Bittime - The crypto world is lively again with the launch of an Ethereum upgrade called Dencun. This upgrade was activated on Wednesday (13/3/2024) and was enthusiastically welcomed by crypto players. However, instead of immediately soaring, the price of ETH actually decreased by 3.2% from $4,076 to $3,949 according to CoinGecko data.
Even though it experienced a decline, the price of ETH then slowly recovered and returned to the $4,000 mark at the time this article was written.
It should be understood that every upgrade on the Ethereum network is basically aimed at improving the performance of the blockchain. Expected improvements include reducing transaction costs (gas fees) and increasing transaction speed. In the long term, this could lead to an increase in ETH's intrinsic value.
"Dencun will not only reduce transaction fees to facilitate more trading and investment, but also open the door to peer-to-peer payments and more competitive trading," Beam Wallet CEO Andy Bromberg said about the Ethereum upgrade in an email to Decrypt.
"In addition, product maturity will make it even easier for people to dive into the world of crypto and make payments. This is something we didn't have in previous bull runs. This time, we are ready to capture the momentum for real use."
Let's take a deeper look at some of Ethereum's recent major updates, as well as how the market reacted before and after each upgrade.
Market Reaction to Previous Ethereum Upgrades
The Merge
In the week leading up to the highly anticipated "The Merge", the event that changed Ethereum from a Proof of Work to a Proof of Stake algorithm, the price of Ethereum traded above $1,700, with a high of $1,779 on September 11, 2022.
However, on September 15, the day of “The Merge,” the price of Ethereum opened at $1,635, fell 11% to $1,472 and continued to decline in the following days. ETH price finally settled at $1,329 in late September.
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Gray Glacier
The previous upgrade, Gray Glacier, occurred on June 30, 2022. At that time, Ethereum experienced a mild price drop of 3.8% from $1,098 to $1,057.
London
However, it should be noted that Ethereum's internal achievements do not necessarily lead to a decrease in ETH's value. Ahead of the London upgrade in August 2021, Ethereum price was at $2,724 on August 4. The price then rose to $2,821 on August 5 when the upgrade occurred and rose another 11.7% to $3,151 on August 7.
Berlin
In April 2021, before the Ethereum Berlin upgrade, the price of Ethereum was at $2,429 on April 14. The price of ETH then rose 3.5% to $2,514 on April 15, the day of the upgrade.
ETH (Ethereum) Price Today
Source: Bittime.com
On March 14, 2024, the price of ETH (Ethereum) was at $3,953 per coin, down 2.11% in 24 hours and up 10% in the past week.
Also Read How to Buy Crypto:
Conclusion
The drop in ETH prices post the launch of Dencun may raise questions and concerns among investors. However, looking back at the market reaction to previous Ethereum upgrades, price fluctuations like this are quite normal.
As Alex Thorn, Head of Research at Galaxy, told Decrypt, "There's a common saying that bull markets run up against a wall of worry." In other words, a short-term price correction after an upgrade is not always an indicator of a long-term trend.
Dencun represents a significant step in the evolution of Ethereum. It is hoped that this Ethereum upgrade will have a lasting positive impact on the Ethereum network, so that it will ultimately have a positive impact on the value of ETH itself. Crypto players are advised to continue to pay attention to the latest developments and conduct in-depth research before making investment decisions.
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How to Buy Ethereum (ETH) on Bittime
You can buy and sell Ethereum (ETH) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Ethereum (ETH) is available on Bittime with the market pair ETH/IDR . To be able to buy ETH/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Ethereum (ETH) on Bittime.
Monitor price chart movements for Ethereum (ETH) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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