on the crypto
The price of Ethereum rose more than 6% in the last round, turning above the $ 3.600 last seen on September 7th.
According to CoinGecko, ETH has risen 6,2% in the past 24 hours. This, however, is still far from the absolute value of $ 4.356 recorded on May 12 this year.
Ethereum is also the top gainer among the ten largest cryptocurrencies on the market, followed by Cardano and Binance Coin which are up 3,8% and 1% respectively.
Bitcoin is up 1,8% on the day, currently trading at $ 48.134.
Ethereum co-founder joins the world's best innovators
While the market's second largest cryptocurrency has been steadily growing since Monday, the latest price action comes in the wake of Ethereum co-founder Vitalik Buterin appearing on Time Magazine's 100 "2021 Most Influential People List" as one of the best innovators in the world.
Time's annual roster also includes world leaders, activists, artists and musicians, including the likes of pop star Billie Eilish, country legend Dolly Parton, tennis star Naomi Osaka, and Elon Musk, Tesla CEO (Tesla shares - ticker TSLA) and SpaceX.
Citing Buterin's impact on the Ethereum ecosystem, Alexis Ohanian, co-founder of Reddit, praised the 27-year-old Canadian-Russian programmer for being "a builder builder."
“Nobody could have invented all the uses of Ethereum, but it took one person's idea to get it started,” Ohanian wrote. "From there, a new world opened up and gave rise to new ways of leveraging blockchain technology."
He added: "Whether it's startups like Sorare reinventing fantasy sports or Rainbow users showing their NFT collections, none of this would have existed without the creation of Vitalik."
NFT does score record volumes
Despite the recent NFT boom, Buterin admitted that for him this is probably the most surprising use case among other use cases for Ethereum such as decentralized finance (DeFi), online gaming or identity management.
Non-fungible tokens (NFTs) are unique blockchain-based tokens that can certify the authenticity and ownership of digital collectibles such as artwork, music, and even concert tickets.
OpenSea, the leading NFT market that has exploded in popularity in recent weeks, recorded over $ 3,4 billion in transaction volumes last month and is about to repeat that success in September.
According to data from Dune Analytics, the NFT platform has already processed around $ 1,7 billion in sales this month.
The largest NFT collection in the Cryptopunks market last month surpassed $ 1 billion in sales.
London also helped ETH to grow!
Among other possible reasons for Ethereum's latest spike is the growing number of ETHs burned in the wake of last month's London hard fork update.
One of the most notable features of the update was the inclusion of EIP-1559, an Ethereum enhancement proposal that changes the way network transaction fees work.
With the London update, transaction fees on the Ethereum blockchain are now removed from circulation or burned, gradually reducing the total supply of the network.
To date, more than 303.000 ETH worth nearly $ 1,1 billion have been burned since the London update was activated on August 5th.
