27 October 2021
The price of Ethereum has rallied by more than 6.2% over the past 24 hours and is now returning above the $3,600 mark as reported by CoinGecko.
Presently, Ethereum is trading at $3,622, remains among the top ten gainers in the Cryptocurrency market, followed by Cardano and Binance Coin that is up 3.8% and 1%, respectively. Bitcoin tops the chart with 1.8% over the day, currently trading at $48,134.
While, Ethereum, the second-largest Cryptocurrency, started growing on Monday, and the latest price action is said to come due to Ethereum’s co-founder Vitalik Buterin appearing in Time Magazine’s “100 Most Influential People List” of 2021 as one of the top innovators in the world. Time’s annual magazine has also featured world leaders, activists, artists, and musicians, including the likes of pop star Billie Eilish, country legend Dolly Parton, tennis star Naomi Osaka, and Elon Musk the CEO of Tesla and SpaceX.
By addressing Buterin’s impact on the Ethereum ecosystem, the co-founder of Reddit, Alexis Ohanian, praised the 27-year old Russian-Canadian programmer for being “a builder’s builder.” “No one person could’ve possibly come up with all of the uses for Ethereum, but it did take one person’s idea to get it started,” wrote Ohanian. “From there, a new world has opened up and given rise to new ways of leveraging blockchain technology.” Adding further, he said, “whether it’s startups like Sorare reinventing fantasy sports or Rainbow users showing off their NFT collections, none of this would’ve existed without Vitalik’s creation.”
Despite the recent boom in NFTs, Buterin admitted that for him NFTs are the most surprising use case among Ethereum’s other use cases such as decentralized finance (DeFi), online games, or identity management.
Moreover, another possible reason for Ethereum’s latest spike is the growing number of ETH burned in the wake of last month’s London hard fork upgrade. With the launch of the London upgrade, transaction fees on the Ethereum blockchain were removed from circulation or burned to reduce the network’s total supply. However, more than 303,000 ETH, worth around $1.1 billion, have been burned since the activation of the London upgrade on August 5.
Disclaimer: The author’s views and opinions are for informational purposes only and do not constitute financial, investment, or other advice.