• News
    • Bitcoin
    • Altcoins
  • NFT
  • Metaverse
  • Analysis
  • Regulation
  • Learn
  • Market Cap
What's Hot

Binance Addresses Accusations From Elizabeth Warren and Other US Senators in New Open Letter

2023-03-30

Best Bitcoin Mining Software — TOP Crypto Miners to Use in 2023

2023-03-30

Binance’s CZ refutes report claiming company has been hiding China ties

2023-03-30
Facebook Twitter Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
Facebook TikTok Instagram YouTube
CryptoNewsMetaverse
  • News
    • Bitcoin
    • Altcoins
  • NFT

    U.S. IRS Considers Taxing NFTs Like Other Collectibles

    2023-03-21

    Meta Shuts Down NFT Project to Focus on FinTech and Content

    2023-03-14

    Solana’s Solend V2 Release, Is SOL Price $50 Next?

    2023-03-06

    Amazon NFT Marketplace To Reportedly Launch Next Month

    2023-03-06

    Blur Coin Under Fire As Allegations Of Wash Trading Emerge

    2023-03-01
  • Metaverse

    Disney Metaverse Division Reportedly Scrapped

    2023-03-28

    Animoca Denies $200M Metaverse Fund Cut

    2023-03-27

    Metaverse Trading Hits All-Time High

    2023-03-24

    Exploring the Metaverse: A Guide to Investing in Metaverse Stocks

    2023-03-20

    A Guide to Virtual Land Staking in the Metaverse

    2023-03-20
  • Analysis

    DOJ Officially Seizes Over $456,000,000 Worth of Robinhood Shares Tied to FTX Founder Sam Bankman-Fried

    2023-01-08

    Mark Cuban Makes Prediction on Next Crypto ‘Scandal,’ Warns of Potential Implosion if Exposed: Report

    2023-01-08

    Binance Listings Cause Crypto Assets To Spike an Average of 41%: New Research

    2023-01-08

    Bitcoin Whales Unloaded BTC As Market Reversed and Parked Their Profits in This Crypto Asset Class: Santiment

    2023-01-07

    Crypto Analyst Predicts Breakout for AI-Focused Altcoin, Updates Outlook on Ethereum and Lido DAO

    2023-01-07
  • Regulation

    Binance Addresses Accusations From Elizabeth Warren and Other US Senators in New Open Letter

    2023-03-30

    Binance’s CZ refutes report claiming company has been hiding China ties

    2023-03-30

    $852,000,000 in Ethereum, Polygon, Fantom and Additional Altcoins Have Left Binance Following CFTC Lawsuit: Nansen

    2023-03-30

    Elizabeth Warren says she’s building an anti-crypto army in new campaign

    2023-03-30

    SEC Chair Gary Gensler To Face Congress Over Strategy on Digital Assets

    2023-03-30
  • Learn

    Best Bitcoin Mining Software — TOP Crypto Miners to Use in 2023

    2023-03-30

    Next Cryptocurrency to Explode 2023

    2023-03-30

    Chart Patterns Cheat Sheet For Technical Analysis

    2023-03-21

    Best NFT Wallets in 2023

    2023-03-21

    What are Dapps (Decentralized Applications) Crypto?

    2023-03-17
  • Market Cap
CryptoNewsMetaverse
Home»Altcoins»Ethereum Hits Monthly High And Turns Deflationary Again
Altcoins

Ethereum Hits Monthly High And Turns Deflationary Again

2023-01-16No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

The Ethereum price rally is on an upward trajectory since the last fortnight. Performing a little over Bitcoin’s growth, Ethereum gained 30%. On the morning of 16th January, Ethereum woke up to exciting news as Ethereum is riding high on the $1600 market price. 

This comes after several contributory factors play a role in the price increase. From the accumulation of assets, particularly by Shark Addresses, it crossed above $1400 for the first time since 7th November on 12th January. 

Shark Addresses are also the highest in this period, with Santiment observing 3000 new Shark Addresses, taking the total tally to the highest since February 2021. 

Ethereum Graph
Ethereum Hits Ten-Week High, 1-month chart | Source: ETHUSD on TradingView.com

Ethereum Bullish Momentum Before The Shanghai Upgrade

Ethereum is two months away from the Shanghai Upgrade, and the prices have surged to the highest in ten weeks. After this upgrade, Ethereum will implement EIP Proposal 4895, enabling consensus layer withdrawals. 

Following the Shanghai Upgrade, the users can withdraw staked ETH tokens on the Beacon chain for over 2 years. This upgrade is going to streamline the ETH withdrawal and will improve the exit process. 

This upgrade is going to benefit ETH liquid staking platforms. Simply put, liquid staking is locking up funds to generate rewards. However, in this, the users can still access their locked funds. Given the fact that with the upgrade, the users can withdraw their staked amounts, subject to the correct exit process, which will be an attractive factor. 

Lido is one of the platforms allowing liquid staking, and its performance is great. The amount of ETH staked on Lido crosses a cumulative value of $22.5 billion. Crypto experts believe that after the new upgrade, ETH will be staked to leverage better yield opportunities. 

More Ethereum Is Burning Than Produced

Ethereum’s performance in 2022 was not good. However, come 2023, the ETH holders are in a celebratory mood as the coin’s price increases amidst a deflationary trend. As the on-chain fundamentals strengthen ETH issue goes into a deflationary mood as the current supply growth reduces by -0.10%, according to the latest trends by Ultrasound Money.

According to the same source, 732,000 ETH was burned, and 622,000 ETH was issued. The overall trend in the market is still bearish, but seeing the current upward trend in ETH and its price increase, the market is expected to take a bullish turn. Moreover, with the gas price increase, the burn rate will increase further. 

Consequently, the higher deflation rate will lead to a shrinking supply. As compared to Bitcoin, Ethereum has a higher value settlement. This is an interesting trend for the future as ETH holders stand to gain more than BTC holders in the future when the contracts mature. 

Observing the growth in ETH, the loss of momentum in the crypto market facilitated by the FTX crash is coming back. Moreover, across the crypto market, trends are rising with an overall gain of 1.3%, totalling a value of $1.3 trillion. 

Featured image from Kanchanara / Unsplash, Chart from TradingView.com

 

 

 



Source link

deflationary Ethereum high Hits Monthly Turns
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

$852,000,000 in Ethereum, Polygon, Fantom and Additional Altcoins Have Left Binance Following CFTC Lawsuit: Nansen

2023-03-30

CFTC Says Bitcoin, Ethereum and Litecoin Are Commodities in Lawsuit Against Binance and CEO Changpeng Zhao

2023-03-29

Bitcoin and Ethereum Investors Are Not Flinching, US Pressure on Crypto Will Backfire: Chris Burniske

2023-03-26

Metaverse Trading Hits All-Time High

2023-03-24
Add A Comment

Leave A Reply Cancel Reply

Top Posts

How to bridge tokens from other chains to the Polygon Network

2022-04-13

5 Best NFT Staking Projects To Explore This Weekend

2023-02-11

Bitcoin Is Currently In “Bear To Bull” Transition Period

2022-09-25

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, NFT, Metaverse and more.

We're social. Connect with us:

Facebook Instagram YouTube TikTok
Top Insights

Binance Addresses Accusations From Elizabeth Warren and Other US Senators in New Open Letter

2023-03-30

Best Bitcoin Mining Software — TOP Crypto Miners to Use in 2023

2023-03-30

Binance’s CZ refutes report claiming company has been hiding China ties

2023-03-30
Get Informed

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
© 2023 Cryptonewsmetaverse.com. Designed by ProdigitalX.

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$28,120.00-1.31%
  • ethereumEthereum(ETH)$1,794.51-0.55%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.000.05%
  • binancecoinBNB(BNB)$316.960.45%
  • usd-coinUSD Coin(USDC)$1.000.03%
  • rippleXRP(XRP)$0.54-2.44%
  • cardanoCardano(ADA)$0.377353-2.45%
  • Lido Staked EtherLido Staked Ether(STETH)$1,789.98-0.70%
  • dogecoinDogecoin(DOGE)$0.074929-1.67%