Ethereum Moves Lower; Bitcoin SV Emerges As Top Gainer

Bitcoin (CRYPTO: BTC) moved higher, with the cryptocurrency prices trading above the $29,300 level on Monday. Ethereum (CRYPTO: ETH), however, edged lower, trading below the key $1,900 mark this morning.

Timeline of Bitcoin-sv, Ethereum

Ethereum's cryptocurrency community was taken aback by the unexpected return of its initial coin offering (ICO) participant after an eight-year absence. The investor, who had acquired a substantial $2,000ETH during the Genesis phase when the ICO price was just $0.31 per ETH, made headlines by transferring $641ETH, currently valued at a staggering $3.

The Ethereum (ETH) price has decreased since July 14, when it reached a new yearly high. The price has bounced at an important Fib support level since but has yet to confirm the trend's direction.

The Ethereum (ETH) Layer 2 scaling war is far from over, with top competing protocols doing all they can to outpace their immediate rivals. Optimism (OP) is currently in the spotlight as it is leading the L2 price resurgence after inking forward by 7.15% in the past 24 hours to $1.70.

Ethereum Price Analysis: Amid the increasing FUD in the crypto market, the Ethereum price correction phase stalled at the support of the megaphone pattern near the $1830 mark. This support was expected to bolster buyers for a bullish reversal, but the price trend turned sideways.

The Ethereum ecosystem has continued to see fascinating developments in the past weeks. Among the most notable is the sudden movement from a participant in Ethereum's initial coin offering (ICO), who, after a roughly eight-year slumber, has sprung into action due to a reason.

An Ethereum Improvement Proposal (EIP), dubbed EIP-6968, has been proposed by Ethereum developers to facilitate decentralized application (dApp) creators to earn a share of transaction fees generated on Layer 2 (L2). On the outset, EIP-6968 aims to introduce a new type of token, the "Contract Secured Revenue" (CSR), which would allow developers to claim a percentage of transaction fees generated when users interact with their smart contracts.

On July 30, cryptocurrency exchange Kraken made an announcement regarding the resolution of a critical issue with the funding gateway of Ethereum, the world's second-largest cryptocurrency. The problem, which had the potential to cause delays in deposits and withdrawals, prompted the company to investigate promptly to address the concerns of its users.

Eric.eth, a prominent Ethereum core developer and co-author of EIP-1559, revealed that the Ethereum network had witnessed the creation of some of the largest Miner Extractable Value (MEV) reward blocks in its history.

Recent statistics reveal that in the past fortnight, about 270,000 units of ethereum (ETH) were deposited into liquid staking derivative protocols. Currently, these decentralized finance (defi) staking platforms hold an estimated 10.65 million ether locked within their systems.

The Shiba Inu ecosystem recently closed another significant milestone with the testing phase of Shibarium, its Ethereum bridge. Shibarium, a Layer-2 network built on the Ethereum blockchain, brings the promise of increased interoperability to the SHIB community.