The Price of Ether Dropped Dramatically

The price of ethereum (ETH) dropped sharply on Thursday, capping off a period of price stability that began only hours after the ETH network completed its historic Merge.

At the time of publication, ETH was down 9.15% to $1,479, its greatest daily drop since August 26. The largest cryptocurrency, bitcoin (BTC), was down roughly 2% daily. The CoinDesk Market Index was down roughly 4.5 percent.

Traders are betting on the Ethereum price into September using call options. Meanwhile, futures and options backwardation indicates a sell-the-news assumption is in play. The Merge is a long-awaited departure from the proof-of-work consensus architecture. It required a lot of energy and wasn’t eco-friendly.

Many Ethereum enthusiasts supported the merger. However, certain ecosystem actors were less approving. Some, for example, have branched the previous iteration of the blockchain. They formed the new EthereumPoW (ETHW) network, which will continue mining. In contrast, others have begun mining coins such as Ethereum Classic (ETC) or Ravencoin (RVN).

Cardano similar to Ethereum

Cardano is a “hit or miss” cryptocurrency. Some dispute its real-world value. It is a blockchain ecosystem similar to Ethereum (ETH). It can host other crypto projects. Its detractors point out that it took longer to debut its smart contract capability. The ecosystem does not currently have as many apps as other similar cryptocurrencies.

On the other hand, Cardano has another advantage: it is a prime example of real-world blockchain utility. For instance, it is collaborating with the Ethiopian Ministry of Education to record the academic qualifications of more than five million students on the blockchain.