ETH has climbed past $3,500 for the first time since May 2021 during the market drawdown, and currently trading at $3, 800 at the time of writing. This is a rise of over 20% in the last 7 days.
Ether’s massive price jump did not seem to be market-wide though.
For instance, Bitcoin prices wobbled between $47,000 and $50,000 and only gaining by about 4%. Similarly, ADA, the native token of the Cardano blockchain has increased by 7.6%.
Ethereum has also been on a steady climb, which can be traced back to the London hardfork event which occurred on 4th August 2021.
The most significant improvement in the ‘Ethereum London Hardfork,’ was Ethereum Improvement Proposal 1559 (EIP-1559), which introduced a transaction fee burning mechanism with the intention to restructure processing fees on the platform.
In the new structure, users pay a base fee. This base is burnt each time its paid removing it from circulation.
Over the month of August 2021, Ether has risen 35.10% as Ethereum burned over $500 million worth of tokens(147,759 ETH) in the wake of EIP-1559’s activation.
Much of the increased activity, and subsequent burns is tied to the resurgence of non-fungible tokens sales which overwhelmingly take place on the Ethereum blockchain.
For example, leading NFT marketplace, Opensea recorded $3.08 billion in monthly volume for August 2021, which is an 800% increase from the previous mont
h. Popular NFT collections such as the Bored Ape Yacht Club, Meebits, and CryptoPunks have seen their sales volumes skyrocket by more than 300% in August 2021.
According to the industry tracking website, CryptoSlam, $613,091,120 worth of Punks sold in August 2021 – which is the highest monthly sales figure in the 3 years since the project’s launch. This has sent its all time high volume past $1 billion.
Since the beginning of 2021, ETH has gained 380%, which is likely boosted by the surge in NFT and DeFi activity that have similarly experience massive growth throughout 2021.
RECOMMENDED READING: OpenSea Sees Over 800% Growth in NFT Sales, Blows Past $3 Billion in August 2021
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