The price of Ether (ETH) has risen more than 6.5% to $2,370 on July 4, the highest in over two weeks. Weekend trade volumes remained characteristically low at just over $18 billion.
It has been reported that the decentralized finance (DeFi) market, which is largely built on top of Ethereum, saw cumulative gains of 9% on Sunday. The total market value of DeFi coins is $67.3 billion.
However, the price of Bitcoin (BTC) crossed $35,600, having gained 2.6%. The battle between the bulls and the bears was on display in the options market last month, with both camps expecting extreme price fluctuations for Ether leading into the options expiry on Friday.
The report said that the $2,200 price level is where the bulls start to increase their lead, as evidenced by the ratio of call options to put options. Ethereum’s London hard fork, which contains the highly anticipated Ethereum Improvement Proposal 1559, launched on the Ropsten testnet on June 24, setting the stage for the full mainnet implementation later in July.
Likewise, the hard fork is anticipated to have a positive impact on Ether’s value thanks to several proposal upgrades, including the transition to the eco-friendly proof-of-stake consensus and a new “scarcity” feature that will reduce the number of tokens in circulation. Analysts expect investors to increase their exposure to ETH leading into the hard fork.
On-chain data suggests this is already happening, as Ethereum registered over 750,000 active addresses last week, exceeding Bitcoin by a considerable margin
Thus, analytics firm Santiment, which provided the data, described the active-address flippening as “historic.”