In the last 7 days the digital asset has gained 28%, four times more than bitcoin.
The dominance of ETH in the market climbed to 19.7%. That of BTC stands at 40.1%.
The cryptocurrency market is speaking loud and clear once again. Ether (ETH), the digital asset of the Ethereum network, reached a price of $4,022 per unit during the morning of this September 3. The cryptoasset had not traded above this figure since May 13 this year when its price was $4,079.
ETH’s rise is bringing it closer to its all-time high of $4,362 that it achieved on May 12. In other words, the cryptocurrency is 9% away from matching its own high, according to the CryptoNews price index
. The push has been most evident over the past 7 days with a 28% increase. In this period the price of the asset went from USD 3,200 to over USD 4,000.
At the time of publishing this article the price of ETH dropped to trade at USD 3,974. However, its trend would remain bullish. The cryptocurrency’s appreciation is also reflected in its market dominance. According to CoinGecko’s metrics
, ETH accounts for 19.7% of the entire market capitalization, while bitcoin’s is 40.1%.
The positive numbers are not only seen in ether’s price. Bitcoin
is trading at $50,700, which represents a 5% gain in the last week. Among the altcoins with the largest market cap also highlights the rise of XRP showing a price of $1.30 (13%), Solana already exchanging for $140 (70%) and Polkadot is above $32 with a 25% increase in the last week.
What is pushing Ethereum’s ether price?
Recent updates to the Ethereum network and other activations would be blowing in favor of ether in the markets. It should be remembered that the smart contract
platform is following a roadmap to migrate its consensus mechanism from Proof of Work (Pow) to Proof of Stake (PoS).
Almost a month ago, the non-contentious hardfork(hard fork
) London took place, a fact reported by CryptoNews. The update brought with it the activation of the EIP-1559 upgrade that adds network commission burning and the appearance of “tips” for miners. The changes bring the promise of turning ether into a deflationary cryptocurrency. <img src=”//www.w3.org/2000/svg’%20viewBox=’0%200%20846%20300’%3E%3C/svg%3E” alt=” width=”846″ height=”300″ /> ETH price surpassed the $4,000 per unit barrier after three months. Source: LiveCoinWatch.
Although this is a slogan that would be achieved in the long term, it would already be impacting the digital asset market. Another reason is that the Ethereum cryptocurrency is cashing in on the overall uptrend. At least since January this year most cryptoasset projects are showing positive figures.
A third aspect that would be influencing the price is the recent activation of Arbitrum. Two days ago this second layer solution that would serve to minimize the payment of commissions went live. This newspaper explained last Wednesday that Arbitrum is a rollup, that is, it “wraps” several transactions in a second layer of Ethereum, without the need to pay high commissions.