Gaining over 26% over the previous 7 days, the price of Ethereum crossed $3000 for the first time on Sunday evening. Then the token surged over $3.100.
There is a high demand for the cryptocurrency. Many major institutions all over the world have been showing interest in Ethereum-based investment products. Recently the European Investment Bank (EIB) sold $121 M worth of digital bonds on Ethereum.
The process of the Ethereum environment upgrade is going on.
On July 14, an upgrade, Ethereum Improvement Proposal (EIP) 1559 will go live. Through it, the token's overall supply will be decreased by burning billions of coins. EIP 1559 is supposed to boost the token's price more. The major update that will switch the network to Proof of Stake will begin in late 2021.