Ether price hits 2-week high due to the momentum of the London hard fork

The second largest cryptocurrency by market capitalization peaked yesterday (July 4th) at $ 2,350, its highest since June 18th. Bitcoin price stability along with predictions of future releases Ethereum’s major upgrade whets investor appetite for ETH.

The $ 230 million ether options expiring on Friday (July 1) appear to have shifted market sentiment in favor of the bulls, at least for now, as investors cautiously optimistic about the upcoming London hard fork and the prospect of solid Bitcoin performance remain bottom.

Ether price update

Ether rose more than 6.5% on Sunday to $ 2,370, its highest level in more than two weeks. Weekend trading volume remains at a characteristic low of just over $ 18 billion.

Ether price will rise again on Sunday | Source: Tradingview

At current values, Ether has a total market capitalization of $ 269.8 billion.

The DeFi market, which is largely built on Ethereum, posted a cumulative gain of 9% on Sunday. The total market value of DeFi is according to information from. $ 73.8 billion Münzenko.

Meanwhile, Bitcoin price topped $ 34,900, a modest 1% increase.

The battle between bulls and bears was evident in the options market last month, with both sides anticipating extreme price volatility for Ether when the option expires on Friday. How Bitcoin magazine reported the price level of $ 2,200 is the point where the bulls begin to dominate as the put / call ratio shows.

The London hard fork is getting closer

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 a full mainnet rollout by the end of July.

The hard fork is expected to have a positive impact on Ether price thanks to several proposed upgrades, including a transition to an eco-friendly proof-of-stake (POS) consensus and a “scarcity” feature that controls the amount of Ethers reduce traffic.

Analysts expect investors to increase their exposure to ether ahead of the hard fork. On-chain data shows that it did when Ethereum had over 750,000 active addresses last week, significantly outperforming Bitcoin.

The analysis company Santiment has described the active address flipping as a “historic event”.

???? On a day that history was made with #Ether surpassing #Bitcoin for the first time in daily active addresses, #altcoins came to play. $ KSM, $ COMP, and $ ZIL were among many projects that were to gain a foothold while in the markets $ BTC was about $ 34.5,000. https://t.co/cwjGvrLLeX pic.twitter.com/3AFQ0MHbcT

– Santiment (@santimentfeed) June 29, 2021

Experience a historic day when Ethereum first surpassed Bitcoin in terms of daily active addresses. KSM, COMP and ZIL are among the many projects that are making a name for themselves in the market, while Bitcoin is around 34,500 US dollars. “

You can see more details about the Ether price.

Mr. Teacher

According to Cointelegraph

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