four days ago, minutes before 3 a.m. EDT, a long-awaited upgrade to Ethereum was executed. Since then, the second most valuable blockchain cryptocurrency, ETH, has fallen – and some say its price has yet to bottom.
When the upgrade, commonly referred to as “the meltdown,” happened, ETH was priced around $1,600. At press time, ETH was worth around $1,327, down just over 17% from the historical system change.
“The FOMO and speculation around the merger is over, and it’s back to business as usual for most in the space.” Co-founder of Flux Daniel Keller
In recent months, speculation has centered on whether ETH will be accepted post-merger, Daniel Keller, co-founder of decentralized cloud infrastructure Flux, told TechCrunch. Since Ethereum moved from proof-of-work (PoW) to proof-of-stake (PoS), it left its crypto miners “behind” in the transition, he added.
“Have they alienated a core demographic and removed one of the best parts of decentralization? I think we see the direct impact of this downside speculation,” Keller said.