How Did the Ethereum Update Affect Prices?

Ethereum’s recent update, Dencun, was released on March 13 and delivered on its promise to increase cost-effectiveness. Following the update, Ethereum’s price decreased from $4,082 to $3,932 according to CoinMarketCap data, and saw a further 3% decrease on March 14, trading at $3.848. Ethereum’s Update Process Ethereum underwent various updates aimed at increasing transaction speed and security. Richard Meissner, co-founder of Safe, noted that the update would change the way smart contracts are created to build more secure and user-friendly applications. Independent investor VirtualBacon stated that the Dencun update aimed to cut transaction costs in Layer-2 networks by 75%, with Starknet’s progress in this goal resulting in over 90% reduction in transaction fees. Impact of Updates on Price Dynamics Ethereum updates have historically had varying effects on prices. Before the Berlin update in April 2021, prices increased by 7.5%, and on the day of the update, they showed a 3.5% […]

How Did the Ethereum Update Affect Prices?

Ethereum’s recent update, Dencun, was released on March 13 and delivered on its promise to increase cost-effectiveness. Following the update, Ethereum’s price decreased from $4,082 to $3,932 according to CoinMarketCap data, and saw a further 3% decrease on March 14, trading at $3.848.

Ethereum’s Update Process

Ethereum underwent various updates aimed at increasing transaction speed and security. Richard Meissner, co-founder of Safe, noted that the update would change the way smart contracts are created to build more secure and user-friendly applications. Independent investor VirtualBacon stated that the Dencun update aimed to cut transaction costs in Layer-2 networks by 75%, with Starknet’s progress in this goal resulting in over 90% reduction in transaction fees.

Impact of Updates on Price Dynamics

Ethereum updates have historically had varying effects on prices. Before the Berlin update in April 2021, prices increased by 7.5%, and on the day of the update, they showed a 3.5% increase, reaching $2,520. Prior to the London update in August 2021, Ethereum showed a 3.4% increase and continued to rise by 30% to $3,191 by the weekend. The Grey Glacier update on June 30, 2022, led to a 3.8% drop in price. Before the Merge update, which transitioned from proof-of-work to proof-of-stake, Ethereum increased by 20%. However, the update day saw a sharp decline, closing with a 25% decrease to $1,472, reflecting the diminishing hopes for spot Ethereum ETF applications accelerating the price decline.

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how to buy crypto?
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