Ethereum Rises Above $3,000 for First Time Since May

The price of Ethereum keeps climbing after the London hard fork upgrade, recapturing a level it hasn’t held in nearly three months.

The price of ETH passed $3,000 today, the first time it has been this high since the May market freefall.

Ethereum’s recent London hard fork upgrade is cited as a reason for the rise, although the wider crypto market is also up.

Ethereum’s price continues to climb following the recent launch of a major network upgrade, and today it passed the $3,000 level for the first time since mid-May’s market freefall. As of this writing, the price of ETH sits at $3,009 according to data from CoinMarketCap.

Tesla’s decision to stop accepting Bitcoin and uncertainty around China’s crypto crackdown are cited as key reasons for the decline. Bitcoin and Ethereum alike lost more than 50% of their value from all-time high levels set in April or May to recent low marks, and nearly the entire cryptocurrency market followed suit into a summer slump as early-year gains were widely erased.

Ethereum in particular fell under $2,000 at multiple points of late, most recently on July 22. However, the second-largest cryptocurrency by market cap has been steadily growing since, packing on more than 50% in value in a matter of a couple weeks as the price surpassed the $3,000 mark today.

Ethereum’s rise in particular has been attributed in part to the launch of the long-awaited London hard fork, a network upgrade that implements multiple community improvement proposals.

The London hard fork changes the way that fees are calculated by the network, potentially saving users precious ETH as they make transactions. Crucially, it then burns those fees—or removes them from circulation—instead of awarding them to network miners, adding a deflationary element to Ethereum that gradually lowers the supply of ETH.

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