01.12.2021, 13:35
Ethereum Rises 7% in 24 Hours and Nears All-Time High
Source: OREANDA-NEWS
OREANDA-NEWS. The cryptocurrency has risen for the fifth straight day since sinking to $4,000 on November 27. Since then, the value of the largest-capitalized altcoin has increased by 17.5%.
Ethereum is nearing an all-time high set on November 10. At that time, the cryptocurrency's value momentarily reached $4.86 thousand. As a result, the share of the asset in the market exceeded 20%, with bitcoin's share dropping to 38.7%.
Meanwhile, the number of Ethereum tokens on cryptocurrencies fell to a new low. According to analyst firm CryptoQuant, the altcoin's supply percentage on trading floors has dropped to 14% of total issuance. The cryptocurrency is believed to be withdrawn from exchanges by long-term investors who have no immediate plans to sell it.
On November 24, the number of Ethereum burned exceeded 1 million ($4.7 billion based on the current exchange rate as of 9:40 MSK on December 1), according to ultrasound.money. The altcoin burning process began on 5 August after the release of the London update, which changed the mechanism for charging transaction fees. Some of the commissions that miners previously received as rewards are now being burned off.
Burning is the destruction of part of the tokens to reduce their number in circulation. This method is used to fight inflation and increase the value of the cryptocurrency. All coin burning transactions are recorded on the blockchain as a transaction, so anyone can verify that the coins have been destroyed.
Ethereum is nearing an all-time high set on November 10. At that time, the cryptocurrency's value momentarily reached $4.86 thousand. As a result, the share of the asset in the market exceeded 20%, with bitcoin's share dropping to 38.7%.
Meanwhile, the number of Ethereum tokens on cryptocurrencies fell to a new low. According to analyst firm CryptoQuant, the altcoin's supply percentage on trading floors has dropped to 14% of total issuance. The cryptocurrency is believed to be withdrawn from exchanges by long-term investors who have no immediate plans to sell it.
On November 24, the number of Ethereum burned exceeded 1 million ($4.7 billion based on the current exchange rate as of 9:40 MSK on December 1), according to ultrasound.money. The altcoin burning process began on 5 August after the release of the London update, which changed the mechanism for charging transaction fees. Some of the commissions that miners previously received as rewards are now being burned off.
Burning is the destruction of part of the tokens to reduce their number in circulation. This method is used to fight inflation and increase the value of the cryptocurrency. All coin burning transactions are recorded on the blockchain as a transaction, so anyone can verify that the coins have been destroyed.
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