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Ethereum (ETH) Price Surges Following Kiln Testnet Merge Update

  • Since the beginning of January, Google search interest in NFTs has decreased.
  • Ethereum’s Kiln testnet merged earlier this week in preparation for a future switch.

On Thursday, the volume of trades in bitcoin continued to fall after Wednesday’s surge. Moreover, the number of futures market orders was evenly split between buyers and sellers on Friday, indicating that the present price movement lacks momentum. Funding costs in the perpetual futures market, which are posted on major exchanges in the perpetual swaps market, increased on average, presumably indicating an uptick in the price of Bitcoin.

Bulls in Control

After a choppy week, the majority of cryptocurrencies rose on Friday. With a 5-percent gain in the last 24 hours, Ethereum (ETH) surpassed $3,000 for the first time in two weeks and had a minor correction, trading now at $2,934. Over the same time, bitcoin (BTC) climbed beyond $42,000 and gained 3% and had a similar minor correction, and is now trading at $41,978.

Aside from that, stocks rose on Friday as gold’s value declined. Investors seem to be more willing to take a chance, as seen by the stock market’s resurgence and the outperformance of various altcoins (alternative cryptocurrencies). In addition, progress on integrating the Ethereum blockchains mainnet with Beacon Chain has contributed to Ethereum’s growth.

Ethereum’s Kiln testnet merged earlier this week in preparation for a future switch to proof of stake, and now network validators are generating blocks with transactions after the merging.

Since the beginning of January, Google search interest in NFTs has decreased, according to Farrell of FundStrat, highlighting that demand for NFTs peaked in mid-January, largely minted and traded on the Ethereum network. According to CoinMarketCap, the Ethereum price today is $2,934.59 USD with a 24-hour trading volume of $11,686,818,598 USD.

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