Ether jumps over 51% in a month, Buterin expects network to be 55% complete 

In the conference, Buterin explained that the difference between Bitcoin and Ethereum is that the Bitcoiners consider Bitcoin to be 80% complete. Meanwhile, the Ethereans consider Ethereum to be 40% complete. Hence, he said, Ethereum can go up to being 55% complete after the merge.

Earlier, in May, Buterin had revealed that the Merge upgrade is set to take place in August. Under the upcoming upgrade, the current Ethereum Mainnet will “merge” with the beacon chain proof-of-stake system. This will mark the end of proof-of-work for Ethereum and the full transition to proof-of-stake. Also, this is planned to precede the rollout of shard chains. Ethereum Mainnet continues to be secured by proof-of-work, even while the Beacon Chain runs in parallel using proof-of-stake. The Merge is when these two systems finally come together.

Further, Buterin in the Paris conference, Buterin said that at the end of the road map, Ethereum will be a much more scalable system. He added that Ethereum will be able to process 100,000 transactions per second, as per CoinDesk.

The co-founder also pointed out that the deep changes to the network will include updates to its monetary policy and token issuance, its security model, and its transaction inclusion process.

On CoinMarketCap, Ether is currently trading at $1,565.67 higher by 1.88%. Its market cap is around $190.47 billion. Ether has touched an intraday high of $1,641.21.

Ether was around $1,082 on June 22, and has jumped by 51.7% compared to the day’s high. From the current market price level, Ether has climbed around 45%.

Meanwhile, its counterpart Bitcoin traded at $22,983.39 up by 0.61%. Its market cap is around $439 billion. It has touched the day’s high of $23,671.93. In a month, Bitcoin has advanced by nearly 18%.

Arcane Research analyst Vetle Lunde, in his note earlier this week, said the strength of Ethereum has pushed the Large Cap index to see 28% MTD gains, vastly outperforming the rest of the market. The other altcoin indexes also see a strong week, with both Mid Caps and Small Caps seeing 19% gains three weeks into July.

On the other hand, as per Lunde, Bitcoin is underperforming the rest of the crypto market, seeing 12% gains so far this month. Bitcoin’s relative underperformance is reflected in a large decline in BTC’s market dominance, falling 1.59% in the last seven days. Furthermore, stablecoins are experiencing a massive reduction in their market share, which is to be expected as the total altcoin market experience buoyancy.

Ethereum’s strength has caused its market share to soar by 3.41% in the last seven days. Other major altcoins see their market share aligning with last week’s levels. This suggests that we’re currently seeing a rotation from BTC and stables into ETH, with smaller altcoins enjoying the general uptrend in the market, the analyst stated.

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