Ethereum exchange rate increased by 8% and reached a three-month high

Altcoin price exceeded $3.4 thousand for the first time since mid-May and its capitalization rose to $402 billion
Ethereum exchange rate increased by 8% and reached a three-month high

Ethereum price on cryptocurrency exchange Binance in the last seven hours rose by 8%. The value of altcoin for the first time since mid-May exceeded the mark of $3.4 thousand. The cryptocurrency capitalization rose to $402 billion, according to CoinGecko. Altcoin rose 39% in August.

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.

Since the updаte was activated, more than 147,900 Ethereums worth $505.8 million have been burned on the altcoin network, according to ultrasound.money, a service that tracks coin destruction on the altcoin network. The average burn rate per minute is 3.94 Ethereums.

On August 27, it became known about a critical bug in the Ethereum network. Developers of the digital coin released an emergency updаte to prevent the blockchain from branching, but some nodes lost access to the altcoin network.

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The post was written by Crypto Expert John Belford

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