03 Sep More than $500 million in Ethereum (ETH) is currently on fire
ethereum all time high :- According to multiple sources, $500 million worth of Ethereum (ETH), the world’s second-largest cryptocurrency after Bitcoin by market cap, has now been “burned” following the adoption of Ethereum Improvement Proposal (EIP) 1559 last month. pricing by including a flat network fee for each block burned. That worked last month and is performing as expected.
Ethereum all time high Ethereum on fire
According to the Etherchain block tracker, over 177,076.1 ETH has been burned in less than four weeks since the launch of EIP1559, which is more than $675 million at current prices. Point to the press, accounting for less than 1% of the 117 million circulating Ethereum supply.
5 ETH 7 ETH are burned per minute ($21,000 to $27,000) when using a 50.9% block. A snapshot of the last few blocks, as shown in the image below, shows an average of 1 ETH per block burned. On the other hand, they earn more than 2 ETH ($7,800) on average for every block they mine.
EIP1559 makes fees more predictable for users. After yesterday’s update, the user is now charged a “base transaction fee”, which is determined algorithmically depending on the network load. Your own transactions are processed faster.
Miners themselves will only receive a tip, and the “base fee” amount will be “depleted” without supply forever. In terms of market effects, this means that the supply of ETH in the market is constantly decreasing, which makes the asset even more valuable for holders and investors.
Especially in theory, the market seems to be embracing this story.: Ethereum is up over 50% in the last month and 21% in the last week alone. It reached a market capitalization of $445 billion today. Some crypto traders are betting on a target price of up to $10,000 per ETH this year, with a market cap of over a trillion dollars if that happens.
Discloser :-
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