The ETH price continues to climb after the hard fork upgrade in London, reaching a level that it has not held for almost three months: today, ETH was able to cross the $ 3,000 mark, thus reaching that high again for the first time since the free fall of the market in May. The reason for the increase could be Ethereum’s recent London hard fork upgrade. However, the broader crypto market is also on the rise.

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Crypto Markets Look Green across the Board

The price of Ethereum continues to climb after the recent launch of a major network upgrade and today for the first time since the free fall of the market in mid-May passed the $ 3,000 mark. Currently (time of writing this article), the ETH price is $ 3,139, according to data from CoinMarketCap. Bitcoin, too, is experiencing massive growth and could even rise above $ 45,000 for a short time. BTC is currently trading just below $ 44,920.

Although Ethereum is still a long way from its all-time high at nearly $ 4,357 reached on May 12, according to CoinGecko, ETH hasn’t traded that high in nearly three months. Since May 19, when the entire cryptocurrency market went into a downward spiral after months of growth, it has been below $ 3,000.

Tesla’s decision to stop accepting Bitcoin and uncertainty over China’s crypto crackdown are cited as the main reasons for the decline. Both Bitcoin and Ethereum have lost more than 50% of their value from their all-time highs in April or May to recent lows. Almost the entire cryptocurrency market followed this example into a summer lull when profits from the beginning of the year were largely wiped out.

Ethereum, in particular, has fallen below $ 2,000 several times recently, most recently on July 22. However, since then, the second largest cryptocurrency by market capitalization has grown steadily, increasing in value by more than 50% in a matter of weeks when the price crossed the $ 3,000 mark today.

Profits likely due to London Hard Fork

Although the entire market has been rising recently, the growth in Ethereum is due in particular to the launch of the long-awaited London Hard fork. This is a network update that implements several suggestions for improvement from the community.

The London Hard Fork changes the way the network charges fees and potentially saves users valuable ETH when making transactions. Crucially, these fees are then burned – or taken out of circulation – rather than awarded to the network’s miners, adding a deflationary element to Ethereum that gradually reduces the supply of ETH.

Since its launch on Thursday, August 5, Ethereum is burning loudly more than 12,000 ETH per minute and has so far removed more than 8,600 ETH from the network in just two days. That equates to a value of $ 25.8 million.

After the launch of the London Hard Fork, the ETH price has risen by 7,85% – from a price of 2.583 dollars on Thursday morning to today’s milestone of over 3.000 dollars.

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Last updated on August 8, 2021

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