The reason why ETH rose strongly yesterday, we found
Author | Qin Xiaofeng
Editor | Hao Fangzhou
Produced | Odaily
Author | Qin Xiaofeng
Editor | Hao Fangzhou
Produced | Odaily
According to the OKEx market, the price of ETH once rose from $3,188 to $3,473 yesterday, with a maximum increase of nearly 9%. Even though BTC began to decline today, ETH did not follow suit and remained in a strong sideways market; as of press time, the price of ETH remained above $3,400 and was hovering around $3,450.
The strong performance of ETH yesterday is largely related to its destruction and circulation.
According to Etherscan data, a total of 6,443 blocks were generated in the entire ETH network yesterday. Calculated based on 2 ETH rewards per block, the number of new ETHs added to the entire network yesterday was 12,886.As the recent NFT craze has driven the rise of BaseFee, the amount of ETH burned has continued to rise recently. Oklink data shows that the amount of EIP-1559 destroyed exceeded 12,000 for the first time yesterday, reaching 12,104, a record high; the amount of destroyed ETH basically offset the new amount of ETH. It is conceivable that as the popularity of NFT continues to rise, ETH will achieve a real "deflation" in the next few days.
In fact, the current real circulation of ETH in the entire network has achieved deflation.
Calculated according to the current block height of 13,137,335, after the completion of the London hard fork (block height 12,965,000) of the Ethereum network, a total of 172,335 blocks have been generated, and a total of 344,670 ETHs have been added; and the cumulative amount of ETH destroyed has reached 154,571, accounting for It is close to 45%; and if we count the number of ETH2.0 pledges, 724,160 ETHs have been added after the upgrade from London. In other words, the current ETH circulation of the entire network is 534,000 less than before the upgrade, with an average daily net reduction of 20,500 ETH circulation.(Odaily note: Eth2.0 pledged ETH is currently not in circulation, which is equivalent to a disguised lockup.)
The amount of destruction increases and the circulation is less, which has a huge impact on the price of ETH.Another factor affecting the price of ETH is the recent NFT boom.
