Ethereum Tops $3,000 As Bull Rally Continues, Hitting Its Highest Level Since May.
08 Aug 2021, 08:00
Ethereum Tops $3,000 As Bull Rally Continues, Hitting Its Highest Level Since May
On August 7, Ethereum crossed above $3K in an ongoing crypto market rally, hitting a three-month high.
ETH Is Breaking OutThe past few days have been interesting for the crypto markets. Talk regarding dueling amendments to a cryptocurrency tax reporting requirement in the United States bipartisan infrastructure bill being passed in Congress has been swirling around. While industry pundits suggest one amendment supported by the White House could deal a big blow to the crypto industry, markets are seemingly unfazed.
ETHUSD Chart by TradingViewThe price of ethereum blasted past the $3,000 level on Saturday for the very first time since May. The world’s largest altcoin by market value was able to break out of the trading range it had been stuck in the wake of the successful activation of the latest hard fork upgrade dubbed “London”.
This is an Ethereum blockchain upgrade that introduced several improvements to the protocol. The Ethereum Improvement Proposal (EIP) 1559 is undoubtedly the most important part of London as it has tweaked the fee generation mechanism leading to a portion of the base fees being burnt.