Ethereum hits US $ 2,700 ahead of EIP-1559 upgrade later tonight

Ethereum hit a new two-month high as excitement mounts for the London Protocol upgrade later tonight.

At 11:12 am AEST, Ether changed hands at just over US $ 2,701, up 7.0% from yesterday and its highest level since June 7.

The London hard fork, which contains the highly anticipated EIP-1559 (Ethereum Improvement Protocol No. 1559), is expected to go into effect around 10:35 p.m. AEST today when block 12,965,000 is mined.

The upgrade will make transaction costs more predictable and “burn” (destroy) a fraction of them, making the network less inflationary.

Members of the Ethereum community were celebrating and scheduling “viewing parties” on YouTube as the upgrade went live.

Crypto mostly in the green

Overall, the crypto market rose 3.4% to $ 1.68 trillion, its highest level since Sunday.

Crypto market

Bitcoin changed hands at US $ 39,359, up 2.4% from yesterday.

Only four of the top 100 coins fell more than one percent, with KuCoin Token the worst performing, down 6.4 percent.

The best winner in the top 100 was Traveler Token, up 17.6% from Wednesday, after the U.S. listed company behind the token announced earlier this week that it had acquired crypto payments firm Coinify ApS for $ 84 million.

Digital travel (CSE: VYGR) is a crypto-asset broker and holders of the VGX token earn interest when held in the Voyager app.

“The acquisition of Coinify will significantly accelerate our expansion in Europe and help us meet the growing demand for our current product offering internationally,” said Lewis Bateman, International Director of Voyager.

Digital world token founded in Australia Illuvium had hit another all-time high, at US $ 289, just like the derivatives trading platform Perpetual Protocol, at US $ 17.57.

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