Why Is Ethereum Surging Today?

Ethereum ETH/USD traded nearly 6% higher on Wednesday night and moved past the psychologically important $2,000 level.

What Happened: ETH was up 5.8% over 24 hours at $2,017.84 over 24-hours at press time. The second-largest cryptocurrency by market cap traded 11.83% lower over a seven-day trailing period.

See Also: How To Buy Ethereum (ETH)

ETH gained 4.43% against Bitcoin BTC/USD, the apex cryptocurrency by market capitalization.

The market dominance of ETH hovered around the 17.4% mark on Wednesday night, while that of BTC was at a 45.5% level.

Why It Matters: Ethereum plunged on Tuesday and fell below the $2,000 level. Over the course of 24-hours, it touched a low of $1,869.22 and a high of $2,037.74.

See Also: Is Bitcoin Losing Its Sheen Among The People?

ETH’s decline this week comes ahead of a much-awaited hard fork dubbed “London” that is likely to take place on August 4.

The second-largest coin’s fall did not occur in isolation. It has charted the recovery back to above the $2,000 level in sync with other major cryptocurrencies like BTC and Dogecoin DOGE/USD also trading in the green at press time.

Read Next: Is Now The Time To Buy Ethereum (ETH) Cryptocurrency?