Recently, the crypto market seems to have picked up its pace as the market cap has reclaimed its $1 trillion mark, owing to the remarkable surge in cryptocurrencies like Bitcoin, Ethereum, Cardano, and XRP, among others.
Ethereum tops the list of gainers for the day with a surge of 14%- a recurring trend. The asset traded at a high of $1,667 in the early hours yesterday before a slight pullback.
At the moment, Ethereum is trading at $1,620 after seeing an increase of 11.19% over the last 24hrs.
Hence, the overall crypto market rally could be led by Ethereum and the upcoming merge event, a pathway towards proof-of-stake.
Additionally, it is noteworthy that the ETH/USD is heading towards gaining its highest possible mark as the currency is surpassing the other assets trading.
According to Ethereum supporter and Bankless founder, David Hoffman, the upcoming bull market will see Ethereum as the main lead.
However, this rosy scenario does seem subject to certain conditions.
The Ethereum network must successfully scale sharding and side-chains, which might not happen till 2023, according to several experts.
It’s important to remember that Ethereum still has to surpass several hurdles before the currency sees massive adoption. The same was confirmed by Ethereum founder Vitalik Buterin when he said the network would be complete by only 55% after the Merge.
As investors look for long-term gains, a drop in issuance and staking rewards will be a significant factor at play too.