Ethereum seems to be pushing ahead in the last 24 hours, gaining more than 10% from trough to peak.
It could be due to the surge in interest in NFTs which have helped increased demand for Ethereum. Although there are other blockchain projects which support NFTs and offer lower gas fees, the majority of NFT transactions are still done in Ether.
Of course, the latest Ethereum EIP 1559 to be introduced into mainnet this July would help improve the usability of Ethereum owing to lower gas fees. A notable feature is that the base network fee will now be burned.
This simple token economics of burning would help reduce supply and should increase the price of Ethereum as we are seeing now.
As Ethereum transition to a Proof of Stake network, the world’s leading decentralized blockchain would soon fortify its position as the incumbent for years to come.
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