Ethereum price prediction: will ether continue to boom – price predictions for the end of 2021 | City & Business | Finances

Ethereum has risen sharply in the past few weeks, thanks in part to its London hard fork that has just been activated. This meant that the code of the second largest cryptocurrency in the world will see big changes. The most recent spike caused the price to jump 28 percent from $ 2,450.08 (£ 1,765.82) at 1:59 p.m. on July 31 to $ 3,141.61 (2,266.62) at 12:59 p.m. today.

The scaling issues, huge transaction fees, and volatility have been addressed in the latest code update.

This was achieved by destroying or “burning” ether coins and making transaction fees more predictable by changing the way they work.

The London hard fork includes EIP-1599, a fee-cutting feature that has been burning $ 8,900 of ether every minute since it went into effect.

Ether founder Vitalik Buterin told Bloomberg: “1599 is definitely the most important part of London.”

Read more: Bitcoin issues are not related to politics as Musk’s tweets are more important

He added that the upgrade was “proof that the Ethereum ecosystem is capable of making significant changes”.

Nic Carter, General Partner of Castle Island Ventures and Co-Founder of Coin Metrics, said, “It adds a lot of complexity to the charge logic, but it’s an interesting approach that could potentially stabilize the charge momentum.”

At the time of writing, Ethereum was trading at $ 3,123.50 (2,253.56), up 2.08 percent over the past 24 hours.

The return for the year is an astonishing 323.03 percent to date.

Dan Morehead, founder of the $ 2.8 billion crypto fund Pantera Capital, predicted that Ethereum would overtake Bitcoin at some point.

Mr Morehead told Reuters, “You are going to see a transition of people looking to store wealth, and that is in ether, not just bitcoin.”

And in June, Nathan Cox, chief investment officer of $ 100 million digital asset investment manager Two Prime, said, “In the long, long, multi-year timeline, Ethereum is going to flip Bitcoin.

“It is only just beginning to be understood by the second tier users. The benefits of Ethereum alone will surpass everything else.”

Bitcoin is currently at $ 43,335.02 (£ 31,232.45) at the time of writing, up 6.16 percent over the past 24 hours.

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