Ethereum reaches 3-week recovery from hoog als crypto Sunday

Ethereum (ETH), the second-largest cryptocurrency by market cap, reached $ 2392 on Monday, according to Coingecko data. This is an increase of 8.2% in the last 24 hours and 22.9% in the last 7 days. The last time the ETH moved at these levels was on July 7.

In contrast, bitcoin (BTC), which is currently flirting with $ 40,000, rose 20.2% last week.

The other key players of the day are Polygon (MATIC), which is 15%, Chainlink (13.4%), Bitcoin Cash (12.9%) and Dogecoin (12.1%).

At the time of writing, ETH had gone from hand to hand with a price of $ 2344.

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Ethereum has long been touted as the next big thing in the crypto world, and a recently leaked Goldman Sachs report suggests that with the use cases of the smart contract platform, it could help you overtake Bitcoin as a dominant store of digital value.

The world’s second-largest crypto space gained another boost last week after Tesla CEO Elon musk announced that he owns ETH in October, in addition to bitcoin and Dogecoin.

Elon Musk Says SpaceX Buys Bitcoin, Personal Owner Of Ethereum, Dogecoin
The revelation emerged in an interview with musk, Twitter CEO Jack Dorsey and Katie Woods of ARK Invest at the” A, B, Word” conference. Tesla’s boss vouched for decentralized finance (Defi), a booming crypto industry that includes a wide range of decentralized, non-storage financial products, mostly built on the ethereum blockchain.

On a technical level, Ethereum is preparing for an upcoming update called “London”. The update, which is expected to begin on August 4, includes five ethereum improvement recommendations (EIPs) designed to optimize and improve the existing evidence Working Mechanism on the network.

In October, EIP-3675-Ethereum’s proposal to switch to the compromise algorithm with bid approval was officially submitted last week. A few more months before the long-awaited transition to Ethereum 2.0, but res is expected

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