Tech Giant Samsung Makes a Decentraland Ethereum Metaverse Premiere.
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Ethereum Analysis - Price Can Explode Anytime.
2021-10-31 | Robin Williams
ETH/USD 1 Day Price Chart: Source- Coinmarketcap.com
According to Bybt statistics, outstanding Ether futures increased to $12.5 billion, surpassing the May high and setting a new record high. On online exchanges, funding rates — or the cost of keeping a bullish bet open — have risen this month, similar to Bitcoin. The futures curve on CME has also steepened, indicating that traders are optimistic about the price outlook. In a study released Thursday, digital asset strategists Sean Farrell and Will McEvoy wrote, "On-chain activity measures for Ethereum appear to have found support and are nearing multi-month highs." The strategists noted that metrics such as transaction rate, new addresses, and active addresses have all exhibited a robust increase this month after seeing dips in May. Meanwhile, some observers believe there is a link between the popularity of the Shiba Inu coin and Ether's performance. According to Sam Doctor, Ethereum's EIP 1559 upgrade was introduced in August, and it burns a percentage of the fees paid to miners, lowering net issuance as a function of network utilization. "If Shiba Inu generates a lot of traffic, it causes network congestion and contributes to the burning of more ETH," he explained. "As a result, the net growth in ETH in circulation is slowed. The price of Ether was likely driven up by a lack of ETH supply paired with increased network activity." Following the launch of the first Bitcoin-linked exchange-traded fund in the United States, Bitcoin surged 40% to a new high of about $67,000 this month. In New York trade, the world's largest digital currency was 1.6 percent higher at $62,405.
