The price of Ethereum hit $ 2,600, a price that had not been seen since early June, when the cryptocurrency was still descending from its all-time high of $ 4,357 reached on May 12.But today, the second largest cryptocurrency is on the mend.The price of Ethereum has risen 5.59% in the last 24 hours and 21.77% this week.Ethereum’s market cap now stands at $ 304 billion, just behind that of Bitcoin ($ 779 billion).The global crypto market capitalization now stands at $ 1.7 trillion, an increase of 1% overnight.Part of the rise in the price of Ethereum could be due to a major upgrade scheduled for August 5, the London hard fork.London will introduce EIP-1559, a piece of code that burns some ETH that would otherwise be paid to Ethereum miners who consume a lot of gasoline.
Ethereum’s growth has been aided this year by decentralized finance, a suite of guardless exchange and lending protocols in which traders have locked in $ 71.5 billion.
[#Ethereum] Just found this signal using the “anchored quarter-to-date accumulation/distribution” indicator.This is been a signal for much stronger moves to the upside once this turns positive… [pic.twitter.com/Q5PkimT6jS] — Jake Wujastyk (@Trendspider_J) [August 1, 2021] NFT projects like CryptoPunks have also contributed.As the non-fungible craze has largely subsided, the average price of CryptoPunks has risen 53% over the past week, after a number of Ethereum whales have started snatching them away.Friday.About 16,000 ETH ($ 41.5 million) from CryptoPunks changed hands yesterday, compared to 709 ETH ($ 1.8 million) last Saturday.An anonymous CryptoPunk investor who sold his NFT for 28 ETH ($ 72,300) yesterday said he sold it because he “wanted to have more ETH before EIP-1559“, And that he would buy back a CryptoPunk“when the price drops again, and it will“.Other traders believe that the price of EIP-1559 is already fixed, as with other phenomena of type “buy the rumor, sell the news“.Meanwhile, the word B The price of bitcoin is $ 41,522, an increase of just 0.26% since yesterday.
But it rebounded 21.2% this week, hitting highs of nearly $ 42,000.This increase follows two months of decline since the market collapse in May.Friday options contracts on bitcoin worth $ 1.5 billion expired on the Deribit derivatives exchange, allowing bullish traders to get a sizable cut through a month of recovery.Arcane Research analyst Vetle Lunde said in April that bitcoin recovered “forcefully after all monthly option expiries in 2021“, Suggesting that“large expirations provide a short-term anchor for the price“.[#bitcoin] realized cap is rising again! Realized cap is the average price at which all 18.77M BTC were last transacted (calculated over all utxo’s).Also, the few sellers at the moment sell at a profit (not a loss like in May and June).IMO this is bullish.[pic.twitter.com/q3mhSZ19oH] — PlanB (@100trillionUSD) [August 1, 2021] When bitcoin goes up, the rest of the market goes up with it.
Almost all of the top 10 cryptocurrencies have been in the green since yesterday.Polkadot, the ninth largest, jumped 11% overnight and 30% over the past week.The only exception is Dogecoin , the eighth largest cryptocurrency, which fell 0.7% today..
