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Bittime - The price of Ethereum (ETH) has experienced a significant increase in recent weeks. One of the main factors behind this increase is the anticipation of the Dencun upgrade, scheduled for March 13, 2024.
The Dencun upgrade is believed to increase throughput and lower transaction fees on the Ethereum network. This will make Ethereum more competitive than other faster blockchains, such as Solana.
Upgrade Dancun
Grayscale Investments, one of the world's largest crypto asset companies, expressed confidence that the Dencun upgrade was the main driver of ETH's price increase. In a new report, Grayscale Research Analyst William Ogden Moore wrote, "We believe that recent price performance reflects the market's anticipation of this upgrade."
Also Read How to Buy Crypto:
Ethereum ETF Spot Plans
In addition to the Dencun upgrade, expectations of spot Ether ETF approval also contributed to the rise in ETH price. The SEC (Securities and Exchange Commission) is predicted to approve a spot Ether ETF in May, following the launch of a spot Bitcoin ETF in January.
Grayscale also suggests two other factors that support optimism about ETH:
- Net supply deflation - The amount of ETH in circulation continues to decrease due to the burning mechanism.
- Network revenue generation – Transaction fees on the Ethereum network generate significant revenue for validators.
Grayscale believes that Ethereum can become more competitive and attract more smart contract applications if it is able to increase throughput and lower costs. This will position Ethereum as an ideal platform for applications that require high security and resistance to censorship, such as stablecoins and tokenized financial assets.
ETH Price Today
Today's ETH price is trading at the level of Rp48,377,511 per coin. Based on data monitoring from Bittime with a 4-hour timeframe, ETH's price performance has increased by 1.92% in the last 24 hours.
Conclusion
The price of Ethereum (ETH) rose driven by several factors:
- Anticipate Dencun upgrades
- Expectations for spot Ether ETF approval
- Net supply deflation
- Network revenue generation
The Dencun upgrade and the spot Ether ETF are predicted to be the main trigger for Ethereum's future growth.
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How to Buy Bitcoin (BTC) on Bittime
You can buy and sell Bitcoin (BTC) in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.
Bitcoin (BTC) is available on Bittime with the BTC/IDR market pair. To be able to buy BTC IDR on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is Rp10,000. After that, then you can make a crypto asset purchase in the application.
Learn the complete guide on how to buy Bitcoin (BTC) on Bittime.
Monitor the price chart movements of Bitcoinn (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Ethereum (ETH) Prediction 2024? Up or down?
Arbitrum (ARB) Price Prediction in 2024
What Is Ethereum (ETH) 2.0 and How is It Different from Ethereum
DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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