Ether fell about 1% today, in view of an adjustment to the blockchain that will change the way transactions are processed.


The change is expected to be seen tomorrow, according to market players. The upgrade will occur when the 12.965.000 block in the blockchain is verified.


The Ethereum network supports a wide range of projects in the crypto world, including NFTs and a large number of decentralised financing applications (DeFi).


Ether had rallied before the upgrade, with its price jumping 40% in the last 15 days. Its value has more than tripled this year.


The upgrade, known as the Ethereum Improvement Proposal (EIP) 1559, will change the way transactions are processed and provide clearer pricing. It will also reduce the supply of cryptocurrency and is likely to greatly increase its price.


Pantera Capital CEO Dan Morehead told the Reuters Global Markets Forum this week that the changes will help Ether trade more as a stable asset and make it more “attractive as a means of storing wealth”.


Binance and OKEX crypto currency exchanges reported this week that they expect the upgrade to take place tomorrow, Thursday 5th August, in the afternoon.