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Why will September 15 be a historic day for the cryptocurrency market?

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Not just the major developers and investors of Ethereum (ETH) altcoins, the entire cryptocurrency market is focused on this date. Vitalik Buterin has announced a possible revised date for the highly anticipated Merge update.

The cryptocurrency market is waiting for this date!

In a tweet posted on August 12, Vitalik Buterin stated that the developers are adjusting the remaining hash count. Therefore, the transition is very likely to take place around September 15th. Ethereum developers had previously predicted that the switch to the Proof of Stake (PoS) mechanism could take place on September 19. Buterin added that although the developers have set the cumulative terminal difficulty to 58750000000000000000000000, the exact migration date depends specifically on the hash rate.

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Ethereum TTD Chart / Source: bordel.wtf

Ethereum co-founder Vitalik Buterin said:

This means that the Ethereum PoW network now has a (roughly) fixed number of hashes left for me. The exact date depends on the hash rate. However, bordel.wtf predicts that the union will take place around September 15th.

The ETH team has successfully tried Merge

cryptocurrency.comAs follows, Ethereum developers successfully implemented the third and final testnet for Merge on August 10th. It is worth noting that this is really important. Described as “Goerli”, the update is considered a Merge dress rehearsal. Meanwhile, with the update, Ethereum is looking to take mining off the network. Even so, it’s worth noting that several Blockchain players oppose the upgrade, speculating that they might opt ​​for a fork to maintain their Proof of Work (PoW) status.

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However, Vitalik Buterin advised miners to switch to other relevant ecosystems such as Ethereum Classic (ETC). Furthermore, Buterin says that a fork will not significantly damage the Ethereum ecosystem. At the same time, f2Pool, Ethereum’s second largest mining pool, has suggested that the final decision to support the Merge upgrade rests with the mining community. Everyone involved in the cryptocurrency market in general considers the Merge upgrade to be monumental to Ethereum. Meanwhile, analysts predict a bullish outlook for the second-ranked coin.

The Merge update has been the most important catalyst for Ethereum over the past month. The major altcoin has gained more than 15% in the past week, according to data from CoinMarketCap. In the last month it has gained about 70% in value. Meanwhile, Ethereum is trading just under $ 2,000 at press time. Ethereum, on the other hand, is 60% off its all-time high of $ 4.9k.

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Ethereum 1-Month Price Chart / Source: CoinMarketCap

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