As the market prepares for the introduction of the London Hard Fork, the price of ethereum has plummeted due to a recent market meltdown. The fork is set to go live on August 4th of this year, and thus far, investors appear to be enthusiastic about the change. The demand for ethereum has increased in recent weeks, but this desire hasn’t been enough to keep the altcoin’s price stable.
Ethereum has previously risen from the $2,000 trading area to the $2,300 trading level. It even went as high as $2,400 at one point. But this was just for a short time, as the coin dropped back to $2,300.
The coin price appears to have remained rather stable due to market excitement. This grip, however, did not endure long. The introduction of EIP-1559 with the London hard fork approaches with each passing day, yet the coin’s price remains in negative territory.
According to recent market reports, ethereum continues to gain popularity, with the protocol adding 5 million new and unique addresses in just 30 days. Even yet, it did not appear to have had much of an effect on the coin’s pricing. This drop comes after ethereum hit a three-week high.
What Is The London Hard Fork?
The London hard fork is also intended to address the network’s mining difficulties. This improvement will make proof-of-work mining more difficult while also increasing the ease with which the proof-of-stake method may be mined. Validators will be required to carry out transaction confirmations on the network using the Proof of Stake method. Instead than employing high-powered machines, such as the present proof of work system, which needs computers to solve complicated problems in order to confirm transactions and my blocks, I will use low-power devices.
Ethereum Recovers Its Value
The current drop appears to be due to investors’ growing belief that the hard fork will be delayed again. So far, the Ethereum technology advancements have been plagued by delays. Vitalik Buterin, the project’s founder, claims that the individuals participating in the project are to blame for the delay. Internal team disputes have been cited as a key factor in the last five years.
ETH 2.0, despite this, continues to advance with its improvements. Investors continue to stake their currencies, with a total of 6.1 million ethereum staked as of this writing. The current market capitalization of ETH 2.0 is more than $13 billion in dollars.
