The London hard fork has been activated on the Ethereum network at block 12,965,000, according to data from Ethnodes.
The hard fork is another step toward the transition of Ethereum to the version 2.0 of the protocol, which will allow the blockchain to scale and make it more user-friendly.
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The price of the largest altcoin in terms of capitalization has increased by more than 5% over the past day. At 13:38 UTC, Ether is trading at $2,615.28.
CryptoQuant CEO Ki Young Ju has said the update will increase the scalability, security and decentralization of the Ethereum blockchain. In the long term, the altcoin will be able to surpass Bitcoin in terms of market cap, Ju said.