Ether (ETH) options worth 230 million has laid solid ground.
ETH rose more than 6.5% to $ 2,370 on Sunday, its highest level in more than two weeks, according to Cointelegraph Markets Pro. The trading volume over the weekend remains at a characteristic low of just over 18 billion US dollars.
At current values, Ether has a total market capitalization of $ 274.8 billion.
The DeFi market, which is largely built on Ethereum, posted a cumulative gain of 9% on Sunday. The total market value of DeFi Coins is $ 67.3 billion, according to Coingecko data.
Meanwhile, Bitcoin price broke the $ 35,600 mark, up 2.6%.
The battle between bulls and bears was evident in the options market last month, with both sides anticipating extreme price volatility for Ether leading to the option’s expiration on Friday. As Cointelegraph reported, the bulls are starting to take their lead at the $ 2,200 price level, as evidenced by the ratio of calls to put options.
Ethereum’s London hard fork, which includes the highly anticipated EIP 1559, was launched on June 24th on the Ropsten Testnet, setting the stage for the full rollout of the mainnet by the end of July.
The hard fork is forecast to have a positive impact on the value of Ether thanks to several proposed upgrades, including a transition to a green proof-of-stake consensus and a new “scarcity” feature of traffic.
Connected: London Tour Guide: What EIP-1559 Hard Fork Promises for Ethereum
Analysts expect investors to increase their exposure to ETH, which will lead to the hard fork. On-chain data shows that this happened when Ethereum registered over 750,000 active addresses last week, significantly overtaking Bitcoin.
The analytics company Santiment, which provided the data, describe Active address becomes “History”.
On a day when we experience history with. have been done # Ether overcome #Bitcoin in addresses that are working daily for the first time, #altcoins Come play. $ KSM, $ COMPand $ ZIL among many projects that have been established in the market while $ BTC fluctuates around $ 34,5,000. https://t.co/cwjGvrLLeX pic.twitter.com/3AFQ0MHbcT
– mood (@santimentfeed) June 29, 2021
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