Miners forked Ethereum (ETH) and also integrated EIP-1559 (Ethereum Improvement Proposals) on August 5, but there was neither a price crash nor a chain split. Rather, the EIP-1559 upgrade caused Ethereum's price to skyrocket by about 5% and trading volume by nearly 12%.
The Ethereum fork not only helped push ETH coins toward $3,000 price levels, but also caused the entire cryptocurrency market to rise to about $1.8 trillion from recent lows of $1.2 T in July.
Before the fork, the price of Ethereum, the second-largest cryptocurrency by market cap, was around $2,449.35. After the fork, ETH /USD changed hands at around $2,745, with a 24-hour price increase of 4.47%.
The market cap was $292.673 billion and is now $321.241 billion, up nearly 10%. Moreover, before the upgrade, the trading volume of ETH was $22.696. After the fork, the volume of Ether was $29.813 billion, which is a growth of over 31%.
The increase in Ethereum's price, market cap, and volume has also led to a significant shift in the combined market cap of cryptocurrencies. Before the fork, MC was about $1.623T, but afterwards the total MC was about $1.66T, an increase of about 3%.
As ETH's rally gains momentum and leaves Bitcoin (BTC), the oldest and world's largest cryptocurrency by market cap, grovelling in the dust, several experts in the cryptocurrency sector are predicting that Ether could overtake BTC as the world's largest cryptoasset by value.
Ethereum is expected to reach and surpass its all-time high of $4362.35, which it reached about 3 months ago. It now needs to gain about 36.26% if it wants to reach that price level again.