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In the steep upward trend: cryptocurrency with upgrade: new momentum for Ethereum | news


by Andreas Hohenadl, Euro am Sonntag

M.The crypto community had been waiting for this for months, and last week the time had come: the so-called London upgrade for the digital currency Ether (ETH) went live. The upgrade with the Krzel EIP 1559 improves the Ethereum blockchain in several ways. On the one hand, it is intended to make network fees, which many users have criticized as too high in the past, more calculable and replace them with a kind of basic fee. On the other hand, the amount of digital currency in circulation should decrease over time, which represents a shortage and could drive the ether price up further.

transition to Ethereum 2.0

The “London Upgrade” is also an important step on the transition to Ethereum 2.0. The blockchain is to be further developed in such a way that it is less energy-intensive. The enormous energy consumption in the computationally intensive transactions of digital currencies – in the forefront of course the Bitcoin – has come under increasing criticism. With Ethereum 2.0, the energy-consuming manufacturing process of ETH is to be replaced by a less energy-intensive process. The former is known to those skilled in the art under the term “proof-of-work”, the latter under the term “proof-of-stake”.

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So much renewal seems to be reaching the fans of Ethereum. The second most important crypto currency after Bitcoin by market size is on a steep upward trend and is currently trading at more than 3,000 US dollars. Recently, the price of ether rose significantly more than the quotations of other major cryptocurrencies. The mood of the top dog Bitcoin, which has been brightening for a few weeks now, is also supporting the upward movement.

Record interest on Twitter

When it comes to a social short message network, Ethereum is already way ahead. Because never before have so many posts with the hashtag Ethereum been published on Twitter as this August. Overall, the majority of the crypto scene these days are optimistic about Ethereum, observes Raphael Lulay, an analyst at the Berlin information platform Block-Builders. “Bitcoin is still clearly ahead in terms of market capitalization,” said Lulay. “However, more and more market observers believe it is possible that Ethereum will one day leave Bitcoin to its left.”

Anyone who also believes in the success of the digital currency ether can invest in bearer bonds traded on the stock exchange, so-called ETPs. You follow the course development 1: 1. The 21Shares Ether ETP (ISIN: CH 045 466 402 7) now has the largest investment volume.

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Image sources: pedrosek / Shutterstock.com, Ponderful Pictures / Shutterstock.com



Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.
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