Bitcoin
BTC$23 122.84

-2.86%

Ethereum
ETH$1 700.88

-4.06%

Tether
USDT$1.000260

0%

USD Coin
USDC$0.999974

0.01%

Binance Coin
BNB$320.57

-0.95%

Binance USD
BUSD$1.000093

0.02%

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.”


Related

Influencers Talk about a Very Long Crypto Spring
Influencers Talk about a Very Long Crypto Spring
Ethereum's bearish U-turn? ETH price momentum fades after $1.6K rejection
Ethereum's bearish U-turn? ETH price momentum fades after $1.6K rejection
Ether price stalls at $1,630 after gaining 50% in under a week
Ether price stalls at $1,630 after gaining 50% in under a week
Institutional investor sentiment about ETH improves as Merge approaches
Institutional investor sentiment about ETH improves as Merge approaches
Bitcoin and Ethereum: More Upside
Bitcoin and Ethereum: More Upside
Cryptocurrencies: Run or Wait?
Cryptocurrencies: Run or Wait?
MultiBank Group Leverages Its Power to Increase Global Crypto Adoption
MultiBank Group Leverages Its Power to Increase Global Crypto Adoption
Bitcoin and Ether reached two of three bears' targets
Bitcoin and Ether reached two of three bears' targets
Ethereum double Doji pattern hints at a 50% ETH price rally by September
Ethereum double Doji pattern hints at a 50% ETH price rally by September

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 80.8% 35 $23 122.84 -2.86% -0.45% $442 052 020 709 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 66% 68 $1 700.88 -4.06% 3.39% $207 345 459 308 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $1.000260 0% 0.01% $66 535 272 689 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 93.2% 1 $0.999974 0.01% -0.03% $54 016 698 575 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 69.2% 62 $320.57 -0.95% 10.84% $51 719 631 454 BNB 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 90.8% 1 $1.000093 0.02% 0% $17 752 948 934 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 80.4% 36 $0.364958 -3.13% -1.47% $17 643 223 456 XRP 7 days price change
8 Cardano (ADA) ADA Cardano predictions 75.2% 50 $0.513095 -3.49% 1.17% $17 318 267 019 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 78% 44 $39.93 -5.35% 2.69% $13 912 448 632 SOL 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 94.8% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 69.6% 62 $8.75 -3.49% 8.64% $9 674 125 229 DOT 7 days price change
12 HEX (HEX) HEX HEX predictions 64% 70 $0.054574 -4.20% 18.58% $9 463 792 913 HEX 7 days price change
13 Dogecoin (DOGE) DOGE Dogecoin predictions 84% 28 $0.068520 -5.27% 1.34% $9 090 549 257 DOGE 7 days price change
14 Avalanche (AVAX) AVAX Avalanche predictions 70% 55 $27.88 -0.14% 18.06% $7 943 269 330 AVAX 7 days price change
15 Dai (DAI) DAI Dai predictions 93.6% 1 $1.000408 0.10% 0.03% $7 524 853 234 DAI 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.