The digital currency, Ethereum (ETH), succeeded in rising during trading yesterday, Sunday, to reach its highest level in two weeks, with the increasing momentum of the London split.
The second largest cryptocurrency by market capitalization peaked at $2,350 yesterday, its highest reading since June 18, as Bitcoin price stabilization and anticipation of major protocol upgrades Feeds investors' appetite for Ethereum.
It appears that the expiration of the $230 million Ethereum options last Friday has shifted market sentiment in favor of the bulls, at least for a moment, as investors remain Cautiously bullish on the upcoming hard fork, London, and the possibility that Bitcoin (BTC) will hit a flat bottom.
Ethereum surged more than 6.5% on Sunday to $2,370, according to Coin Telegraph Markets Pro, and trading volumes over the weekend remained characteristically low at just over About $18 billion.
The decentralized finance market, which is largely built on top of Ethereum, saw a cumulative gain of 9% on Sunday, while the total market capitalization of the decentralized finance coins stands at 67.3 $1 billion, according to Koen Gekko data.
London's total split looms
Ethereum's London hard fork, which contains the highly anticipated 1559 optimization proposal, was launched on the Robsten testnet on June 24, paving the way for full mainnet implementation. Later in July.
The hard fork is expected to have a positive impact on the value of Ethereum thanks to several proposal upgrades, including the move to greener proof-of-stake consensus and a new scarcity feature that will reduce From the number of tokens in circulation.
Analysts expect investors to increase their exposure to Ethereum, leading to a hard fork. Cross-chain data indicates that this is already happening as Ethereum registered more than 750,000 active addresses last week, outpacing Bitcoin by a large margin.
The analytics company Santiment, which provided the data, described the active title's volatility as historical.
