fbpx
QQQ
+ 0.40
341.21
+ 0.12%
DIA
+ 1.41
339.04
+ 0.41%
SPY
+ 1.40
414.50
+ 0.34%

Ether Could Be Headed Higher After Update Coming This Summer

March 7, 2021 12:44 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
Ether Could Be Headed Higher After Update Coming This Summer

The cryptocurrency Ethereum (CRYPTO: ETH) could be headed for another sharp rise in price.

What Happened: Ethereum's blockchain developers have agreed to move ahead on an update that would result in a reduction of the total number of Ether tokens in use, Bloomberg reported. 

 

The limiting of supply probably will drive prices up even more for Ethereum, which already has seen skyrocketing performance. It is up about 560% in the past 12 months, compared to 430% for Bitcoin, according to Bloomberg. 

 

Coming This Summer: The update, expected to arrive this summer, is aimed at addressing an issue with Ethereum where users have to guess at how many tokens are needed for a transaction. Some outstanding Ether tokens will be destroyed when the cryptocurrency is used in transactions on Ethereum's blockchain. 

See also: How to Buy Ethereum (ETH)

 

Ethereum is trading near $1,670 today, up 4.46% over the last 24 hours, according to CoinDesk.

Photo by Nick Chong on Unsplash.


Related Articles

Galaxy Digital's Mike Novogratz Believes NFTs Will Stay 'For The Rest Of Our Lives'

Galaxy Digital CEO Mike Novogratz is bullish on NFTs and believes that these tokenized digital assets will be around for the foreseeable future. read more

When Lambo? Crypto Startup Tokenizes A Supercar

Supercar collector Mario Bauer is tokenizing his limited edition Lamborghini Aventador LP720/4 50th anniversary edition. read more

Bitcoin Struggling To Break Past $60,000 Again But Analyst Says Run Up To $75,000 Is In Sight

Bitcoin (BTC) may have seen the brakes hit on its upwards momentum as it struggles to cross again the psychological $60,000 mark, but continued upside may take it to $75,000 levels, according to one analyst.  read more

Scaramucci: Bitcoin Is The Apex Predator, But Ethereum Will Be The Actual Store Of Value

Anthony Scaramucci, known Bitcoin proponent heading global investment firm SkyBridge Capital, believes that the future of the digital asset in investment portfolios is inevitable. read more