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Ethereum’s Network Merger Expected to Boost Cryptocurrency Price with Massive Reduction in Power Consumption

Global Cryptocurrency Market Report 2022 – Global Market Size, Trends and Forecast 2022-2026

The Business Research Company’s Global Cryptocurrency Market Report 2022 – Market Size, Trends and Forecast 2022-2026

LONDON, GREATER LONDON, UK, April 8, 2022 / — Ethereum’s current blockchain network, Ethereum Mainnet, will merge with the Beacon Chain Proof-of-Stake system. This transition from proof of work to proof of stake is a key step in the growth of Ethereum’s network, and the first of its kind in terms of scale in the history of blockchain networks. The upgrade should be activated in less than three months. It is expected that after the merger there will be a significant increase in the value of ETH. Hundreds of millions of ETH would be burned during the final upgrade, reducing the circulating supply and driving up the price of the altcoin. Since Ethereum is the most popular altcoin (any type of cryptocurrency other than Bitcoin), it will be interesting to watch the impact of this merger on the global market. cryptocurrency marketwhich is already expected to grow significantly.

According to the forecasts of Global market model, the demand for the global cryptocurrency market is in its growth from $1.63 billion in 2021 to $1.84 billion by the end of 2022 at a compound annual growth rate (CAGR) of 13 .1%. It is expected to continue growing to reach $3.13 billion in 2026 at a CAGR of 14.2%. Asia-Pacific was the largest region in the cryptocurrency market in 2021.

Cryptocurrencies are digital currencies protected by encryption, which makes counterfeiting or double spending virtually impossible. These are built on decentralized networks like blockchain technology, which is a distributed ledger enforced by a network of computers. Cryptocurrencies, compared to traditional currency, are not issued by any central authority, making them potentially impervious to government interference or manipulation.

Transparency in financial payments is a key factor that is expected to drive the growth of the cryptocurrency market in the coming years. Digital currencies are developed using blockchain technology, which allows multiple entities to keep copies of previous transactions, ensuring that they are not controlled by a single entity. The use of centralized technology and human controllers slows and complicates transactions while removing users’ direct control over their funds. In digital currency transactions, consumers have the power to stop or delay transactions and record them in their private ledger as there are no middlemen.

Stable coins are gaining popularity in the cryptocurrency market. Stablecoins are cryptocurrencies that are tied to a physical asset, such as government-issued currency or a commodity to reduce the fluctuation of the cryptocurrency. For example, in 2020, the circulation volume of stablecoins increased by 500%. Additionally, in March 2021, Techemynt, an India-based financial services provider, introduced New Zealand dollar-backed stablecoins to combine the flexibility of cryptocurrency with the stability of the New Zealand dollar.

Current players in the financial services market are increasingly focusing on the cryptocurrency market and are stepping up their efforts to capture the market with several strategic initiatives. In March last year, PayPal Holdings Inc, a US-based fintech company, acquired Curv for an undisclosed amount. Curv is an Israel-based cryptocurrency security company. With this acquisition, PayPal Holdings, Inc strengthens and expands its initiatives to support cryptocurrencies and digital assets.

About the Global Market Model
The Global Market Model is the world’s most comprehensive integrated market information database. The ten-year forecast of the global market model is updated in real time to reflect the latest market realities, which is a huge advantage over static report-based platforms.

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