Ethereum rallied 10.2% Sunday night.
Much of the crypto market also saw gains, with Bitcoin rising 5.5%.
Ethereum’s highly anticipated EIP-1559 update is due to ship in July.
Share this article
Ethereum has rallied 10.2% in the last 24 hours, breaking the key psychological resistance of $2,000.
Ethereum Sees 10% Surge
Ethereum surged over 10.2% Sunday night. The number two crypto asset started the week above $2,000 following a weekend dip.
Many other assets also jumped overnight, with Bitcoin gaining 5.5%. Ethereum tends to follow Bitcoin’s price performance, but in recent months, it’s often outperformed the leading crypto.
One factor behind Ethereum’s recent rise may be the blockchain’s forthcoming EIP-1559 update. Ethereum will launch EIP-1559 as part of the London hardfork next month, introducing a gas fee burn on every transaction. The update is expected to make gas fees more stable and predictable while creating deflationary pressure for ETH. If the network receives enough activity, it could make ETH a deflationary asset, where the supply reduces over time.
Last week, the London hardfork went live on Ropsten, the first of three testnets to launch the update. Goerli and Rinkeby will follow on Jun. 30 and Jul. 7, before the mainnet launch goes ahead sometime in July.
Recent market conditions have been bearish, with Ethereum falling over 50% from its $4,356 all-time high. However, with such a pivotal update on the horizon, enthusiasm for the asset may be returning to the market.
Disclosure: At the time of writing, the author of this feature held ETH and BTC.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Bulls Lose Hope as Bitcoin, Ethereum Continue to Fall
More bad news from China confirms the current bearish tendency of the market. While Bitcoin falls more than 15% in the last seven days, Ethereum comes back below $2,000 for…
Ethereum Miners Protesting EIP-1559 Has Accelerated Upgrade to ETH 2.0
Ethereum miners are planning a resistance against EIP-1559, but they may lose their power over the network sooner than expected. Miners Protest Fee Burn Update Several community members who provide…
What is Kusama? How Polkadot’s playground accommodates blockchain de…
Kusama is relatively young and was founded in 2019 by Dr. Gavin Wood, who also founded the Web3 Foundation and co-founded Ethereum. The team behind Kusama is essentially the same…
Key Ethereum Researchers Vote to Ship Proof-of-Stake in 2021
Ethereum looks set to launch Proof-of-Stake this year. Proof-of-Stake on the Horizon Ethereum could ship Proof-of-Stake before the year is out. Justin Drake, one of the researchers working on Ethereum…
Be the first to comment