The world of digital coins has been yearning for the commencement of the alt season. Which is currently in the mist, as digital assets have been crab walking on the charts. While the star crypto has been facing the wrath of economic turmoil and regulatory implications. The maestro of altcoins has been taking the brunt of its shortcomings.
The space has been witnessing a spur in protocols which have been emerging as Ethereum killers. Owing to the short-comings in Ethereum’s protocol that include high gas fees, scalability, and transaction times. Meanwhile, maximalists are optimistic of Ethereum reclaiming its glory following the completion of its triple halving. Moreover, investors have been staking funds in ETH 2.0.
Will Triple Halving Be The Key For $10,000?
The cryptoverse is well verse of Ethereum’s triple halving, for novices who are unaware of triple halving. The amalgamation of EIP-1559 and the merger to ETH 2.0 completes “triple halving”.
EIP-1559 has been burning coins at a constant rate, leading to a reduction in supply. As of press time 1,512,076 ETH have been burnt since the launch of EIP-1559. We have also talked about the burn rate hitting 11.40 ETH/min.
Although new blocks are being added, the burn has been creating a supply shock, creating a “deflationary pressure” on the network. The pressure has been constantly impelling the price northwards. The move to PoS which is expected to happen in some time by the Q2 of the year, would reduce the sell pressure by an estimated 90%.
While also cutting down on emissions by 90%, the repercussions of which will be dealt by block rewards and inflation. With Ethereum going scarce, ETH price will eventually start shooting up. And since PoS encourages saving we would spectate an increase in diamond hands, which would lower the fluctuations in prices.
In addition, Veterans from the business have been staking their funds in deposit contracts as reported by CoinPedia earlier. The numbers of which have been rising steadily, as the belief on the implications of ETH 2.0 has been growing stout.
Summarizing, with the completion of triple-halving, the network will host a number of perks. That includes lesser price fluctuations, surge in prices, lower energy consumptions, scalability. And welcoming to more applications to be built out of Ethereum. While, sections of netizens have been criticizing EIP-1559, the upgrade has been propelling the price despite the market wide corrections. 4
Where the numbers have been looking smaller than they probably should. With the completion of triple halving, we can expect Etheruem reinstating its bullish run on the charts, whilst holding its dominance in utility.
