Bitcoin Surged Above $46.500 First Time Since May 16

by in Cryptocurrency News

Bitcoin surges over $46.500

Increasing by around 18% over the previous 7 days, Bitcoin's price surpassed $46.500 for the first time since the May market crash.

Related: Investments in crypto in 2021 have passed indicators for past years

At the moment, the price stands at over $45.400 with a market cap of about $853.7 billion. Ethereum price has surged too. On August 7, it surpassed $3000. Today it reached $3.197, the highest mark since the drop in May.

On August 5, London hard fork was launched with Improvement Proposal 1559, thus changing the previous way of fee calculations. Now, the fees are based on an automated process, when users bid how much they are ready to pay a miner to pick their transaction. The improvement also brought a fee burning mechanism, meaning some percentage of every transaction removes that amount of token from circulation.

Data from Etherchain shows that 20996 ETHs worth over $65 B, were burned since the EIP 1559 launch. This also boosts Ether’s price.

The total crypto market cap increased by around 5% over the last day now stands at $1.85 trillion.