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Seeking Alpha 2021-08-05 21:33:08

Ethereum breaks above $2.8K after London hard fork activates

Ethereum (ETH-USD) rises 3.4%, breaking above $2.8K as the cryptocurrency's London hard fork activated today, upgrading the blockchain technology. The most important part of the change is EIP 1559, a fee reduction feature, Ethereum inventor Vitalik Buterin told Bloomberg News in an interview. The hard for is "proof that the Ethereum ecosystem is able to make significant changes," he said. By about 5:30 PM (NY time) the fee cut had eliminated $2.6M of its native crypto, according to Ethereum tracking site That could put upward pressure on Ethereum's price going forward, according to Bloomberg. As for other cryptos, Bitcoin (BTC-USD) rises to $40.9K, Litecoin (LTC-USD) increases to $144.57, Binance Coin (BNB-USD) trades at $337.37. SA contributor Ariel Santos-Alborna sees an August rally for Ethereum

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