ETH and altcoins surge as Bitcoin stalls

Ether is enjoying a hot streak above $ 3,900. But this is nothing compared to the highs that the cryptocurrency reached in May of this year. Such is the state of affairs after it was learned that the mainnet of the Ethereum Arbitrum One layer 2 scaling solution will be opened to the public. Part of the highly anticipated upgrade to Ethereum 2.0, the new scale model introduced by the London hard fork, aims to lower transaction fees to users across the network. Other changes introduced by the new update EIP-1559 (Ethereum Enhancement Proposal) include reducing the supply of ETH tokens, which will contribute to increasing the value of each coin. In addition to the improvements,

Meanwhile, Bitcoin continues to trade sideways, following a failed attempt to rally that ended with a pullback to the $ 50,000 threshold. The original cryptocurrency has lost volatility in August, but we could see a rebound in activity this month, as traders have returned from their summer holidays. Meanwhile, ETH and some altcoins are enjoying this good time.

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Can we guess a new all-time high on the horizon?

In May, Ether posted its latest total high of $ 4,372. It is now returning to the resistance level of $ 4,000. Will you break it and set a new record? Some analysts are excited about Ethereum, noting that the recent system updates make the ETH cryptocurrency more attractive than ever.

Nick Agar, the founder of cryptocurrency company AXIA Coin, observed that increasing scarcity has increased demand from investors. Marketwatch wanted to echo Agar’s quote by stating that “with Ethereum’s recent burn rates, more than $ 561 million was taken out of circulation and a base has been formed for investors to accumulate the token.”

The “burn rate” refers to the way the EIP-1559 update modifies the transaction mechanism of the Ethereum network. A base commission is charged for each block found on the network, and the rest are “burned” (ie, removed), reducing the total supply of Ether in circulation. At the time of this writing, the Ethereum network has burned ETH worth over $ 500 million, a number that keeps climbing along with rising prices.

According to cryptocurrency analytics company IntoTheBlock, there are several metrics that indicate an upward trend for ETH. On the company’s Telegram channel, analysts highlighted that the volume of large Ether transactions reached $ 16.2 billion, its highest level since June 22 and that the number of addresses holding ETH for more than a year it is also approaching an all-time high.

Katie Stockton, founder and managing partner of Fairlead Strategies, predicted a promising future for ETH in her notes Monday. He stated that “the long-term momentum is strengthening, the trend is following measures such as the 200-day MA (about 40 weeks) and the weekly cloud is rising.”

ETH is not the only altcoin that is growing now that Bitcoin’s market dominance seems stagnant. Cardano has doubled in value to become the third-largest market capitalization coin, just behind Ethereum and Bitcoin. Avalanche grew even higher, tripling in value in the month of August, and Dogecoin is also enjoying a price spike. It is the perfect time to think beyond Bitcoin and diversify your cryptocurrency portfolio.

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