Ethereum hits $3000 for the first time since May 2021
Following the successful London hard fork, Ethereum continues to gain momentum. The second cryptocurrency on the market has broken the $3,000 mark on Binance, last recorded in May this year.
Although Ethereum is still far from repeating its success on May 12, when it hit an all-time high of $4,362, the token is not going to give up. Its value has been steadily moving forward since the hard fork in the ETH blockchain and, according to the most optimistic forecasts, as early as next week it may reach levels above $3,500 on the largest cryptocurrency exchanges. Currently, the price of ETH on Binance is $3,165.
Since May 19, the entire crypto market has plunged into a downward spiral. Events such as a strict ban on mining throughout China, Tesla's decision to suspend BTC as a means of payment, and others have hit the value of the major digital currencies in the market, which has lost more than 50%. Following them, altcoins immediately underwent a downtrend.
The price of Ethereum, in particular, was less than $2,000 on July 22, however, the innovations that London brought to the blockchain managed not only to stop the fall but also turn it into a confident growth in the ETH rate.
Since its launch this Thursday, Ethereum has been burning the equivalent of $12,000 tokens per minute. According to Etherchain, at the time of writing, about 9,215 ETH worth over $29.16 million has been burned in total.
Do not forget the fact that the hard fork also made life much more difficult for miners, making mining more labor-intensive. Many fear what might happen to the blockchain after the activation of the “Difficulty Bomb” delayed by EIP-3554 until December 1, 2021. Others, on the contrary, are waiting for this as a “holiday”, believing that after this event the price of the cryptocurrency will skyrocket.
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