The world’s second largest cryptocurrency, Ethereum (ETH), has been operating successfully this year. Last week, ETH awarded a temporary hiatus of more than $ 3,300. But it has been rejected twice at these levels.
At the time of printing, the ETH was down 2.64% in the last 24 hours and was trading at $ 3081 at the time of printing. But the improvement in Ethereum fundamentals suggests that the ETH price is less likely to fall below the $ 3000 level. Ethereum network growth hit a one-month high, according to the network data provider. It says in:
Ethereum is currently floating at $ 3,000, and behind the scenes we see the network’s growth picking up steadily this month. New addresses created on the $ ETH network are a good indicator of where prices are going.
thanks to:
July and August, on the other hand, the outflow of funds from the ethereum exchange was brutal. Data from glassnode shows a recovery in eth prices and an outflow of funds from the stock market amid the NFT frenzy. However, since the introduction of EIP-1559, there has been no clear impact on foreign exchange flows.
Yours Sincerely: Glassnode
Ethereum London Update Increases Network Bandwidth
The bandwidth of the Ethereum network rose 9% after an update in London earlier this August. Since the launch of the EIP-1559 on August 5, the average usage of Ethereum’s daily gas network has increased by 9% due to the real-time update.
The gas used daily indicates the total network capacity. That number has grown from 92 billion to more than 100 billion. This is one of the most significant changes to the network since a 17% increase on April 21. On Reddit, Ethereum co-founder Vitalik Buterin cited three reasons for increasing network bandwidth after an update in London.
London hardfork delayed Ethereum’s Ice Age, which increased the complexity of the prisoner-of-war mining algorithm. This has led to increased lockdown times. Buterin writes: “this is the difference in a block rate of ~3%, which accounts for 3% of the 9% increase in gas consumption in the chain.”
