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Ether briefly rises $4,000 as upgrade NFT momentum gains speed

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Prior to actually pairing gains, the second-largest cryptocurrency gained $4027 on Friday.

Ether ncreased above $4,000 late Friday in between a surge around a huge upgrade and also because demand for non-fungible tokens continue to expand. The second-biggest crypto increased $4027 on Friday before pairing gains. 

The trading level in Hong Kong gained more than 50% ever since the end of July also Ethereum network’s London upgrade early month reducing supply increases. “Since the EIP-1559 one month ago, over 180,000 $ETH equal to $700 million at the current market prices got burned resulting in continued disinflationary pressure on the Ethereum supply,” the Fundstrat crypto team mentioned. 

Ether is doing well even with this on-going Pandemic with interest in decentralized finance or DeFi and NFTs all of these use Ether. There are plenty of promising cryptocurrencies with the seventh biggest cryptocurrency is up by 68% in the last seven days and polkadot increased by 27%. The total crypto market cap is $2.36 after going through a loss at $1.24 trillion on July 20, “The breakout in Ethereum continued overnight to levels last seen in May of this year and cascaded into Cardano, Ripple and Polkadot,” said Martha Reyes-Hulme who is the head of research at digital assets prime brokerage and exchange bequant.

Bitcoin hasn’t witnessed gains of its peer even with a success through $50,000 again on Thursday. “Hold $50,000 and I expect Bitcoin to have another leg up to $60,000 and test the April highs,” said Antoni Trenchev, co-founder of crypto lender Nexo. Bitcoin prefers “needs to start closing above $50,000 and settle in the early 50s to temper concerns that this is a double top and we’re heading down to $30,000 again,” he said.

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