After the London Hardfork or EIB 1559 update meni live on August 5, the price of Ethereum has risen, and the most recent rise is above the $ 3,800 psychological level.

Before touching the $ 38,000 level, ETH has crossed the $ 35,000 milestone. Data analysis company IntoTheBlock explained:

“When the ETH crosses the $ 3,500 hurdle, the number of major events (> $ 100,000) will peak since June 22 at $ 16.15 billion.”

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Therefore, the price increase caused trades of more than $ 100,000 to go through the roof of the Ethereum network.

The London Hardfork update added scarcity whenever Ether was burned at events after use. This feature helped eliminate the inflationary tendencies the network was used to in the past.

The unchangeable Ethereum whales dominate

By for chain meter provider Santiment:

“The ratio of ETH’s top ten non-exchange whales is now 3.12 times more ETH than ten exchange whales. Great brand. “

This shows a culture of keeping, as more whales keep Ethereum in cold storage and digital wallets, which is on the rise.

At the same time, non-convertible brand (NFT) and decentralized financing (DeFi) sectors have played an important role in the Ethereum rally, based on the prominent participants they bring.

For example, the market value of NFT in the ETH network is estimated at $ 11 billion naked by Messari Crypto researcher Ryan Watkins.

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NFTs are block chain-based digital resources, the value of which is tied to their uniqueness, as these logos are not divisible and must be purchased in their entirety.

Various industries have entered the NFT mode. For example, Coca-Cola started its first NFT collectibles in honor of International Valentine’s Day.

On the other hand, World Wrestling Entertainment (WWE), a US integrated media and entertainment company known primarily for professional wrestling announced The creation of the NFT was inspired by 16-time world champion John Cena.

Image source: Shutterstock

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