Ethereum updated two-week High of the cost
Ethereum updated two-week high of the cost
Ethereum price again exceeded $ 2.3 thousand on the eve of an important update, which is scheduled for July 21.
On Sunday, July 4, Ethereum updated its two-week maximum value at around $ 2.3 thousand. As of July 5, the cryptocurrency rate was $ 2.2 thousand. Yesterday, the altcoin market capitalization reached $ 274 billion. The growth of quotations on the weekend occurred after the Friday expiration of Ethereum options for $ 230 million.
Ethereum rises in price ahead of the London hard fork, which is due to take place on the main network of the project on July 21. The update was launched on testnet on June 24th. It is expected to positively impact altcoin quotes thanks to several changes, including the introduction of a feature that will reduce the number of tokens in circulation.
The London update will take place as part of the cryptocurrency’s transition to protocol 2.0. This solution will scale the original blockchain and make it more user-friendly. The main feature of Ethereum 2.0 is the network’s transition to Proof-of-Stake (PoS) consensus, which does not involve mining. Now, altcoin, like bitcoin, works on a Proof-of-Work consensus.
Two weeks ago, on June 23, 2021, the Ethereum 2.0 blockchain registered the largest one-day inflow of coins in the amount of 134,112 thousand ETH. At the same time, the supply of ETH on exchanges is declining, which is a bullish indicator.
The accumulation of ETH by institutional players seems to be quite active. In less than three months after launch, the Canadian Purpose Ether ETF has amassed over 60,000 ETH coins. Currently, the total assets of the PurPose Ethereum ETF are $ 155 million.
Last week, SkyBridge Capital founder Anthony Scaramucci announced that his firm will soon launch an Ethereum fund as SkyBridge is now shifting its focus to alternative crypto funds to Bitcoin. Subject to regulatory approval, the company is also ready to create an Ethereum ETF.
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