Today, Monday, the price of Ethereum (ETH), the second largest cryptocurrency by market capitalization, reached $2,392, according to platform CoinGecko.
This represents an increase of 8.2% over the past 24 hours and 22.9% over the past seven days.
The last time Ethereum traded at this level was on July 7.
In comparison, the price of Bitcoin (BTC), which is currently flirting with the $40,000 region, is up 20.2% from last week.
Among the notable altcoins performing today are Polygon (MATIC), which is up 15%, LINK is up 13.4%, Bitcoin Cash is up 12.9%, and Dogecoin is up 12.1%.
At the time of writing this article, the price of ETH is fluctuating at $2,333.
Institutions keep Ethereum in mind:
Ethereum has always been promoted as the next big thing in the crypto world.
A leaked Goldman Sachs report recently surfaced suggesting that real use cases for the smart contract platform could eventually help it overtake Bitcoin as the dominant digital store of value.
The price of the second largest cryptocurrency in the world rose, after Tesla CEO Elon Musk revealed that he personally owns Ethereum in addition to Bitcoin and Dogecoin.
The revelation came from Musk during a conversation with Twitter CEO and ARK Invest’s Cathy Woods during The B Word conference, and the Tesla chief also emphasized Decentralized Finance (DeFi).
On a technical level, Ethereum is preparing for its next upgrade, dubbed “London.”
The upgrade is expected to begin on August 4, and contains five Ethereum Improvement Proposals (EIPs) aimed at improving the validation mechanism and initiating the network’s transition from Proof of Work to PoS.
Additionally, EIP-3675 proposal to move Ethereum to the Proof of Stake consensus algorithm was officially submitted last week.
The long-awaited transition to Ethereum 2.0 is still a few months away, but it is expected to lead to a more energy-efficient, secure, and scalable network.