Ethereum (ETH) Price to Increase Amidst Token Burn

Ethereum (ETH) Price to Increase Amidst Token Burn
  • Ethereum (ETH) burns tokens profusely even after London hardfork.
  • Prices of Ethereum are expected to rise up.
  • The token burn is said to boost the London hardfork- EIP 1559.

One of the profuse highlights of this year in the crypto industry is evidently the London hard fork of Ethereum (ETH), aka EIP-1559. In spite of this, many hot news stories were on rounds throughout. The ETH blockchain spiked up with the EIP-1559 live upon its platform. 

With all such amazing things completely power packed, ETH seems to still not be satisfied. In spite of all this, yet ETH continues its token burn even after the London hard fork.

Effects of ETH Burn

To surprise, now the overall value of ETH burned, including those after the London hard fork, foresees to about more than $1 billion. Accordingly, the latest hard fork which took place last month on August 5, turned out to be about 320380.7. This amounts to about  $1,103,734,591 approximately. 

Moreover, most crypto enthusiasts know that these coin burns are usually done to raise the price of that particular coin. In addition, by destroying the coins, shrinks the overall volume of coins resent. Accordingly, this creates reduced supply, thereby making their prices rise up. 

Furthermore, if you see the growth of ETH so far, it’s comparatively more steady and solid unlike that of Bitcoin (BTC). Also, the price of Ethereum (ETH) has now surged up to the mark of $3,500 alternatively in and around the figure. 

Other Factors for Price Hikes

As you watch ETH closely, it’s evident that ETH is not solely dependent upon such coin burns alone. Taking ETH, there are many factors for why ETH is always able to withstand steady surges. 

On the other hand, the blockchain-based entities like the DeFi and the non-fungible token (NFT) also play a crucial role, as evidently they are majorly based upon ETH blockchain. In spite of this, the recent rise of the NFT market over the past month also tends to be a reason for the surge of ETH. 

On the contrary, the launch and live release of the ETH 2.0 will be the most revolutionary step for ETH. The ETH 2.0 is full of speculations, promoting that once launched ETH will soar beyond and beyond many ATHs.

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A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.