Price of Ether hits 2-week high as London hard fork momentum forms

The second-largest cryptocurrency by capitalization peaked north of $2,350 on Sunday, its highest reading since June 18. Bitcoin price stability and anticipation of major protocol upgrades are supplying investors’ craving for ETH.

Ether’s (ETH) $230 million choices termination on Friday seems to own shifted market sentiment in favor of the bulls, a minimum of momentarily, as investors stay cautiously optimistic regarding the approaching London hard fork and therefore the prospect that Bitcoin (BTC) has established a firm bottom.

ETH price update

ETH rose over 6.5% to $2,370 on Sunday, the highest  ever in over a period of time, in step with Cointelegraph Markets Prol. Weekend trade volumes remained characteristically low at simply over $18 billion.

At current values, Ether encompasses a total capitalization of $274.8 billion.

The DeFi market, which is basically engineered on high Ethereum, saw accumulative gains of 9% on Sunday. The full value of DeFi coins is $67.3 billion, according to Coingecko information.

Meanwhile, Bitcoin’s worth crossed $35,600, having a profit of 2.6%.

The war between the bulls and  the bears was on show within the choices market last month, with each camp expecting extreme worth fluctuations for Ether leading into the choices termination on Friday. According to Cointelegraph, the $2,200 index is wherever the bulls begin to extend their lead, as proven by the ratio of decision choices to place choices.

London hard fork looms

Ethereum’s London hard fork, containing the extremely anticipated EIP 1559, launched on the Ropsten testnet on June 24, setting the stage for full mainnet implementation later July.

The hard fork is anticipated to have a positive impact on Ether’s worth because of many proposal upgrades, as well as the transition to the eco-friendly proof-of-stake accord and a replacement “scarcity” feature that may scale back the quantity of tokens in circulation.

Analysts expect investors to extend their exposure to ETH leading into the hard fork. On-chain information suggests this can be already happening as Ethereum registered over 750,000 active addresses last week, prodigious Bitcoin by a substantial margin.

Analytics firm Santiment, which provided the info, described the active-address flippening as “historic.”