Ethereum’s new fee burn mechanism is almost at its one-week mark. Burn rate has now grown to a rate of 3.88 ETH in the past 24 hours. So far, over 27,000 ETH has been burned from fees. Taking over $87 million out of circulation. The plan was to reduce the amount of new ETH being released into circulation for every block that is mined. And EIP-1559 looks to be working as intended since its release back on August 5th.
Following this, the price of ETH has continued to maintain upward momentum. The price of the asset had begun to rally as the launch of the London Hard Fork drew closer. Then once the hard fork was successfully implemented, the price of ETH swelled from there.
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This fully put ETH on track to be launched completely into a bull market. For the first time in two months, the price of ETH had successfully broken $3,000. Although the price wavered at this point for a bit, it eventually found its footing. This led to the stabilization of the price right above $3,000.
Ethereum On Track To 2.0
The success of the London Hard Fork has brought renewed vigor into the market. Ethereum Co-Founder Vitalik Buterin told Bloomberg in an interview that he is more confident in ETH 2.0 following the hard fork.
The growing interest in the network has seen the amount of staked ETH ballooning. As of recently, the amount of staked ETH is more than 5% of all circulating supplies. Amounting to over $14 billion currently staked in the network. While a number of validators on the network have now passed 200K.
There have been no delays announced in the move to Ethereum 2.0 recently. So it is safe to assume that the ETA (estimated time of arrival) of 2022 still holds now.
ETH Price Continues To Rally
The price of ETH has had an interesting 24 hours. The price seemingly dipped down close to $3,100. But did not last long in this position. It was promptly followed by a small recovery that was maintained for a couple of hours. Then a prompt dip and spike in the early hours of the morning sent the price of the asset barreling towards $3,250.
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The landing from this spike put the price just above $3,200. Where the asset has continued to hold as the markets wait to open. The price growth continues to put ETH on track to break $4,000 again. But a significant boost would be required from the market for this to happen.
ETH price sits comfortably above $3,000 | Source: ETHUSD on TradingView.com
Ethereum’s network remains the leading smart contracts platform in the market. Hosting a wide variety of valuable tokens like USDT and BUSD. The project remains on track for when the next phase of ETH 2.0 will be launched; The Merge.
Featured image from WDRfree, chart from TradingView.com