Ethereum London hard fork has just activated, price increased by more than 6% in the last 24 hours

Ethereum’s much-hyped and somewhat controversial “London” hard fork has just been activated. After the successful upgrade, the ETH price increased and is currently above $2,760, up more than 6% in the last 24 hours.

Ethereum London hard fork has just been activated, and it’s a major change

The fork arrived almost on schedule at 12:33 pm UTC on Thursday at block height 12,965,000, ushering in the Ethereum Improvement Proposal (EIP) 1559.

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The Ethereum node consensus is changed | Source: Ethernodes

London hard fork is designed to fix many of these issues by destroying or “burning” ETH and changing how transaction fees work to be more predictable. If you think of Ethereum like a highway, London adds a few lanes to tamp down traffic and standardize toll prices. Ethereum’s London comes with five updates (Ethereum improvement proposals, or EIPs), but the most highly anticipated is EIP 1559.

Under EIP-1559, each transaction on Ethereum will involve burning the base fee, which automatically decreases ETH circulating supply. Some upgrade supporters say it will promote ETH to become a deflationary asset, as each transaction will trigger a portion of the total coin supply to be removed from circulation forever.

And so far, more than 418 ETH has already been burned, according to block explorer Etherchain’s burn tracker.

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ETH burned per block | Source: Etherchain

The London upgrade and the subsequent activation of EIP-1559 is a mile marker of sorts in the transition to Ethereum 2.0, which will move the network from a proof-of-work consensus to a proof-of-stake consensus.

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ETH/USD 4-hour chart | Source: TradingView

At press time, ETH is changing hands at $2,791, up more than 20% over the past seven days. The price of Ripple-affiliated XRP, Cardano’s ADA, Binance Coin (BNB), and Polkadot (DOT) have been rising, following the ETH growth.

As AZCoin News reported, ADA continues its growth from the impulse it got on the news of being listed on an exchange in Japan for the first time on the Bitpoint platform.

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