Everything in green – this is how the crypto market presented itself on Thursday morning. The most popular cryptocurrencies were Ethereum (ETH) and Cardano (ADA). The ether price reached its highest level since May, and ADA broke the $ 3 mark for the first time. Bitcoin passed the $ 50,000 mark again. The other large coins also increased significantly.
The ETH price has continued its upward movement of the past few weeks. On Thursday night, it rose to over $ 3,800 – the last time it exceeded this mark in May. The price is slowly approaching its all-time high from May, which was $ 4,362. In the morning, according to Coinmarketcap, the ether price was last at $ 3,760 – an increase of over 7 percent compared to the previous day.
At the beginning of August, a fundamental change in the fee structure was implemented in the Ethereum system with the London upgrade. Since then, part of the transaction fees has been destroyed – which creates deflationary pressure on the cryptocurrency. According to figures from the Ultrasound.Money portal, 166,000 ETH have been withdrawn from circulation on this so far. Based on the current rate, that’s $ 600 million.
In addition, there is also the hype surrounding non-fungible tokens (NFTs), which has increased significantly again, especially since August. At the NFT trading platform OpenSea, a trading volume of over 3.4 billion US dollars was transacted on the Ethereum blockchain last month – in July it was only just under 326 million, although this was also a record value at the time. Most of the NFT applications run on Ethereum.
ADA price increased by 1,600 percent since the beginning of the year
Meanwhile, Cardano has broken a historic record: The ADA rate exceeded the $ 3 mark for the first time in the early hours of the morning and rose to $ 3.10. In the past 30 days alone, ADA has increased by more than 140 percent, and since the beginning of the year the increase has been more than 1,600 percent. Since it was announced in mid-August that the Alonzo upgrade should go live on September 12th, the price has risen massively. The hard fork is intended to enable smart contracts on the Cardano blockchain for the first time.
The largest cryptocurrency in the world, Bitcoin, was more than 5 percent in the morning and exceeded the $ 50,000 mark again, above which it was last in August – albeit only briefly. In the morning there was also strong demand for Dogecoin (DOGE) with an increase of over 8 percent, Polkadot (DOT) with a price increase of more than 7 percent and the recently very strong Solana (SOL) with an increase of almost 6 percent.
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