Ethereum value reaches $ 3.1 thousand for the first time in two months.

On the morning of August 8, the price of Ethereum on the Binance crypto exchange for the first time in the past two months exceeded $ 3.18 thousand. Altcoin capitalization reached $ 371 billion, according to CoinGecko. The rise in price of the digital coin is taking place against the background of the growth of bitcoin, which exceeded the $ 45 thousand mark on August 8 for the first time since mid-May.

Also, the altcoin quotes could be affected by the release of the London hard fork, which took place on August 5. The update completely changed the mechanism for calculating transaction fees. Part of the commissions that miners previously received are now burned.

Burning tokens is the destruction of a certain number of tokens to reduce their number in circulation. This method is used to combat inflation and increase the value of cryptocurrencies. All coin burning operations are recorded on the blockchain as a transaction, so anyone can verify that the coins have been destroyed.

According to the service ultrasound.money, which tracks the burning of coins on the Ethereum network, more than 12.6 thousand coins ($ 39.5 million) were destroyed at 10:10 Moscow time on August 8.

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