Ethereum Crosses $3,600, Vitalik Buterin Enters 100 Most Influential People List

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2021-11-24 12:42:34

Ethereum price has rallied more than 6% in the past day, back above the $3,600 mark last seen on September 7.

Trading at $3,622 at the time of writing, ETH is up 6.2% in the last 24 hours, (price on CoinGecko). However, this is still 16.7% away from ETH’s record price of $4,356 on May 12 of this year.

Ethereum is also the top gainer among the ten largest cryptocurrencies in the market, followed by Cardano and Binance Coin, up 3.8% and 1% respectively.

Bitcoin is up 1.8% on the day, currently trading at $48,134.

Ethereum co-founder joins top of world’s most influential people (time magazine)

While the market’s second-largest cryptocurrency has been steadily growing since Monday, more notable news is that Ethereum co-founder Vitalik Buterin appears on the “100 Most Influential People List.” 2021 according to Time Magazine as one of the new world builders.

Time’s annual list also features world leaders, activists, artists and musicians, including pop star Billie Eilish, country legend Dolly Parton, tennis star Naomi Osaka and Elon Musk , CEO of Tesla and SpaceX.

Citing Buterin’s impact on the Ethereum ecosystem, Reddit co-founder Alexis Ohanian hailed the 27-year-old Russian-Canadian programmer as a “genius of genius”.

“No one could have come up with a huge use for Ethereum, until an idea suddenly popped up from a young man named Vitalik,” Ohanian wrote. “Since then, a new world has opened up and new ways to leverage blockchain technology.”

Ohanian added that “Whether it’s startups like Sorare reinventing simulated sports, or Rainbow users showing off their NFT collections, none of these would exist without them.” Vitalik’s Creation”.

NFT Record Volume

Despite the recent boom in NFTs, Buterin admits that for him, this is perhaps the most surprising case among Ethereum’s other uses such as decentralized finance (DeFi), online gaming. online or manage identities.

The Non-fungible Data Token (NFT) is the only blockchain-based token that can certify the authenticity and ownership of digital collections such as artwork, music, and even concert tickets.

OpenSea, the top NFT marketplace that has exploded in recent weeks, hit a trading volume of over $3.4 billion last month and will of course repeat that success this September.

According to data from Dune Analytics, the NFT platform brought in about $1.7 billion in revenue this month.

The market’s largest NFT collection is Cryptopunks which last month surpassed the all-time high of $1 billion in sales and is now approaching the $1.3 billion mark, according to CryptoSlam.io.

Over $1 Billion worth of Ethereum Has Been Burned Since London Hard Fork

Among the reasons to explain Ethereum’s latest spike in price is the increasing amount of ETH burned following last month’s London Hard Fork.

One of the most important features of the upgrade is EIP-1559, an Ethereum improvement proposal that changes the way transaction fees work on the network.

With the implementation of the London upgrade, transaction fees on the Ethereum blockchain have now been removed from circulation or burned, gradually reducing the total supply on the network.

As of today, over 303,000 ETH worth nearly $1.1 billion has been burned since the activation of the London upgrade on August 5.

Source: Decrypt

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