Ethereum Has Risen in Price by 7% in One Day & Approached the Historical Maximum
The price of the largest altcoin by capitalization, Ethereum, again exceeded $4,500. On November 10, it peaked above $4,800.
Over the past day, Ethereum has risen in price by 7%, to the current level of $4,500 ETH is growing for the fifth day in a row after its price dropped to $4,000 on November 27. Since then, the price of the largest altcoin by capitalization has increased by 17.5%
ETH to approach its new ATH?
Ethereum is approaching its all-time high set on November 10. Then the altcoin price reached $4,860. As a result, the share of the asset in the market exceeded 20%, while the share of Bitcoin dropped to 38.7%.
Meanwhile, the number of Ethereum tokens on crypto exchanges dropped to a new low. According to an analyst at CryptoQuant, the percentage of altcoin offered on trading platforms dropped to 14% of the total supply. It is believed that Ethereum is being withdrawn from exchanges by long-term investors who do not plan to sell it in the near future.
On November 24, the number of Ethereum burned exceeded 1 million, according to the ultrasound.money service. The altcoin burn process began on August 5 following the London update, which changed the mechanism for calculating transaction fees. Part of the commissions that miners previously received as rewards are now burned.
Coin burning is the destruction of a part of tokens to reduce their number in circulation. This method is used to combat inflation and increase the value of cryptocurrencies. All the coin-burning operations are recorded on the blockchain as a transaction, so anyone can verify that the coins have been destroyed.
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