Digital assets in the market have seen a massive rise in price in the last few months, thanks to the boost from the leading digital asset, Bitcoin. Well, Bitcoin doesn’t have itself to thank for the boost as major proponents, and institutional investors were responsible for the massive rise in the price of the digital asset around October last year.
This surge has propelled other digital assets and is still doing so until this moment, save for small decline runs. While much has been said about Bitcoin touching a new all-time high, Ethereum has also moved close to clinch a new all-time high record. While most of Bitcoins’ surge is attributed to the influx of traders, analysts have seen the Berlin update scheduled to take place tomorrow as the major trigger.
Ethereum now trades at $2245
Ethereum moved up in the market and touched $2,228, marking the highest price that the digital asset has attained since it was developed. The coin has not stayed there as it currently trades around $2245, with a growth worth around 4% in the last 24 hours. The coins surge also tells on its market capitalization as the figure has shot up to place close to a $250 billion valuation.
Notably, Before Bitcoin started its bullish run last year, the digital asset saw its market capitalization placed around this exact figure, which has promoted talks of further rise in the price of Ethereum. Ethereum has banished the fears of traders and investors, leaving over the persistence issues regarding congestion on the network and the massive amounts that people have to pay for transaction confirmation.
As per BitInfoChart data, the amount charged as gas fees for Ethereum averagely touched around $38 in February. In their report, the analysis firm advised that traders who choose to transact should not look to Ethereum as a currency to use.
Berlin upgrade would pave the way for London upgrade
Despite all the issues that the network has endured, the investors are still adamant and are hoping that things would go back to normal in the coming months. What has further boosted their faith is the announcement made by Ethereum some weeks ago.
The company announced that they were hoping to roll out an upgrade that would drastically cut the amount that miners receive as transaction fees, limiting the fees paid by users. The upgrade known as “London” has been frowned upon by miners as they would be cut out of the payment of transaction fees, as per the Ethereum announcement.
Even though the upgrade scheduled for tomorrow is just a small one, analysts have seen it as an integral part of the upgrade’s success in the summer. This upgrade would help reduce the costs paid for transactions on a small scale in the short term. With the rollout of the new envelope methods of confirming transactions, miners would be able to confirm more than one transaction at a go.