On Sunday, the second-largest cryptocurrency by market capitalization topped $2,350, its highest level since June 18. Investors’ desire for ETH is fueled by bitcoin’s price stability and the prospect of significant protocol improvements.
The expiration of $230 million in Ether (ETH) options on Friday looks to have altered market sentiment in favor of the bulls, at least for the time being, as investors remain cautiously optimistic about the upcoming London hard fork and the possibility that Bitcoin (BTC) has found a firm bottom.
Update on the pricing of ETH
On Sunday, ETH climbed more than 6.5 percent to $2,370, its highest level in almost two weeks. Weekend trade volumes were slightly over $18 billion, which was typical of the weekend.
Ether has a total market capitalization of $274.8 billion at current prices.
On Sunday, the DeFi market, which is primarily based on Ethereum, witnessed a total rise of 9%. According to Coingecko statistics, the total market value of DeFi coins is $67.3 billion.
Meanwhile, Bitcoin’s price increased by 2.6 percent to $35,600.
Last month, the options market saw a struggle between bulls and bears, with both sides predicting significant price swings for Ether leading up to Friday’s options expiry. However, the bulls begin to extend their advantage at the $2,200 price level, as indicated by the call options ratio to put options.
A hard fork in London is on the horizon
On June 24, Ethereum’s London hard fork, including EIP 1559, went live on the Ropsten testnet, paving the way for full mainnet deployment later in July.
Several planned enhancements, including the shift to the eco-friendly proof-of-stake consensus and a new “scarcity” feature that would restrict the number of tokens in circulation, are expected to influence Ether’s value positively.
What the EIP-1559 hard fork means for Ethereum, according to a London tour guide
Analysts predict that as the hard fork approaches, investors will increase their exposure to ETH. According to on-chain data, this is already happening, as Ethereum recorded over 750,000 active addresses last week, far outnumbering Bitcoin.
The data was given by analytics firm Santiment, which termed the active-address flipping as historic.