Ether Price Records 2-Week High on Enthusiasm Over London Hard Fork
The expiration of $230 million in Ether (ETH) options on Friday looks to have altered market sentiment in support of the bulls, at least briefly as investors stay hopeful about the forthcoming London hard fork and the possibility that Bitcoin (BTC) has found a strong bottom.
As per Coingecko.com, ETH gained over 6.5% to $2,370 on Sunday, the highest level more than two weeks. Weekend trade volumes were slightly above $18 billion, which was typical of the weekend. Ether has an aggregate market capitalization of $274.8 billion at current prices. On Sunday, the DeFi market, which is primarily based on Ethereum, witnessed a total rise of 9%.
As per Coingecko statistics, the aggregate market value of DeFi coins is $67.3 billion. In the meantime, Bitcoin’s price increased 2.6% to $35,600.
In May, the bulls and bears battled it out in the options market, with both sides predicting huge price swings for Ether as options expire on Friday. Notably, the bulls begin to extend their gains to the $2,200 price level, as shown by the ratio of call options to put options.
On June 24, Ethereum’s London hard fork, which includes the much awaited EIP 1559, went live on the Ropsten testnet, paving the way for complete mainnet deployment later in July.
Numerous planned enhancements, such as the shift to the eco-friendly proof-of-stake consensus and an unique “scarcity” functionality that would restrict the amount of tokens in circulation, are expected to have a beneficial influence on Ether’s value.
Analysts predict that as the hard fork approaches, investors will boost their exposure to ETH. According to on-chain data, this is currently take place, as Ethereum recorded more than 750,000 active addresses last week, far outnumbering Bitcoin.
The active-address flipping was termed as “historic” by Santiment, the analytics business that compiled data.
🥳 On a day that saw history be made with #Ethereum surpassing #Bitcoin in daily active addresses for the first time, #altcoins came to play. $KSM, $COMP, and $ZIL were among many projects to make an imprint on the markets, while $BTC ranged around $34.5k. https://t.co/cwjGvrLLeX pic.twitter.com/3AFQ0MHbcT
— Santiment (@santimentfeed) June 29, 2021