The crypto market has been in some serious trouble in terms of price is plummeting to the ground not only for Bitcoin but other altcoins as well. These were seriously hard times, but the market has rebounded, and Bitcoin is once again taking the lead by crossing the $40K barrier and is now stable around this resistance.
Ethereum, on the other hand, has broken the $3000 limit and is currently trading above it after the London hard fork update goes live. Ethereum was having a hard time with its price since the start of May and has only just been able to score above the $3000 limit. In the last 24 hours, Ethereum has increased by 12% and is currently trading at $3077. There was complete panic everywhere in the crypto market since the start of the mid-May crash, although into June and July. Only after in the last quarter of July did the optimism and confidence returned back to the crypto market, and every cryptocurrency was better for it.
Ethereum’s Price will Surge more due to New Upgrade
Taking into account the real-time market data, it is doing much better for the last 10, 12 days as it has recorded almost 13 consistent green candles over the on-chain analysis and has been scored the longest green candles for Ethereum in its history. However, Ethereum did draw its price on 3rd August before coming back to a strong bullish approach till present.
With the help of the EIP-1559 update, the whole Ethereum platform has been revamped. With the help of this system, all the transactions taking place on Ethereum’s network would be more predictable because of the introduction of a base fee for gas. A large number of these fees will be burned ultimately, which will have a direct impact on reducing Ethereum’s circulating supply. Who knows what the market holds for in the future for altcoins or other cryptocurrencies but at present, it is applicably evident that Ethereum, out of all altcoins, does have a scope.