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At the time of publication, Ethereum, the world’s biggest altcoin, was announcing its new ATH on the rankings, with the currency climbing to $2,487 a few hours earlier. What, on the other hand, has fuelled the aforementioned surge? Many believe this is due to the excitement around Ethereum’s forthcoming hard fork expansion, “Berlin,” which is set for block 12,244,000.
Though Coinbase’s direct listing is another aspect that may have led to ETH’s price movement, the Berlin hard fork has become one of the most awaited events on the Ethereum network.
Berlin was first announced by the Ethereum Foundation on the 8th of March, with Ropsten becoming the first testnet to upgrade on 10 March, followed by Goerli and Rinkeby.
The network will undergo four big changes as a result of this upgrade. The EIP-1565: ModExp Petrol Cost would be in charge of lowering the network’s excruciatingly high gas prices. Other EIPs accepted for the hard fork include EIP-2929: Gas cost rises for state entry opcodes, EIP-2718: Transaction Envelope Types, and EIP-2930: Optional access lists.
According to Ethernodes, 74.9% of Etehreum software clients had achieved Berlin-ready status, at press time.
As previously said, enthusiasm for the aforementioned upgrade is strong, with Ian Balina, Founder and CEO of Token Metrics, finding the Berlin update “interesting.” Furthermore, Berlin, according to Balina, is a turning stone to the London update, which is planned in July, and the latter is likely to render Ether deflationary and scarcer than Bitcoin. This is particularly plausible given Ether’s capacity to be burned during transactions.
Indeed, the London hard fork would require the specification of the contentious EIP-1559. It will seek to completely overhaul the network’s fee structure.
The Berlin and London hard forks will cause significant improvements in the way Ethereum operates as a network, and many members of the group are enthusiastically anticipating their influence. Although market activity is one metric, it is also worth noticing that the price of Ethereum on cryptocurrency exchanges has continued to fall.
@ethereum on Crypto Exchanges Continues to DROP! In 2018, the same thing happens whereby the price of $ETH surges the most! Also, Berlin hardfork April 14th!!!! #hardfork #eth2 #crypto #blockchain #defi #nfts @VitalikButerin #mainnet #Upgrade #technology pic.twitter.com/inVfPlh8np
— Uncle Stronk (@UncleStronk_666) April 11, 2021
With whale trades and regular active addresses for Ethereum spiking around the board, it’s no surprise that “Ethereum’s upside remains limitless,” according to Santiment.