Ethereum Ecosystem Bolsters Bulls’ Power? What Brought Back Retail Investors

Ethereum is back leading the crypto market rally as most of the coins in the top 10 by the market move sideways in lower timeframes. ETH’s price trades at $3,247 with a 3.1% and 28.8% profit in the daily and weekly chart. The second cryptocurrency by market cap has been trending to the upside on the back of a major upgrade, EIP-1559 implemented with Hard Fork “London”. Investment firm QCP Capital records an 85% price increase for ETH from its low at $1,718 during July. The rally has been mainly spot-driven as the upgrade received a lot of attention from mainstream media. Ethereum has been promoted as “Ultra-Sound money”, due to the deflationary nature of EIP-1559, by several players within and outside the space. Thus, the crypto market has been experiencing a renewed interest. This has brought back retail investors and speculators, QCP Capital noted, and more buying pressure. In addition, speculators are taking an interest in Non-Fungible Tokens (NFTs) alongside their Ethereum, Bitcoin, and other cryptocurrencies margin trading. The firm claims that NFTs’ trading volume has been on the rise surpassing that of DeFi protocols and other Ethereum based assets. In total, NFT related transactions have accounted for 21,291 ETH burn after EIP-1559 was introduced. The amount of burn ETH due to OpenSea, an NFT marketplace, sits above Uniswap v2, one of the most popular dApps and decentralized exchanges (DEX) on the ecosystem. As seen be...