Ether, the native token of the Ethereum blockchain now trades above the $4,000 trading zone, for the first time since the May 2021 market crash that saw the price of Ether lose over 50% of its value.
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The altcoin market has been rallying over the past month with the market capitalization gaining approximately 71% from approximately $777 billion a month ago to now stand at $1.34 trillion as of the time of writing this report. Many cryptocurrencies including top-ranked cryptocurrencies like ADA, BNB and XRP have all posted double-digit gains.
In the last month, Ether, the second-largest cryptocurrency with a market capitalization that currently stands at $467 billion has rallied over 53% in the last month, from $2,600 as of August 2nd to currently trade $4,022, gaining its momentum from the lunch of its London hard fork upgrade which adds a deflationary feature to the Ethereum blockchain.
