The price of the largest altcoin by capitalization has once again surpassed $2.3k ahead of an important update scheduled for July 21.
On Sunday, July 4, Ethereum updated the two-week high in value at $2.3 thousand. As of July 5, the cryptocurrency rate was $2.2 thousand. Yesterday, the market capitalization of the altcoin reached $274 billion. The increase in quotations over the weekend occurred after Friday's expiration of Ethereum options for $230 million.
Ethereum is rising in price ahead of the London hardfork, which is due to take place on the project's core network on July 21. The update was launched on testnet on 24 June. It is expected to have a positive impact on altcoin quotes thanks to several changes, including the introduction of a feature that will reduce the number of tokens in circulation.
The London update will take place as part of the cryptocurrency's transition to the 2.0 protocol. This decision will scale the original blockchain and make it more user-friendly. The main feature of Ethereum 2.0 is the network's transition to the Proof-of-Stake (PoS) consensus, which does not involve mining. Right now, altcoin, like bitcoin, runs on Proof-of-Work consensus.
Last week, 600,000 Ethereums ($1.28 billion at the exchange rate at the time of the transaction) were transferred from the cryptocurrency exchange Binance to an unknown wallet. The fee paid on the transfer was $0.61.