Ethereum's price has surpassed $2600, a level not seen since early June, when the cryptocurrency was still sliding from an all-time high of $4,357 on May 12.
However, the world's second-largest cryptocurrency is on the mend. The price of Ethereum has surpassed by 5.59% in the last 24 hours and by 21.77% this week.
Ethereum presently has a market capitalization of $304 billion, trailing only Bitcoin ($779 billion). The global crypto market value has risen by 1% to $1.70 trillion.
A big upgrade slated for August 5, the London hard fork, might account for some of Ethereum's price increase. EIP-1559 will be introduced in London, which is a piece of code that burns part of the ETH that would otherwise be given to Ethereum's gas-guzzling miners.
Decentralized finance, a suite of non-custodial trading and lending protocols into which traders have locked $71.5 billion, has contributed to Ethereum's development this year.
NFT initiatives such as CryptoPunks have also aided. While the non-fungible frenzy has largely dissipated, the average price of CryptoPunks has risen by 53% in the last week after several Ethereum whales began scooping them up on Friday.
Yesterday, almost 16,000 ETH ($41.5 million) of CryptoPunks changed hands, up from 709 ETH ($1.8 million) last Saturday.
An unnamed CryptoPunk investor who sold his NFT for 28 ETH ($72,300) yesterday said he did so because he "needed more ETH before EIP-1559," and that he would purchase back a CryptoPunk "when the price lowers again, which it will."
Meanwhile, the price of the B-word Bitcoin is $41,522, up only 0.26% from yesterday.
However, it has rebounded by 21.2% this week, reaching highs of over $42,000. The uptick comes after two months of bearishness after the market collapsed in May.
According to an analyst, the surge comes despite reports of a US infrastructure plan that includes a hidden crypto tax and regulatory efforts against stablecoins and exchanges.
Since yesterday, almost all of the top ten cryptocurrencies have increased in value. Dogecoin, the world's ninth most valuable cryptocurrency, is down 0.7% today.
Polkadot, the ninth-largest, has increased by 11% in a single day and by 30% in the last week.