Ethereum Price Hits All Time New Highs - Supply Drop Might Be Reason.

Ethereum Price Hits All Time New Highs - Supply Drop Might Be Reason.

2021-04-22 | Big Bob

Ethereum Price Hits All Time New Highs - Supply Drop Might Be Reason.

The second leading cryptocurrency Ethereum [ETH] has rallied to new lifetime highs today on Thursday on speculation that an impending blockchain upgrade might end in drop by supply. The native cryptocurrency of Ethereum’s blockchain rose to a record high of $2,564 USD within European trading hours, toppling the earlier peak price of $2,546 USD reached on 16th April, consistent with CoinMarketCap data. “Ethereum’s net annual issuance will drop substantially following the Phase 1.5 ETH 1 to ETH 2 merger,” Messari’s research Wilson Withum tweeted. With the upcoming EIP 1559 upgrade, Ethereum will “become a deflationary asset,” Nick Spanos, co-founder of Zap Protocol, added. “This feature will reduce the coin supply and have a corresponding effect on the worth, forming an attraction point for more buyers.” Ether has been on a tear lately, outperforming Bitcoin by a good margin. While the native cryptocurrency of ethereum’s blockchain has gained 35% this month, while on the other hand, Bitcoin is down about 8%. Analysts studying Ether-Bitcoin [ETH/BTC] chart patterns say ether’s outperformance could continue within the near term. “ETH/BTC is getting tons of attention as it broke above its long-term resistance of 0.04,” Pankaj Balani, co-founder and CEO of the Singapore-based Delta Exchange, explained. “We might see ETH-BTC erupt 0.10. Expect sharp moves though, primary to 0.06 within the coming weeks and subsequently to 0.1.” ETH/BTC is presently trading at 0.046 on Binance, consistent with data provided by TradingView.

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