Ethereum (ETH-USD) is worth keeping an eye on Wednesday as the crypto is set to undergo its “Dencun” upgrade today.
This is an upgrade to the Ethereum network that brings with it certain benefits for traders. Among these is the network being more efficient. That allows for trades with lower transaction fees.
A big reason as to why this is possible is Ethereum adopting proto-danksharding with the Dencun upgrade. With this, the network will have a “new, temporary way of storing ‘blobs’ of data, which is cheaper.”
Ethereum traders will also note that this is the largest upgrade to the network since the 2022 Merge. That resulted in ETH switching from a proof-of-work concept to a proof-of-stake one.
How Will This Upgrade Affect Ethereum?
LI.FI. CEO Philipp Zentner said the following about the Ethereum upgrade to CNBC:
“Past upgrades […] saw buying pressure leading up to the event and sell-the-news profit-taking shortly afterward, leading prices to drop in the short-term before resuming upward momentum not long after.”
ETH is down 1.2% over the prior 24-hour period as of Wednesday morning. This comes as trading volume is up 11.3% during that same stretch of time.
Crypto investors seeking out all of the hottest market news will want to keep reading!
We are offering up all of the biggest crypto news that traders need to know about on Wednesday! A few examples include a collection of tokens that traders will want to keep an eye on. You can check these out at the following links!
More Crypto News for Wednesday
- 3 Lesser-Known Cryptos With 10X Potential by 2025
- Crypto Craze 2024: 3 Stocks That Could Soar Along Side Bitcoin
- 3 Compelling Crypto Stocks to Buy Before They Go Ballistic
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
