Ethereum price breaks $2,000 for the first time since May

by in Cryptocurrency News

ETH

Quotes of the second largest crypto by capitalization have overcome the level of $2000. Ethereum last traded near this mark at the end of May 2022.

ETH/USDT Hourly Chart on Binance Exchange. Data: Trading View. According to CoinGecko, over the past day, the asset has risen in price by almost 7%, and by 17% over the week.

On August 11, the Ethereum team successfully completed the transition of the Goerli testnet to the Proof-of-Stake (PoS) consensus algorithm. On the same day, the developers moved the activation of The Merge update to approximately September 15-16.

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On the back of positive news, the price of Ethereum soared above $1,900.

The capitalization of Ethereum has exceeded $242 billion. Bitcoin is trading at $24,800.

Recall that supporters of the Ethereum fork on the Proof-of-Work (PoW) consensus algorithm called it inevitable. They intend to cancel EIP-1559 on the burning of part of the transaction fees.

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CoinShares experts were skeptical about the prospects for a potential Ethereum PoW fork. Vitalik Buterin, the co-founder of the second largest cryptocurrency by capitalization, said that the issuers of stablecoins will determine the future of such projects.