It’s Almost Time for ETH to Break the Record!

It's Almost Time for ETH to Break the Record!

After the big drop in May, the cryptocurrency market showed signs of recovery as of the end of July and started to rise again in August. While many cryptocurrencies are starting to approach their old ATH, the great interest in the NFT and DeFi industries is also triggering the Ethereum price.

Ether, which was $2500 at the beginning of August and was at $3100 as of August 27, again approached the level of $4,000. The second-largest crypto money, which has recorded a serious rise especially in the last 1 week, finally broke a record on May 12 and reached $4356.

Later, especially China’s blocking operation against miners and Elon Musk‘s tweets stating that he was worried about the environment caused a great loss in the general market, Ether was also seriously affected by this trend. At the end of the declines, Ether went down to the level of $1800.

In the minutes when the news is broadcast, Ether is traded at $3970.

An increasing number of ETH burned.

In addition to the price increase in ETH, the number of ETH paid as a transaction fee and then burned is increasing day by day. So much so that in the last hour, an average of 14 ETH has been burned per minute. While the 24-hour average is around 7 ETH, the average recorded since the toll burning mechanism was activated with EIP 1559 activated in the past weeks is 4 ETH. Therefore, it can be said that the amount of burning ETH has accelerated in recent days, and this has a reflection on the price.

To date, 180 thousand ETH has been burned, and their total value at the current price is 700 million dollars.

DeFi and NFT

On the other hand, there may be a serious increase in the price of ETH, especially since the industry NFTs, which have attracted attention at the frenzy level of the last period, are generally bought and sold on the Ethereum chain. For example, the total volume of products in the CryptoKitties NFT collection was 1783 ETH (approximately $7 million) in the last 24 hours.

The DeFi industry also produces projects on the Ethereum chain, and protocols mostly work on this chain. The value of locked assets in the industry, which started last summer and has been dubbed the “DeFi boom”, is now valued at $174 billion. On the same day last year, that figure was $8 billion. On June 3, 2020, only $800 million. Therefore, the unstoppable rise of decentralized finance also triggers the price increase of Ethereum.

SEE ALSO: DeFi: The Undeniable Future Of The Finance

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Caroline Tetra

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