New Record: Ethereum Hits 12-Day Winning Streak

ETH is on the move again as it climbs steadily back up towards the $3,000 mark in its longest ever continuous winning streak. According to data from Coinbase, it is up over 43 percent, achieving daily price gains over the past 12 days straight.

This price gain is leading up to the ETH London Hard Fork which will happen on Aug 5. The upgrade has been long-awaited and highly anticipated following April 15’s Berlin hard fork, which at the time pushed the price of ETH to its all-time high.

The London upgrade is meant to complement the Ethereum 2.0 transition that will change Ethereum from a proof-of-work (PoW) to a proof-of-stake (PoS) model. This may see ether becoming a store-of-value as it moves to become a deflationary asset, like Bitcoin.

Whales Are Making Moves

A fortune in Ethereum valued at over half a billion dollars is on the move as crypto whales relocate their bags of ETH. On July 30, blockchain tracker Whale Alert sighted a series of massive transactions in which large Ethereum holders moved 237,419 ETH in just over 10 hours.

Ether trading volumes have been higher than Bitcoin in the first half of this year as institutions invest heavily. Ethereum is the second-largest cryptocurrency by market cap with a current trading volume of over US$300 billion.

For now, HODLers are enjoying the ride:

Crypto News Australia reported last month that a soon-to-be-released documentary on Ethereum, The Infinite Garden, raised 1,036 ETH (US$2.3 million) worth of crowdfunding in just three days.

The funds will help defray production costs for the first feature-length documentary about Ethereum, which includes interviews with creator Vitalik Buterin. It has a cool NFT movie poster too: