Ethereum is catching fire, as fear and panic take hold of the markets.

Ethereum’s burn rate is an extremely sensitive topic for the entire altcoin market, as ETH acts as one of the main drivers of the industry, and its burn rate is one of the main soft control mechanisms of the market.

In December, Ethereum’s burn rate took a massive dive, causing some Ethereum holders to panic. Fortunately, the situation has most likely changed.

According to the post shared by Hal Press Fund, Ethereum’s burn rate is on its way back up after the emergence of FUD in the market following the rapid turnaround of most crypto-currencies. However, while this is a negative factor for the market, some level of panic among investors is benefiting Ethereum.

As Ultrasound.Money suggests, Ethereum’s supply shift has reached 60%, meaning that most of the coins issued are being destroyed and the network remains deflationary. Compared to December, this is a nearly 60% increase in MoM of total coins burned.

Read:  Borrell presents to Iran and the US a closed text to recover the nuclear agreement

With the gradual increase in the number of burned tokens, selling pressure on Ethereum should decrease, creating more opportunities for investors in the market. However, it is important to note that the overall amount of Ethereum burned is not a panacea for the price of ETH.

The high burn rate is more an effect than a cause of the network’s strong performance. After the 2021 rally ended, the value of Ethereum kept falling, and even a massive amount of burn did not help ETH as an asset in the market.

Currently Ethereum is trading at $1,527, with a 1% price increase in the last 24 hours after breaking the local resistance level reflected by the 200-day moving average.

Read:  Turkey and Ukraine complete "technical phase" of preparations to resume grain exports

The Best Online Bookmakers July 18 2024

BetMGM Casino

BetMGM Casino

Bonus

$1,000