Cryptocurrencies grew by 15% over the week

The market capitalization of cryptocurrencies grew by 15% in a week, thanks to the announcement of the date of Ethereum’s transition to the green blockchain.

According to Cointelegraph Markets Pro and TradingView, the price of Ethereum has risen by 38.5% since the merger date was announced. At the time of writing, ETH is trading at $ 1557. Along with the rise in the price of the ether, the total market capitalization has also increased, rising by 15% to reach a current value of $ 1.051 trillion.

As a reminder, during an online conference, Ethereum’s chief developer Tim Bako named September 19 as the day when the merger could take place. The proposed date did not meet with objections from other developers. The final test should take place on the Goerli network, which is scheduled for the second week of August. The exact date of the transition will depend on the results.

The transition of Ethereum to a PoS network is expected to reduce energy consumption by 99%. PoS supporters claim that the network is more environmentally friendly and secure, while PoW supporters call PoS centralized and less secure.