The price of Ethereum climbed above $3000 after the London hard fork upgrade and recaptured a level that it hasn’t visited for more than three months as we are reading more in our latest ETH news.
The price of ethereum climbed above $3000 for the first time in three months and its recent London hard fork upgrade was cited as a reason for the rise but the wider market is also up. Ethereum’s price keeps on increasing after the recent launch of the major network upgrade and it passed the $3000 which is a first since the mid-May market freefall. While still well off of the ATH of $4300, the coin hasn’t been priced this high in three months. It has been under $3000 since May 19 when the entire crypto market fell in a downward spiral following months of growth.
ETH 24-hour Price Chart, Source, Coingecko
Tesla’s decision to stop accepting BTC and the uncertainty around the China crypto crackdown are cited as the main reasons for the decline. BTC and ETH alike lost more than 50% of their value from the ATH levels to recent low marks and nearly the entire crypto market followed suit in a summer slump as the early-year gains got erased. Ethereum dropped below $2000 at multiple points of late as most recently on July 22 but the second-biggest cryptocurrency by market cap was growing since and packed on more than 50% in value in a few weeks as the price surpassed the $3000 price range today. The wider market was been up as well but Ethereum’s rise, in particular, was attributed in part to the launch of the London hard fork which is a network upgrade that implements a few community improvement proposals.
ETH 7-Day Price Chart, Source: Coingecko
The London hard fork changes the way that the fees are calculated by the network and saved users some precious ETH as they make transactions. It has burnt the fees or removed them from circulation rather than awarding them to network miners and added a deflationary element to ETH that lowers the supply of ETH. Since rolling out on Thursday, Ethereum burned more than $12K per minute worth of ETH as per Etherchain.org and thus removed more than 8600 ETH from the network in two days which is a staggering $25.8 million worth of crypto. After the London hard fork, the price of ETH increased by 7.85% from a price of $2583 to a milestone above $3000.