Ether Rises to A Two-Week High as Anticipation Over Key Upgrades on The Network Gain Traction
Just recently, Ether skyrocketed to reach the highest it’s been in the past two weeks. The gain can be attributed to the anticipation that’s building up, in relation to the forthcoming upgrades on the network.
On Sunday evening, it reached a high of $2,392. The last time it peaked to such a level was back in mid-June.
However, it dropped slightly on Monday to end at $2,296 but picked up the pace on Tuesday. Even then, this is a significant increase of about 900% compared to the same time last year.
Unfortunately, it’s still a bit of a decrease compared to the record-breaking level of $4,357 it had attained in May.
According to analysts, the past week has seen this digital currency gain a lot more traction than the likes of Bitcoin.
Many have attributed this to the upgrades that are set to be introduced to the network in the forthcoming weeks and months.
One of these upgrades is the EIP-1559, a feature that will transform the network in a massive way. To be more specific, it will allow ether coins to be destroyed. The purpose of this will be to reduce the supply of the coins; hence, increase chances of the price appreciating.
This and more upgrades are scheduled to be introduced soon. It’s expected that in the next two months, these changes will be fully in place.
On the whole, the cryptocurrency market has displayed resilience following the sharp declines that were encountered in May.
In the course of June, Bitcoin’s price dropped below the $30,000 mark. But, it has since recovered and is currently trading at $33,850 as of Tuesday.
Analysts believe that one factor that has aided the recovery of the crypto market is the George Soros’ fund.
But, many are worried about the regulations being imposed, which could potentially cause the so-called crypto bubble to burst.
At the time of writing, ether is trading at $2,282.36.