The Ethereum price is up more than 6% today, returning above USD 3,600, a price last seen on September 7.
Ethereum price rises by 6.2%
At the time of writing, the Ethereum price is around $3,615. That means the ETH price has risen by 6.2% in the past 24 hours. However, the coin is still close to 17% from the All Time High of $4,355 reached on May 12 this year.
Ethereum is the biggest winner of the top ten cryptocurrencies in the market today. ETH is followed by Cardano and Ripple which are up 3.8% and 1.4% respectively. Bitcoin is up 1% over the day and is currently trading at $48,000.
Ethereum co-founder is now among the world’s most influential people
While the ETH price is steadily growing today, there is great news to report about Vitalik Buterin, the co-founder of Ethereum. He appeared in Time Magazine’s “100 Most Influential People List” of 2021 as one of the top innovators in the world.
Time’s annual list features world leaders, activists, artists and musicians. Some of these include pop star Billie Eilish, Dolly Parton, tennis star Naomi Osaka, and Elon Musk.
Vitalik Buterin has been praised for having opened up the world of blockchain to other developers with Ethereum. “Vitalik has opened up a new world and led to new ways of leveraging blockchain technology,” said Reddit’s co-founder.
He added that whether startups like Sorare or NFTs would never have existed without Vitalik’s creation.
Burned ETH Tokens Grow
Another possible reason for Ethereum’s latest price hike is the growing number of ETH tokens that have been burned. This happened in the wake of last month’s London hard fork upgrade.
One of the key features of the upgrade was the inclusion of EIP-1559. This is an Ethereum improvement proposal that changes the way network transaction fees work.
With the London upgrade rolling out, transaction fees on the Ethereum blockchain are now being taken out of circulation or burned. As a result, the total supply of the network gradually decreases.
As of today, more than 303,000 ETH worth nearly $1.1 billion has been burned since the August 5 activation of the London upgrade.