Ethereum (ETH) advances 12% on week and beats bitcoin (BTC) today after update instability; understand

O etherum (ETH), the second main cryptocurrency of the world, lives its days of glory. Around 10 am, the ether advanced 3.47%, to US$ 3,542.24 (R$18,237.61) today. In the accumulated result for the week, the increase is 12.76%, beating the timid 0.28% of appreciation of the bitcoin (BTC).

Beard, hair and byte

Just under a month after the “London Fork”, or EIP-1559 update, the etherum went through difficult times to be able to introduce its news. During the system improvement process, several miners were forced to shut down their mining machines due to a system error.

the mining of etherum it’s a little different from the bitcoin (BTC) process, but it serves the same purpose. The shutdown of the miners’ machines affected the hashrate mining and transaction fees. ETH, which has been normalized in recent weeks.

One of the highlights of the update is the burning of ether, which makes the cryptocurrency deflationary. In other words, this makes it possible for the etherum can be used as a store of value, like gold or the dollar, at a certain price point.

A little push from the NFTs

Reaching $3,500 was not an easy task for the etherum. This is the highest level in three and a half months and is still a bit far from the historic high of $4,100.

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This advance, however, received a little push from the digital arts market, led by the NFTs, the non-fungible tokens. The growth of game tokens, such as Axie Infinity, and sales of artwork reached US$24.58 million in the month of August.

And now bitcoin?

How could it be otherwise, the brave hero bitcoin (BTC) also has a long-awaited update for this semester. The so-called “taproot” should take effect from November this year and bring greater competitiveness to the main cryptocurrency on the market.

Meanwhile, bitcoin was down 0.36%, quoted at US$ 47,764.84 (R$ 245,957.00) this morning. In the last seven days, the fall is more discreet, of 0.10%.

Don’t forget to check out our video about other altcoins on YouTube: