5 Rebounding Cryptocurrencies to Buy in August

2. Ethereum USD (CCC:ETH-USD)

Ethereum USD (CCC:ETH-USD) is the native currency on the Ethereum open-source blockchain.

The platform recently did a dry run of one of the most important upgrades in the history of the crypto world. For nearly a decade, Ethereum had adopted a proof-of-work (PoW) mining mechanism, which required solving complex mathematical equations and needed a significant amount of energy. A similar process is followed by Bitcoin.

However, the blockchain had been working on converting to a PoS concept known as the Merge upgrade, which is more environment-friendly and processes transactions faster. Developers will decide on the timelines for the upgrade, which is expected to take place in mid-September. There has been a rally of 60% in the last month in anticipation of a successful upgrade, and currently, the digital currency is hovering around its highest level since June 1. Ethereum USD (CCC:ETH-USD) has been 16% in the green over the last week.