Ethereum (ETH) Price Shoots to $4000 With Bulls Raging In
It looks like the Ethereum bulls aren’t willing to give up anytime soon. In the last 24-hours, the world’s second-largest cryptocurrency Ethereum (EHT) has rallied another 5% moving all the way closer to $4000.
As of press time, Ethereum (ETH) is trading at a price of $3961 and a market cap of $464 billion. With this, Ethereum takes its weekly gains all the way above 25%. At the current price point, Ethereum is just 10% below its all-time high. The world’s second-largest has been strongly leading the recent rally in the altcoin space.
Post the London hardfork last month, the Ethereum blockchain Ethereum blockchain became deflationary with the EIP-1559 protocol implementation that introduces a ETH burning mechanism in the market. The idea was to prevent high gas fee on the Ethereum blockchain. The ETH burn has played some part in feeling the Ethereum price over the last month.
Furthermore, the rally for Ether (ETH) comes amid high DeFi and NFT activity taking on the Ethereum blockchain. As a result, the Ethereum mining revenue was on a strong uptick for the last month. In August 2021, the Ethereum mining revenue stood at $1.65 billion, 60% up from the July numbers.
Furthermore, data from Etherscan shows that Ethereum miners collected a total of 61,000 ETH in August registering a sharp drop from the 91,000 ETH collected in the previous month of July. Thanks to the EIP-1559 upgrade which resulted into 100,000 ETH burnt in just 20 days of the hardfork activation.
However, despite Ethereum making strong market gains, it competitors are also making bold moves in the market. Ethereum-competitor Cardano (ADA) has been making strong moves over the last few months.
On Thursday, September 2, the Cardano (ADA) price surged all the way past $3.0 hitting a new all-time high. The ADA price rally comes just before the Cardano blockchain is all set to undergo the Alonzo hard fork upgrade which will introduce the much-awaited smart contract functionality to the Ethereum blockchain.
Another strong players in the market is Solana (SOL) which has touched a new all-time high of $145 today thereby becoming the seventh largest cryptocurrency. The SOL price rally over the last month comes on the backdrop of high DeFi activity on the platform. The total value locked (TVL) on Solana has touched $4 billion.