Ethereum London Hard Fork – Drives Strong, Positive Market Sentiment
August 06, 2021
The highly anticipated Ethereum London Hard Fork update to the network will bring crucial changes to the efficiency of the network. The last update to the network spiked the price of Ethereum to it’s All Time High price that reached $5,316 AUD. The excitement behind this upcoming update has seen investors buying up Ethereum. Ethereum this past week has jumped a phenomenal 15.91% leading up to this new London update.
This update will play a major role in upgrading the network towards Ethereum 2.0, a plan that has been years in the making that was devised by the community in order to increase the scalability of the network.
One of the most exciting components of this upgrade is the deflationary initiatives it brings to the Ethereum Market. The network currently requires investors to pay a transaction fee to miners, this fee is varied based on congestion and the number of miners. The miners benefit from this by artificially inflating the network – through the process of sending Ethereum between wallets – so that they receive a higher transaction fee. This update will not reward miners with transaction fees, but will introduce a system where if investors want faster transaction times, they will pay a miner a “tip” to expedite that transaction.
Nathan Halliday, Country Manager Australia said;
“There has been strong positive market movement which has seen Ethereum as the most traded asset for August on our exchange. Zipmex investors are buying up Ethereum while monitoring what will happen to the second-largest cryptocurrency in the world after this important upgrade.
Investors can expect to see faster transaction times, fees, and a reduction in congestion in the network capacity will also be doubled.”
Zipmex is one of the leading digital asset exchanges across South-East Asia. Headquartered in Singapore and operating in Thailand, Indonesia, Singapore and Australia. Zipmex has over 300,000 registered users and has facilitated $4 Billion dollars in transactions.
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