Ethereum News; The crypto money market has turned green with the rises in the last 24 hours. The leading cryptocurrency Bitcoin has risen 5.89% in the last 24 hours, exceeding $ 50 thousand. The fact that Bitcoin exceeded the $ 50,000 level again ignited the movement in the crypto money market. Ethereum price has appreciated by about 7% in the last 24 hours, rising to the level of $ 3,800. Following a slight consolidation, ETH is trading at $3,788 at the time of writing. So, what is the reason for the Ethereum price to experience this rise all of a sudden? How did the jump happen?
Ethereum price has made a great contribution to the general greenery of the cryptocurrency market, gaining close to 7% in the last 24 hours and reaching the level of $ 3,800. Chinese Blockchain journalist Colin Wu explained the reasons behind this rise of Ethereum, the second largest cryptocurrency.
Colin Wu cited the rapid increase in popularity and adoption of unique tokens (NFTs) operating on the ETH blockchain network as the biggest reason for this rise of Ethereum. The NFT market has lifted Ethereum to its feet.
The interest in NFTs, the latest and popular product of blockchain technology, has increased so rapidly with the summer months that many famous names have written their names in the NFT field. Some expensive artworks were sold in NFT form. Tron CEO Justin Sun, payments giant Visa, Twitter CEO Jack Dorsey and many more names have been talked about in the market for days with the NFTs they sell and buy.
NFT traffic on the Ethereum network increased rapidly. OpenSea, the network’s most popular NFT marketplace, has a trading volume of over $3.4 billion. In addition, one of the biggest factors in the increase in transaction volume in NFT products is NFT-based blockchain gaming platforms. In order to access detailed information about one of them, Axie Infinity, the game that earns its investors 1600 percent in 1 month, What is Axie Infinity? Check out our article.
Colin Wu cites the EIP-1559 Ethereum upgrade as another reason for the increase in Ethereum price. The burning of 164,000 ETH as of September 2 and the fact that some of the ETH fees are now being burned are among the important reasons that increase the price of ETH.
At the same time, investors are currently transitioning from Solana (SOL) to Ethereum (ETH), according to data provided by on-chain analytics provider Santiment. This is one of the main reasons that drove the Ethereum price to the $3,500 level on Monday.
📈🤝 #Solana (+52%) and #Ethereum (+18%) have been exchanging turns in the spotlight over the last week as both have enjoyed respective pumps. Crowd sentiment has played a role in both pumps, and the focus that was on $SOL has very much shifted to $ETH. https://t.co/GGBYzFG602 pic.twitter.com/Nup7Zf8aQ7
— Santiment (@santimentfeed) September 2, 2021