The price of the cryptocurrency Ether surged and reached its highest level in more than two months amid indications that a plan to upgrade the Ethereum blockchain – the network of blockchains for cryptocurrency – has passed a major test, one of the most significant changes in the cryptocurrency sector.
According to Arabnet, the token is up 4.1% today Thursday and was trading near $1,878 as of 9am in London — more than double the June low of under $900 and far exceeding the bounce in Bitcoin during this period.
Ether is the original currency of Ethereum - the most important blockchain for business - and its rise has become linked to the recent planned upgrade of the network.
Goerli's test conducted late Wednesday, New York time, was a kind of rehearsal for switching the Ethereum network from a system known as Proof of Work, to a more energy-efficient Proof of Stake system. A full turnaround is expected next month.
For his part, Ethereum network co-founder Vitalik Buterin retweeted a post saying that the test had enabled Proof of Stake. In another tweet, Tim Beiko, a computer scientist who coordinates Ethereum developers, posted a screenshot indicating that the planned merge test was successful.
The software upgrade has been in the works for years, and Ethereum's dominant role as a crypto trade highway underscores the sensitivity of the change.
To illustrate its importance, the Ethereum blockchain network supports more than 3,400 active DApps, ranging from games to trading markets. Ether has a market capitalization of $229 billion, according to CoinMarketCap.
The developers of the Ethereum core may set on Thursday the date when the blockchain will undergo a long-awaited software update.
