Ethereum Soars Ahead Of Major Upgrade, Boosting Bitcoin And The Price Of BNB, Cardano, Polkadot And Solana

Forbes

Ethereum, the second-largest cryptocurrency after bitcoin, is soaring as traders pile into the cryptocurrency ahead of a closely-watched upgrade code-named London.

The ethereum price is up 8% on the last 24 hours, with its rally helping the bitcoin price to tick slightly higher and sending ethereum’s biggest rivals—Binance’s BNB, cardano, polkadot and solana—up between 3% and 10%.

How To Get Free Crypto  

The combined cryptocurrency market, currently dominated by bitcoin and ethereum, has added almost $500 billion since its July lows.

Sign up now for the free CryptoCodex—A free, daily newsletter for the crypto-curious. Helping you understand the world of bitcoin and crypto, every weekday

MORE FROM FORBESBitcoin Fork Suffers ‘Massive’ 51% Attack In Attempt To ‘Destroy’ The Cryptocurrency, Sending Its Price Sharply Lower

The ethereum price has soared in the run to the hotly-anticipated upgrade, with ethereum surging … [+] toward $3,000 per ether token.

SOPA Images/LightRocket via Getty Images

Ethereum’s London upgrade, designed to improve network efficiency and fee predictability, is scheduled to go live around 8am EDT and is part of ethereum’s long-awaited move away from the energy-intensive proof-of-work model to proof-of-stake—allowing users to generate new ether tokens via their exising holdings.

Coinbase Banner  

MORE FOR YOU

The upgrade will also see some of ethereum’s ether tokens destroyed, or “burned”—a change that some think will mean ethereum is able to further close the gap on bitcoin’s $700 billion market capitalization as its tokens become more scarce. Earlier this year, ethereum cofounder Vitalik Buterin said the upgrade could mean ethereum becomes more “sound” than bitcoin.

Ethereum’s price, up a massive 500% on this time last year, has outpaced bitcoin and most other major cryptocurrencies in recent months as the market for decentralized finance (DeFi) and non-fungible tokens (NFTs) explodes.

DeFi, the idea that the likes of lending and insurance can be replicated by software protocols cutting out banks, and NFTs, unique digital crypto tokens tied to media, have both become multi-billion dollar markets over the last couple of years. Almost all DeFi funds and NFTs are currently based and traded on ethereum’s blockchain.

CryptoCodex—A free, daily newsletter for the crypto-curious

MORE FROM FORBESCrypto Price Prediction: Why Bitcoin Could Hit $700,000 In Just 10 Years

The ethereum price has soared by over 500% during the last 12 months, leaving bitcoin in the dust.

Coinbase

However, some of ethereum’s rivals, including Binance’s BNB, cardano, polkadot and solana which proponents claim are already more technologically advanced than ethereum, are hoping to win DeFi and NFT market share.

FreeBitcoin Banner  

“Just like in 2017, ethereum has proven itself to once again be at the epicenter of crypto market activity,” Pete Humiston, manager at Kraken Intelligence, said in a report out this week.

“Both DeFi and the NFT space, two robust industry subsectors worth tens of billions of dollars in their own right, take place almost exclusively in ethereum’s ecosystem today. This may explain why demand has been so resilient. Ether has been an outperformer all this year, and we see no reason why that will change in the near-term.”

Go to Source
Author: Billy Bambrough, Senior Contributor


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.