The courses are bubbling again, the overall market is aiming for a new record high and Ether is heading for new shores. The mark update.
The crypto market is back on the sunny side just in time for the weekend. Yesterday’s storm seems to have passed, the total market capitalization is scratching again at a record high of over 2.7 trillion US dollars and is therefore well on the way to breaking the sound barrier of three trillion USD. With a daily plus of seven percent, the Ether course (ETH) is particularly gaining momentum and a few days after the most recent hard fork in the Ethereum network, it reached a new record high of 4,416 US dollars. Bitcoin gets going a bit more tired, but with an increase of 3.5 percent compared to the previous day, it is well above the 60,000 mark again. At press time, the largest cryptocurrency is trading at $ 61,213.
Top performer among the ten largest cryptocurrencies Binance Coin (BNB), which is only five US dollars short of the 500 US dollar threshold with an increase of eight percent. Cardano (ADA) and XRP each gained around three percent, Polkadot (DOT) four percent. Solana (SOL) is picking up a plus of six percent. Meanwhile, it remains exciting in the lower ranks. Dogecoin (DOGE) and Shiba Inu (SHIB) both slide two percent into the red and continue to compete neck and neck for ninth place. With a $ 1 billion lead, Shiba Inu’s market capitalization is just ahead of the game again.
ETH-ATH after Ethereum upgrade
On Wednesday, Ethereum received the third hard fork of this year, which further prepares the network for the ongoing switch to Proof of Stake (PoS). “Altair” has introduced a light client support, which enables the synchronization of light nodes with validators in the beacon chain. In addition, the fork has implemented the slashing procedure, which penalizes validators with stake deductions in the event of misconduct. Unlike the previous hard fork “London”, Altair does not initially affect users: inside the mainnet.
The previous hard fork, on the other hand, unfolds its effect unchecked. The update EIP-1559 (Ethereum Improvement Proposal) implemented with London in August has replaced the jumble of fees with a basic fee that dynamically adapts to the block utilization. When the network is busy, the fees rise, when the load is low, they decrease. With the update doubling the maximum block utilization to 25 million gas units, the fees should actually have leveled off in the lower range.
Actually. Because with one average transaction fee of currently 0.01 Ether (around 42 USD), the usury has still not come to an end. But where London leaves a lasting footprint is with ether supply. Since the fees do not flow to miners as they did before, but have been burned since then, i.e. they have been repaid from the amount in circulation, the ether inventory is increasingly decreasing. This triggers a price-driving deflation effect. In the meantime, the quota has already reached $ 3 billion in ether melted.