This week, the second largest cryptocurrency in the world – ether (ETH) – set new records. The first of them concerns a new historical high for the currency, which reached above US$ 4.4 thousand in the last night.
With this new maxim, ETH’s market capitalization reached the $516 billion mark.
The second and third records are linked to the amount of ether burned daily. According to data, since Wednesday (27), more than 30 thousand ETH were burned.
The graph prepared by The Block shows that around 14,820 ETH were burned on the 27th as a result of the London update (or EIP-1559) implemented in August.
This second record was quickly surpassed by the burning carried out on the 28th, in which 16,800 ETH were burned. The amounts, when included in the total burned so far, raise the value to 668,000 ethers, valued at around US$ 3 billion.
The new update changed Ethereum’s monetary policy, by burning part of the transaction fees of each new block, in an attempt to make the fee system more reliable and easier to predict.
See the chart below for the amount of ethers burned daily after implementing the update.
As a result, the daily net ether emission was again negative for two days in a row. The first time this happened was on September 4th, when it reached -333 ETH.
However, the negative emission reached -1,500 and -3,400 ETH on Wednesday and Thursday, respectively. The Block graph shows that Ethereum’s daily net issuance has been on a disinflationary trend since the activation of the EIP-1559 update.
I am an author at Global happenings and I mostly cover automobile news. In my time working in the automotive industry, I have developed a keen interest in the latest developments and trends. My writing skills have also allowed me to share my knowledge with others through articles and blog posts.
