Ethereum surpasses $ 3,000 for the first time since May

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  • price of ETH topped $ 3,000 today, the first time it has been this high since the market freefall in May.
  • recent update of the Ethereum hard fork in London is cited as a reason for the increase, although the cryptocurrency market in general is also growing.

Ethereum’s price continues to rise following the recent launch of a major network update and today it broke the $ 3,000 level for the first time since the market freefall in mid-May. At the time of writing, the price of ETH is $ 3,009 based on CoinMarketCap data.

While still a long way off Ethereum’s all-time high of nearly $ 4,357 set on May 12, by CoinGecko, ETH hasn’t been priced that high in nearly three months. It has been less than $ 3,000 since May 19, when the entire crypto market plunged into a downward spiral after months of growth.

Tesla’s decision to stop accepting Bitcoin and uncertainty around China’s crackdown on cryptocurrencies are cited as the main reasons for the decline. Bitcoin and Ethereum alike have lost more than 50% of their value from their all-time highs in April or May to recent lows, and almost the entire cryptocurrency market has followed suit in a summer recession as the year’s gains to the date. largely canceled.

Ethereum, in particular, has dropped below $ 2,000 recently, the last time it was on July 22. However, the second-largest cryptocurrency by market cap has grown steadily since then, accumulating more than 50% in value in a couple of weeks as the price crossed the $ 3,000 mark today.

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Although the market in general has risen lately, the rise of Ethereum in particular has been attributed in part to the launch of the long-awaited London hard fork, a network update that implements more community improvement proposals.

Hard London Fork changes the way the network calculates commissions, which can save users valuable ETH while transacting. You basically then burn those fees or remove them from circulation, rather than assigning them to the network miners, adding a deflationary unsurt to Ethereum that gradually reduces the supply of ETH.

Since its launch on Thursday, August 5, Ethereum has been burning more than $ 12,000 per minute of a second ETH. Etherchain.org, and has so far removed over 8,600 ETH from the network in just two days, a staggering $ 25.8 million cryptocurrency.

After the launch of the London hard fork, the price of ETH increased by 7.85%, from a price of $ 2,583 on Thursday morning to today’s recent milestone above $ 3,000.

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