Ethereum prices jumped to their highest level in 10 months, while issuance turned negative again.
This afternoon, the value of Ethereum was approaching $1,600. ETH, for example, is up more than 30% over the past two weeks, outperforming Bitcoin, which is up 27%.
Ethereum issuance is declining.
The on-chain foundation of Ethereum remains important to consolidate, and according to Ultrasound Money Tracker, ETH issuance has once again fallen to deflationary levels. Ethereum now burns 732, 000 ETH per year and issues 622, 000 ETH per year.
The burn rate will increase as gas costs increase. This will be beneficial in the long run as it will lead to higher deflationary value and lower supply in the future.
Additionally, Ethereum’s transaction size is currently significantly larger than Bitcoin’s. All of this indicates renewed attention from traders and investors. The momentum of asset appreciation could still be frozen by the upcoming Shanghai update. The update will leak in March and will release ETH placed in a beacon chain.
New Week Begins with Cryptocurrency Market Rally
The cryptocurrency market continued to rise during this morning’s Asian trading session, with total capital up 1.7% in one day to $1.3 trillion, according to CoinGecko, reversing all costs of the November collapse that led to the demise of the FTX.
Other good performing assets were Ripple (XRP), Polygon (MATIC), Shibakai (SHIB), and Near Protocol (NEAR). Could not load all totals.