bt-crow.com
01 December 2021 06:59, UTC
Reading time: ~ 2 m
The value of the largest altcoin by capitalization again exceeded $ 4.7 thousand. On November 10, it peaked above $ 4.8 thousand.
Over the past day, Ethereum has risen in price by 7%, to the current level of $ 4.7 thousand.The cryptocurrency is growing for the fifth day in a row after its price dropped to $ 4 thousand on November 27.Since then, the value of the largest altcoin in terms of capitalization has increased by 17.5% …
Ethereum is approaching its all-time high set on November 10. Then the cost of the cryptocurrency at the moment reached $ 4.86 thousand. 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 floors dropped to 14% of the total supply. It is believed that long-term investors who do not plan to sell it in the near future are withdrawing cryptocurrency from exchanges.
On November 24, the number of Ethereum burned exceeded 1 million ($ 4.7 billion, taking into account the current exchange rate at 9:40 Moscow time on December 1), 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.
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 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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