Ethereum gains 20% rise in price.
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Ethereum Upgrade “London” goes Live
The Ethereum upgrade codenamed London went live today accelerating the the volume of trade resulting in 20% price increase, with Bitcoin still coasting at little over $40,000 price.
With Ethereum pushing $3,000 price, other other cryptocurrency price also experienced growth pushing the recent $1.2 trillion July lows to a near $2 trillion market price volume.
Will ethereum flip bitcoin as world’s biggest crypto by value ? According toTim Sabanov, the chief technology officer at Scotland-based bitcoin and crypto platform Zumo, said in emailed comments ahead of ethereum’s scheduled upgrade to Forbes noted that, ” ethereum could flip bitcoin as world’s number one cryptocurrency.
Ethereum’s London upgrade is designed help the blockchain overcome and make surging transaction fees more manageable. The upgrade is part of ethereum’s long-awaited move away from the energy-intensive proof-of-work model used by bitcoin to proof-of-stake—allowing users to generate new ether tokens via their existing holdings—and known as ethereum 2.0. The upgrade is expected to be fully completed by the year 2022.
“What ethereum has done is look at something that already exists—bitcoin—and made it better,” said Sabanov. “It has an extremely vibrant developer community and that means that the ecosystem is growing at astonishing speed.”
Ethereum bulls point to the network recently overtaking bitcoin in a number of closely-watched metrics and its price performance relative to bitcoin over the last year as justification of their predictions. Ethereum has soared 600% over the last 12 months, compared to bitcoin’s 250% increase.
Ethereum’s upgrade will also see some ethereum tokens destroyed, or “burned”—limiting new tokens coming onto the market and, in theory, making the tokens more scarce.