Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
$88,509.00
8.55%$3,402.63
7.78%$220.97
5.19%$649.65
4.29%$0.424704
51.19%$0.677848
16.34%$0.996843
-0.41%$3,390.39
7.52%$0.634693
8.78%$0.00002896
15.55%$37.09
17.97%$0.170073
3.02%$3,984.16
7.02%$5.62
6.30%$88,611.00
9.05%$3,385.55
7.39%$15.11
8.71%$463.55
7.29%$3.08
-2.86%$5.72
12.06%$7.39
2.14%$5.57
5.44%$13.04
20.85%$0.00001463
21.04%$81.30
6.57%$3,545.66
6.88%$9.71
8.77%$0.991076
-0.85%$0.19113
36.22%$9.51
6.44%$589.66
1.05%$1.56
3.42%$0.128074
17.24%$0.144976
-5.97%$24.05
5.70%$0.440973
8.35%$2.15
2.96%$3.19
5.50%$21.81
5.07%$0.996546
-0.55%$157.24
-0.78%$7.36
21.81%$190.89
2.14%$46.78
3.34%$4.55
8.78%$0.679557
8.51%$0.794793
2.78%$26.32
1.08%$1.44
8.68%$0.02914341
12.28%$1.004
0.36%$5.68
2.58%$0.818714
6.33%$0.00003308
31.28%$1.83
10.96%$5.75
10.06%$0.059539
8.27%$6.39
6.43%$3,423.31
8.15%$0.503336
6.78%$0.00020979
18.96%$0.207106
13.40%$1.41
10.22%$3,766.03
7.10%$0.612273
5.15%$2.64
20.85%$1.24
2.58%$1.69
7.91%$3,549.87
7.33%$0.437642
2.68%$1.57
6.66%$3,486.93
7.94%$88,723.00
9.26%$1,535.91
5.32%$1.48
6.44%$11.13
3.53%$0.926441
4.02%$0.161102
11.94%$20.00
3.46%$88,479.00
8.61%$0.130344
24.96%$4.89
-9.92%$10.00
4.00%$62.32
4.53%$0.00291164
22.93%$0.03038512
19.99%$273.20
6.13%$0.02273406
11.66%$0.0000012
25.63%$1.28
1.86%$0.439811
8.07%$3,402.83
8.19%$0.538725
18.48%$0.0233562
3.85%$6.37
-3.30%$1.49
2.14%$3.04
1.40%$68.66
2.34%$1.082
8.69%$0.642376
5.37%$0.01102994
1.74%$12.19
3.18%$89,014.00
9.57%$34.11
10.93%$5.75
2.93%$44.69
4.79%$1.34
7.69%$0.909703
10.56%$0.587934
5.33%$5.85
7.28%$1.22
10.48%$88,449.00
9.16%$12.35
6.13%$88,659.00
9.06%$0.425116
50.68%$0.00004351
10.49%$234.50
6.40%$0.743169
44.36%$0.00802734
6.76%$0.01524176
7.33%$0.172731
5.44%$1.23
6.45%$0.666383
10.06%$3.20
20.76%$3,478.15
7.33%$0.761209
6.19%$3.14
9.24%$0.00000195
0.35%$0.279877
4.04%$0.317194
9.32%$0.129582
-1.02%$0.997123
-0.33%$0.389624
11.63%$0.01034104
11.05%$3,409.94
8.04%$1.56
7.50%$273.15
4.50%$0.830299
6.29%$2.33
-1.53%$3,678.72
7.82%$0.00973179
8.06%$20.04
1.14%$0.711511
-10.48%$43.78
-3.75%$0.072319
8.08%$0.01448766
-0.78%$0.992874
-0.56%$3,409.47
8.21%$2,590.38
-3.00%$0.0000003
4.34%$5.16
4.83%$1.24
2.52%$0.00178005
22.28%$1.34
7.53%$0.089067
8.41%$2.13
7.31%$1.65
7.84%$0.16018
7.73%$0.00010758
6.50%$0.599381
6.21%$225.36
6.36%$3.01
-1.26%$1.71
5.44%$0.276672
11.69%$9.63
7.13%$3,397.08
7.87%$0.155696
14.72%$3,378.63
7.37%$0.07997
0.38%$0.994342
-0.55%$0.994432
-0.56%$10.41
23.88%$2,573.47
-2.88%$28.94
9.97%$0.052396
-10.03%$88,666.00
8.84%$0.519987
59.96%$0.995655
-0.58%$3,412.17
8.30%$3,396.00
7.70%$54.40
4.51%$0.064069
4.67%$0.157499
6.85%$0.255623
15.08%$0.462675
8.79%$88,126.00
8.63%$0.427463
13.98%$0.030769
2.02%$0.00
7.61%$1.10
4.97%$0.00448579
2.48%$7.32
6.29%$12.39
4.33%$0.00000045
2.85%$1.068
0.44%$3.96
2.06%$0.064985
3.85%$0.01436547
13.58%$88,948.00
9.42%$3,598.60
6.58%$0.04559378
3.69%$3,506.80
6.55%$0.00801146
1.54%$102.00
-0.53%$0.80044
2.94%$0.00229852
14.31%$3.13
3.47%$0.314415
7.48%$0.726114
5.76%$3.72
5.69%$0.987642
-1.45%$1.061
-0.82%$3,716.80
6.84%$1.85
6.46%$1.87
5.00%$3,624.15
8.41%$0.374456
15.78%$0.756955
3.20%$1.004
-0.12%$0.528386
8.85%$1.44
-9.18%$0.00452577
6.40%$0.367146
-0.12%$0.362385
8.40%$0.00111708
9.37%$4.33
25.04%$43.44
18.36%$0.070321
3.86%$0.402378
6.77%$1,783.35
8.95%$0.01860177
14.42%$0.00068032
-3.62%$0.290652
2.96%$88,648.00
9.12%$0.99448
-0.58%$0.890328
5.49%$54.68
7.22%$0.394685
8.19%$1.38
-0.87%$0.809566
-5.92%$20.77
7.55%$89,062.00
10.34%$26.89
3.96%$12.80
20.22%$4.12
5.39%$0.01845203
73.76%$3.17
12.56%$0.03162084
8.94%Most crypto markets are in the green today, led by Ethereum. The second-largest cryptocurrency by market cap has jumped over 8% in the last 24 hours.
The price of ETH now sits near $2,700, its highest level in over a month.
The upward movement is happening on the eve of a major upgrade for the network. The London hard fork, as it is called, includes several modifications to the Ethereum code, including EIP-1559.
EIP-1559 changes how transactions are structured on the network. At present, the process is somewhat opaque, as people are left to effectively guess how much they'll need to send to miners—who are processing transactions—to get theirs included relatively quickly. EIP-1559 will institute a base fee, which should have the effect of slightly lowering transaction costs and making them more transparent.
Normally, these sorts of code changes wouldn't get people excited. But EIP-1559 does something else: It burns the transaction fee. Instead of going to miners (who still receive tips and 2 ETH in block rewards for each block they process), the base fee is taken out of circulation by being placed in an inaccessible wallet.
Tim Beiko, a developer with the Ethereum Foundation who is coordinating the upgrade, told Decrypt that EIP-1559 will lower the rate at which new ETH is produced. If the network is congested and base fees rise above 150 gwei (a measure of cost) in response to demand, the network would even burn more in transaction fees with each block than it produces.
Which means ETH will experience some deflationary pressure after the change, akin to how Bitcoin's supply gets squeezed every four years when BTC mining rewards are cut in half. Prices typically pop up when supply is constricted.
There's some question as to whether the effects of that deflationary pressure has already been priced into the current rate, seeing as how ETH's price has more than doubled since the start of the year. If today's upward movement is an indication, traders thought it still had room to grow.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.