Ether (ETH) ‘s $ 230 million option expiration on Friday appears to have shifted market sentiment, at least temporarily, in favor of the bulls as investors point out the upcoming London hard fork and the prospect of Bitcoin (BTC) making solid ground has achieved to remain cautiously optimistic.
ETH price update
According to Cointelegraph Markets Pro, ETH rose more than 6.5% on Sunday to $ 2,370, its highest level in over two weeks. The weekend trading volume remained characteristically low at just over $ 18 billion.
At current values, Ether has a total market capitalization of $ 274.8 billion.
The DeFi market, which is largely built on Ethereum, posted cumulative gains of 9% on Sunday. The total market value of DeFi Coins is $ 67.3 billion, according to Coingecko data.
Meanwhile, Bitcoin’s price topped $ 35,600 after gaining 2.6%.
The battle between the bulls and the bears was seen in the options market last month, with both camps anticipating extreme price volatility for ether that would result in the options expiring on Friday. As Cointelegraph reported, at the price level of $ 2,200, the bulls are starting to extend their lead, as shown by the ratio of call options to put options.
London hard fork looms
Ethereum’s London hard fork, which includes the highly anticipated EIP 1559, was launched on the Ropsten testnet on June 24th, setting the stage for full mainnet implementation later in July.
The hard fork is expected to have a positive impact on the value of Ether thanks to several offering upgrades, including the transition to the eco-friendly proof-of-stake consensus and a new “scarcity” feature that will reduce the number of will reduce the token located.
Connected: A London Travel Guide: What the EIP-1559 Hardfork Promises for Ethereum
Analysts expect investors to increase their exposure to ETH, which will result in the hard fork. On-chain data suggests this is already the case, as Ethereum registered over 750,000 active addresses last week, significantly outperforming Bitcoin.
The analysis company Santiment, which provided the data, described the flippening of the active address as “historic”.
On a day when history was made when #Ethereum surpassed #Bitcoin in daily active addresses, #altcoins came into play. $ KSM, $ COMP, and $ ZIL were among many projects to break into the markets, while $ BTC was around $ 34.5k. https://t.co/cwjGvrLLeX pic.twitter.com/3AFQ0MHbcT
– Santiment (@santimentfeed) June 29, 2021