Ethereum hit the high, after climbing more than 8% in 24 hours and nearly 23% in one week, as several other assets also rise.
Ethereum (ETH) has risen 8% to record a 3-week high of $2,587 on Monday, July 26th, despite not being the overall top gainer for the day. The second-largest cryptocurrency was one of several tokens to continue building upon a recent resurgence in recent weeks. A resurgence, which has seen the overall market value of crypto rise to $200 billion. Several factors may be responsible for this uptick, including growing optimism among investors. Other factors may include a generally positive outlook on the future of crypto in finance and technology.
Ether rose 8.2% over the past 24 hours, and 22.9% in the past week. However, it has since cooled off and is currently trading at $2,345 as of this writing. The last time Ethereum traded at this rate was in early July.
Of the ten largest cryptos by market capitalization, Bitcoin (BTC) was the top daily gainer. The most popular crypto rose 12% in the same 24-hour window to just under $40,000, but is currently at $38,191. However, Bitcoin’s 20.2% weekly gain is just a shade under Ethereum’s for the same period. Polkadot (DOT) and Chainlink (LINK) also recorded positive gains of more than 11% to rank among the top gainers for the day. Other notable daily gainers were Polygon (MATIC) 15%, Bitcoin Cash (BCH) 12.9%, and Dogecoin (DOGE) 12.1%.
The Bitcoin Conference
The general optimism in the future of crypto among top tech magnates is the reason many cite for the recent surge. At the recent Bitcoin Conference, Elon Musk, Jack Dorsey, and Cathie Woods of ARK Invest, all seemed upbeat about digital currencies, according to Caroline Bowler, the CEO of Australia’s BTC Markets exchange. At the aforementioned conference, Musk advocated for the Ethereum-built DeFi system. Many currently believe that Ethereum could possibly replace Bitcoin as the biggest digital currency by market capitalization. A recently leaked Goldman Sachs report seems to buttress this belief by pointing out the real use cases of the Ethereum network.
Ethereum “London” Upgrade
Ethereum is currently preparing for an upcoming network upgrade called “London”. This upgrade is expected to feature five Ethereum Improvement Proposals (EIPs) according to Tim Beiko, a developer with the Ethereum Foundation. The core of the upgrade exercise is to make changes to the Ether code which must be unanimously agreed upon by stakeholders. The upgrade should come with five changes, including the EIP-1559, which has two components.
Firstly, EIP-1559 alters how miners receive ETH. Secondly, it adds a base fee to every transaction on the Ethereum blockchain, which lowers overall transaction costs. The other four featured changes also aim to optimize the network’s proof of work mechanism and enhance user experience. Another proposal, EIP-3675, proposed to move Ethereum to a proof-of-stake consensus algorithm, was officially introduced last week.
Should We Expect a Consolidation of Ethereum’s Current High?
All indicators suggest that Ethereum may continue to build on its current high. The highly-anticipated network upgrade should boost demand for the token and further drive up prices. A growing number of investors are expected to remain bullish on the outlook of digital currency.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.