Ethereum price rose more than 6% on the past day, back above the $ 3,600 mark last seen on September 7th.
Trading at $ 3,622 at the time of writing, ETH is up 6.2% in the past 24 hours (price on CoinGecko). However, that’s still 16.7% off the record price of $ 4,356 that was posted for ETH on May 12 this year.
Ethereum is also the top winner among the ten largest cryptocurrencies in the market, followed by Cardano and Binance Coin, up 3.8% and 1% respectively.
Bitcoin is up 1.8% on the day and is currently trading at $ 48,134.
The co-founder of Ethereum joins the top of the most influential people in the world (according to Time Magazine).
While the market’s second largest cryptocurrency has been growing steadily since Monday, more noteworthy news is that Ethereum co-founder Vitalik Buterin appears on the 2021 “100 Most Influential People List” as one of the New World Builders, according to Time Magazine.
Time’s annual roster also includes world leaders, activists, artists and musicians, including pop star Billie Eilish, country legend Dolly Parton, tennis star Naomi Osaka and Elon Musk, CEO of Tesla and SpaceX.
Citing Buterin’s influence on the Ethereum ecosystem, Reddit co-founder Alexis Ohanian praised the 27-year-old Russian-Canadian programmer as the “genius of genius”.
“Nobody could have used Ethereum immensely until suddenly an idea came up from a young man named Vitalik,” Ohanian wrote. “Since then, a new world and new ways of using blockchain technology has opened up.”
Ohanian added, “Whether it’s startups like Sorare reinventing simulated sports or Rainbow users showing off their NFT collections, none of this would exist without them.” Vitalik’s Creation.
NFT record volume
Despite the recent boom in NFTs, Buterin admits that for him this is perhaps the most surprising case among Ethereum’s other uses, such as decentralized finance (DeFi), online gaming, online or identity management.
The Non-fungible Data Token (NFT) is the only blockchain-based token that can certify the authenticity and ownership of digital collections such as works of art, music and even concert tickets.
OpenSea, the leading NFT marketplace that has exploded in recent weeks, hit over $ 3.4 billion in trading volume last month and will of course repeat that success in September.
According to data from Dune Analytics, the NFT platform had revenue of around $ 1.7 billion this month.
The market’s largest NFT collection, Cryptopunks, surpassed the all-time high of $ 1 billion in sales last month and is now approaching the $ 1.3 billion mark, according to CryptoSlam.io.
Over $ 1 billion worth of Ethereum has been burned since the London Hard Fork
One of the reasons to explain Ethereum’s recent price hike is the increasing number of ETH burned after the London Hard Fork last month.
One of the key features of the upgrade is EIP-1559, an Ethereum improvement proposal that changes the way transaction fees work on the network.
With the implementation of the London upgrade, transaction fees on the Ethereum blockchain have now been withdrawn from circulation or burned, which gradually reduces the overall offer in the network.
To date, over 303,000 ETH, valued at nearly $ 1.1 billion, have been burned since the London upgrade was activated on August 5th.