The global Ethereum supply has contracted by just over 4,700 ETH, or about $9.5 million, since Monday, according to data aggregator ultrasound.money.

While that figure pales in comparison to the cryptocurrency’s massive $243.4 billion market capitalization, it is nonetheless eyebrow-raising: ETH has not experienced such a prolonged deflationary period in months, and the rally appears to have halted the token’s recent inflationary spiral.

And perhaps not coincidentally, the market currently likes what it sees when it comes to Ethereum: Earlier today, ETH touched $2,000 for the first time since July. At writing, the token sits at $2,020, up 6.7% in the last 24 hours. 

So, what’s behind ETH’s deflationary sea change this week? And how long can the momentum be expected to last? 

Thanks to the fee-burning

Go to Source to See Full Article
Author: Sander Lutz

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details