The price of the crypto Ethereum has hit $2,600, a value not seen since back in June, when the crypto was still lowering from its all-time record high of $4,357 in May.
But now the number two cryptocurrency is coming back. Ethereum’s value is higher by 5.59% over the past 24 hours and as much as 21.77% this week.
The overall value of Ethereum is now reported to be $304 billion, second only to Bitcoin’s market cap of $779 billion. The global crypto cap now is marked at $1.70 trillion, a 1% increase since yesterday.
Some of Ethereum’s price rise could be connected to a major upgrade which is happening August 5, the London hard fork. London will put forward EIP-1559, a piece of computer code that burns some of the ETH previously portioned to go to Ethereum’s gas-using miners.
Ethereum’s boost has been helped by finance decentralization, a group of non-custodial lending and trading measures into which traders have stashed $71.5 billion into.
Bitcoin’s price tag is $41,522 per coin, up only 0.26% since yesterday. But it has come back by 21.2% this week, reaching highs of nearly $42,000. The rise comes after two bearish months after the market crashed back in May.
Joshua Lim, leader of derivatives over at Genesis Global Trading, has said that Bitcoin’s boosting this week comes regardless of news about a Democrat-led infrastructure bill that has a hidden cryptocurrency tax and regulatory actions to harm exchanges and stablecoins, and the Chinese mining ban and movement. The market has discounted this bad news, he said.
On Friday, Bitcoin options contracts totaled $1.5 billion expired, allowing bulls to get a large discount thanks to the recovery. Lim said that might have helped the price rise.
When Bitcoin rises, the rest of the crypto market usually goes up too. Almost all the top 10 cryptos have been green since yesterday. Polkadot, the number nine crypto, has increased by 11% in one night and 30% over the previous week. The one exception is the meme-coin Dogecoin, the number eight cryptocurrency, which is lower by 0.7% today.
Author: Blake Ambrose