As anticipated by the Ethereum (ETH) community, the London hard fork EIP-1599 went on air starting last night according to local time at block 12,965,000.
Indirectly, the price of ETH showed a positive movement, approaching the $ 3,000 level with the cryptocurrency market value already surpassing $ 1.7 trillion this morning based on records at CoinGecko.
The 20% spike in ETH prices over the past week has left Bitcoin (BTC) looking unimpressive. Analysts assume Ethereum is unlikely to replace Bitcoin as the king of cryptocurrencies based on its value.
According to Zumo’s chief technology officer of the crypto platform, Tim Sabanov: “Ethereum has done what it already has, bitcoin and made it even better. It has a thriving community of developers, showing this ecosystem is growing rapidly. ”
Just look at the performance of Ethereum vs Bitcoin in the last 12 months. Ethereum recorded an increase of over 600%, compared to Bitcoin which only increased 250%.
Not only that, recently Ethereum recorded a higher number of active addresses than Bitcoin and did not show a weakening signal again it is a mainstay to the DeFi and non-fungible token (NFT) market.
Hard fork London is the starting point to 5 types of Ethereum Improvement Proposal (EIP). Starting with EIP-1599, it was developed with the aim of resolving the issue of costly transaction costs.
On average excited to see the development of Ethereum with EIP-1599. Many expect this to lead to increased use of DeFi on the network while expanding its potential to extraordinary levels.
At the time of writing, ETH is trading at $ 2,783, up nearly 4% in 24 hours.
