On Sunday, bitcoin has exceeded the level of $45,000 for the first time since May of this year. The price of ether rose above $31.50. At the same time, over the past three weeks, BTC has grown by 1.5%. Ether has gained 3/4 of the value.
According to CoinGecko, over the past week, the number one cryptocurrency has increased by 5%, while ETH has jumped by more than 17%. Crypto analysts note that ether advanced after Ethereum's much-hyped London hard fork had been activated. As a result of fundamental changes in the network, several proposals for improving its operation were launched. The most important of them was the mechanism of burning a certain amount of transaction fees, depending on the network load and reducing the volatility of the gas price. So, only from August 5 to the end of the weekend, about 14,800 digital coins were burned. At the moment, the most active burning of ETH is recorded in OpenSea NFT and on the Uniswap decentralized exchange. Analysts predict that in the near future, this innovation will lead to a drop in the income of Ethereum miners by 20-30%. However, the constantly increasing price of the digital currency will be able to offset these losses quite quickly.
As for bitcoin breaking above the level of $45,000, experts assume that the crypto market has again resumed the bullish trend.
At the same time, experts are confident that the crypto market is likely to develop a long-term rally amid positive fundamental background. For instance, BTC grew following the news about investments in bitcoin by the US manufacturer of space technology SpaceX and the integration of BTC into the social network Twitter. In addition, Tesla's CEO Elon Musk called for US lawmakers not to make rash decisions on the taxation of virtual currencies. This proposal on the taxation of crytocurrecnies has been included in the infrastructure bill which is currently under consideration in the Senate.
Today, crypto market experts warn that the retreat of BTC to the $30,000 level was a short-lived correction. In the short term, the number one cryptocurrency is likely to rise to new highs.
