised to few days earlier based on the hashrate expectation.

Anvesh reports major developments around crypto adoption and price analysis. Having been associated with crypto since 2016, he is now a strong advocate of decentralized technologies. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.