While the price of Ether rose by more than 5% in 24 hours, the weekly advance exceeded 23%. The value of the cryptocurrency has yet to reach the all-time high of more than USD 4,000 that it had achieved in May.
The price of Ether (ETH), Ethereum’s native cryptocurrency, recently exceeded USD 3,000, a value it had not reached since May.
According to data from CoinGecko, the price of Ether reached USD 3,159, rising by more than 5% in 24 hours. The average upward trend has achieved a weekly growth of more than 23%.
The increase in the price of the cryptocurrency has been steady since the activation of the London update. The new hard fork of the Ethereum network took place on August 5th.
London has contributed to that rise in the price of the second crypto asset, but the general cryptocurrency is currently in the green.
The hard fork incorporated into the Ethereum network one of the most expected improvement proposals: EIP-1559. That solution allowed modifying the mechanism to pay miners by introducing tips and adding the burning of fees. The developers expect that this will cause the currency to become deflationary and lower the cost of those payments.
The benefits of EIP-1559 to users may occur in the long term. The Ethereum Foundation considers that wallets will contribute to the improvement proposal reducing the fees to pay on the network.
Due to the update, around 10,340 ETH in fees has burned since August 6th. That amount is equivalent to about USD 31.5 million, according to data from Etherscan.
The Price of Ether Advances, But Still Not Above Its May All-Time High
The current price of Ether is still far from its all-time high of over USD 4,300 that it reached on May 11th. However, it is the first time, in the last three months, that the value of the crypto asset has managed to exceed USD 3,000.
The cryptocurrency on the Ethereum network had been below that amount since May 19th. On that date, the entire cryptocurrency market fell alongside Bitcoin in a downward trend that lasted until last week.
The main reason for the prolonged market crash was the decision of electric car company Tesla to stop accepting Bitcoin. Elon Musk released that information just seven weeks after announcing that they would begin processing those transactions.
Other factors that contributed to that collapse were the restrictions on miners and the obstacles to cryptocurrency trading in China. That situation has led big Chinese Bitcoin mining centers to start emigrating to settle in other countries. Since they are looking for a non-toxic environment for their business, the United States is the focus of attention as it offers stability.
That news caused both Bitcoin and Ethereum to lose more than 50% of their value. Both cryptocurrencies had exceeded several all-time highs during the first months of 2021. Ether is currently trading at around USD 3,157 and has grown by about 8.7% in the last 24 hours, according to Coingecko.
By Alexander Salazar
