Ethereum Surges Past $2800 Amidst Market Rally and EIP-1559 Hype

Ethereum, the world's second-largest cryptocurrency, has surged above the $2,800 mark, registering a 24-hour gain of 3.63%. This significant price increase comes amidst a broader rally in the cryptocurrency market, with the total market capitalization of all cryptocurrencies surpassing $1.5 trillion.

The surge in Ethereum's price can be attributed to several factors. Firstly, the upcoming Ethereum Improvement Proposal (EIP) 1559, which aims to reduce the supply of Ether by introducing a burning mechanism, has been positively received by the market. This proposal is expected to go live with the London hard fork, scheduled for July 2021.

Secondly, the growing interest in decentralized finance (DeFi) platforms, many of which are built on the Ethereum blockchain, has contributed to the increased demand for Ether. The total value locked in DeFi protocols has reached an all-time high of over $80 billion, according to data from DeFi Pulse.

Moreover, the increasing adoption of Ethereum-based non-fungible tokens (NFTs) has also driven demand for Ether. The NFT market has seen a significant boom in recent months, with several high-profile sales and projects gaining traction. The total market capitalization of NFTs has surpassed $20 billion, according to data from NonFungible.com.

In other news, the LayerZero Foundation has deposited 1 million ZRO tokens to Coinbase, worth approximately $3.06 million. This move suggests that the foundation is bullish on the future of the LayerZero protocol and its native token, ZRO.

Meanwhile, a whale who bought SHADOW tokens at an average price of $9.75 around 20 days ago has now earned approximately $1.72 million in profits. This demonstrates the significant price appreciation that some altcoins have experienced in recent weeks.

Several crypto influencers and key opinion leaders (KOLs) have sold off their received KAITO token airdrops, indicating that they may be taking profits or diversifying their portfolios. Wintermute, a prominent crypto trading firm, has also withdrawn 3,085,000 KAITO tokens from Binance and OKX in the last 12 hours