Ethereum exchange rate exceeded $3,500 for the first time since mid-May

The value of the largest by capitalization altcoin continues to grow actively. Only in the past 24 hours the cryptocurrency gained 9%
Ethereum

On Wednesday, September 1, the rate of Ethereum on the cryptocurrency exchange Binance updated 3.5 months high at $3.5 thousand. Over the past 24 hours, the cryptocurrency has risen by 9%, and its market capitalization reached $412 billion, according to CoinGecko. Altcoin’s share of the industry at the moment is 18.8% and bitcoin’s is 40.6%.

The last wave of Ethereum growth started on July 20 at $1,700. Since then, the cryptocurrencies value has increased 106%. Altcoin is moving towards a historical high rate of $4,300, which was set on May 12.

On August 5, the Ethereum network released an updаte to London, which completely changed the mechanism for charging transaction fees. Some of the commissions that miners used to receive as rewards are now burned off.

More than 155,000 Ethereums worth $542.5 million have been burned on the cryptocurrency network since the updаte was activated, according to ultrasound.money. The average burn rate per minute is 4.04 ETH.

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The post was written by Crypto Expert John Belford

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