Top 3 Interesting Reasons for Ethereum Price Spike

Top 3 Interesting Reasons for Ethereum Price Spike

In recent weeks, the entire crypto market is bullish resulting in a price rise for all the digital assets. Ethereum which is the second largest digital asset is now buzzing into the ears of all investors through its price surge. Thus, ETH holders are very excited and believe it is a valuable asset in the near future. 

On September 3rd, the value of Ethereum skyrocketed nearly to $4000 and thereby maintaining its standard till today. Thus, Ethereum performance in the crypto market attracts large users making them predict that ETH can exceed BTC. Through this ETH is gaining more popularity with its innovative developments in the marketplace. 

Three Eminent Reasons for ETH Surge

One of the main reasons for Ethereum to be the recent trend is because of the Non-fungible tokens (NFTs). The unique specialty of Ethereum is its open source blockchain system which works as a platform for other crypto assets as well. Many creative NFTs are based on ETH blockchain technology. 

As a real example, the CEO of Tron Justin Sun shared his purchase of expensive artworks for a massive amount of $2M. The beautiful masterpieces were owned by Sun for the NFT allocation over $30 million. Along with this, in mid August, NFT CyberKongz burned 1,240 ETH in just 5 hours which recorded the highest ETH burning fees.  So NFTs are a valuable asset for Ethereum price rise as it increases both its transaction fees and gas prices. 

The Second important reason is the launch of Ethereum’s  ‘London’ hard fork, an upgrade for its users worldwide. More so, the enhancement is about releasing the Ethereum Improvement Proposals (EIP). This EIP includes five unique proposals with codes EIP 1559, 3554, 3529, 3198, and 3541. In this, the most valuable code of EIP 1559 which reduces the volatile fees and increases the market fee to a notable percentage. 

Finally, the third significant reason is solely dependent on the users interest and market behavior. Recently, many crypto analysts suggest that the interest of crypto users are moving from Solana (SOL) to ETH. Both the crypto tokens were leading a tough factor in recent days. And all of a sudden, Ethereum surpassed Solana reaching $3800 a prominent level in one day. 

However, with all these positive factors, Ethereum (ETH) will become the leading asset surprising the whole crypto industry. Thus, at present ETH holds the price value of  $3,933.17 USD with a 0.22% rise in the last 24 hours. Hence, Ethereum will maintain its standard and will excel among other cryptocurrencies. 

A responsible HR Admin with good experience in an international pharmaceutical company. She is passionate about dedicating her time to share her perspective about crypto and blockchain technology.