Bitcoin
BTC$16 815.91

2.46%

Ethereum
ETH$1 262.81

4.49%

Tether
USDT$0.999941

0.02%

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Ether price hits 2-week high as London hard fork momentum builds


05 Jul 2021

#Ethereum

The second-largest cryptocurrency by market capitalization peaked north of $2,350 on Sunday, its highest reading since June 18. Bitcoin price stability and anticipation of major protocol upgrades are fueling investors’ appetite for ETH. Ether’s (ETH) $230 million options expiry on Friday appears to have shifted market sentiment in favor of the bulls, at least momentarily, as investors remain cautiously optimistic about the upcoming London hard fork and the prospect that Bitcoin (BTC) has established a firm bottom. 

ETH price update

ETH rose more than 6.5% to $2,370 on Sunday, the highest in over two weeks, according to Cointelegraph Markets Pro. Weekend trade volumes remained characteristically low at just over $18 billion. Ether's price sees renewed upside on Sunday. Source: Cointelegraph Markets Pro

At current values, Ether has a total market capitalization of $274.8 billion. The DeFi market, which is largely built on top of Ethereum, saw cumulative gains of 9% on Sunday. The total market value of DeFi coins is $67.3 billion, according to Coingecko data. Meanwhile, Bitcoin’s price crossed $35,600, having gained 2.6%.

The battle between the bulls and the bears was on display in the options market last month, with both camps expecting extreme price fluctuations for Ether leading into the options expiry on Friday. As Cointelegraph reported, the $2,200 price level is where the bulls start to increase their lead, as evidenced by the ratio of call options to put options.

London hard fork looms

Ethereum’s London hard fork, which contains the highly anticipated EIP 1559, launched on the Ropsten testnet on June 24, setting the stage for full mainnet implementation later in July. The hard fork is anticipated to have a positive impact on Ether’s value thanks to several proposal upgrades, including the transition to the eco-friendly proof-of-stake consensus and a new “scarcity” feature that will reduce the number of tokens in circulation.

Analysts expect investors to increase their exposure to ETH leading into the hard fork. On-chain data suggests this is already happening as Ethereum registered over 750,000 active addresses last week, exceeding Bitcoin by a considerable margin.

Analytics firm Santiment, which provided the data, described the active-address flippening as “historic.”


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 61.2% 80 $16 815.91 2.46% 2.22% $323 213 771 261 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 64.8% 79 $1 262.81 4.49% 8.80% $154 535 308 538 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.8% 1 $0.999941 0.02% 0.09% $65 358 819 507 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 66.4% 67 $298.40 -0.55% 0.49% $47 735 233 591 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 91.6% 1 $0.999977 -0.02% -0.02% $43 305 374 728 USDC 7 days price change
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7 XRP (XRP) XRP XRP predictions 68.8% 66 $0.402021 2.91% 7.66% $20 217 649 686 XRP 7 days price change
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11 Polygon (MATIC) MATIC Polygon predictions 63.6% 72 $0.866314 4.01% 2.62% $7 566 657 745 MATIC 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 69.6% 67 $5.37 2.22% 0.69% $6 126 105 270 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 90.8% 1 $0.999600 0% 0.02% $5 652 893 809 DAI 7 days price change
14 Litecoin (LTC) LTC Litecoin predictions 62% 74 $77.93 2.83% -0.18% $5 589 341 445 LTC 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 68.8% 66 $0.053825 0.77% 5.80% $5 472 681 192 WTRX 7 days price change

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