In the world of cryptocurrencies, the past week has been one for the books. From the massive growth of Bitcoin Cash to the meteoric rise of Dogecoin, it has been one for the history books. But despite new narratives being formed each and every day, there is still an awful lot we don’t know about the future of this market.
The price of cryptocurrency has been rather bullish over the past 24 hours, with monero leading the way. The price of monero is up almost 30% to $180, while ethereum is up over 9% to $230 and dogecoin is up by over 4% to $0.0633. The only major altcoin that is down today is ripple, which is down by about 12% to $0.65.
Cryptocurrency markets are showing signs of life this week, with Ethereum, Dogecoin, Uniswap all posting gains as the overall market recovers from weekend losses.
According to statistics from various sources, Ethereum surpassed the $3,000 barrier yesterday as leading coins surged on news of favorable cryptocurrency legislation in the United States.
As seen in the chart below, the asset is now trading just over $3,000, with a resistance zone around $3,160.
TradingView image of ETH/USD.
It is, however, still in a strong upswing, having risen from $1,700 last month to the current price level. The Relative Strength Index, a tool used by traders to evaluate a stock’s or other security’s price momentum, is neither overbought nor underbought, indicating that the asset is not due for a correction.
Other cryptos topping the green charts were Dogecoin (+6%), Uniswap (+11%), and Litecoin (+9.4%), with Bitcoin and XRP moving just +4% and +2.9 percent, respectively.
What’s the deal with Ethereum pumping?
The newly implemented EIP-1559 upgrade, which burns a specific amount of ETH each time a transaction is processed by miners on the network, is a huge fundamental element propelling Ethereum.
EIP-1559 was originally proposed in 2018 as a solution to fee volatility and stuck/delayed transactions, and it was considered one of the most important and awaited advancements on the Ethereum blockchain since its creation in 2015.
For Ethereum users, the update makes costs more predictable. Unlike the previous consensus architecture, users are now paid a ‘base transaction cost,’ which is algorithmically determined by how busy the network is, and users may then ‘tip’ miners to get their own transactions processed faster.
And it’s a resounding success. Over 20,980 ETH have been destroyed in less than a week, worth more than $65 million at current rates. Each minute, 3 ETH is burnt, with an average of 0.5 ETH destroyed every block.
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The cryptocurrency market continues to show signs of life. In fact, it’s been powering higher for well over a month. So far this month, the market has managed to gain $15 billion in value, and at the time of writing is trading at a $30 billion premium to last months highs.. Read more about uniswap price news and let us know what you think.
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