Ethereum network has completed its upgrade and the EIP-1559 has been activated. The highly anticipated upgrade is a monument for the Ethereum network and the price of ETH rallied before the upgrade.
According to Coinmarketcap, Ether has risen by more than 5% in the last 24 hours to $2787, and it has gained over 20% in the last 7 days. In contrast, Bitcoin has fallen slightly in the last 24 hours to $39,000 and has fallen by 2.7% in the last 7 days. ETH outperformed BTC in the past 7 days.
In this upgrade, 5 Ethereum Improvement Proposals (EIP) are embedded in the code of the Ethereum network. Among them, EIP-1559 is a solution to the pricing mechanism of Ethereum network transactions. The remaining 4 EIPs include: optimizing the user experience of smart contracts and enhancing the security of the second-layer network for fraud-proof (EIP-3198); solving the attacks caused by the current Gas return mechanism (EIP-3529); to facilitate further updates of Ethereum in the future (EIP-3541); to help developers better transition to Ethereum 2.0 (EIP-3554).
In the past few months, the high gas fee and network congestion have become the major concerns of users.EIP-1559 drastically changed the calculation method of transaction fees, making transaction fees on the Ethereum blockchain more predictable and cheaper.
One problem with the upgrade is that it reduces the profits of miners. The burning mechanism makes ETH more scarce. If the block reward is lower than the burned ETH, it may cause deflation. In less than a day after the upgrade, about 3,395 ETH were burnt.
In the long-term, the upgrade is good for Defi and NFTs as it makes the cost more acceptable. Besides, the burn mechanism could help ETH become deflationary, like Bitcoin, making it more valuable. More people are looking into ETH as it is easier to own a whole ETH than a BTC. Healthy fundamentals and a striving ecosystem Ethereum are expected to drive the price of Ethereum higher in the long term
How to invest?
Futures trading is one of the most popular tools to grow your wealth. You can benefit from price swings to earn money by speculating the direction of crypto’s price. Bexplus is a leading crypto derivatives platform accredited by MSB (Money Services Business). Bexplus offers 100x leverage in BTC, ETH, Dogecoin, LTC, and XRP futures contracts. Headquartered in Hong Kong, Bexplus is trusted by over 800K traders around the world, including the USA, Japan, Korea, and Iran. No KYC, no deposit fee, traders receive the most attentive services, including 24/7 customer support.
- 10 Free BTC for Simulated Trading
Bexplus users can get a demo account to simulate the real trading environment and strategy with 10 BTC. You can practice trading skills and learn about how to analyze the market trend with the trading simulator. Even if you make wrong predictions and analyses, you will not lose a penny.
- BTC Wallet: up to 21% Annualized Interest Without Any Risks
Bexplus users can gain profits not only from trading. Join the Bexplus wallet, you can earn up to 21% annualized interest without taking risks. With up to 21% annualized interest, it is no doubt one of the most profitable rates in the industry. While most lending platforms require traders to deposit at least 1 BTC, traders can make a deposit starting from 0.05 BTC on Bexplus.
- Trade Freely on Android & iOS
The top-ranking Bexplus app integrates all the necessary functions and tools (real-time charts, a variety of indicators, news alerts, etc.) while keeping a minimalist and intuitive interface. With the Bexplus app, you can manage your account anywhere and anytime you want. Furthermore, the 24/7 notification could keep you updated with big price movements, making it easier to secure your positions.
To help traders earn more cryptocurrency, leading crypto derivatives exchange Bexplus has launched a 100% deposit bonus promotion to all traders. If you deposit 1 BTC, 2 BTC will be credited to your account. Every user can get up to 10 BTC for each deposit.
Sign up now and make money right away
The post Ethereum’s London Hard Fork Activated: Will The Price Rally? appeared first on Ripple Coin News.
Credit: Source Link