Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,165 trillion. Bitcoin is up by over 2% after a rollercoaster of a week. Ethereum decreased by almost 1% over the past seven days. XRP gained more than 15% in value this week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector decreased the total value of protocols…
ETH on a Bullish Pattern, Awaits the Release of The London Hard Fork
Ethereum and other tokens based on the Ethereum network have recently been on a steady increase in prices, especially while awaiting the London fork(EIP-1559) set to happen on 5th August.
The London fork is defined as Ethereum’s supply rally, taking on the principles of Bitcoin’s quadrennial halving event. The Ethereum network, its sub tokens have been on a bull run for a few days, ushering in the event.
Ethereum on A Bullish Pattern
Ethereum has been in a bull run in the markets as the network prepares to usher in the new system. On 3rd August, Ethereum had dropped in price to $2500, from a high point of $2610, preceding the fork. That was the case of normal market volatilities.
However, by the end of 4th, Ethereum prices had surged to $2,274, beating the resistance level, almost setting up at around $2,600. That was a steep 8.9% rise in the value of Ethereum. Currently, the market charts show the value of Ethereum standing at $2,702, and although that’s a slight deviation from the earlier prices, still Etherum is in a good pricing position.
As more investors await the new fork, the Ethereum trades in the markets will continually increase since the exchange volumes will remain high. For example, Coinmarketcap shows that in various top exchanges, including Binance, Ethereums trading volumes are as high as $2.7 billion.
A long bearish is unlikely now on Ethereum, but if it occurs, it may lead the coin back to its price before the bull run.
Ethereum Based Tokens Are Also Benefiting
Ethereum-based tokens are also experiencing quite a bull run at the time of writing this report. This can all be connected to the London fork’s anticipation and the excellent performance that the Ethereum coin has shown in the market.
UNI, Uniswaps native token, and AAVE are among the tokens that have experienced a price jump caused by the anticipation of Ethereum’s fork. UNI has made an over 9% price jump, and AAVE increased over 15% in the past 24 hours.
The market charts appear to follow a similar pattern to Ethereum, meaning both tokens benefit vastly from Ethereum. Once the fork happens on the 5th, the prices of these tokens may also considerably increase.
The London Hard Fork
The London fork is set to happen on the 5th, cutting down supply by reducing the block rewards. In normal cases, bitcoins halving increases the values of the coin and vastly affects the crypto markets. In each of the three halvings, the bull run continued for months, sometimes hitting one year. The most recent bitcoin bull run was as a result of the halving.
Therefore, it’s safe to predict that the London hard fork may have a positive impact not only on Ethereum but on the crypto market as a whole.