Ethereum is on a roll as the cryptocurrency industry makes strides toward a more sustainable future.
Ethereum’s price is surging after the digital currency’s network was upgraded to make it more environmentally friendly.
At the time of publication, one Ether (the Ethereum network’s native token) was worth $4,252.
A little more than a month ago, one Ether was worth 42 percent less at $2,434.
If you purchased $1,000 worth of Ether on July 20 – just over 21 days ago – you would have already recovered more than half of your investment by today.
The cryptocurrency reached its all-time high in early May, when it stabilized just one dollar shy of the $AUD 5000 mark.
Simon Peters, eToro’s market analyst and cryptocurrency expert, said Ethereum was making strides toward being “greener,” given that a major criticism leveled against Bitcoin is the amount of electricity required to mine coins.
“Ethereum’s London hard fork occurred on Thursday, with creator Vitalik Buterin hailing the event as a step toward making the cryptoasset more energy efficient,” Mr Peters stated.
“The hard fork is the most significant upgrade to the Ethereum network since 2015, with significant implications for the cost of blockchain fees – so-called ‘gas’ fees. “However, according to founder Buterin, it also has implications for ETH’s energy efficiency. Buterin told Bloomberg News in Singapore that EIP-1559 “could eliminate 99 percent of the network’s emissions.” Any step a cryptocurrency takes toward being more environmentally friendly is likely to increase its price.