The price of Bitcoin (BTC) has reached a new all-time high (ATH) this morning, surpassing $73,000. Although it has slightly decreased to approximately $72,900 at the time of writing, it still signifies a 1.2% increase within the last 24 hours.

Along with Bitcoin’s milestone, the price of Ethereum (ETH) has surged back to the $4,000 level in anticipation of the activation of the Dencun update on the Ethereum network. The update, scheduled to go live around 3 p.m. today, aims to reduce costs, particularly on Layer 2 solutions like Arbitrum, Optimism, and Polygon, through EIP 4844 (proto-danksharding).

Dubbed Cancun or Deneb, the Dencun update encompasses 8 other proposed enhancements, including EIP 6780 to modify the functionality of the SELFDESTRUCT opcode and EIP 1153, which will provide “transient storage” on Ethereum. The Ethereum Foundation, in a recent blog post, disclosed that Dencun is named after Deneb, a prominent star in the constellation Cygnus, and Cancun, the location of Devcon 3.

Following last year’s Shapella update, the Dencun hard fork marks the beginning of “The Surge” era in the roadmap for Ethereum, the second-largest L1 blockchain in the market. As the update rolls out, users and holders of ethers do not need to take any specific action.

According to Tim Beiko, a respected Ethereum developer, Dencun aims to shift more transaction activity away from the main Ethereum network, alleviating congestion and ultimately lowering costs for users. The update had undergone testing on various Ethereum testnets prior to its official activation today.

The cryptocurrency community, particularly those involved with Ethereum, is eagerly awaiting the impact of the Dencun update, hoping for improved scalability and reduced transaction fees. With Bitcoin reaching new heights and Ethereum undergoing significant upgrades, the cryptocurrency market is abuzz with anticipation and excitement.

The activation of the Dencun update on Ethereum represents another milestone in the evolution of blockchain technology. As the market continues to witness new developments and achievements, observers and investors are closely monitoring the impact of these advancements on the broader cryptocurrency landscape.

For more updates and discussions on the latest blockchain news, it is advisable to follow reputable sources and communities on social media such as Twitter and Telegram to stay informed.

Related posts:

Potential for XRP to Skyrocket by 11,745% in the Coming Weeks, as Suggested by Prominent Analyst Why Bitcoin Prices Are Dropping and How Rebel Satoshi (RECQ) Is Holding Strong The Impact of Hash Rate on Bitcoin Mining Profitability Preparing Your Investment Strategy for an Expected Interest Rate Cut