Expectations around Ethereum's Merge and the limited contagion of collapsing projects led to the partial recovery of the crypto market, JPMorgan analysts said.
The second factor which created some kind of stability in the industry is Ethereum’s Merge, which should occur later in 2022. The analysts think the latest developments around the process have brought back investors’ confidence. The possible transition toward PoS has also created a “floor bottom” for the digital asset prices, while the experts believe the worst of the bear market is over.
“However, we think the real driver has been the Ethereum Merge and positive data following the launch of the Sapolia testnet in early July and Ropsten testnet in June, indicating the merge is viable in 2022.”that the Merge testing is 90% complete. Once the shift comes to an end, the blockchain protocol “will be able to process 100,000 transactions per second” compared to the current 15-20, he outlined.
It is worth noting that the move has been delayed numerous times in the past, and it is yet to be seen whether it will actually occur by the end of this year. Assuming it does, it will be the first cryptocurrency protocol to change its consensus algorithm. As such, it can’t be compared to similar past events, meaning that time will show what the aftermath will be.
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