After the London hard fork upgrade, the price of Ethereum continues to rise, recapturing a level it hasn’t seen in nearly three months.
Following the recent introduction of a major network update, Ethereum’s price has risen to $3,000 for the first time since the market’s wild fall in mid-May. According to CoinMarketCap data, the price of ETH is $3,009 as of this writing.
While still far off Ethereum’s all-time high of roughly $4,357 achieved on May 12, according to CoinGecko, ETH hasn’t been valued this high in nearly three months. It has fallen under $3,000 since May 19, when the entire cryptocurrency market began to fall after months of rising.
Tesla’s decision to cease taking Bitcoin, as well as the uncertainty surrounding China’s crypto crackdown, are mentioned as major factors for the fall. Bitcoin and Ethereum both dropped more than half of their value from all-time highs in April or May to current lows, and practically the entire cryptocurrency market followed suit into a summer slump as early-year gains were widely erased.
Ethereum, in instance, has fallen below $2,000 at many points recently, most recently on July 22. However, the second-largest cryptocurrency by market cap has been steadily increasing since, gaining more than 50% in value in a few of weeks as the price exceeded the $3,000 barrier Monday.
Although the overall market has been rising recently, Ethereum’s surge has been ascribed in part to the implementation of the long-awaited London hard fork, a network upgrade that includes many community improvement recommendations.
The London hard fork alters how the network calculates fees, potentially saving users valuable Ethereum when they do transactions. Crucially, it then burns those fees—or removes them from circulation—rather than rewarding them to network miners, introducing a deflationary component to Ethereum that steadily reduces the supply of Ethereum.